5 of 11 sectors trade in the top fifth of their own P/E history since 2010; Staples is at its 97th percentile
Median trailing P/E of profitable reader-safe names by GICS sector, month-end from 30 Jun 2010 to 31 Jul 2026, with each sector's latest value ranked against its own monthly history.
Median trailing P/E by sector
Quarter-end, shared y-axis; value = latest; highlighted = top fifth of own history
Values above 60x are drawn at 60x for legibility. A sector-month needs at least five profitable names.
Where today sits in each sector's own history
Percentile of the latest median P/E within the sector's monthly history since 2010
What it shows · fact
Staples sits at the 97th percentile of its own P/E history (27.4x against a 22.5x history median); Real Estate at the 14th (30.7x).
5 sectors are in the top fifth of their own history and 1 in the bottom fifth; the book median is 23.5x (85th percentile).
Why it matters · inference
Comparing a sector with its own past avoids calling utilities cheap against software: each sector has a different normal multiple.
Sectors in the top fifth of their own range have less room for further re-rating and more room to de-rate if earnings disappoint.
What would change this read
A sector's mix changes over time (new listings, today's survivors), so a percentile can drift without any change in pricing; a jump after an index change is composition, not sentiment.
A falling percentile with rising earnings means the sector is growing into its multiple; with falling prices, it is de-rating.
Method
- Sector median P/E = 1 / median trailing earnings yield among names with positive earnings that month (loss-makers excluded).
- Percentile = share of the sector's monthly readings since 2010 at or below the latest value.
- Survivor bias: history is computed on today's reader-safe universe (833 names), so companies that left the market earlier are missing and the earlier years describe today's survivors, not the market as it was.
Sources
- MCH research warehouse, monthly factor scores (trailing earnings yield, market cap); monthly through 31 Jul 2026.
- GICS sectors from the MCH per-name pages.
Universe
| Names in the published feed | 886 |
| Excluded: held, suspended, withdrawn, deferred, deal-pending or pending review | 53 |
| Reader-safe universe | 833 |
| Dropped: not in the latest factor snapshot or no earnings yield | 58 |
| Dropped: loss-making in the latest month | 44 |
| Used in this exhibit | 731 |
Names whose rating is held, suspended, withdrawn, deferred or under a pending deal are excluded from every exhibit, so no held output appears here.
General and impersonal investment research. Not personal financial advice. Forecasts, valuations and model outputs are estimates and may be wrong. See Investment Disclaimer.
MCH Analysis is a general investment-research publication of MCH Advisory (Pty) Ltd. It is not personal financial advice and does not take your circumstances into account. MCH is not a licensed financial services provider or a registered investment adviser. Past performance, whether actual or simulated, does not predict future results. Subscriber Agreement | Privacy and Cookie Notice | Research Governance Policies