S&P 500 Sectors & Industries Forward P/Es - Yardeni Research

S&P 500 Sectors & Industries Forward P/Es

(monthly, weekly since 1997)

Yardeni Research, Inc.

December 6, 2023

Dr. Edward Yardeni

516-972-7683 eyardeni@

Joe Abbott

732-497-5306 jabbott@

Please visit our sites at blog.

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Table Of Contents Table Of Contents

S&P 500 Sector Forward P/Es Communication Services Forward P/Es Consumer Discretionary Forward P/Es Consumer Staples Forward P/Es Energy Forward P/Es Financials Forward P/Es Health Care Forward P/Es Industrials Forward P/Es Information Technology Forward P/Es Materials Forward P/Es Utilities Forward P/Es

1 2 3-4 5 6 7 8 9 10 11 12-13

December 6, 2023 / 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 (18.7)

25

Financials (13.9) Health Care (16.9)

20

15

35

30

25

20 11/30

15

10

10



5

5

95 96 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 25

* 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 (24.4)

35

Information Technology (26.2)

35

30

30

25

25

20

11/30

20

15

15

10

10



5

5

95 96 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 25

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

Page 1 / December 6, 2023 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Communication Services Forward P/Es

Figure 3.

30

30

S&P 500 FORWARD P/E RATIOS*

25

25

S&P 500 Index (18.9)

Communication Services (16.8)

Utilities (15.6)

20

20

11/30

15

15

10

10



5

5

95 96 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 25

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

Figure 4.

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

11/30

15

15

10

Communication Services Sector (16.8)

10

Alternative Carriers (11.7)

Integrated Telecommunication Services (7.4)

Wireless Telecommunication Services (15.4)

5

5

95 96 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 25

* 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.

Page 2 / December 6, 2023 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



Consumer Discretionary Forward P/Es

Figure 5.

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

11/30

15

15

10

Communication Services Sector (16.8) Advertising (10.4)

10

Broadcasting (9.8)

5

Cable & Satellite (9.9)

5

Interactive Home Entertainment (20.8)

Movies & Entertainment (27.4)

Interactive Media & Services (20.0)

Publishing (29.5)

0

0

95 96 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 25

* 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.

Figure 6.

45

45

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

40

Consumer Discretionary Sector (24.4)

Automobile Manufacturers (27.9)

40

Advertising (12.2)

Publishing (31.9)

Auto Parts & Equipment (11.8)

35

35

30

30

25

11/30 25

20

20

15

15

10

10



5

5

95 96 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 25

* 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.

Page 3 / December 6, 2023 / S&P 500 Sectors & Industries Forward P/Es

Yardeni Research, Inc.



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