Valuation multiples › Fair value gap
Fair value gap by sector and industry
Upside to model fair value (undervaluation): median and quartiles across 11 GICS sectors and 179 industries, from 27,639 valued stocks worldwide.
As of October 22, 2026 · updated daily · CSVJSON
What the numbers show
The lowest sector median is -20.5 % (Health Care, 2,357 values), the highest +6.3 % (Communication Services, 1,110 values).
The middle sector (Industrials) has a median of -10.0 %; half of its 5,335 stocks sit between -50.6 % and +35.9 %.
Fair value gap by sector
| Sector | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Health Care | -59.4 % | -20.5 % | +19.2 % | 2,357 |
| Information Technology | -60.0 % | -18.8 % | +25.7 % | 3,587 |
| Materials | -54.7 % | -18.1 % | +21.7 % | 3,355 |
| Energy | -45.8 % | -11.3 % | +25.9 % | 956 |
| Utilities | -46.2 % | -10.7 % | +30.9 % | 666 |
| Industrials | -50.6 % | -10.0 % | +35.9 % | 5,335 |
| Financials | -34.2 % | -3.5 % | +57.1 % | 3,169 |
| Consumer Staples | -40.9 % | -1.4 % | +41.7 % | 1,705 |
| Consumer Discretionary | -43.3 % | +3.8 % | +57.2 % | 3,583 |
| Real Estate | -36.9 % | +5.6 % | +94.3 % | 1,816 |
| Communication Services | -45.5 % | +6.3 % | +62.1 % | 1,110 |
Fair value gap by industry (179)
Grouped by sector, sorted by median within each sector. Only industries with at least ten valued stocks.
Communication Services (8)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Entertainment | -51.0 % | -1.4 % | +58.8 % | 229 |
| Advertising Agencies | -49.2 % | +0.7 % | +63.5 % | 187 |
| Telecom Services | -32.6 % | +3.9 % | +56.1 % | 240 |
| Media & Publishing | -23.6 % | +4.4 % | +41.0 % | 12 |
| Internet Content & Information | -38.7 % | +9.8 % | +62.2 % | 127 |
| Publishing | -33.6 % | +16.8 % | +78.3 % | 97 |
| Electronic Gaming & Multimedia | -47.2 % | +17.6 % | +85.9 % | 134 |
| Broadcasting | -17.8 % | +23.2 % | +99.9 % | 68 |
Consumer Discretionary (29)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Textile Industrial | -61.0 % | -28.0 % | +36.7 % | 12 |
| Textiles | -72.5 % | -22.0 % | +78.7 % | 33 |
| Textile Manufacturing | -57.9 % | -18.0 % | +35.0 % | 337 |
| Consumer Electronics | -45.4 % | -18.0 % | +31.4 % | 118 |
| Hotels & Entertainment Services | -40.0 % | -12.2 % | +71.5 % | 12 |
| Luxury Goods | -58.3 % | -10.0 % | +37.4 % | 123 |
| Discount Stores | -37.9 % | -9.4 % | +7.0 % | 23 |
| Lodging | -42.4 % | -6.1 % | +20.8 % | 156 |
| Home Improvement Retail | -31.7 % | -5.3 % | +29.0 % | 31 |
| Auto Parts | -45.8 % | -5.1 % | +40.0 % | 656 |
| Furnishings, Fixtures & Appliances | -49.5 % | -3.8 % | +59.8 % | 302 |
| Footwear & Accessories | -37.5 % | +0.0 % | +99.8 % | 95 |
| Apparel Manufacturing | -44.5 % | +0.2 % | +61.2 % | 217 |
| Restaurants | -36.5 % | +2.4 % | +43.4 % | 206 |
| Department Stores | -36.3 % | +2.5 % | +69.3 % | 105 |
| Recreational Vehicles | -34.3 % | +3.7 % | +61.9 % | 37 |
| Leisure | -41.5 % | +3.8 % | +50.4 % | 171 |
| Auto & Truck Dealerships | -26.0 % | +6.4 % | +88.3 % | 86 |
| Internet Retail | -28.5 % | +10.8 % | +66.8 % | 99 |
| Personal Services | -28.7 % | +11.3 % | +64.3 % | 37 |
| Specialty Retail | -34.6 % | +11.5 % | +67.3 % | 201 |
| Apparel Retail | -30.5 % | +11.7 % | +63.5 % | 99 |
| Auto Manufacturers | -25.9 % | +12.3 % | +59.6 % | 103 |
| Automobiles & Auto Parts | -0.3 % | +12.3 % | +65.2 % | 16 |
| Resorts & Casinos | -38.0 % | +12.6 % | +78.7 % | 72 |
| Travel Services | -34.1 % | +14.5 % | +101.4 % | 87 |
| Gambling | -4.1 % | +17.7 % | +89.4 % | 44 |
| Education & Training Services | -36.7 % | +19.6 % | +74.2 % | 118 |
| Residential Construction | +13.5 % | +47.6 % | +73.7 % | 62 |
Consumer Staples (14)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Food Products | -64.3 % | -25.3 % | +9.1 % | 13 |
| Beverages - Wineries & Distilleries | -49.8 % | -11.8 % | +56.4 % | 91 |
| Confectioners | -46.5 % | -9.8 % | +40.2 % | 80 |
| Agricultural Products | -33.4 % | -8.8 % | +7.3 % | 14 |
| Household & Personal Products | -39.0 % | -4.6 % | +33.7 % | 238 |
| Farm Products | -43.6 % | -3.6 % | +41.8 % | 294 |
| Beverages - Brewers | -41.7 % | -2.3 % | +39.0 % | 54 |
| Beverages - Non-Alcoholic | -38.9 % | +1.0 % | +15.7 % | 83 |
| Grocery Stores | -22.9 % | +2.5 % | +49.4 % | 72 |
| Packaged Foods | -40.3 % | +3.2 % | +49.9 % | 616 |
| Tobacco | -25.2 % | +8.4 % | +43.2 % | 34 |
| Pharmaceutical Retailers | -21.7 % | +8.4 % | +45.8 % | 55 |
| Food Distribution | -35.6 % | +8.8 % | +81.9 % | 87 |
| Food & Tobacco | -26.6 % | +32.3 % | +83.1 % | 26 |
Energy (8)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Uranium | -76.3 % | -48.6 % | -20.4 % | 27 |
| Thermal Coal | -52.7 % | -22.8 % | +32.6 % | 83 |
| Oil & Gas Integrated | -41.9 % | -13.4 % | +10.6 % | 43 |
| Oil & Gas Refining & Marketing | -43.9 % | -13.2 % | +32.4 % | 110 |
| Oil & Gas Midstream | -49.6 % | -11.5 % | +13.2 % | 83 |
| Oil & Gas E&P | -44.3 % | -9.2 % | +18.4 % | 261 |
| Oil & Gas Drilling | -37.4 % | -8.2 % | +72.1 % | 33 |
| Oil & Gas Equipment & Services | -38.5 % | -6.0 % | +24.9 % | 179 |
Financials (21)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Insurance Brokers | -73.8 % | -54.4 % | -21.0 % | 37 |
| Financial Data & Stock Exchanges | -49.4 % | -32.3 % | -7.1 % | 51 |
| Banks - Diversified | -34.8 % | -24.4 % | -8.5 % | 44 |
| Insurance - Life | -45.5 % | -23.2 % | +44.4 % | 84 |
| Insurance - Diversified | -40.6 % | -19.8 % | +4.5 % | 81 |
| Diversified Financial Services | -53.2 % | -18.9 % | +80.7 % | 15 |
| Investment Banking & Investment Services | -59.8 % | -18.3 % | +71.4 % | 19 |
| Banks - Regional | -32.8 % | -16.1 % | +17.9 % | 1,050 |
| Financial Conglomerates | -48.7 % | -14.2 % | +61.2 % | 54 |
| Insurance - Property & Casualty | -35.8 % | -12.1 % | +30.2 % | 114 |
| Shell Companies | -61.8 % | -5.0 % | +21.2 % | 60 |
| Insurance - Specialty | -28.4 % | -1.6 % | +15.7 % | 26 |
| Investment Brokerage - National | -50.1 % | -0.7 % | +78.8 % | 13 |
| Capital Markets | -37.9 % | +2.7 % | +74.0 % | 458 |
| Insurance - Reinsurance | -27.6 % | +10.6 % | +47.2 % | 25 |
| Asset Management | -18.9 % | +21.6 % | +84.1 % | 669 |
| Credit Services | -33.8 % | +23.2 % | +83.9 % | 318 |
| Specialized Finance | -45.3 % | +27.8 % | +108.8 % | 14 |
| Mortgage Finance | -29.6 % | +36.9 % | +93.6 % | 60 |
| Banking Services | -50.4 % | +48.7 % | +99.0 % | 12 |
| REIT - Mortgage | +51.0 % | +116.0 % | +148.7 % | 38 |
Health Care (11)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Biotechnology | -71.0 % | -43.4 % | +6.2 % | 596 |
| Diagnostics & Research | -63.6 % | -36.0 % | +6.2 % | 124 |
| Health Information Services | -66.2 % | -33.5 % | +13.8 % | 118 |
| Medical Devices | -61.8 % | -18.3 % | +12.6 % | 326 |
| Drug Manufacturers - Specialty & Generic | -53.0 % | -11.2 % | +29.7 % | 575 |
| Medical Instruments & Supplies | -52.4 % | -11.1 % | +15.6 % | 185 |
| Drug Manufacturers - General | -46.2 % | -8.8 % | +26.1 % | 74 |
| Pharmaceuticals | -53.5 % | -6.9 % | +44.0 % | 52 |
| Healthcare Plans | -22.8 % | -0.3 % | +26.9 % | 13 |
| Medical Care Facilities | -32.5 % | +1.7 % | +41.7 % | 241 |
| Medical Distribution | -30.3 % | +10.1 % | +87.2 % | 76 |
Industrials (32)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Industrial Machinery | -61.6 % | -51.7 % | -19.2 % | 18 |
| Electrical Equipment | -55.7 % | -47.8 % | +12.8 % | 11 |
| Aerospace & Defense | -69.5 % | -44.8 % | -3.5 % | 234 |
| Electrical Equipment & Parts | -63.9 % | -35.1 % | +10.0 % | 553 |
| Specialty Industrial Machinery | -61.1 % | -31.1 % | +11.0 % | 800 |
| Metal Fabrication | -57.2 % | -30.1 % | +15.4 % | 252 |
| Pollution & Treatment Controls | -61.1 % | -21.0 % | +11.2 % | 85 |
| Tools & Accessories | -50.2 % | -20.0 % | +20.1 % | 125 |
| Aerospace & Defense | -50.5 % | -17.8 % | +17.6 % | 11 |
| Building Products & Equipment | -51.4 % | -16.4 % | +22.6 % | 258 |
| Railroads | -48.8 % | -10.6 % | +30.8 % | 103 |
| Construction & Engineering | -60.2 % | -5.8 % | +13.6 % | 19 |
| Business Equipment & Supplies | -40.5 % | -5.4 % | +42.9 % | 74 |
| Waste Management | -50.6 % | -3.5 % | +42.6 % | 153 |
| Construction & Engineering | -58.4 % | -3.3 % | +45.1 % | 14 |
| Trucking | -44.0 % | -2.0 % | +54.0 % | 44 |
| Engineering & Construction | -45.7 % | +0.3 % | +64.5 % | 790 |
| Marine Shipping | -26.6 % | +4.4 % | +30.1 % | 225 |
| Industrial Distribution | -31.3 % | +4.4 % | +63.2 % | 106 |
| Specialty Business Services | -33.5 % | +5.7 % | +56.1 % | 235 |
| Machinery, Tools, Heavy Vehicles, Trains & Ships | -53.7 % | +7.4 % | +74.6 % | 44 |
| Conglomerates | -41.7 % | +9.4 % | +73.1 % | 355 |
| Farm & Heavy Construction Machinery | -44.0 % | +10.0 % | +50.5 % | 149 |
| Consulting Services | -23.2 % | +12.6 % | +66.4 % | 74 |
| Airports & Air Services | -31.3 % | +13.6 % | +55.5 % | 51 |
| Airlines | -15.3 % | +16.0 % | +52.3 % | 56 |
| Infrastructure Operations | -6.8 % | +16.0 % | +72.0 % | 65 |
| Integrated Freight & Logistics | -27.7 % | +16.4 % | +56.0 % | 204 |
| Staffing & Employment Services | -9.5 % | +30.8 % | +92.8 % | 82 |
| Rental & Leasing Services | -14.6 % | +32.4 % | +99.0 % | 89 |
| Professional & Commercial Services | -38.3 % | +37.8 % | +127.1 % | 15 |
| Electrical Utilities & IPPs | -43.0 % | +40.0 % | +123.6 % | 13 |
Information Technology (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Semiconductors | -68.1 % | -42.8 % | -2.9 % | 345 |
| Semiconductor Equipment & Materials | -68.2 % | -40.5 % | +1.0 % | 225 |
| Electronic Components | -68.6 % | -38.8 % | +9.4 % | 647 |
| Communication Equipment | -66.3 % | -32.6 % | +16.4 % | 293 |
| Scientific & Technical Instruments | -63.7 % | -29.8 % | +12.4 % | 160 |
| Computer Hardware | -59.8 % | -23.7 % | +27.1 % | 209 |
| Solar | -53.5 % | -17.6 % | +32.0 % | 102 |
| Semiconductors & Semiconductor Equipment | -58.0 % | -17.0 % | +21.2 % | 47 |
| IT Services | -72.5 % | -5.5 % | +64.1 % | 31 |
| Electronics & Computer Distribution | -38.5 % | -4.9 % | +39.0 % | 156 |
| Software - Infrastructure | -51.4 % | -4.5 % | +31.9 % | 346 |
| Software - Application | -56.1 % | -3.9 % | +30.0 % | 648 |
| Security & Protection Services | -38.5 % | +0.0 % | +33.8 % | 104 |
| Information Technology Services | -42.2 % | +7.1 % | +61.2 % | 466 |
| Software & IT Services | -47.8 % | +10.3 % | +125.3 % | 38 |
| Communications & Networking | -20.2 % | +10.4 % | +60.2 % | 12 |
| Electronic Equipment & Parts | -55.5 % | +13.7 % | +91.9 % | 19 |
| Computers, Phones & Household Electronics | -34.1 % | +34.3 % | +86.6 % | 11 |
Materials (19)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Silver | -83.8 % | -79.7 % | -52.4 % | 16 |
| Other Precious Metals & Mining | -67.5 % | -33.6 % | +5.5 % | 97 |
| Copper | -62.3 % | -31.4 % | +1.2 % | 56 |
| Other Industrial Metals & Mining | -68.3 % | -28.0 % | +10.4 % | 375 |
| Specialty Chemicals | -57.7 % | -26.0 % | +15.6 % | 717 |
| Coking Coal | -37.7 % | -19.5 % | +13.0 % | 20 |
| Chemicals | -55.7 % | -18.1 % | +20.0 % | 339 |
| Gold | -67.4 % | -16.7 % | +14.3 % | 211 |
| Packaging & Containers | -46.2 % | -13.1 % | +30.3 % | 257 |
| Lumber & Wood Production | -52.7 % | -11.5 % | +31.3 % | 72 |
| Construction Materials | -44.7 % | -11.5 % | +18.3 % | 12 |
| Other | -53.0 % | -11.2 % | +63.3 % | 90 |
| Paper & Paper Products | -40.4 % | -8.7 % | +44.5 % | 120 |
| Agricultural Inputs | -39.8 % | -6.4 % | +19.1 % | 160 |
| Steel | -43.1 % | -4.9 % | +39.1 % | 407 |
| Aluminum | -50.4 % | -4.7 % | +25.3 % | 77 |
| Building Materials | -40.8 % | -4.6 % | +29.7 % | 251 |
| Containers & Packaging | -52.3 % | -3.8 % | +40.1 % | 23 |
| Metals & Mining | -30.8 % | +0.6 % | +41.1 % | 29 |
Real Estate (13)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Real Estate Development | -44.7 % | -39.3 % | +46.2 % | 21 |
| REIT - Industrial | -37.3 % | -14.0 % | +17.3 % | 53 |
| REIT - Retail | -37.7 % | -13.5 % | +21.9 % | 91 |
| REIT - Specialty | -34.3 % | -10.1 % | -0.3 % | 31 |
| REIT - Diversified | -34.8 % | -3.1 % | +51.9 % | 148 |
| REIT - Residential | -36.2 % | +1.1 % | +47.6 % | 50 |
| REIT - Healthcare Facilities | -20.3 % | +1.6 % | +43.4 % | 25 |
| Real Estate - Diversified | -27.3 % | +4.3 % | +107.3 % | 131 |
| REIT - Office | -36.6 % | +4.7 % | +72.3 % | 71 |
| REIT - Hotel & Motel | -23.5 % | +8.2 % | +53.8 % | 33 |
| Real Estate Services | -39.0 % | +9.8 % | +104.8 % | 527 |
| Real Estate - Development | -32.1 % | +25.6 % | +119.4 % | 575 |
| Real Estate Operations | -23.7 % | +28.6 % | +140.8 % | 35 |
Utilities (6)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Utilities - Regulated Water | -56.9 % | -27.4 % | +19.5 % | 60 |
| Utilities - Diversified | -48.3 % | -24.6 % | -7.1 % | 50 |
| Utilities - Regulated Electric | -42.8 % | -15.5 % | +26.8 % | 156 |
| Utilities - Renewable | -54.5 % | -9.2 % | +33.8 % | 198 |
| Utilities - Independent Power Producers | -44.3 % | -7.7 % | +52.2 % | 77 |
| Utilities - Regulated Gas | -35.5 % | -0.8 % | +45.3 % | 104 |
History of sector medians
| Month | Health Care | Information Technology | Materials | Energy | Utilities | Industrials | Financials | Consumer Staples | Consumer Discretionary | Real Estate | Communication Services |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026-09 | -32.6 % | -28.4 % | -25.3 % | -28.3 % | -16.0 % | -21.1 % | -5.8 % | -6.8 % | -9.6 % | -1.9 % | -12.0 % |
| 2026-10 | -20.4 % | -21.2 % | -20.4 % | -10.0 % | -10.2 % | -11.3 % | -7.4 % | -2.3 % | +2.1 % | +6.9 % | +3.2 % |
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Suggested citation: Fair Value Calculator (2026): Upside to model fair value (undervaluation) by sector and industry, as of October 22, 2026. https://www.fairvalue-calculator.com/valuation-multiples/fair-value-gap
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Not financial advice. Metrics from reported filings (latest fiscal year or trailing twelve months), percentiles over the visible Fair Value Calculator universe; negative multiples are excluded and outliers beyond the 90th percentile are never the basis of a statement.