Sector valuations
Eleven sectors, six measures, four markets, at August 2026. Every sector has its own page below, carrying the full history, the international comparison and what the measures disagree about.
| Sector | P/E | Fwd P/E | CAPE | EV/EBITDA | P/B | Div. yield | P/E pctile | CAPE pctile |
|---|---|---|---|---|---|---|---|---|
| Communication Services | 17.37 | 17.80 | 35.58 | 14.14 | 5.35 | 0.71% | 27% | 47% |
| Consumer Discretionary | 24.87 | 23.92 | 38.14 | 18.98 | 8.67 | 0.64% | 71% | 85% |
| Consumer Staples | 23.56 | 21.62 | 23.96 | 16.04 | 7.01 | 2.40% | 88% | 57% |
| Energy | 18.83 | 14.12 | 31.42 | 9.27 | 2.72 | 2.45% | 70% | 96% |
| Financials | 16.88 | 15.23 | 21.41 | 19.59 | 2.56 | 1.53% | 79% | 74% |
| Health Care | 24.67 | 18.72 | 26.99 | 17.59 | 5.64 | 1.55% | 87% | 54% |
| Industrials | 30.29 | 23.72 | 35.49 | 18.73 | 7.53 | 1.22% | 94% | 91% |
| Information Technology | 38.59 | 21.59 | 70.95 | 25.39 | 14.10 | 0.51% | 86% | 93% |
| Materials | 23.92 | 17.86 | 25.71 | 12.96 | 3.43 | 1.50% | 69% | 80% |
| Real Estate | 41.79 | 35.33 | 34.93 | 22.62 | 3.29 | 3.40% | 75% | 58% |
| Utilities | 18.80 | 16.60 | 21.65 | 12.67 | 2.17 | 2.98% | 78% | 91% |
Price to book and dividend yield are published for the U.S. sectors only. Free to reuse with attribution to Siblis Research and a link to this page.
| Sector | P/E, U.S. | Global | Global ex-U.S. | ex-U.S. ex-China | U.S. premium | CAPE, U.S. | Global ex-U.S. |
|---|---|---|---|---|---|---|---|
| Communication Services | 17.37 | 17.41 | 17.56 | 19.86 | -1% | 35.58 | 21.00 |
| Consumer Discretionary | 24.87 | 21.97 | 17.69 | 17.93 | +41% | 38.14 | 17.90 |
| Consumer Staples | 23.56 | 21.22 | 18.40 | 18.25 | +28% | 23.96 | 20.23 |
| Energy | 18.83 | 14.94 | 11.75 | 12.10 | +60% | 31.42 | 15.48 |
| Financials | 16.88 | 13.34 | 11.34 | 13.73 | +49% | 21.41 | 16.15 |
| Health Care | 24.67 | 22.42 | 18.40 | 17.99 | +34% | 26.99 | 23.82 |
| Industrials | 30.29 | 25.97 | 22.56 | 22.65 | +34% | 35.49 | 30.47 |
| Information Technology | 38.59 | 32.49 | 21.54 | 21.46 | +79% | 70.95 | 59.66 |
| Materials | 23.92 | 19.68 | 18.18 | 18.49 | +32% | 25.71 | 22.06 |
| Real Estate | 41.79 | 24.88 | 15.51 | 17.17 | +169% | 34.93 | 14.69 |
| Utilities | 18.80 | 17.32 | 15.90 | 16.17 | +18% | 21.65 | 20.70 |
The U.S. premium compares the American sector with the same sector in the global ex-U.S. universe, on trailing earnings. Forward P/E is not published for the ex-China universe.
| Sector | Five years | Ten years | P/E | CAPE ÷ P/E |
|---|---|---|---|---|
| Communication Services | +20.5% | +17.3% | 17.37 | 2.05 |
| Consumer Discretionary | +13.0% | +9.0% | 24.87 | 1.53 |
| Consumer Staples | +3.4% | +5.1% | 23.56 | 1.02 |
| Energy | — | — | 18.83 | 1.67 |
| Financials | 0.0% | +11.4% | 16.88 | 1.27 |
| Health Care | +3.8% | +7.2% | 24.67 | 1.09 |
| Industrials | +17.2% | +5.8% | 30.29 | 1.17 |
| Information Technology | +17.0% | +17.3% | 38.59 | 1.84 |
| Materials | +3.4% | +12.3% | 23.92 | 1.07 |
| Real Estate | +2.0% | -0.4% | 41.79 | 0.84 |
| Utilities | +7.1% | +6.1% | 18.80 | 1.15 |
Growth is calculated on aggregate sector earnings between two month-ends, so it is unaffected by buybacks. A blank means the base year's aggregate earnings were not positive, which makes a growth rate meaningless rather than merely negative. CAPE ÷ P/E is how far current earnings sit above their own inflation-adjusted decade average.
The spread is wider than any single measure suggests
On trailing earnings the eleven sectors run from 16.88 (Financials) to 41.79 (Real Estate). On EV/EBITDA the cheapest is Energy at 9.27; on CAPE the dearest is Information Technology at 70.95.
Those are three different questions, and a sector can be near the top of one list and the bottom of another. The measure that separates them is not the one with the biggest number — it is the one whose denominator suits the sector, which is the question each sector page takes up.
Against itself, not against the others
A multiple only means something next to a comparison. Against the other ten sectors, Financials is the cheapest on current earnings. Against its own history, the sector furthest above its own record is Energy, at the 96th percentile of its CAPE readings, while Communication Services sits at the 47th percentile of its own.
The second comparison is the one that survives a change in the market's composition. A percentile is the share of month-ends in that sector's own history with a lower reading — not a position between its all-time low and high, which is set by whichever month earnings came closest to zero.
The American premium is not universal
Of the eleven sectors, ten trade above their global ex-U.S. equivalent on trailing earnings. The widest gap is Real Estate at +169%; the narrowest is Communication Services at -1%.
A premium of that size is rarely a statement that the same asset costs more in America. More often it is a statement that the sector contains different companies, is financed differently, or reports on a different accounting basis. Each sector page sets out which of those applies to it.
Growth explains less than it should
Over ten years, aggregate earnings grew fastest in Information Technology (+17.3% a year) and slowest in Real Estate (-0.4%). The trailing multiples attached to those two records are 38.59 and 41.79.
Reading the growth column against the P/E column is the fastest way to see where the market is paying for something other than growth — stability, assets, income, or an expected turn.
Reading this page
The first table is the reference. The second applies the same sector definitions outside the United States, so the comparison is like for like rather than one market's classification against another's.
Every sector name links to its own page, which carries the full history, both charts and the argument specific to that sector.
One measure at a time
P/E ratios and earnings · CAPE ratios · EV/EBITDA multiples · Dividend yields · Price to book
Choosing a measure
No single ratio answers every question about a sector. Each of these pages covers the same eleven sectors — what changes is the question the measure is good at, and how far the coverage reaches.
| Measure | The question it answers | Why that one |
|---|---|---|
| EV/EBITDA | How does one sector compare across markets? | Sits above tax and debt, so it survives crossing borders. The only measure here that makes an international sector comparison sound. |
| P/E and earnings | How fast are a sector’s earnings growing? | Trailing and forward multiples with the earnings behind them, so the multiple and its denominator can be read together. |
| CAPE | Is a sector expensive against its own history? | Averages a decade of real earnings, which smooths the cycle out of the denominator. |
| Price to book | What is the market paying for the assets? | Works where earnings-based measures break down — asset-heavy sectors, and banks in particular. U.S. sectors only. |
| Dividend yield | Which sectors pay, and how much? | Income rather than valuation, but it moves inversely with price and is read alongside the multiples. U.S. sectors only. |
Communication Services · Consumer Discretionary · Consumer Staples · Energy · Financials · Health Care · Industrials · Technology · Materials · Real Estate · Utilities
Where this data is used
Some examples. Siblis valuation data appears in peer-reviewed journals, central bank publications and the financial press.
Eleven sectors, three markets, every month since 1979
This page publishes the current reading. The database carries the full monthly history for all eleven sectors, in the United States, global, global ex-U.S. and global ex-U.S. ex-China universes.
How this is calculated
Every ratio is calculated on the aggregate: the total market capitalisation of a sector's constituents divided by their aggregate earnings, book value or EBITDA, rather than as an average of the constituents' own ratios.
- Trailing P/E
- Aggregate normalised net income over the previous twelve months.
- Forward P/E
- Consensus estimates for the next twelve months.
- CAPE
- Price over ten years of inflation-adjusted aggregate earnings.
- EV/EBITDA
- Enterprise value over EBITDA, a monthly snapshot.
- Percentiles
- The share of month-ends in that series' own history with a lower reading.
- Revisions
- Point-in-time. A later restatement does not change a published reading.
Cite this page
Siblis Research. (2026). Sector valuation ratios — U.S., global and global ex-U.S. [Data set]. Retrieved 31 August 2026, from siblisresearch.com/data/sectors/
@misc{siblis_sectors,
title={Sector valuation ratios — U.S., global and global ex-U.S.},
author={{Siblis Research}}, year={2026},
url={https://siblisresearch.com/data/sectors/}, urldate={2026-08-31}} Tables on this page may be reproduced free of charge with attribution to Siblis Research and a link to this page.