MARKET VALUATION / FORWARD 12 MONTHS

S&P 500.
A sector-by-sector view.

Compare forward earnings multiples with their own historical averages.

Checked daily at 9:00 a.m. Beijing time. Figures change when a new verified FactSet report or correction is available, not on every trading day.

Verified report snapshot · Oct 23, 2026

S&P 500 forward P/E18.7×Expected earnings over the next 12 months

5-year average19.8×-5.6% vs. 5-year average

10-year average19.1×-2.1% vs. 10-year average

Report published: Oct 23, 2026 · Data cutoff: Not separately disclosed

Forward P/E vs. historical averages

Multiples (×) · All 12 rows from the same report

● Forward P/E● 5-year average● 10-year average

THE NUMBERS

Index and sector detail

Index / sector	Forward P/E	5-year average	10-year average
S&P 500	18.7×	19.8×	19.1×
Consumer Discretionary	23.7×	26.0×	25.6×
Industrials	22.4×	21.0×	20.0×
Consumer Staples	23.3×	20.9×	20.1×
Information Technology	19.6×	25.5×	23.1×
Health Care	19.7×	17.4×	16.6×
Communication Services	17.4×	18.3×	17.6×
Real Estate	17.3×	18.0×	18.6×
Materials	17.3×	17.9×	17.8×
Utilities	16.7×	18.0×	18.0×
Financials	14.8×	14.6×	13.9×
Energy	13.0×	12.6×	10.9×

All values in multiples (×). — indicates a value unavailable from the verified source.

READ THE MEASURE

What these comparisons mean

Forward, not trailing.

Forward 12-month P/E compares the index price with expected earnings over the next 12 months. Estimates can change. It is a different measure from trailing P/E or CAPE.

Use each sector’s baseline.

Business models and earnings cycles differ across sectors. A lower multiple than another sector does not, by itself, establish that a sector is undervalued.

Averages are context.

The 5- and 10-year averages are FactSet’s disclosed figures, not calculations from our own history. A discount to an average does not establish a market bottom.

Source & verification

FactSet Earnings Insight — Oct 23, 2026, page 32 ↗

This page is an independent presentation of selected reported figures. It is not affiliated with or endorsed by FactSet. View the original report for its methodology and notices. We do not blend sources or infer a missing cutoff date.

Snapshot verified for publication: Oct 25, 2026, 7:54 AM (New York time). This timestamp changes only when a new snapshot is published.

S&P 500.A sector-by-sector view.