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U.S. Industrials Sector Analysis

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies1038
  • 7D0.7%
  • 3M4.8%
  • 1Y26.7%
  • YTD4.6%

Over the last 7 days, the Industrials industry has remained flat, although notably GE Vernova gained 7.6%. As for the the longer term, the industry is up 27% over the past 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

Has the U.S. Industrials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 26 Mar 2026US$7.0tUS$2.9tUS$213.4b24.5x32.8x2.4x
Sat, 21 Feb 2026US$7.5tUS$2.8tUS$207.4b27.4x36.2x2.6x
Mon, 19 Jan 2026US$7.0tUS$2.7tUS$209.0b26.1x33.3x2.5x
Wed, 17 Dec 2025US$6.5tUS$2.7tUS$209.7b24.8x30.9x2.4x
Fri, 14 Nov 2025US$6.4tUS$2.7tUS$211.2b23.9x30.3x2.3x
Sun, 12 Oct 2025US$6.2tUS$2.7tUS$210.1b24.1x29.7x2.3x
Tue, 09 Sep 2025US$6.2tUS$2.7tUS$208.3b25x29.7x2.3x
Thu, 07 Aug 2025US$6.2tUS$2.7tUS$208.1b24.1x29.7x2.3x
Sat, 05 Jul 2025US$6.1tUS$2.7tUS$205.2b24.3x29.7x2.3x
Mon, 02 Jun 2025US$5.8tUS$2.7tUS$205.2b22.4x28.1x2.1x
Wed, 30 Apr 2025US$5.2tUS$2.7tUS$204.1b20.7x25.6x2x
Fri, 28 Mar 2025US$5.4tUS$2.7tUS$203.6b21.1x26.7x2x
Sun, 23 Feb 2025US$5.6tUS$2.7tUS$209.4b22.3x26.6x2.1x
Tue, 21 Jan 2025US$5.8tUS$2.7tUS$196.4b24.6x29.5x2.1x
Thu, 19 Dec 2024US$5.7tUS$2.7tUS$198.0b23.1x28.9x2.1x
Sat, 16 Nov 2024US$5.9tUS$2.7tUS$194.6b23.8x30.3x2.2x
Mon, 14 Oct 2024US$5.8tUS$2.7tUS$180.3b23.9x32.1x2.1x
Wed, 11 Sep 2024US$5.3tUS$2.7tUS$179.8b21.3x29.3x2x
Fri, 09 Aug 2024US$5.1tUS$2.7tUS$179.7b21.2x28.2x1.9x
Sun, 07 Jul 2024US$5.1tUS$2.7tUS$170.2b21.2x29.9x1.9x
Tue, 04 Jun 2024US$5.2tUS$2.7tUS$170.0b22.3x30.8x1.9x
Thu, 02 May 2024US$5.1tUS$2.7tUS$170.6b22.1x30.2x1.9x
Sat, 30 Mar 2024US$5.4tUS$2.6tUS$172.6b23.8x31.1x2x
Mon, 26 Feb 2024US$5.1tUS$2.7tUS$175.0b23.2x29.1x1.9x
Wed, 24 Jan 2024US$4.9tUS$2.7tUS$182.9b21.1x26.9x1.8x
Fri, 22 Dec 2023US$4.8tUS$2.7tUS$182.9b21.4x26.4x1.8x
Sun, 19 Nov 2023US$4.5tUS$2.7tUS$181.9b19.3x24.8x1.7x
Tue, 17 Oct 2023US$4.4tUS$2.7tUS$192.7b17.8x23x1.6x
Thu, 14 Sep 2023US$4.5tUS$2.7tUS$189.6b18.1x23.7x1.7x
Sat, 12 Aug 2023US$4.7tUS$2.7tUS$188.8b19x24.7x1.7x
Mon, 10 Jul 2023US$4.5tUS$2.7tUS$185.6b17.9x24.4x1.7x
Wed, 07 Jun 2023US$4.3tUS$2.7tUS$182.8b17.9x23.7x1.6x
Fri, 05 May 2023US$4.2tUS$2.7tUS$186.0b17.2x22.4x1.6x
Sun, 02 Apr 2023US$4.3tUS$2.6tUS$166.2b18.9x25.9x1.6x
Price to Earnings Ratio

25.9x


Total Market Cap: US$4.3tTotal Earnings: US$166.2bTotal Revenue: US$2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Industrials Sector Price to Earnings3Y Average 28.3x202420252026
Current Industry PE
  • Investors are optimistic on the American Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 32.8x which is higher than its 3-year average PE of 28.3x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 8.7% per year over the last three years.
  • Revenues for these companies have grown 2.8% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Industrials sector?

US Market-0.15%
Industrials0.65%
Infrastructure4.25%
Electrical4.16%
Construction2.96%
Airlines2.93%
Building2.57%
Machinery2.50%
Marine and Shipping2.08%
Trade Distributors1.83%
Logistics0.85%
Transportation0.017%
Industrials-0.24%
Professional Services-1.06%
Aerospace & Defense-2.45%
Commercial Services-2.48%
Industry PE
  • Investors are most optimistic about the Electrical industry, which is trading close to its 3-year average PE ratio of 63.3x.
    • Analysts expect its future annual earnings growth (19.7%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Marine and Shipping industry, which is trading below its 3-year average of 16.2x.
Forecasted Growth
  • Analysts are most optimistic on the Construction industry, expecting annual earnings growth of 23% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Marine and Shipping industry is expected to see its earnings decline by 2.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GEV GE VernovaUS$923.697.6%
+US$17.6b		190.7%PE51x
CAT CaterpillarUS$719.043.7%
+US$11.8b		110.8%PE37.7x
ETN EatonUS$375.004.0%
+US$5.6b		31.3%PE35.6x
VRT Vertiv Holdings CoUS$276.164.3%
+US$4.4b		238.3%PE79.3x
PL Planet Labs PBCUS$35.3742.6%
+US$3.8b		823.5%PS39.8x

Latest News

VRT
US$276.16
Vertiv Holdings Co
7D
4.3%
1Y
238.3%
UNP
US$241.33
Union Pacific
7D
2.0%
1Y
1.4%

UNP: Merger Synergies And Rail Network Durability Will Drive Future Upside

Narrative Update Union Pacific's implied fair value edges higher by about $0.08 per share in the model, reflecting modest tweaks to the discount rate and future P/E assumptions as analysts highlight potential merger cost synergies, stronger operating performance across rail peers, and the appeal of rail infrastructure as long lived and hard to replicate assets. Analyst Commentary Recent research on Union Pacific centers on the proposed merger with Norfolk Southern, the value of its rail network as a long lived asset, and how freight demand and regulation could affect execution and valuation.
FDX
US$357.52
FedEx
7D
2.2%
1Y
46.7%
LMT
US$624.20
Lockheed Martin
7D
-2.8%
1Y
40.2%

LMT: Policy Shifts And Capital Returns Will Shape Future Earnings Expectations

Analysts have nudged the price target for Lockheed Martin lower to reflect a slightly higher discount rate and a modestly adjusted long term fair value at $561.76. They still point to incremental gains in revenue growth, profit margins and future P/E assumptions, supported by a wave of recent target increases across the Street.
PL
US$35.37
Planet Labs PBC
7D
42.6%
1Y
823.5%
BA
US$199.61
Boeing
7D
-3.1%
1Y
11.8%
UBER
US$73.08
Uber Technologies
7D
-4.7%
1Y
-1.5%
ETN
US$375.00
Eaton
7D
4.0%
1Y
31.3%

ETN: AI Data Center And Thermal Demand Will Drive Future Upside

Analysts have nudged Eaton's fair value estimate higher, with the updated price target moving from $483.16 to $491.40 as they factor in the Boyd Thermal acquisition, changes to P/E assumptions, and a refreshed view on revenue growth and profitability. Analyst Commentary Recent research updates show a mix of views on Eaton, with some firms trimming price targets and others lifting them or upgrading ratings following the Boyd Thermal acquisition and model refreshes.
GEV
US$923.69
GE Vernova
7D
7.6%
1Y
190.7%

GEV: Index Inclusion And Energy Contracts Will Support Balanced Long Term Returns

Analysts have raised their price target for GE Vernova to $861.62 from $819.92, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E, which together indicate a higher estimated fair value for the business. What's in the News GE Vernova is being added to the S&P 100 index, bringing the stock into a major benchmark followed by large institutional investors (Index Constituent Adds).
NOC
US$691.21
Northrop Grumman
7D
-4.6%
1Y
36.3%
CAT
US$719.04
Caterpillar
7D
3.7%
1Y
110.8%

CAT: Data Center Power Dependence Will Likely Restrain Future Return Potential

Caterpillar's updated analyst price target reflects a modest fair value lift of about $1 per share. Analysts point to stronger construction demand signals from ConExpo, lengthening engine lead times tied to data center projects, and growing confidence in the company as a physical AI and infrastructure supplier.
WM
US$224.85
Waste Management
7D
-3.8%
1Y
-1.8%
AXON
US$460.15
Axon Enterprise
7D
-9.5%
1Y
-17.7%

AXON: Sector Multiple Compression Will Confront Recurring Revenue And AI Opportunity

Axon Enterprise's updated analyst price target has been reduced by $0, with analysts citing sector wide multiple compression and current sentiment, even as they highlight solid Q4 results, stronger long term targets, recurring revenue growth and potential AI advantages in their rationale. Analyst Commentary Recent Street research around Axon reflects a mix of confidence in the business model and caution around valuation and sector sentiment.
GE
US$296.56
General Electric
7D
-1.5%
1Y
43.0%

GE: Fairly Valued On Engine Strength Automation Push And Execution Risk

Analysts have trimmed the updated fair value estimate for General Electric to about $297 from roughly $301, while still lifting Street price targets into the $378 to $425 range. They highlight GE Aerospace's competitive moat, engine business review work, and refreshed guidance as support for the revised outlook.
DAL
US$67.99
Delta Air Lines
7D
6.6%
1Y
41.4%

DAL: Premium Demand And Low Fuel Sensitivity Will Support Further Upside

Narrative Update: Delta Air Lines The analyst price target for Delta Air Lines has edged lower by a few dollars to reflect higher assumed fuel costs and slightly softer profit margin expectations, even as analysts still highlight resilient demand and relatively lower fuel sensitivity compared with peers. Analyst Commentary Recent research on Delta Air Lines clusters around a common theme, with higher assumed fuel costs pulling price targets lower, while demand and premium positioning are still seen as important supports for the equity story.
RTX
US$195.00
RTX
7D
-4.7%
1Y
45.2%

RTX: Fair Value View Balances Aerospace Demand With Defense Policy Uncertainty

Our RTX fair value estimate edges up by about $0.24 to $217.16 as analysts broadly lift price targets, highlighting product upgrades such as the PW1100G Section Plus option and updated sector views as key supports. Analyst Commentary Recent Street research on RTX is clustered around higher price targets and refreshed views on the commercial aerospace and defense group, with most commentary framing current levels in the context of product execution and sector positioning rather than short term trading calls.