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U.S. Industrials Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies1052
  • 7D-0.3%
  • 3M12.8%
  • 1Y33.6%
  • YTD10.8%

Over the last 7 days, the Industrials industry has dropped 1.4%, driven by a pullback from Caterpillar of 4.5%. In contrast, RTX has gained 6.6%. In the past year, the industry has gained 36%. 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
Thu, 05 Mar 2026US$7.4tUS$2.9tUS$211.3b26.1x35.1x2.6x
Sat, 31 Jan 2026US$7.1tUS$2.9tUS$213.8b25.6x33.2x2.5x
Mon, 29 Dec 2025US$6.5tUS$2.7tUS$210.3b24.7x31x2.4x
Wed, 26 Nov 2025US$6.2tUS$2.7tUS$209.9b24.3x29.6x2.3x
Fri, 24 Oct 2025US$6.3tUS$2.7tUS$210.7b25.8x30.1x2.3x
Sun, 21 Sep 2025US$6.3tUS$2.7tUS$208.5b24.8x30.3x2.3x
Tue, 19 Aug 2025US$6.2tUS$2.7tUS$209.4b24.9x29.4x2.3x
Thu, 17 Jul 2025US$6.1tUS$2.7tUS$206.3b23.7x29.5x2.3x
Sat, 14 Jun 2025US$5.8tUS$2.7tUS$205.1b22.3x28.4x2.2x
Mon, 12 May 2025US$5.5tUS$2.7tUS$206.4b21.6x26.7x2x
Wed, 09 Apr 2025US$4.8tUS$2.7tUS$203.3b18.5x23.5x1.8x
Fri, 07 Mar 2025US$5.5tUS$2.7tUS$204.0b21.3x26.8x2x
Sun, 02 Feb 2025US$5.8tUS$2.7tUS$202.4b24.2x28.6x2.2x
Tue, 31 Dec 2024US$5.6tUS$2.7tUS$197.9b23.5x28.2x2.1x
Thu, 28 Nov 2024US$6.1tUS$2.7tUS$197.0b24.8x30.9x2.2x
Sat, 26 Oct 2024US$5.7tUS$2.7tUS$188.5b23.4x30.2x2.1x
Mon, 23 Sep 2024US$5.5tUS$2.7tUS$179.5b22.5x30.9x2.1x
Wed, 21 Aug 2024US$5.3tUS$2.7tUS$179.3b22x29.7x2x
Fri, 19 Jul 2024US$5.4tUS$2.7tUS$169.9b22.6x31.5x2x
Sun, 16 Jun 2024US$5.1tUS$2.7tUS$170.1b20.9x30x1.9x
Tue, 14 May 2024US$5.3tUS$2.7tUS$171.4b23.1x30.9x2x
Thu, 11 Apr 2024US$5.3tUS$2.7tUS$173.5b22.8x30.7x2x
Sat, 09 Mar 2024US$5.2tUS$2.7tUS$172.6b23.1x30x1.9x
Mon, 05 Feb 2024US$5.0tUS$2.7tUS$175.3b21.6x28.5x1.8x
Wed, 03 Jan 2024US$4.9tUS$2.7tUS$182.9b21.4x26.8x1.8x
Fri, 01 Dec 2023US$4.6tUS$2.7tUS$182.5b19.2x25x1.7x
Sun, 29 Oct 2023US$4.2tUS$2.7tUS$182.7b16.8x22.8x1.5x
Tue, 26 Sep 2023US$4.4tUS$2.7tUS$189.4b17.9x23.3x1.6x
Thu, 24 Aug 2023US$4.6tUS$2.7tUS$189.3b18.8x24.2x1.7x
Sat, 22 Jul 2023US$4.7tUS$2.7tUS$188.0b18.1x24.9x1.7x
Mon, 19 Jun 2023US$4.5tUS$2.7tUS$182.7b18.5x24.7x1.7x
Wed, 17 May 2023US$4.2tUS$2.7tUS$183.9b17.2x22.7x1.6x
Fri, 14 Apr 2023US$4.3tUS$2.6tUS$166.5b18.5x25.5x1.6x
Sun, 12 Mar 2023US$4.0tUS$2.6tUS$162.5b18x24.5x1.6x
Price to Earnings Ratio

24.5x


Total Market Cap: US$4.0tTotal Earnings: US$162.5bTotal Revenue: US$2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Industrials Sector Price to Earnings3Y Average 28.2x202420252026
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 35.7x which is higher than its 3-year average PE of 28.2x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have grown 9.4% per year over the last three years.
  • Revenues for these companies have grown 3.7% 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-1.22%
Industrials-0.28%
Professional Services3.61%
Transportation3.21%
Commercial Services3.09%
Aerospace & Defense2.40%
Marine and Shipping1.25%
Industrials0.031%
Trade Distributors-0.68%
Logistics-0.80%
Construction-2.35%
Machinery-2.40%
Building-2.92%
Electrical-4.28%
Infrastructure-5.30%
Airlines-8.79%
Industry PE
  • Investors are most optimistic about the Electrical industry, which is trading close to its 3-year average PE ratio of 62.9x.
    • Analysts are expecting annual earnings growth of 19.4%, which is higher than its past year's earnings growth of 15.3% per year.
  • Investors are most pessimistic about the Marine and Shipping industry, which is trading below its 3-year average of 16.0x.
Forecasted Growth
  • Analysts are most optimistic on the Infrastructure industry, expecting annual earnings growth of 25% 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 decline by 3.3% 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
RTX RTXUS$208.826.6%
+US$17.2b		61.1%PE41.6x
UBER Uber TechnologiesUS$76.655.2%
+US$7.9b		0.2%PE15.7x
NOC Northrop GrummanUS$753.847.1%
+US$7.1b		59.0%PE25.6x
WM Waste ManagementUS$243.956.9%
+US$6.4b		5.9%PE36.3x
GD General DynamicsUS$366.126.7%
+US$6.2b		39.2%PE23.5x

Latest News

TT
US$445.05
Trane Technologies
7D
-3.3%
1Y
27.6%
UAL
US$100.48
United Airlines Holdings
7D
-13.7%
1Y
16.5%

UAL: Q1 Demand Strength And 90 Day Catalyst Watch Will Drive Upside

United Airlines Holdings' analyst price target has been trimmed slightly, with analysts citing higher fuel cost assumptions that modestly weigh on fair value, even as demand trends and earnings tracking remain supportive in the near term. Analyst Commentary Recent research on United Airlines Holdings highlights a mix of optimism on demand and earnings power, alongside caution around fuel costs and the broader airline cycle.
WM
US$243.95
Waste Management
7D
6.9%
1Y
5.9%
CAT
US$731.97
Caterpillar
7D
-4.5%
1Y
116.2%

Caterpillar Inc. (CAT): The Industrial Architect – Leveraging the AI Data Center Boom and Infrastructure Supercycle in 2026.

Caterpillar (CAT) is currently operating as the engine of the global industrial recovery, trading at $752.18 as of the March 2, 2026, close. Despite a broader market rotation that has punished high-multiple growth stocks, Caterpillar has surged over 120% in the last year , recently hitting an all-time high above $775 on February 11.
VRT
US$251.28
Vertiv Holdings Co
7D
-4.2%
1Y
185.9%
AXON
US$569.81
Axon Enterprise
7D
9.5%
1Y
6.5%

AXON: Sector Multiple Pressure Will Test Long Term Public Safety Expansion

The analyst price target underpinning our Axon Enterprise fair value has been revised to reflect a lower implied valuation, with fair value moving from about $639.60 to roughly $521.24 as analysts factor in sector wide multiple compression, alongside ongoing confidence in Axon's growth, recurring revenue profile, and long term product expansion. Analyst Commentary Across recent research updates, most firms have trimmed their Axon price targets, even as they reiterate broadly constructive views on the business model and product roadmap.
LHX
US$368.75
L3Harris Technologies
7D
8.1%
1Y
75.2%
ODFL
US$216.19
Old Dominion Freight Line
7D
12.8%
1Y
22.5%

ODFL: Freight Network And Buybacks Will Support Higher Long Term Earnings Power

Old Dominion Freight Line's updated analyst price target edges higher to $210, as analysts highlight the resilience of its capital intensive freight network model and factor in slightly stronger revenue growth and profitability assumptions alongside a modestly lower future P/E. Analyst Commentary Recent research shows a split tape around Old Dominion, with a clear cluster of bullish analysts lifting their targets and, in some cases, their ratings as they reassess the freight cycle and the value of hard assets in trucking.
ETN
US$354.46
Eaton
7D
-5.1%
1Y
23.2%
DAL
US$63.83
Delta Air Lines
7D
-8.0%
1Y
12.4%

DAL: Fair Outlook Weighs 2026 Guidance Against Widebody Order Commitments

Analysts have modestly adjusted their price targets on Delta Air Lines, with the blended target moving slightly. Updated models reflect a lower discount rate, a small uptick in expected revenue growth, and a marginally reduced assumed profit margin and future P/E multiple.
HEI
US$320.05
HEICO
7D
-7.2%
1Y
19.2%

HEI: Acquisition Pipeline And Segment Expansion Will Drive Long Term Upside

Analysts have raised their HEICO price target from $353.00 to approximately $370.89, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E multiples. What's in the News HEICO is actively seeking acquisition opportunities, with management highlighting a healthy pipeline of potential targets currently under evaluation across both the Flight Support Group and Electronic Technologies Group (Key Developments).
NOC
US$753.84
Northrop Grumman
7D
7.1%
1Y
59.0%
UBER
US$76.65
Uber Technologies
7D
5.2%
1Y
0.2%

UBER: AI And Autonomous Partnerships Will Shape Long Term Upside Potential

Analysts recently trimmed their average price target on Uber Technologies to about $104 from roughly $105, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples after revisiting their models and broader sector valuations. Analyst Commentary Recent research on Uber highlights a mix of optimism around execution and growth on one side, and some reservation around valuation, macro risk and competitive or regulatory questions on the other.
RTX
US$208.82
RTX
7D
6.6%
1Y
61.1%

RTX: Fair Value View Weighs Aerospace Demand Against Defense Policy Constraints

Analysts have nudged their RTX fair value estimate higher to $216.92 from $214.54, reflecting updated targets across major firms that highlight slightly stronger revenue growth assumptions, a modestly adjusted discount rate, and a similar forward P/E outlook despite a small trim to profit margin expectations. Analyst Commentary Recent research updates cluster around a series of higher price targets for RTX, which helps explain the modest lift in the consolidated fair value estimate.
GEV
US$841.27
GE Vernova
7D
-4.0%
1Y
165.6%

GE Vernova (GEV): Powering the Future: Electrons at Scale: The Grid’s New Sovereign

The narrative for GE Vernova in 2026 is centered on one word: Backlog. With a total backlog of $150 billion , the company has effectively "sold out" its capacity for years to come.
GD
US$366.12
General Dynamics
7D
6.7%
1Y
39.2%