S&P 500 Sectors & Industries

Forward P/Es
(monthly, weekly since 1997)
Yardeni Research, Inc.

November 2, 2022

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

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Table Of Contents Table Of Contents
S&P 500 Sector Forward P/Es 1
Communication Services Forward P/Es 2
Consumer Discretionary Forward P/Es 3-4
Consumer Staples Forward P/Es 5
Energy Forward P/Es 6
Financials Forward P/Es 7
Health Care Forward P/Es 8
Industrials Forward P/Es 9
Information Technology Forward P/Es 10
Materials Forward P/Es 11
Utilities Forward P/Es 12-13

November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
www.yardeni.com
 S&P 500 Sector Forward P/Es
Figure 1.
35 35
S&P 500 FORWARD P/E RATIOS*

30 30
S&P 500 Index (16.7)
Consumer Staples (20.0)
25
Financials (11.9) 25
Health Care (16.4)

20 20

10/27
15 15

10 10

yardeni.com
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

* 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 (16.7) 40

Consumer Discretionary (23.2)
35 Information Technology (20.0) 35

30 30

25 25

20 20

10/27
15 15

10 10

yardeni.com
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

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

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 Communication Services Forward P/Es
Figure 3.
30 30
S&P 500 FORWARD P/E RATIOS*

25 25
S&P 500 Index (16.7)
Communication Services (14.5)
Utilities (17.4)

20 20

10/27

15 15

10 10

yardeni.com
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

* 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

15 15
10/27

10
Communication Services Sector (14.5) 10
Alternative Carriers (7.1)
Integrated Telecommunication Services (7.1)
Wireless Telecommunication Services (24.8)
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

* 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 / November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
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 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

15 10/27 15

Communication Services Sector (14.5)

10 10
Advertising (11.1)
Broadcasting (9.8)
5 Cable & Satellite (8.5) 5
Interactive Home Entertainment (18.9) Movies & Entertainment (23.6)
Interactive Media & Services (17.5) Publishing (18.2)
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

* 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 (23.2) Automobile Manufacturers (22.9) 40

Advertising (12.2) Publishing (31.9)
Auto Parts & Equipment (13.6)
35 35

30 30

25 25
10/27

20 20

15 15

10 10

yardeni.com
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

* 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 / November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
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 Consumer Discretionary Forward P/Es
Figure 7.
45 45
S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY

40 40

35 35

30 30

25 25
10/27

20 20

15 15

10 10
Consumer Discretionary Sector (23.2)
Casinos & Gaming (40.0)
5 Hotels, Resorts & Cruise Lines (19.0) 5
Movies & Entertainment (15.2)
Restaurants (24.9) yardeni.com
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

* 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 8.
55 55
S&P FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
50 50

45 45
Consumer Discretionary Sector (23.2)
Apparel, Accessories, & Luxury Goods (9.5)
40 Apparel Retail (20.7) 40
Footwear (28.0)
35 Leisure Products (12.6) 35

30 30

25 25
10/27

20 20

15 15

10 10

yardeni.com
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

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

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 Consumer Staples Forward P/Es
Figure 9.
50 50
S&P 500 FORWARD P/E RATIOS:* CONSUMER DISCRETIONARY
45 Consumer Discretionary Sector (23.2) Homebuilding (6.3) 45
Computer & Electronics Retailers (9.8) Household Appliances (7.8)
40 Home Improvement 40
Retailers (15.8)
35 35

30 30

25 25
10/27

20 20

15 15

10 10

5 5

yardeni.com
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

* 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.

Figure 10.
50 50
S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES

45 45
Consumer Staples Sector (20.0)
Household Products (22.3)
40 40
Packaged Foods (17.7)
Personal Products (26.5)
35 35

30 30

25 25

20 10/27 20

15 15

yardeni.com
10 10
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

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

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 Energy Forward P/Es
Figure 11.
45 45
S&P 500 FORWARD P/E RATIOS:* CONSUMER STAPLES

40 40
Consumer Staples Sector (20.0)
Brewers (12.2)
35 35
Drug Retail (7.8)
Soft Drinks (24.3)
30 30
Tobacco (12.7)

25 25

20 10/27 20

15 15

10 10

yardeni.com
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

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

Figure 12.
60 60
S&P 500 FORWARD P/E RATIOS:* ENERGY

50 Energy Sector (9.6) 50

Integrated Oil & Gas (9.8)
Oil & Gas Refining & Marketing (7.5)
40 40

30 30

20 20

10 10/27 10

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

* Price divided by 12-month forward consensus expected operating earnings per share.
P/E capped at 5 and 50 for all industries.
Source: I/B/E/S data by Refinitiv.

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 Financials Forward P/Es
Figure 13.
50 50
S&P 500 FORWARD P/E RATIOS:* ENERGY

45 45
Energy Sector (9.6)
40 Oil & Gas Equipment & Services (16.6) 40
Oil & Gas Exploration & Production (8.4)

35 35

30 30

25 25

20 20

15 15

10 10/27 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

* Price divided by 12-month forward consensus expected operating earnings per share.
P/E capped at 5 and 45 for all industries.
Source: I/B/E/S data by Refinitiv.

Figure 14.
22 22
S&P 500 FORWARD P/E RATIOS:* FINANCIALS
Financials Sector (11.9)
20 20
Asset Management & Custody Banks (12.6)
Diversified Banks (9.3)
18 Investment Banking & Brokerage (11.3) 18
Other Diversified Financial Services (10.1)
Regional Banks (9.2)
16 16

14 14

12 10/27 12

10 10

8 8

6 6

4 4
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

* 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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 Health Care Forward P/Es
Figure 15.
30 30
S&P 500 FORWARD P/E RATIOS:* FINANCIALS

Financials Sector (11.9)

25 Insurance Brokers (19.6) 25
Life & Health Insurance (9.3)
Multi-Line Insurance (9.1)
20 Property & Casualty Insurance (14.3) 20

15 15

10/27

10 10

5 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

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

Figure 16.
45 45
S&P 500 FORWARD P/E RATIOS:* HEALTH CARE
Health Care Sector (16.4) HC Supplies (20.2)
40 HC Distributors (14.3) HC Technology (24.2) 40
HC Equipment (22.8) Managed Health Care (20.0)
HC Facilities (11.7)
35 HC Services (11.5) 35

30 30

25 25

20 20

10/27
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

* 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 8 / November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
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 Industrials Forward P/Es
Figure 17.
45 45
S&P 500 FORWARD P/E RATIOS:* HEALTH CARE

40 40

Health Care Sector (16.4)

35 Biotechnology (13.9) 35
Life Sciences & Tools (24.0)
Pharmaceuticals (13.8)
30 30

25 25

20 20

10/27
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

* 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 18.
35 35
S&P 500 FORWARD P/E RATIOS:* INDUSTRIALS
Industrials Sector (17.0)
Construction Machinery & Heavy Trucks (13.5)
30 30
Industrial Conglomerates (16.8)
Industrial Machinery (18.4)

25 25

20 20

10/27

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

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

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 Information Technology Forward P/Es
Figure 19.
40 40
S&P 500 FORWARD P/E RATIOS:* INDUSTRIALS

35 35

Industrials Sector (17.0)

30 Aerospace & Defense (20.3) 30
Electrical Components & Equipment (17.7)
Environmental & Facilities Services (27.3)
25 25

20 20

10/27
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

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

Figure 20.
60 60
S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY
55 Information Technology Sector (20.0) 55
Application Software (27.3)
50 Data Processing & Outsourcing (21.2) 50
IT Consulting & Other Services (18.3)
45 Systems Software (22.3) 45

40 40

35 35

30 30

25 25

20 10/27 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

* Price divided by year-ahead forward analysts’ consensus expected earnings. Monthly through December 2005, weekly thereafter.
Note: P/E capped at 7 and 55 for all industries.
Source: I/B/E/S data by Refinitiv.

Page 10 / November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
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 Materials Forward P/Es
Figure 21.
50 50
S&P 500 FORWARD P/E RATIOS:* INFORMATION TECHNOLOGY
45 45

40 40

35 35

30 30

25 25

20 10/27 20

15 15

10 10

5 Information Technology Sector (20.0) Semiconductors (15.3) 5

Communications Equipment (14.0) Technology Hardware, Storage & Peripherals (22.0)
Semiconductor Equipment (15.7) yardeni.com
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

* Price divided by year-ahead forward analysts’ consensus expected earnings. Monthly through December 2005, weekly thereafter
Note: P/E capped at 7 and 45 for all industries.
Source: I/B/E/S data by Refinitiv.

Figure 22.
40 40
S&P 500 FORWARD P/E RATIOS:* MATERIALS

35 35

30 30

25 25

20 20

15 10/27 15

10 10

Materials Sector (14.4)

5 Aluminum (19.6) 5
Copper (18.7)
Steel (9.0)
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

* Price divided by 12-month forward consensus expected operating earnings per share.
P/E capped at 5 and 35 for all industries.
Source: I/B/E/S data by Refinitiv.

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 Utilities Forward P/Es
Figure 23.
35 35
S&P 500 FORWARD P/E RATIOS:* MATERIALS

30 30
Materials Sector (14.4)
Diversified Chemicals (11.9)
Industrial Gases (22.8)
25 Specialty Chemicals (15.4) 25

20 20

15 15
10/27

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

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

Figure 24.
30 30
S&P 500 FORWARD P/E RATIOS:* UTILITIES

Utilities Sector (17.4)

25 Electric Utilities (17.5) 25
Gas Utilities (17.2)

20 20

10/27

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

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

Page 12 / November 2, 2022 / S&P 500 Sectors & Industries Forward P/Es Yardeni Research, Inc.
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 Utilities Forward P/Es

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