The current forward P/E for each sector is:
Materials: 17.4X
Real Estate: 28.2X
Financial: 13.4X
Services: 16.5X
Discretionary: 24.4X
Utilities: 16.1X
Energy: 11.6X
Health: 17.5X
Staples: 19.4X
Industrial: 18.2X
Technology: 25.5X
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We would consider materials' P/E to be high right now (i.e. not value). Real estate also. Financial low. Services about average. Discretionary high. Utilities average. Energy low. Health low. Staples high. Industrial lowish. Tech lowish. Note, it can be very dangerous looking ONLY at P/E ratios. In weak economic times, P/Es will rise as earnings decline. Many believe that, for some sectors, such as materials, investors should buy 'more' when P/E ratios spike, as investors give up on prospects. Also, of course, an 'average' P/E for a sector will include both great companies and weak companies, so we would far prefer making P/E decisions only on an individual company level rather than an average.