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U.S. Industrials Sector Analysis

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies1067
  • 7D-0.05%
  • 3M6.8%
  • 1Y17.4%
  • YTD5.7%

Last week, the Industrials industry hasn't moved much but GE Vernova is up 3.0% in that time. The past year has been better, since the industry has gained 17% in that time. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026US$6.9tUS$2.8tUS$209.5b26.2x33.1x2.5x
Sun, 21 Dec 2025US$6.4tUS$2.7tUS$210.3b24.6x30.6x2.3x
Tue, 18 Nov 2025US$6.3tUS$2.7tUS$210.6b23.2x29.7x2.3x
Thu, 16 Oct 2025US$6.4tUS$2.7tUS$210.1b25.3x30.5x2.4x
Sat, 13 Sep 2025US$6.3tUS$2.7tUS$208.3b24.9x30.2x2.3x
Mon, 11 Aug 2025US$6.2tUS$2.7tUS$209.1b24.1x29.4x2.3x
Wed, 09 Jul 2025US$6.1tUS$2.7tUS$205.3b24x29.5x2.3x
Fri, 06 Jun 2025US$5.8tUS$2.7tUS$205.2b22.3x28.3x2.2x
Sun, 04 May 2025US$5.5tUS$2.7tUS$204.8b21.3x26.6x2x
Tue, 01 Apr 2025US$5.3tUS$2.7tUS$203.7b20.9x25.9x2x
Thu, 27 Feb 2025US$5.5tUS$2.7tUS$207.3b22.3x26.6x2.1x
Sat, 25 Jan 2025US$6.0tUS$2.7tUS$197.0b24.6x30.2x2.2x
Mon, 23 Dec 2024US$5.6tUS$2.7tUS$197.8b23.4x28.2x2.1x
Wed, 20 Nov 2024US$5.9tUS$2.7tUS$195.8b23.6x29.9x2.2x
Fri, 18 Oct 2024US$5.8tUS$2.7tUS$180.3b24.5x32.3x2.1x
Sun, 15 Sep 2024US$5.4tUS$2.7tUS$179.9b22.1x30.1x2x
Tue, 13 Aug 2024US$5.2tUS$2.7tUS$179.6b21.3x28.8x1.9x
Thu, 11 Jul 2024US$5.1tUS$2.7tUS$170.3b21.4x29.8x1.9x
Sat, 08 Jun 2024US$5.2tUS$2.7tUS$170.1b21.8x30.3x1.9x
Mon, 06 May 2024US$5.2tUS$2.7tUS$171.8b22.6x30.3x1.9x
Wed, 03 Apr 2024US$5.3tUS$2.7tUS$173.6b23.6x30.6x2x
Fri, 01 Mar 2024US$5.1tUS$2.7tUS$172.8b23.6x29.5x1.9x
Sun, 28 Jan 2024US$4.9tUS$2.7tUS$179.8b21.3x27.3x1.8x
Tue, 26 Dec 2023US$4.9tUS$2.7tUS$183.0b21.6x26.8x1.8x
Thu, 23 Nov 2023US$4.5tUS$2.7tUS$182.2b19.3x25x1.7x
Sat, 21 Oct 2023US$4.3tUS$2.7tUS$192.8b17.4x22.2x1.6x
Mon, 18 Sep 2023US$4.5tUS$2.7tUS$189.4b18.1x23.8x1.7x
Wed, 16 Aug 2023US$4.6tUS$2.7tUS$189.7b18.8x24.4x1.7x
Fri, 14 Jul 2023US$4.7tUS$2.7tUS$186.6b18.4x25x1.7x
Sun, 11 Jun 2023US$4.4tUS$2.7tUS$182.8b18.4x24x1.6x
Tue, 09 May 2023US$4.2tUS$2.7tUS$185.1b17.4x22.9x1.6x
Thu, 06 Apr 2023US$4.2tUS$2.6tUS$165.8b18.2x25.1x1.6x
Sat, 04 Mar 2023US$4.2tUS$2.6tUS$162.6b19.2x25.8x1.6x
Mon, 30 Jan 2023US$4.1tUS$2.5tUS$161.7b18.6x25.4x1.6x
Price to Earnings Ratio

25.4x


Total Market Cap: US$4.1tTotal Earnings: US$161.7bTotal 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 33.1x which is higher than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 2.0x 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 9.0% per year over the last three years.
  • Revenues for these companies have grown 2.7% 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-0.28%
Industrials-0.052%
Infrastructure7.05%
Construction3.54%
Electrical2.75%
Marine and Shipping2.45%
Trade Distributors1.47%
Commercial Services0.91%
Building0.79%
Machinery0.43%
Logistics-0.18%
Industrials-0.30%
Transportation-0.54%
Professional Services-1.08%
Aerospace & Defense-2.59%
Airlines-2.79%
Industry PE
  • Investors are most optimistic about the Electrical industry which is trading above its 3-year average PE ratio of 61.3x.
    • Analysts are expecting annual earnings growth of 22.1%, which is higher than its past year's earnings growth of 18.0% per year.
  • Investors are most pessimistic about the Marine and Shipping industry, which is trading below its 3-year average of 15.8x.
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 grow by 2.6% 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$661.673.0%
+US$5.3b		51.2%PE105.4x
HON Honeywell InternationalUS$222.543.5%
+US$4.8b		-1.4%PE23.1x
LMT Lockheed MartinUS$593.912.8%
+US$3.7b		19.4%PE32.7x
WM Waste ManagementUS$229.004.2%
+US$3.7b		9.0%PE36x
VRT Vertiv Holdings CoUS$181.125.0%
+US$3.3b		18.0%PE67x

Latest News

HON
US$222.54
Honeywell International
7D
3.5%
1Y
-1.4%
HWM
US$217.70
Howmet Aerospace
7D
-2.9%
1Y
70.4%
VRT
US$181.12
Vertiv Holdings Co
7D
5.0%
1Y
18.0%
UBER
US$82.56
Uber Technologies
7D
-2.2%
1Y
20.9%

Cross Platform Users And Autonomous Vehicles Will Constrain Margins And Keep Shares Fairly Valued

Catalysts About Uber Technologies Uber Technologies operates a global platform that connects consumers with mobility, delivery and other earning and work opportunities. What are the underlying business or industry changes driving this perspective?
MMM
US$160.63
3M
7D
-6.1%
1Y
7.4%

MMM: New Digital Tools And Higher P E Multiple Will Support Re Rating

Analysts have nudged their valuation view on 3M higher, with the updated fair value estimate moving from $212 to $223 as they reassess the stock's longer term earnings power and apply a slightly richer future P/E multiple, despite mixed recent price target changes across the Street. Analyst Commentary Recent Street research on 3M has been mixed, with some firms trimming targets or ratings and others lifting their valuation marks.
GEV
US$661.67
GE Vernova
7D
3.0%
1Y
51.2%
LMT
US$593.91
Lockheed Martin
7D
2.8%
1Y
19.4%
BA
US$251.41
Boeing
7D
1.5%
1Y
40.8%

BA: Rising Widebody Orders Will Mask Ongoing Earnings Multiple Risk

Analysts have lifted their fair value estimate for Boeing to about US$191 from roughly US$187, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. What's in the News Ethiopian Airlines finalized orders for nine 787-9 Dreamliners and previously committed to 11 737 MAX jets, adding 20 Boeing aircraft to support long haul and regional routes across Africa and beyond (client announcement).
AXON
US$607.29
Axon Enterprise
7D
-4.7%
1Y
-1.0%

AXON: AI And Drones Will Extend Public Safety Market Reach

Axon Enterprise's analyst fair value estimate has inched lower from $822.50 to $815.00 as analysts factor in mixed Q3 orders, a slightly higher discount rate, and a blend of cautious and constructive views reflected in recent price target changes ranging from $610 to $860. Analyst Commentary Recent research highlights a split between bullish analysts focused on Axon Enterprise's longer term growth path and more cautious voices reacting to mixed Q3 orders and valuation questions.
PWR
US$468.78
Quanta Services
7D
4.7%
1Y
32.1%

PWR: Power Supercycle And New Generation Platform Will Support Balanced Outlook

Analysts have nudged their fair value estimate for Quanta Services higher, with the price target moving from about US$474 to roughly US$477, citing stronger margin assumptions, a slightly higher future P/E, and continued support from research firms highlighting benefits from the U.S. power supercycle, growth in the Electric division, and the new Total Solutions Power Generation Platform. Analyst Commentary Bullish Takeaways Bullish analysts highlight Quanta Services as a key beneficiary of the U.S. power supercycle, pointing to the Electric division and power related work as important drivers for revenue visibility and long term growth opportunities.
AVAV
US$312.12
AeroVironment
7D
-17.6%
1Y
71.9%

AVAV: BlueHalo Expansion Will Face Execution Risks In Counter UAS And SATCOM

Analysts trimmed their AeroVironment fair value estimate by about $15 to roughly $300 per share, while still highlighting stronger growth assumptions after Piper Sandler initiated coverage with an Overweight rating and a US$391 price target. The target is tied to the company's product agility and the impact of the BlueHalo acquisition on counter UAS and SATCOM exposure.
GE
US$295.00
General Electric
7D
-7.8%
1Y
46.9%

GE: Engine Contract Momentum And Higher Margins Will Support Future Returns

Narrative Update Analysts have made a modest upward adjustment to their price targets for General Electric, reflecting small refinements to assumptions on discount rate, revenue growth, profit margins, and future P/E rather than a change in the US$394 fair value estimate. Analyst Commentary Recent Street research around General Electric has centered on fine tuning price targets for GE Aerospace, with a mix of upward and downward adjustments that still point to generally constructive sentiment on the company’s execution and earnings power.
HEI
US$339.44
HEICO
7D
-5.2%
1Y
42.3%

HEI: Future Profit Margins Will Benefit From Ongoing Acquisition Program

Analysts have raised their fair value estimate for HEICO to $415 from $400, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E multiples in their revised models. What's in the News HEICO is actively seeking acquisition opportunities, with management highlighting a healthy pipeline of potential deals under evaluation across both the Flight Support Group and Electronic Technologies Group (Key Developments).
RTX
US$196.34
RTX
7D
-1.7%
1Y
55.5%

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.
WM
US$229.00
Waste Management
7D
4.2%
1Y
9.0%

WM: Buybacks And Rising Dividends Will Support Future Upside

Analysts have nudged their price target for Waste Management higher from US$246.52 to US$247.16, reflecting updated views that slightly adjust revenue growth expectations, profit margin assumptions and the future P/E multiple while keeping the overall valuation framework largely intact. What's in the News The Board of Directors authorized a new share repurchase program for up to US$3 billion of Waste Management, Inc.
LHX
US$355.75
L3Harris Technologies
7D
4.5%
1Y
61.9%

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.