PDF S&P 500 Sectors & Industries Forward P/Es

S&P 500 Sectors & Industries Forward P/Es

(monthly, weekly since 1997)

Yardeni Research, Inc.

March 22, 2022

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Mali Quintana

480-664-1333 aquintana@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500 Sector Forward P/Es

1-2

Communication Services Forward P/Es

3

Consumer Discretionary Forward P/Es

4-5

Consumer Staples Forward P/Es

6

Energy Forward P/Es

7

Financials Forward P/Es

8

Health Care Forward P/Es

9

Industrials Forward P/Es

10

Information Technology Forward P/Es

11

Materials Forward P/Es

12

Utilities Forward P/Es

13

March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



S&P 500 Sector Forward P/Es

Figure 1.

35

S&P 500 FORWARD P/E RATIOS*

30

S&P 500 Index (18.9)

Consumer Staples (20.5)

25

Financials (14.2) Health Care (16.0)

20

15

35

30

25

20 3/17

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Figure 2.

55

55

S&P 500 FORWARD P/E RATIOS*

50

50

45

45

40

S&P 500 Index (18.9)

40

Consumer Discretionary (25.9)

35

Information Technology (23.0)

35

30

30

25

25

20

3/17

20

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Page 1 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



S&P 500 Sector Forward P/Es

Figure 3.

565

565

S&P 500 FORWARD P/E RATIOS*

525

525

485

485

445

445

405

405

S&P 500 Index (18.9)

365

Energy (11.1)

365

Industrials (19.4)

325

Materials (15.1)

325

285

285



245

245

205

205

165

165

125

125

85

85

45

45

3/17

5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Figure 4.

30

30

S&P 500 FORWARD P/E RATIOS*

25

25

S&P 500 Index (18.9)

Communication Services (17.4)

Utilities (20.3)

20

20

3/17

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Page 2 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Communication Services Forward P/Es

Figure 5.

35

35

S&P 500 FORWARD P/E RATIOS:* COMMUNICATION SERVICES

Sector was primarily comprised of telecom companies until September 2018, then included media & entertainment companies thereafter.

30

30

25

25

20

20

3/17

15

15

10

Communication Services Sector (17.4) Alternative Carriers (8.1)

10

Integrated Telecommunication Services (8.5)

Wireless Telecommunication Services (30.0)

5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 30 for all industries. Gaps in the Wireless industry are due to negative earnings or no constituents in the industry. Source: I/B/E/S data by Refinitiv.

Figure 6.

45

45

S&P 500 FORWARD P/E RATIOS:* COMMUNICATION SERVICES

Sector was primarily comprised of telecom companies until September 2018, then included media & entertainment companies thereafter.

40

40

35

35

30

30

25

25

20

20

3/17

15

15

10

10

Communication Services Sector (17.4)

Interactive Home Entertainment (19.7)

5

Advertising (12.8)

Interactive Media & Services (20.4)

5

Broadcasting (11.3)

Movies & Entertainment (29.4)

Cable & Satellite (13.6)

Publishing (21.4)

0

0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 40 for all industries. Source: I/B/E/S data by Refinitiv.

Page 3 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Consumer Discretionary Forward P/Es

Figure 7.

45

45

S&P 500 FORWARD P/E RATIOS* CONSUMER DISCRETIONARY

Consumer Discretionary Sector (25.9)

Automobile Manufacturers (29.6)

40

40

Advertising (12.2)

Publishing (31.9)

Auto Parts & Equipment (16.7)

35

35

30

30

3/17

25

25

20

20

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 7 and 35 for all industries. Source: I/B/E/S data by Refinitiv.

Figure 8.

45

S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY

Consumer Discretionary Sector (25.9) 40

Casinos & Gaming (40.0)

35

45

Hotels, Resorts & Cruise Lines (33.0) 40

Movies & Entertainment (15.2) Restaurants (24.4)

35

30

30

3/17

25

25

20

20

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 40 for all industries. Source: I/B/E/S data by Refinitiv.

Page 4 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Consumer Discretionary Forward P/Es

Figure 9.

55

55

S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY

50

Consumer Discretionary Sector (25.9)

50

Apparel, Accessories, & Luxury Goods (12.4)

45

45

Apparel Retail (18.7)

40

Footwear (27.9)

40

Leisure Products (16.8)

35

35

30

30

25

3/17

25

20

20

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Figure 10.

50

50

S&P 500 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY

45

Consumer Discretionary Sector (25.9)

Homebuilding (5.6)

45

Computer & Electronics Retailers (10.7)

Household Appliances (7.2)

40

Home Improvement

40

Retailers (19.1)

35

35

30

30

25

3/17

25

20

20

15

15

10

10

5

5



0

0

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. P/E capped at 5 and 40 for all industries. Source: I/B/E/S data by Refinitiv.

Page 5 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Consumer Staples Forward P/Es

Figure 11.

50

50

S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES

45

45

Consumer Staples Sector (20.5)

40

Household Products (23.5)

40

Packaged Foods (17.2)

Personal Products (32.4)

35

35

30

30

25

25

20

3/17

20

15

15



10

10

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Figure 12.

45

45

S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES

40

40

Consumer Staples Sector (20.5)

Brewers (12.9)

35

35

Drug Retail (9.3)

Soft Drinks (23.7)

30

30

Tobacco (12.7)

25

25

20

3/17

20

15

15

10

10



5

5

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.

Page 6 / March 22, 2022 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



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