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S&P 500/400/600Revenues, Earnings, Margins,
NERI, P/E, P/SYardeni Research, Inc.
June 23, 2020
Dr. Edward Yardeni516-972-7683
Joe Abbott732-497-5306
Please visit our sites atwww.yardeni.comblog.yardeni.com
thinking outside the box
Table Of Contents Table Of ContentsTable Of Contents
June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
S&P 500/400/600 Sectors Forward Earnings 3S&P 500/400/600 Sectors Annual Earnings: 2020 4S&P 500/400/600 Sectors Annual Earnings: 2021 5S&P 500 Sectors Forward Earnings 6S&P 500 Sectors Forward Revenues 7S&P 500 Sectors Forward Profit Margin 8S&P 500 Sectors Forward P/Es 9S&P 500 Sectors Forward P/Sales 10S&P 500 Sectors Net Earnings Revisions Index 11S&P 500 Sectors Net Revenue Revisions Index 12S&P 400 Sectors Forward Earnings 13S&P 400 Sectors Forward Revenues 14S&P 400 Sectors Forward Profit Margin 15S&P 400 Sectors Forward P/Es 16S&P 400 Sectors Forward P/Sales 17S&P 400 Sectors Net Earnings Revisions Index 18S&P 400 Sectors Net Revenue Revisions Index 19S&P 600 Sectors Forward Earnings 20S&P 600 Sectors Forward Revenues 21S&P 600 Sectors Forward Profit Margin 22S&P 600 Sectors Forward P/Es 23S&P 600 Sectors Forward P/Sales 24S&P 600 Sectors Net Earnings Revisions Index 25S&P 600 Sectors Net Revenue Revisions Index 26S&P 500/400/600 Sectors Forward Profit Margin 27S&P 500/400/600 Sectors Forward P/Es 28S&P 500/400/600 Sectors Forward P/Sales 29
Figure 1.
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II2014 2015 2016 2017 2018 2019 2020 2021
0
20
40
60
80
100
0
20
40
60
80
100
6/18
S&P 500 SECTORS:FORWARD EARNINGS PER SHARE*
Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrials
Information TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II2014 2015 2016 2017 2018 2019 2020 2021
-25
0
25
50
75
100
125
150
175
-25
0
25
50
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125
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175
6/18
S&P 400 SECTORS:Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrials
Information TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II2014 2015 2016 2017 2018 2019 2020 2021
-50
-25
0
25
50
75
100
125
150
-50
-25
0
25
50
75
100
125
150
6/18
S&P 600 SECTORS: Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrials
Information TechnologyMaterialsReal EstateCommunication ServicesUtilities
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
yardeni.com
S&P 500/400/600 Sectors Forward Earnings
Page 3 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 2.
I II III IV I II III IV I II III IV I II2018 2019 2020 2021
-20
0
20
40
60
80
100
120
-20
0
20
40
60
80
100
120
6/18
S&P 500 SECTORS:2020 EARNINGS PER SHARE*
Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II2018 2019 2020 2021
-25
0
25
50
75
100
125
150
175
200
225
-25
0
25
50
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6/18
S&P 400 SECTORS: Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II2018 2019 2020 2021
-25
0
25
50
75
100
125
150
-25
0
25
50
75
100
125
150
6/18
S&P 600 SECTORS: Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
* Consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
yardeni.com
S&P 500/400/600 Sectors Annual Earnings: 2020
Page 4 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 3.
I II III IV I II III IV I II III IV I II2019 2020 2021 2022
0
20
40
60
80
100
120
0
20
40
60
80
100
120
6/11
S&P 500 SECTORS:2021 EARNINGS PER SHARE*
Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II2019 2020 2021 2022
-25
0
25
50
75
100
125
150
175
200
225
-25
0
25
50
75
100
125
150
175
200
225
6/11
S&P 400 SECTORS: Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
I II III IV I II III IV I II III IV I II2019 2020 2021 2022
-25
0
25
50
75
100
125
150
175
-25
0
25
50
75
100
125
150
175
6/11
S&P 600 SECTORS: Consumer DiscretionaryConsumer StaplesEnergyFinancialsHealth Care
IndustrialsInformation TechnologyMaterialsReal EstateCommunication ServicesUtilities
* Consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv.
yardeni.com
S&P 500/400/600 Sectors Annual Earnings: 2021
Page 5 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 4.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2160
90
120
150
180210240
19
20 21
6/18
S&P 500(forward earnings*)
Annual consensusestimatesForward earnings
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2113
19
25
3137434955
1920 21
6/18
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
20
35
5065
1920 21
6/18
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
30
45
607590105
1920 21 6/18
INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2113
19
25
31
3743
19 20 216/18
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
12
18
243036
19
2021
6/18
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.2
40.280.2
120.2
1920 21
6/18
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
3
5
79
19 206/18
18REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
20
32
4456
1920 21
6/18
FINANCIALS
Includes Real Estatethrough September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 217
9
11
13
15
17
19
20
21
6/18
COMMUNICATIONS SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2120
35
50
65
8095
1920 21
6/18HEALTH CARE
* Time-weighted average (in blue) of consensus operating earnings estimates for current and next year (in red). Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2111
12
13
14
15
161718
19
20 216/18
UTILITIES
yardeni.com
S&P 500 Sectors Forward Earnings
Page 6 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 5.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21800
1000
1200
1400
1600
1800
1920
21
6/18
S&P 500(forward revenues*)
Annual consensusestimatesForward revenues*
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21210
260
310
360
410
460
1920 21
6/18
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
375
500
625
750
1920
216/18
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21125
175
225
275
325375425
1920
21 6/18INFORMATI0N TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21200
275
350
425
500
19 20 21 6/18CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21160
180
200
220
240
19
2021
6/18
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
350
450
550
650750850
1920 21
6/18
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2120
25
30
35
40
45
1920 21
6/18
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21120
160
200
240
280
1920
216/18
FINANCIALS
Includes Real Estatethrough September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2145
65
85
105
125145
20
216/18
19
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21175
375
575
775
975
1920
21 6/18HEALTH CARE
*Time-weighted average of consensus estimates for current year and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21100
120
140
160
180
1920 21
6/18
UTILITIES
yardeni.com
S&P 500 Sectors Forward Revenues
Page 7 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 6.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
19
20 21
6/18
S&P 500(profit margin, percent)
AnnualForward* (10.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
1920 21
6/18
INDUSTRIALS
(7.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
3
5
7
9
11
1920
21
6/18
CONSUMER DISCRETIONARY
(4.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
19
20 216/18
INFORMATION TECHNOLOGY
(21.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215.5
6.0
6.5
7.0
7.5
8.0
8.5
19
2021
6/18
CONSUMER STAPLES
(7.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
14
1920
21
6/18
MATERIALS
(9.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-3
0
3
6
9
12
15
19
2021
6/18
ENERGY
(0.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
9
12
15
18
21
24
6/1821
1920
REAL ESTATE
(14.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
8
12
16
20
24
19
2021
6/18
FINANCIALS
(13.8)
Includes Real Estatethrough September 2016
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
16
18
20
21
6/18
19
COMMUNICATION SERVICES
(13.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 219.5
10.0
10.5
11.0
11.5
12.0
19 2021
6/18
HEALTH CARE
(10.1)
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
9
10
11
12
13
14
15
19
20 216/18
UTILITIES
(13.9)yardeni.com
S&P 500 Sectors Forward Profit Margin
Page 8 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 7.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
1012141618202224
6/18S&P 500(forward P/E)
P/E (21.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
11
14
17
20
23
26
29
6/18
INDUSTRIALS(23.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
35
40
45
6/18CONSUMER DISCRETIONARY
(39.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
INFORMATION TECHNOLOGY(24.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
12
14
16
18
20
22
6/18CONSUMER STAPLES
(19.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18MATERIALS
(21.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
10
20
30
40
50
60
6/18ENERGY
Capped at 50 dueto extreme values.
(50.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
25
35
45
55
65
75
6/18
REAL ESTATE(48.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
16
18
20
6/18
FINANCIALS
Includes Real Estatethrough September 2016
(14.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
12
16
20
246/18COMMUNICATION SERVICES
(22.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
10
12
14
16
18
20
6/18
HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.
(16.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
10
12
14
16
18
20
22
6/18
yardeni.com
UTILITIES(17.9)
S&P 500 Sectors Forward P/Es
Page 9 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 8.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.56/18S&P 500
(forward P/S ratio)
P/S (2.27)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
2.00
6/18INDUSTRIALS
(1.78)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.4
.8
1.2
1.6
2.06/18CONSUMER DISCRETIONARY
(1.88)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
6/18INFORMATION TECHNOLOGY
(5.29)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.6
.8
1.0
1.2
1.4
1.6
6/18CONSUMER STAPLES
(1.42)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
2.00
2.25
6/18MATERIALS
(1.88)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
.50
.75
1.00
1.25
1.50
1.75
6/18
ENERGY(0.97)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
8
6/18REAL ESTATE
(6.80)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
6/18
FINANCIALS
Includes Real Estatethrough September 2016
(2.02)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
3.5
6/18COMMUNICATION SERVICES
(2.94)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.75
1.00
1.25
1.50
1.75
2.00
2.25
6/18
HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s Corporation.
(1.64)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
6/18
yardeni.com
UTILITIES(2.49)
S&P 500 Sectors Forward P/Sales
Page 10 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 9.
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-50
-30
-10
10
30
Jun
S&P 500
Net Earnings Revisions Index*NERI (-30.7)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-70
-50
-30
-10
10
30
50
Jun
INDUSTRIALS
(-41.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
60
Jun
CONSUMER DISCRETIONARY
(-36.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
60
Jun
INFORMATION TECHNOLOGY
(-24.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-40
-20
0
20
40
Jun
CONSUMER STAPLES
(-16.7)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
Jun
MATERIALS
(-40.4)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
60
Jun
ENERGY
(-34.8)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-45
-30
-15
0
15
30
Jun
REAL ESTATE
(-30.9)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-60
-40
-20
0
20
40
60
Jun
FINANCIALS
Includes Real Estatethrough September 2016
(-34.1)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-40
-20
0
20
40
Jun
COMMUNICATION SERVICES
(-27.0)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-50
-30
-10
10
30
Jun
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-23.3)
95 97 99 01 03 05 07 09 11 13 15 17 19 21 23-40
-20
0
20
40
Jun
UTILITIES
(-17.1)
S&P 500 Sectors Net Earnings Revisions Index
Page 11 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 10.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
45
Jun
S&P 500Net Revenue Revisions Index*NERI (-28.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
Jun
INDUSTRIALS
(-40.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
45
Jun
CONSUMER DISCRETIONARY
(-25.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
Jun
INFORMATION TECHNOLOGY
(-26.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
Jun
CONSUMER STAPLES
(-12.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
Jun
MATERIALS
(-38.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-80
-60
-40
-20
0
20
40
60
Jun
ENERGY
(-52.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
Jun
REAL ESTATE
(-32.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
Jun
FINANCIALS
(-24.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
Jun
COMMUNICATION SERVICES
(-21.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
Jun
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-20.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
Jun
UTILITIES
(-24.7)
S&P 500 Sectors Net Revenue Revisions Index
Page 12 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 11.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2130
55
80
105
130155
19
20 21
6/18
S&P 400(forward earnings)
Annual consensusestimatesForward earnings
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
30
50
7090
1920 21
6/11
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
24
446484
19 20 21
6/11
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2130
60
90
120150180210
1920 21
6/11
INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2125
55
85
115
145
19 20 216/11
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 219
19
29
39
49
19
2021
6/11
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-25
0
25
50
75
100
125
19
2021
6/11
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
81012
19 20
6/18
18
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
35
55
7595
1920 21
6/11
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
30
19
2021
6/11
COMMUNICATIONS SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
40
65
90115140
1920 21
6/11
HEALTH CARE
* Time-weighted average (in blue) of consensus operating earnings estimates for current and next year (in red). Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2113
18
23
28
33
38
1920
216/11
UTILITIES
yardeni.com
S&P 400 Sectors Forward Earnings
Page 13 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 12.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21600
900
1200
1500
180021002400
19 2021
6/18
S&P 400(forward revenues*)
Annual consensusestimatesForward revenues
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21300
500
700
900110013001500
1920
21
6/11
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
450
650
850
10501250
19 2021
6/11
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21500
900
1300
1700210025002900
19 20
21 6/11INFORMATI0N TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21600
1200
1800
2400
3000
19 20 21 6/11
CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21200
300
400
500
600
1920 21
6/11MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
500
750
100012501500
1920 21
6/11
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2125
35
45
55
65
75
19 20
6/1818
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21200
300
400
500
600700
1920
216/11
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2150
300
55080010501300
19
20
216/11
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21200
600
1000
14001800
19 2021 6/11
HEALTH CARE
* Time-weighted average (in blue) of the current year’s and next year’s consensus revenues estimates (in red).Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21200
250
300
350
19 2021 6/11
UTILITIES
yardeni.com
S&P 400 Sectors Forward Revenues
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Figure 13.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
5
6
7
8
9
19
20
21
6/18
S&P 400(profit margin)
AnnualForward* (5.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 213
4
5
6
7
8
19
20
21
6/11
INDUSTRIALS
(4.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21012345678
19
20
21
6/11
CONSUMER DISCRETIONARY
(2.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 213
4
5
6
7
8
9
10
19
20
21
6/11
INFORMATION TECHNOLOGY
(5.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
3
4
5
6
7
1920 21
6/11
CONSUMER STAPLES
(4.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
3
4
5
6
7
8
9
1920
21
6/11
MATERIALS
(4.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-5
0
5
10
15
20
25
1920
216/11
ENERGY(-0.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
8
10
12
14
16
18
20
6/18
18
19 20
REAL ESTATE
(9.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
9
12
15
18
21
19
20
21
6/11
FINANCIALS
(13.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-4
0
4
8
12
19
20
216/11
COMMUNICATION SERVICES
(5.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21456789
101112
1920
21
6/11
HEALTH CARE
(6.4)
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
14
16
1920 21
6/11
UTILITIES
(10.7) yardeni.com
S&P 400 Sectors Forward Profit Margin
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Figure 14.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
11
14
17
20
23
26
6/18S&P 400(forward P/E)
P/E (22.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
256/18INDUSTRIALS
(23.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
1015202530354045
6/18
CONSUMER DISCRETIONARY(32.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
256/18INFORMATION TECHNOLOGY
(23.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
6/18
CONSUMER STAPLES(18.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18MATERIALS
(20.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
20
40
60
80
4/2
ENERGY(NA)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
20
30
40
50
60
6/18
REAL ESTATE(46.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
9
12
15
18
21
24
6/18
FINANCIALS(12.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215101520253035404550
6/18
COMMUNICATION SERVICES(29.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
6/18HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s Corporation.
(28.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 218
12
16
20
24
6/18
yardeni.com
UTILITIES(16.3)
S&P 400 Sectors Forward P/Es
Page 16 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 15.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
6/18
S&P 400(forward P/S ratio)
P/S (1.23)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
.50
.75
1.00
1.25
1.50
6/18
INDUSTRIALS(1.02)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.4
.6
.8
1.0
1.2
6/18
CONSUMER DISCRETIONARY
(0.88)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
.50
.75
1.00
1.25
1.50
1.75
6/18
INFORMATION TECHNOLOGY(1.26)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
.50
.75
1.00
1.25
6/18
CONSUMER STAPLES(0.82)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
.50
.75
1.00
1.25
6/18
MATERIALS(0.85)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
6/18
ENERGY(0.37)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
6/18
REAL ESTATE(4.16)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211.0
1.5
2.0
2.5
3.0
6/18
FINANCIALS(1.71)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
6/18
COMMUNICATION SERVICES(1.55)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
2.00
2.25
6/18
HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s Corporation.
(1.83)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
6/18
yardeni.com
UTILITIES(1.76)
S&P 400 Sectors Forward P/Sales
Page 17 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 16.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-50
-40
-30
-20
-10
0
10
20
Jun
S&P 400
Net Earnings Revisions Index*NERI (-28.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
May
INDUSTRIALS
(-46.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
45
May
CONSUMER DISCRETIONARY
(-37.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
May
INFORMATION TECHNOLOGY
(-31.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
30
May
CONSUMER STAPLES
(-4.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-50-40-30-20-100102030
May
MATERIALS
(-37.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
45
May
ENERGY
(-42.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-50-40-30-20-100102030
Jun
REAL ESTATE
(-25.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
45
May
FINANCIALS
(-47.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-100
-75
-50
-25
0
25
50
May
COMMUNICATION SERVICES
(-45.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-22.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
UTILITIES
(-25.2)
S&P 400 Sectors Net Earnings Revisions Index
Page 18 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 17.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
Jun
S&P 400
Net Revenue Revisions Index*NERI (-25.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
May
INDUSTRIALS
(-43.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
CONSUMER DISCRETIONARY
(-29.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
INFORMATION TECHNOLOGY
(-32.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-15
0
15
30
45
May
CONSUMER STAPLES
(-7.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
May
MATERIALS
(-38.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
45
May
ENERGY
(-43.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
Jun
REAL ESTATE
(-34.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
FINANCIALS
(-26.7)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
60
May
COMMUNICATION SERVICES
(-43.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-19.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
UTILITIES
(-27.3)
S&P 400 Sectors Net Revenue Revisions Index
Page 19 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 18.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
25
40
557085
19
20 21
6/18
S&P 600(forward earnings)
Annual consensusestimatesForward earnings
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
35
55
7595
6/1119
20 21INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
15
25
354555
6/11
1920 21CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
20
35
5065
6/1119 20 21INFORMATION TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
40
65
90115140
6/1119 20 21CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
25
45
65
6/11
1920 21MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-50-25
0255075
100125150
6/11
19
20
21
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25
5.25
10.2515.2520.25
1920
6/4
18
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
35
60
85110
6/1119
20 21FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-1.5
-1.0
-.5
.0
.5
1.0
1.5
6/1119 20 21
COMMUNICATIONS SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2115
45
75
105135
6/1119
2021
HEALTH CARE
* Time-weighted average (in blue) of consensus operating earnings estimates for current and next year (in red). Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2120
30
40
50
6/1119 20 21UTILITIES
yardeni.com
S&P 600 Sectors Forward Earnings
Page 20 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 19.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21300
500
700
900
11001300
1920 21
6/18S&P 600(forward revenues*)
Annual consensusestimatesForward revenues
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21400
700
1000
1300
1600
19
2021 6/11
INDUSTRIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21300
600
900
1200
1500
19
20 216/11
CONSUMER DISCRETIONARY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21125
250
375
500625750875
1920 21
6/11INFORMATI0N TECHNOLOGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21600
2600
4600
66008600
1920
21
6/11CONSUMER STAPLES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21300
450
600
750
9001050
19
2021
6/11
MATERIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21150
1150
215031504150
19 20 21
6/11
ENERGY
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2125
35
45
55
65
75
85
19 20
6/18
18
REAL ESTATE
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21150
250
350
450
550650
19 2021
6/11
FINANCIALS
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
6
111621
19
20 216/11
COMMUNICATION SERVICES
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
1000
1750
25003250
1920 21 6/11HEALTH CARE
* Time-weighted average (in blue) of the current year’s and next year’s consensus revenues estimates (in red).Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21250
325
400
475
550625700
19 20 21 6/11
UTILITIES
yardeni.com
S&P 600 Sectors Forward Revenues
Page 21 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 20.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
3
4
5
6
7
8
19
20
21
6/18
S&P 600(profit margin)
AnnualForward* (3.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
3
4
5
6
7
1920
21
6/11
INDUSTRIALS
(3.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
1
2
3
4
5
6
19 20 21
6/11
CONSUMER DISCRETIONARY
(1.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2134567891011
19 20 21
6/11
INFORMATION TECHNOLOGY
(5.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
1920
216/11
CONSUMER STAPLES
(1.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
1920 21
6/11
MATERIALS
(2.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-10
-5
0
5
10
15
20
19
20
21
6/11
ENERGY
(-8.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-10
0
10
20
30
40
1819
20
6/18
REAL ESTATE
(0.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
19
2021
6/11
FINANCIALS
(15.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
19 20 21 6/11
COMMUNICATION SERVICES
(1.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
3
5
7
9
1920
216/11
HEALTH CARE
(2.8)
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
19 20 21 6/11UTILITIES
(10.5) yardeni.com
S&P 600 Sectors Forward Profit Margin
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Yardeni Research, Inc.
Figure 21.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
306/18S&P 600
(forward P/E)
P/E (28.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
256/18INDUSTRIALS
(23.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
256/18
CONSUMER DISCRETIONARY(26.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
INFORMATION TECHNOLOGY(23.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
6/18
CONSUMER STAPLES(18.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
MATERIALS(22.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
20
40
60
80
4/2
ENERGY(NA)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
20
30
40
50
60
70
6/18REAL ESTATE
(60.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 216
9
12
15
18
21
24
6/18
FINANCIALS (12.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215101520253035404550
6/18COMMUNICATION SERVICES
(40.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21101520253035404550
6/18HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.
(41.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
30
6/18
yardeni.com
UTILITIES(22.4)
S&P 600 Sectors Forward P/Es
Page 23 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 22.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.4
.6
.8
1.0
1.2
1.4
6/18
S&P 600(forward P/S ratio by sector)
P/S (0.85)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.4
.6
.8
1.0
6/18
INDUSTRIALS(0.77)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.2
.4
.6
.8
1.0
6/18
CONSUMER DISCRETIONARY
(0.47)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
6/18
INFORMATION TECHNOLOGY(1.10)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.2
.4
.6
.8
1.0
6/18
CONSUMER STAPLES(0.34)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.2
.4
.6
.8
1.0
1.2
6/18
MATERIALS (0.61)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
6/18
ENERGY(0.54)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
6/18
REAL ESTATE(2.50)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211.0
1.5
2.0
2.5
3.0
3.5
6/18
FINANCIALS(2.12)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
3.0
6/18
COMMUNICATION SERVICES(1.06)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.50
.75
1.00
1.25
1.50
1.75
2.00
6/18
HEALTH CARE
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.
(1.17)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
3.5
6/18
yardeni.com
UTILITIES(2.36)
S&P 600 Sectors Forward P/Sales
Page 24 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 23.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-50
-40
-30
-20
-10
0
10
20
Jun
S&P 600
Net Earnings Revisions Index*NERI (-27.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
INDUSTRIALS
(-40.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
May
CONSUMER DISCRETIONARY
(-34.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
May
INFORMATION TECHNOLOGY
(-33.5)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
30
May
CONSUMER STAPLES
(-9.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
May
MATERIALS
(-46.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
45
May
ENERGY
(-41.9)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
Jun
REAL ESTATE
(-24.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
FINANCIALS
(-39.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-45
-30
-15
0
15
30
May
COMMUNICATION SERVICES
(-10.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-25
-5
15
May
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-25.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
UTILITIES
(-21.1)
S&P 600 Sectors Net Earnings Revisions Index
Page 25 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 24.
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
Jun
S&P 600
Net Revenue Revisions Index*NERI (-27.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
INDUSTRIALS
(-41.1)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
May
CONSUMER DISCRETIONARY
(-36.6)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
May
INFORMATION TECHNOLOGY
(-34.4)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-20
-10
0
10
20
30
May
CONSUMER STAPLES
(-3.3)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-45
-30
-15
0
15
30
45
May
MATERIALS
(-42.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
60
May
ENERGY
(-53.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-30
-20
-10
0
10
20
30
Jun
REAL ESTATE
(-32.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
May
FINANCIALS
(-20.0)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-60
-40
-20
0
20
40
60
May
COMMUNICATION SERVICES
(-14.2)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-40
-20
0
20
May
HEALTH CARE
* Three-month moving average of the number of estimates up less number of estimates down, expressed as a percentage of the total number of estimates. Source: I/B/E/S data by Refinitiv.
(-25.8)
04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-30
-20
-10
0
10
20
30
May
UTILITIES
(2.4)
S&P 600 Sectors Net Revenue Revisions Index
Page 26 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 25.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
12
14
6/18
S&P 500/400/600(profit margin)
S&P 500 LargeCap (10.4)S&P 400 MidCap (5.4)S&P 600 SmallCap (3.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 212
4
6
8
10
12
6/18
INDUSTRIALS
(7.6) (4.4) (3.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
3
5
7
9
6/18
CONSUMER DISCRETIONARY(4.7)(2.7)(1.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
256/18INFORMATION TECHNOLOGY
(21.9)(5.3)(5.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
12
6/18
CONSUMER STAPLES (7.2)(4.4)(1.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
2
4
6
8
10
12
14
6/18
MATERIALS
(9.0)(4.1)(2.7)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-10
-5
0
5
10
15
20
25
6/18
ENERGY(0.9)(-0.9)(-8.2)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
5
10
15
20
25
30
6/18
REAL ESTATE
(14.0)(9.0)(0.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
6/18
FINANCIALS(13.8)(13.6)(15.1)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21-10
-5
0
5
10
15
20
6/18COMMUNICATION SERVICES
(13.4)(5.4)(1.8)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
3
6
9
12
15
18
6/18
HEALTH CARE (10.1)(6.4)(2.8)
* Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 214
6
8
10
12
14
16
6/18UTILITIES
(13.9)(10.8)(10.5)
yardeni.com
S&P 500/400/600 Sectors Forward Profit Margin
Page 27 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 26.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
6/18
S&P 500/400/600(forward P/Es)
S&P 500 LargeCap (21.9)S&P 400 MidCap (22.8)
S&P 600 SmallCap (28.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
256/18INDUSTRIALS
(23.4)(23.3)(21.4)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2105
10152025303540 6/18
CONSUMER DISCRETIONARY
(39.6)(32.2)(26.3)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
INFORMATION TECHNOLOGY
(24.2)(23.9)(20.6)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
15
20
25
6/18
CONSUMER STAPLES(19.7)(18.5)(20.5)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
6/18
MATERIALS(21.0)(20.7)(22.9)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
10
20
30
40
506/18ENERGY
(45.0)(NA)(NA)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 2110
20
30
40
50
60
70
6/18
REAL ESTATE
(48.7)(46.2)(60.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
35
6/18
FINANCIALS(14.6)(12.6)(14.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
10
20
30
40
50
60
6/18
COMMUNICATION SERVICES(22.0)(29.0)(40.0)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
10
20
30
40
50
6/18
HEALTH CARE(16.2)(28.6)(41.9)
Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 215
10
15
20
25
30
6/18
UTILITIES
(17.9)(16.3)(22.4) yardeni.com
S&P 500/400/600 Sectors Forward P/Es
Page 28 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
Figure 27.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.56/18S&P 500/400/600
(forward P/Sales)
S&P 500 LargeCap (2.27)S&P 400 MidCap (1.23)S&P 600 SmallCap (0.85)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.00.25.50.751.001.251.501.752.00
6/18INDUSTRIALS
(1.78)(1.02)(0.77)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.4
.8
1.2
1.6
2.06/18CONSUMER DISCRETIONARY
(1.88)(0.88)(0.47)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 210
1
2
3
4
5
66/18INFORMATION TECHNOLOGY
(5.29)(1.26)(1.10)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.00
.25
.50
.75
1.00
1.25
1.50
1.75
6/18CONSUMER STAPLES
(1.42) (0.82) (0.34)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.25.50.751.001.251.501.752.002.25
6/18MATERIALS
(1.88)(0.85)(0.61)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
3.0
6/18
ENERGY (0.97)(0.37)(0.54)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 211
2
3
4
5
6
7
8
6/18REAL ESTATE
(6.80)(4.16)(2.50)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
6/18
FINANCIALS(2.02)(1.71)(2.12)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
3.06/18COMMUNICATION SERVICES
(2.94)(1.55)(1.06)
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.5
1.0
1.5
2.0
2.5
6/18
HEALTH CARE
(1.64)(1.83)(1.17)
Source: I/B/E/S data by Refinitiv.
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21.0
.5
1.0
1.5
2.0
2.5
3.0
3.5
6/18
UTILITIES(2.49)(1.76)(2.36)
yardeni.com
S&P 500/400/600 Sectors Forward P/Sales
Page 29 / June 23, 2020 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S www.yardeni.com
Yardeni Research, Inc.
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