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U.S. Industrials Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies1074
  • 7D2.2%
  • 3M5.8%
  • 1Y22.5%
  • YTD3.4%

The Industrials industry is up 2.2% in the last week, with Uber Technologies up 5.8%. Meanwhile, GE Vernova actually underperformed within the industry, shrinking 8.6% in the last week. This takes the industry's 12 month performance to a gain of 22%. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 13 Jan 2026US$6.8tUS$2.7tUS$210.5b25.4x32.1x2.5x
Thu, 11 Dec 2025US$6.4tUS$2.7tUS$209.6b25.1x30.5x2.3x
Sat, 08 Nov 2025US$6.3tUS$2.7tUS$212.9b24.4x29.7x2.3x
Mon, 06 Oct 2025US$6.4tUS$2.7tUS$209.3b25x30.7x2.4x
Wed, 03 Sep 2025US$6.2tUS$2.7tUS$208.6b25x29.8x2.3x
Fri, 01 Aug 2025US$6.2tUS$2.7tUS$207.3b24.3x29.9x2.3x
Sun, 29 Jun 2025US$6.0tUS$2.7tUS$205.4b23.5x29x2.2x
Tue, 27 May 2025US$5.7tUS$2.7tUS$206.3b22.4x27.5x2.1x
Thu, 24 Apr 2025US$5.1tUS$2.7tUS$204.5b20.1x24.7x1.9x
Sat, 22 Mar 2025US$5.4tUS$2.7tUS$203.4b21.2x26.5x2x
Mon, 17 Feb 2025US$5.7tUS$2.7tUS$206.3b23.5x27.8x2.1x
Wed, 15 Jan 2025US$5.7tUS$2.7tUS$196.4b24.2x28.8x2.1x
Fri, 13 Dec 2024US$5.9tUS$2.7tUS$198.3b24.5x29.5x2.2x
Sun, 10 Nov 2024US$6.0tUS$2.7tUS$193.9b25x30.9x2.2x
Tue, 08 Oct 2024US$5.7tUS$2.7tUS$179.9b23x31.5x2.1x
Thu, 05 Sep 2024US$5.3tUS$2.7tUS$179.9b21.5x29.6x2x
Sat, 03 Aug 2024US$5.3tUS$2.7tUS$179.4b21.9x29.4x2x
Mon, 01 Jul 2024US$5.1tUS$2.7tUS$170.6b21.7x30.1x1.9x
Wed, 29 May 2024US$5.3tUS$2.7tUS$170.0b22.4x31.1x2x
Fri, 26 Apr 2024US$5.2tUS$2.7tUS$168.6b22.8x30.8x1.9x
Sun, 24 Mar 2024US$5.3tUS$2.7tUS$172.7b23.2x30.8x2x
Tue, 20 Feb 2024US$5.0tUS$2.7tUS$174.5b22.6x28.8x1.9x
Thu, 18 Jan 2024US$4.8tUS$2.7tUS$184.2b20.4x26x1.7x
Sat, 16 Dec 2023US$4.9tUS$2.7tUS$182.7b21.2x26.6x1.8x
Mon, 13 Nov 2023US$4.4tUS$2.7tUS$185.1b18.3x23.8x1.6x
Wed, 11 Oct 2023US$4.5tUS$2.7tUS$192.2b18.1x23.2x1.6x
Fri, 08 Sep 2023US$4.6tUS$2.7tUS$189.3b18.3x24.1x1.7x
Sun, 06 Aug 2023US$4.7tUS$2.7tUS$190.5b19.1x24.6x1.7x
Tue, 04 Jul 2023US$4.6tUS$2.7tUS$185.6b18.3x24.7x1.7x
Thu, 01 Jun 2023US$4.1tUS$2.7tUS$183.0b16.7x22.6x1.5x
Sat, 29 Apr 2023US$4.2tUS$2.7tUS$174.5b17.7x24.3x1.6x
Mon, 27 Mar 2023US$4.1tUS$2.6tUS$166.1b18.1x24.8x1.6x
Wed, 22 Feb 2023US$4.1tUS$2.6tUS$160.9b18.9x25.4x1.6x
Fri, 20 Jan 2023US$4.0tUS$2.5tUS$156.3b17.9x25.4x1.6x
Price to Earnings Ratio

25.4x


Total Market Cap: US$4.0tTotal Earnings: US$156.3bTotal Revenue: US$2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Industrials Sector Price to Earnings3Y Average 27.8x202420252026
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 32.1x which is higher than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 1.9x is lower than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 11% 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 Market1.24%
Industrials2.25%
Trade Distributors5.21%
Marine and Shipping4.78%
Logistics4.51%
Aerospace & Defense3.56%
Airlines3.55%
Machinery2.88%
Professional Services2.71%
Industrials2.34%
Commercial Services2.06%
Infrastructure1.99%
Transportation1.52%
Building0.72%
Construction-1.24%
Electrical-1.31%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 60.7x.
    • Analysts are expecting annual earnings growth of 22.0%, which is higher than its past year's earnings growth of 16.6% per year.
  • Investors are most pessimistic about the Marine and Shipping industry, which is trading below its 3-year average of 15.7x.
Forecasted Growth
  • Analysts are most optimistic on the Infrastructure industry, expecting annual earnings growth of 38% over the next 5 years.
  • This is better than its past earnings decline of 47% per year.
  • In contrast, the Marine and Shipping industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
LMT Lockheed MartinUS$551.247.8%
+US$9.2b		14.1%PE30.4x
BA BoeingUS$239.815.1%
+US$8.9b		40.6%PS2.3x
UBER Uber TechnologiesUS$84.674.9%
+US$8.2b		28.9%PE10.6x
BE Bloom EnergyUS$136.8731.8%
+US$7.8b		494.3%PE2120.1x
RTX RTXUS$193.853.0%
+US$7.5b		64.6%PE39.4x

Latest News

YMM
US$10.32
Full Truck Alliance
7D
-10.4%
1Y
-3.2%

YMM: Order Quality Improvements Will Drive Future Margin Expansion Potential

Analysts have inched their price targets on Full Truck Alliance lower, broadly trimming expectations to a US$12 to US$14 range as they weigh Q3 results that were roughly in line with forecasts against signs of slowing order growth and near term revenue deceleration. Analyst Commentary Recent Street research reflects a more cautious stance on near term growth, but many bullish analysts are still highlighting areas where they see execution holding up and the long term story intact.
GEV
US$639.77
GE Vernova
7D
-6.0%
1Y
74.4%

GEV: Future Buybacks And Dividend Moves Will Mask Overvaluation Risk

Analysts have raised their price target on GE Vernova from US$448.08 to US$538.80, citing updated assumptions for revenue growth, profit margin, discount rate and future P/E. They view these updates as better reflecting the company’s potential risk and return profile.
AYI
US$316.00
Acuity
7D
-16.1%
1Y
3.1%

AYI: Q1 Execution And Ongoing Buybacks Will Support Future Upside Potential

Narrative Update on Acuity The analyst price target for Acuity has been reduced from US$399.25 to US$391.25, as analysts factor in more moderate revenue growth and profit margin assumptions alongside a slightly higher discount rate, consistent with recent Street research updates that trimmed targets following Q1 results. Analyst Commentary Recent Street research on Acuity points to a mixed but measured view, with analysts adjusting their models after Q1 results came in modestly ahead of expectations while overall sentiment stayed cautious.
RTX
US$193.85
RTX
7D
3.0%
1Y
64.6%

RTX: Defense Policy Shifts And Commercial Aerospace Demand Will Shape Balanced Prospects

RTX's fair value estimate has been adjusted slightly higher to about $197 from about $195, as analysts factor in updated price targets and ongoing expectations for strong commercial aerospace demand, along with potential changes to defense budgeting and capital returns across the sector. Analyst Commentary Recent research on RTX focuses on how potential defense policy shifts and strong commercial aerospace demand could interact with capital return policies and long term growth expectations.
LMT
US$551.24
Lockheed Martin
7D
7.8%
1Y
14.1%

LMT: Strong Order Pipeline And Policy Tailwinds Should Support Long-Term Cash Generation

Narrative Update Analysts have lifted their implied fair value estimate for Lockheed Martin from about $589.61 to $605.00. This reflects updated views on fixed price program execution risk, slightly adjusted profit and revenue assumptions, and a higher future P/E multiple following recent price target increases tied to strong order activity across key defense programs.
DE
US$490.74
Deere
7D
5.3%
1Y
14.1%
UNP
US$229.50
Union Pacific
7D
-1.1%
1Y
1.2%

UNP: Merger Review And Regulatory Overhang Will Set Stage For Future Upside

Analysts have trimmed their Union Pacific fair value estimate slightly to about US$260 from roughly US$260.50. This reflects a lower blended Street price target as some factor in cautious views on the proposed Norfolk Southern merger, softer freight trends, a modestly higher discount rate, and only small changes to long term growth, margin, and P/E assumptions.
JCI
US$111.39
Johnson Controls International
7D
-8.3%
1Y
40.5%

JCI: Applied HVAC Cycle And AI Projects Will Support Future Upside

Analysts have nudged their fair value estimate for Johnson Controls International higher from US$130.00 to US$148.00, citing updated research that points to resilient applied HVAC demand, supportive artificial intelligence related orders, and recent price target raises across the Street. Analyst Commentary Recent Street research around Johnson Controls International has tilted more constructive, with several bullish analysts adjusting their fair value work higher and framing the recent share pullback as an opportunity rather than a signal of weakening fundamentals.
VRT
US$170.03
Vertiv Holdings Co
7D
-2.3%
1Y
37.1%

VRT: Data Center Energy Partnership And Dividend Hike Will Support Upside Potential

Analysts have slightly lifted their price target on Vertiv Holdings Co., with updated fair value estimates moving from about US$196.83 to roughly US$198.45 per share, reflecting small tweaks to the discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Vertiv and Caterpillar, along with Solar Turbines, agreed to work together on energy optimization solutions for data centers, combining Vertiv power and cooling with Caterpillar power generation and CCHP offerings to provide predesigned, modular architectures for on-site power and cooling (Key Developments).
UBER
US$84.67
Uber Technologies
7D
4.9%
1Y
28.9%

UBER: Autonomous Partnerships And AI Are Expected To Support Long Term Margins

Analysts have nudged their fair value estimate for Uber slightly lower to about $111, reflecting modestly higher discount-rate assumptions. They continue to highlight AI driven revenue opportunities, ongoing autonomous vehicle partnerships, and a focus on long term margins and capital allocation in recent price target updates across the Street.
BE
US$136.87
Bloom Energy
7D
31.8%
1Y
494.3%

BE: AI Factory Power Partnership And Capital Plans Will Shape Future Outlook

Analysts have slightly adjusted their price target for Bloom Energy to reflect a fair value update from about $112.50 to roughly $111.18, citing small shifts in expected revenue growth, profit margins, the discount rate, and future P/E assumptions. What's in the News Bloom Energy and Brookfield announced a $5b partnership focused on building AI factories that combine power, compute, data center design, and capital to support artificial intelligence workloads (Key Developments).
LHX
US$340.68
L3Harris Technologies
7D
9.4%
1Y
59.3%

LHX: Future Space Refocus And Missile Programs Will Sustain Premium Earnings Multiple

Narrative Update Analysts have nudged their price targets on L3Harris Technologies higher. Recent updates cite refreshed models after 3Q25 results and expectations for future awards, which is reflected in a slightly adjusted fair value estimate of about $334.26 and a future P/E of roughly 27.49x.
WCN
US$166.22
Waste Connections
7D
-4.4%
1Y
-5.9%

WCN: Future Returns Will Be Driven By Compounding M&A And Cash Return Programs

The analyst price target for Waste Connections has edged up by about $1 to roughly $205.71, as analysts point to consistent Q3 execution, solid waste margin potential, ongoing acquisition opportunities, and a generally supportive view of the company as a high quality compounder, despite some timing adjustments around future RNG contributions. Analyst Commentary Recent Street research on Waste Connections centers on the quality of the core solid waste business, the role of acquisitions, and timing questions around renewable natural gas, or RNG, projects and other macro exposed areas like recycling and specialty waste.
CAT
US$629.77
Caterpillar
7D
2.2%
1Y
73.7%

CAT: Power Demand And Backlog Strength Will Drive Future Earnings Repricing

The analyst price target for Caterpillar has been raised from US$507 to US$780, with analysts citing stronger profit expectations, a higher assumed future P/E multiple, and recent Street research that highlights solid Q3 results, improving backlogs, and growing confidence around Energy & Transportation and Power Gen demand. Analyst Commentary Recent Street research on Caterpillar points to a wide range of views, but there is a clear pocket of bullish analysts who are leaning into the Q3 print, backlog trends, and perceived strength in Energy & Transportation, Power Gen, and Construction.
BA
US$239.81
Boeing
7D
5.1%
1Y
40.6%

BA: Defense Wins And Widebody Demand Will Support Balanced Future Prospects

Analysts have made a modest upward adjustment to their price target for Boeing to about $247 per share from roughly $244, citing updated assumptions for fair value, discount rate, revenue growth, profit margins and future P/E levels. What's in the News EVA Airways plans to purchase four 787-9 aircraft from Boeing, with a total transaction value capped at US$1.94b, subject to board approval and price negotiation based on market levels (client announcement).
CSX
US$35.22
CSX
7D
-1.9%
1Y
10.4%

CSX: New Leadership And ONECSX Execution Will Shape Rail Network Future

Analysts have nudged the CSX price target higher to around US$41 to US$42 from about US$39 to US$40, citing a recent Q3 beat, one-off restructuring charges, and continued progress on the ONECSX and operational improvement initiatives as key supports for this shift. Analyst Commentary Recent research updates show a cluster of price target revisions for CSX toward the low US$40s after the Q3 report, with analysts pointing to the earnings outcome, one off restructuring charges, and ongoing ONECSX initiatives as key drivers of their views.