s&p 500 sectors & industries forward p/es

S&P 500 Sectors & IndustriesForward P/Es

(weekly, since 2009)Yardeni Research, Inc.

April 6, 2022

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Table Of Contents Table Of ContentsTable Of Contents

April 6, 2022 / S&P 500 Sectors & Industries Forward P/Es www.yardeni.com

Yardeni Research, Inc.

S&P 500 Sector Forward P/Es 1-2Consumer Discretionary Forward P/Es 3-4Consumer Staples Forward P/Es 5Energy Forward P/Es 6Financials Forward P/Es 7Health Care Forward P/Es 8Industrials Forward P/Es 9Information Technology Forward P/Es 10Materials Forward P/Es 11Communication Services & Utilities Forward P/Es 12

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS*

S&P 500 Index (20.0)

Consumer Discretionary (28.4)

Consumer Staples (21.3)

Financials (14.6)

Health Care (16.6)

Industrials (20.2)

Information Technology (24.7)

Materials (16.0)

Real Estate (47.8)

Communication Services (18.4)

Utilities (21.4)

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

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Figure 1.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20248

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S&P 500 Index (20.0)

Consumer Staples (21.3)

Health Care (16.6)

CommunicationServices (18.4)Utilities (21.4)


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Figure 2.

S&P 500 Sector Forward P/Es

Page 1 / April 6, 2022 / S&P 500 Sectors & Industries Forward P/Es www.yardeni.com


2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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Consumer Discretionary (28.4)

Financials (14.6)

Industrials (20.2)

Information Technology

Materials (16.0)

Real Estate (47.8)


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Figure 3.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIO*

Energy (11.7)


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Figure 4.

S&P 500 Sector Forward P/Es



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

Consumer Discretionary Sector (28.4)

Advertising (12.2)

Auto Parts & Equipment (17.6)

Automobile Manufacturers (35.0)

Publishing (31.9)

* 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.

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Figure 5.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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


Hotels, Resorts & Cruise Lines (39.2)

Movies & Entertainment (15.2)

Restaurants (25.4)

* 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.

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Figure 6.

Consumer Discretionary Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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


Apparel, Accessories, & Luxury Goods (13.1)

Apparel Retail (18.8)

Footwear (30.9)

Leisure Products (15.9)


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Figure 7.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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


Computer & Electronics Retailers (10.4)

Home Improvement Retailers (17.6)

Homebuilding (9.0)

Household Appliances (6.7)


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Figure 8.

Consumer Discretionary Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 202410

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

Consumer Staples Sector (21.3)

Household Products (24.2)

Packaged Foods (17.9)

Personal Products (33.4)


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Figure 9.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20246

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

Consumer Staples Sector (21.3)

Brewers (13.4)

Drug Retail (9.4)

Soft Drinks (24.9)

Tobacco (13.0)


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Figure 10.

Consumer Staples Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS:* ENERGY

Energy Sector (11.7)

Integrated Oil & Gas (11.4)

Oil & Gas Refining & Marketing (13.3)

* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 5.5 for all industries.Source: I/B/E/S data by Refinitiv.

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Figure 11.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS:* ENERGY

Energy Sector (11.7)

Oil & Gas Drilling (NA)

Oil & Gas Equipment & Services (21.5)

Oil & Gas Exploration & Production (9.4)

Oil & Gas Storage & Transportation (19.5)


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Figure 12.

Energy Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20244

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S&P 500 FORWARD P/E RATIOS:* FINANCIALSFinancials Sector (14.6)

Asset Management & Custody Banks (13.1)

Consumer Finance (10.5)

Diversified Banks (11.6)

Investment Banking & Brokerage (12.3)

Regional Banks (14.3)

* Price divided by 12-month forward consensus expected operating earnings per share.P/E capped at 20 for all industries.Source: I/B/E/S data by Refinitiv.

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Figure 13.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20240

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S&P 500 FORWARD P/E RATIOS:* FINANCIALS

Financials Sector (14.6)Insurance Brokers (23.5)Life & Health Insurance (10.0)Multi-Line Insurance (11.4)Property & Casualty Insurance (16.2)


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Figure 14.

Financials Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS:* HEALTH CARE

Health Care (16.6)

Biotechnology (12.1)

Health Care Distributors (13.1)

Health Care Equipment (27.3)

Managed Health Care (20.7)

Pharmaceuticals (12.7)


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Figure 15.

Health Care Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS:* INDUSTRIALS

Industrials Sector (20.2)

Construction Machinery & Heavy Trucks (15.5)

Industrial Conglomerates (21.0)

Industrial Machinery (18.9)


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Figure 16.

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S&P 500 FORWARD P/E RATIOS:* INDUSTRIALS

Industrials Sector (20.2)

Aerospace & Defense (21.2)

Electrical Components & Equipment (21.4)

Environmental & Facilities Services (29.5)

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

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Figure 17.

Industrials Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20245

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S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY

Information Technology Sector (24.7)

Application Software (37.0)

Data Processing & Outsourcing (25.4)

Internet Software & Services (23.1)

IT Consulting & Other Services (20.5)

Systems Software (29.8)


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Figure 18.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20246

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S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY

Information Technology Sector (24.7)

Communications Equipment (17.3)

Semiconductor Equipment (19.4)

Semiconductors (21.4)

Technology Hardware,Storage & Peripherals (25.6)


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Figure 19.

Information Technology Forward P/Es



2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20240

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S&P 500 FORWARD P/E RATIOS:* MATERIALS

Materials Sector (16.0)

Aluminum (19.6)

Copper (13.4)

Gold (25.1)

Steel (8.8)


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Figure 20.

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S&P 500 FORWARD P/E RATIOS:* MATERIALS

Materials Sector (16.0)

Diversified Chemicals (11.9)

Industrial Gases (25.7)

Specialty Chemicals (19.9)


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Figure 21.

Materials Forward P/Es



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

Communication Services Sector (18.4)

Alternative Carriers (8.5)

Integrated Telecommunication Services (8.5)


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Figure 22.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20248

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223/31S&P 500 FORWARD P/E RATIOS:* UTILITIES

Utilities Sector (21.4)

Electric Utilities (21.4)

Multi-Utilities (21.0)


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Figure 23.

Communication Services & Utilities Forward P/Es



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