S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. September 29, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Table Of Contents TableTable OfOf ContentsContents S&P 500/400/600 Sectors Forward Earnings 3 S&P 500/400/600 Sectors Annual Earnings: 2021 4 S&P 500/400/600 Sectors Annual Earnings: 2022 5 S&P 500 Sectors Forward Earnings 6 S&P 500 Sectors Forward Revenues 7 S&P 500 Sectors Forward Profit Margin 8 S&P 500 Sectors Forward P/Es 9 S&P 500 Sectors Forward P/Sales 10 S&P 500 Sectors Net Earnings Revisions Index 11 S&P 500 Sectors Net Revenue Revisions Index 12 S&P 400 Sectors Forward Earnings 13 S&P 400 Sectors Forward Revenues 14 S&P 400 Sectors Forward Profit Margin 15 S&P 400 Sectors Forward P/Es 16 S&P 400 Sectors Forward P/Sales 17 S&P 400 Sectors Net Earnings Revisions Index 18 S&P 400 Sectors Net Revenue Revisions Index 19 S&P 600 Sectors Forward Earnings 20 S&P 600 Sectors Forward Revenues 21 S&P 600 Sectors Forward Profit Margin 22 S&P 600 Sectors Forward P/Es 23 S&P 600 Sectors Forward P/Sales 24 S&P 600 Sectors Net Earnings Revisions Index 25 S&P 600 Sectors Net Revenue Revisions Index 26 S&P 500/400/600 Sectors Forward Profit Margin 27 S&P 500/400/600 Sectors Forward P/Es 28 S&P 500/400/600 Sectors Forward P/Sales 29 September 29, 2021 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. www.yardeni.com S&P 500/400/600 Sectors Forward Earnings Figure 1. 120 120 S&P 500 SECTORS: FORWARD EARNINGS PER SHARE* 100 Consumer Discretionary Information Technology 100 Consumer Staples Materials Energy Real Estate Financials Communication Services 80 Health Care Utilities 80 Industrials 60 60 9/23 40 40 20 20 0 0 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 II III IV I II III IV 2014 2015 2016 2017 2018 2019 2020 2021 2022 200 200 S&P 400 SECTORS: Consumer Discretionary Information Technology 175 Consumer Staples Materials 175 Energy Real Estate 150 Financials Communication Services 150 Health Care Utilities Industrials 125 125 100 100 9/23 75 75 50 50 25 25 0 0 -25 -25 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 II III IV I II III IV 2014 2015 2016 2017 2018 2019 2020 2021 2022 150 150 S&P 600 SECTORS: Consumer Discretionary Information Technology Consumer Staples Materials 125 Energy Real Estate 125 Financials Communication Services Health Care Utilities 100 Industrials 9/23 100 75 75 50 50 25 25 0 0 -25 -25 yardeni.com -50 -50 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 II III IV I II III IV 2014 2015 2016 2017 2018 2019 2020 2021 2022 * Time-weighted average of the consensus estimates for current and next year. Source: I/B/E/S data by Refinitiv. Page 3 / September 29, 2021 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. www.yardeni.com S&P 500/400/600 Sectors Annual Earnings: 2021 Figure 2. 140 140 S&P 500 SECTORS: Consumer Discretionary Industrials 2021 EARNINGS PER SHARE* Consumer Staples Information Technology 120 Energy Materials 120 Financials Real Estate Health Care Communication Services Utilities 100 100 80 80 60 60 40 9/16 40 20 20 0 0 I II III IV I II III IV I II III IV I II 2019 2020 2021 2022 250 250 S&P 400 SECTORS: Consumer Discretionary Industrials 225 Consumer Staples Information Technology 225 Energy Materials 200 Financials Real Estate 200 Health Care Communication Services 175 Utilities 175 150 150 125 125 100 100 9/16 75 75 50 50 25 25 0 0 -25 -25 I II III IV I II III IV I II III IV I II 2019 2020 2021 2022 200 200 S&P 600 SECTORS: Consumer Discretionary Industrials 175 Consumer Staples Information Technology 175 Energy Materials Financials Real Estate 150 Health Care Communication Services 150 Utilities 125 125 100 9/16 100 75 75 50 50 25 25 0 0 yardeni.com -25 -25 I II III IV I II III IV I II III IV I II 2019 2020 2021 2022 * Consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv. Page 4 / September 29, 2021 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. www.yardeni.com S&P 500/400/600 Sectors Annual Earnings: 2022 Figure 3. 140 140 S&P 500 SECTORS: Consumer Discretionary Industrials 2022 EARNINGS PER SHARE* Consumer Staples Information Technology 120 Energy Materials 120 Financials Real Estate Health Care Communication Services Utilities 100 100 80 80 60 60 9/16 40 40 20 20 0 0 I II III IV I II III IV I II III IV I II 2020 2021 2022 2023 275 275 S&P 400 SECTORS: Consumer Discretionary Industrials 250 Consumer Staples Information Technology 250 Energy Materials 225 Financials Real Estate 225 Health Care Communication Services 200 Utilities 200 175 175 150 150 125 125 100 9/16 100 75 75 50 50 25 25 0 0 -25 -25 I II III IV I II III IV I II III IV I II 2020 2021 2022 2023 200 200 S&P 600 SECTORS: Consumer Discretionary Industrials 175 Consumer Staples Information Technology 175 Energy Materials Financials Real Estate 150 Health Care Communication Services 150 Utilities 125 125 100 9/16 100 75 75 50 50 25 25 0 0 yardeni.com -25 -25 I II III IV I II III IV I II III IV I II 2020 2021 2022 2023 * Consensus expected operating earnings per share. Source: I/B/E/S data by Refinitiv. Page 5 / September 29, 2021 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. www.yardeni.com S&P 500 Sectors Forward Earnings Figure 4. 240 120 210 S&P 500 9/23 HEALTH CARE 100 21 22 22 9/23 180 (forward earnings*) 21 80 150 60 120 Annual consensus 40 90 estimates Forward earnings 60 20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 17 55 49 15 COMMUNICATIONS SERVICES INDUSTRIALS 21 9/23 43 22 13 9/23 37 31 11 21 22 25 9 19 7 13 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 65 140 50 CONSUMER DISCRETIONARY 21 22 9/23 INFORMATION TECHNOLOGY 9/23 115 35 21 22 90 65 20 40 5 15 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 43 36 9/23 37 CONSUMER STAPLES MATERIALS 30 22 9/23 21 21 24 31 22 18 25 12 19 13 6 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 150.5 9 100.5 ENERGY REAL ESTATE 7 50.5 21 9/23 21 9/23 22 5 22 3 .5 1 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 56 20 FINANCIALS UTILITIES 44 21 9/23 18 22 21 22 9/23 32 16 20 14 Includes Real Estate 12 through September 2016 yardeni.com 8 10 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 * 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. Page 6 / September 29, 2021 / S&P 500/400/600 Revenues, Earnings, Margins, NERI, P/E, P/S Yardeni Research, Inc. www.yardeni.com S&P 500 Sectors Forward Revenues Figure 5. 1800 975 S&P 500 HEALTH CARE 9/23 1600 9/23 22 775 (forward revenues*) 21 22 21 1400 575 1200 375 Annual consensus 1000 estimates Forward revenues* 800 175 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 145 460 COMMUNICATION SERVICES INDUSTRIALS 125 21 9/23 410 22 105 360 85 9/23 310 21 22 65 260 45 210 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 750 500 CONSUMER DISCRETIONARY INFORMATION TECHNOLOGY 21 22 9/23 425 625 9/23 22 21 350 500 275 375 200 250 125 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 500 275 9/23 CONSUMER STAPLES 21 22 MATERIALS 425 250 9/23 225 350 21 22 200 275 175 200 150 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 850 45 ENERGY REAL ESTATE 750 40 650 21 22 9/23 550 35 30 450 21 9/23 350 22 25 250 20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 280 180 FINANCIALS UTILITIES 240 9/23 160 Includes Real Estate 21 22 200 through September 2016 140 21 160 22 9/23 120 yardeni.com 120 100 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 *Time-weighted average of consensus estimates for current year and next year.