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 180 industries, from 28,920 valued stocks worldwide.
As of September 6, 2026 · updated daily · CSVJSON
What the numbers show
The lowest sector median is -32.6 % (Health Care, 2,470 values), the highest -1.9 % (Real Estate, 1,845 values).
The middle sector (Utilities) has a median of -16.0 %; half of its 671 stocks sit between -49.0 % and +27.1 %.
Fair value gap by sector
| Sector | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Health Care | -64.1 % | -32.6 % | +11.7 % | 2,470 |
| Information Technology | -64.8 % | -28.4 % | +20.9 % | 3,639 |
| Energy | -56.5 % | -28.3 % | +13.8 % | 1,204 |
| Materials | -58.0 % | -25.3 % | +14.5 % | 3,590 |
| Industrials | -55.8 % | -21.1 % | +25.6 % | 5,410 |
| Utilities | -49.0 % | -16.0 % | +27.1 % | 671 |
| Communication Services | -52.9 % | -12.0 % | +45.4 % | 1,209 |
| Consumer Discretionary | -49.7 % | -9.6 % | +38.4 % | 3,804 |
| Consumer Staples | -42.0 % | -6.8 % | +35.1 % | 1,763 |
| Financials | -38.4 % | -5.8 % | +37.4 % | 3,315 |
| Real Estate | -41.5 % | -1.9 % | +55.8 % | 1,845 |
Fair value gap by industry (180)
Grouped by sector, sorted by median within each sector. Only industries with at least ten valued stocks.
Communication Services (9)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Movies & Entertainment | -77.9 % | -72.6 % | -38.5 % | 10 |
| Internet Content & Information | -60.6 % | -29.6 % | +20.0 % | 154 |
| Entertainment | -60.8 % | -21.6 % | +40.5 % | 251 |
| Electronic Gaming & Multimedia | -49.5 % | -12.5 % | +64.0 % | 151 |
| Advertising Agencies | -58.2 % | -7.6 % | +44.9 % | 193 |
| Telecom Services | -37.8 % | -4.2 % | +48.7 % | 249 |
| Media & Publishing | -22.4 % | -2.3 % | +37.4 % | 15 |
| Publishing | -46.5 % | +6.2 % | +62.7 % | 107 |
| Broadcasting | -38.2 % | +16.8 % | +81.3 % | 63 |
Consumer Discretionary (29)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Lodging | -59.6 % | -33.3 % | +4.9 % | 165 |
| Textiles | -76.7 % | -27.3 % | +48.0 % | 38 |
| Textile Manufacturing | -60.2 % | -21.7 % | +31.2 % | 331 |
| Footwear & Accessories | -50.4 % | -20.7 % | +52.5 % | 93 |
| Consumer Electronics | -55.2 % | -19.9 % | +28.8 % | 127 |
| Luxury Goods | -55.7 % | -17.7 % | +35.6 % | 135 |
| Automobiles & Auto Parts | -31.7 % | -16.4 % | +21.5 % | 12 |
| Discount Stores | -48.5 % | -14.3 % | +5.8 % | 24 |
| Auto Parts | -48.1 % | -14.2 % | +30.6 % | 641 |
| Leisure | -51.1 % | -13.0 % | +43.6 % | 191 |
| Travel Services | -54.1 % | -12.6 % | +44.7 % | 90 |
| Personal Services | -46.3 % | -11.2 % | +24.7 % | 39 |
| Furnishings, Fixtures & Appliances | -54.1 % | -8.9 % | +42.6 % | 317 |
| Department Stores | -40.8 % | -8.0 % | +56.4 % | 119 |
| Auto Manufacturers | -38.8 % | -7.5 % | +45.5 % | 114 |
| Apparel Manufacturing | -51.2 % | -6.2 % | +38.2 % | 214 |
| Recreational Vehicles | -44.0 % | -5.8 % | +31.6 % | 37 |
| Restaurants | -40.6 % | -5.6 % | +33.7 % | 221 |
| Internet Retail | -51.3 % | -5.1 % | +60.8 % | 103 |
| Resorts & Casinos | -37.6 % | -4.7 % | +35.2 % | 73 |
| Apparel Retail | -40.0 % | -4.1 % | +44.8 % | 103 |
| Auto & Truck Dealerships | -33.1 % | -3.7 % | +39.1 % | 97 |
| Home Improvement Retail | -33.4 % | -3.4 % | +46.6 % | 34 |
| Specialty Retail | -43.9 % | -2.1 % | +42.5 % | 218 |
| Gambling | -32.8 % | -0.8 % | +53.5 % | 54 |
| Education & Training Services | -40.2 % | +1.1 % | +41.5 % | 142 |
| Hotels & Entertainment Services | -52.3 % | +2.3 % | +40.8 % | 12 |
| Residential Construction | -14.8 % | +15.6 % | +58.3 % | 65 |
| Textiles & Apparel | -35.6 % | +29.2 % | +77.8 % | 12 |
Consumer Staples (14)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Agricultural Products | -43.7 % | -16.9 % | +17.8 % | 16 |
| Food Products | -39.1 % | -14.6 % | +3.5 % | 13 |
| Beverages - Wineries & Distilleries | -53.8 % | -13.3 % | +37.7 % | 93 |
| Food Distribution | -50.2 % | -13.0 % | +40.1 % | 81 |
| Beverages - Non-Alcoholic | -48.7 % | -12.8 % | +18.3 % | 87 |
| Pharmaceutical Retailers | -45.6 % | -10.2 % | +15.3 % | 57 |
| Confectioners | -46.5 % | -6.4 % | +29.2 % | 80 |
| Packaged Foods | -40.9 % | -6.0 % | +36.5 % | 648 |
| Farm Products | -43.9 % | -5.1 % | +35.5 % | 292 |
| Household & Personal Products | -39.3 % | -5.0 % | +35.7 % | 245 |
| Beverages - Brewers | -31.4 % | -4.2 % | +34.6 % | 56 |
| Grocery Stores | -27.6 % | +2.6 % | +30.3 % | 78 |
| Tobacco | -39.9 % | +4.1 % | +56.4 % | 36 |
| Food & Tobacco | -24.5 % | +9.7 % | +97.0 % | 22 |
Energy (8)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Uranium | -71.4 % | -50.6 % | -32.6 % | 26 |
| Oil & Gas Drilling | -71.4 % | -38.5 % | +13.2 % | 35 |
| Oil & Gas Midstream | -63.9 % | -37.7 % | -8.1 % | 89 |
| Oil & Gas Equipment & Services | -55.4 % | -32.1 % | +10.2 % | 186 |
| Oil & Gas Integrated | -42.8 % | -21.2 % | +6.6 % | 53 |
| Oil & Gas E&P | -50.0 % | -19.7 % | +8.4 % | 293 |
| Thermal Coal | -42.4 % | -19.0 % | +35.9 % | 99 |
| Oil & Gas Refining & Marketing | -50.8 % | -14.6 % | +28.8 % | 109 |
Financials (21)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Diversified Financial Services | -79.0 % | -67.7 % | -11.1 % | 10 |
| Financial Services | -68.6 % | -60.8 % | -5.5 % | 13 |
| Financial Data & Stock Exchanges | -62.5 % | -51.7 % | -30.7 % | 53 |
| Mortgage Finance | -78.7 % | -34.0 % | +10.7 % | 92 |
| Shell Companies | -80.5 % | -33.3 % | +0.7 % | 77 |
| Insurance Brokers | -65.1 % | -32.6 % | -5.4 % | 36 |
| Financial Conglomerates | -61.9 % | -26.5 % | +32.4 % | 55 |
| Insurance - Diversified | -44.2 % | -17.1 % | +13.0 % | 83 |
| Capital Markets | -51.4 % | -16.6 % | +31.6 % | 455 |
| Banks - Diversified | -24.3 % | -13.8 % | +37.6 % | 48 |
| Insurance - Life | -47.4 % | -13.3 % | +51.8 % | 95 |
| Insurance - Property & Casualty | -31.3 % | -8.5 % | +33.9 % | 117 |
| Investment Banking & Investment Services | -67.1 % | -1.1 % | +37.6 % | 17 |
| Banks - Regional | -23.9 % | -0.9 % | +32.6 % | 1,070 |
| Banking Services | -79.2 % | -0.1 % | +98.0 % | 14 |
| Insurance - Specialty | -30.9 % | +0.3 % | +46.1 % | 29 |
| Credit Services | -47.9 % | +0.6 % | +59.8 % | 325 |
| Asset Management | -29.3 % | +5.0 % | +55.0 % | 695 |
| Specialized Finance | -31.8 % | +24.0 % | +62.6 % | 17 |
| Insurance - Reinsurance | -12.8 % | +27.5 % | +65.8 % | 29 |
| REIT - Mortgage | -10.3 % | +39.3 % | +132.8 % | 40 |
Health Care (12)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Diagnostics & Research | -70.1 % | -49.8 % | -10.4 % | 129 |
| Biotechnology | -73.1 % | -49.0 % | -9.4 % | 627 |
| Health Information Services | -70.4 % | -42.8 % | +0.1 % | 128 |
| Healthcare Equipment & Supplies | -51.8 % | -33.4 % | +15.9 % | 10 |
| Medical Devices | -60.1 % | -33.0 % | +0.6 % | 353 |
| Medical Instruments & Supplies | -58.1 % | -30.6 % | +8.6 % | 194 |
| Drug Manufacturers - General | -53.9 % | -28.6 % | +10.8 % | 75 |
| Pharmaceuticals | -64.3 % | -25.5 % | +35.9 % | 55 |
| Drug Manufacturers - Specialty & Generic | -61.3 % | -23.1 % | +17.5 % | 609 |
| Medical Care Facilities | -44.2 % | -8.6 % | +40.0 % | 257 |
| Medical Distribution | -36.6 % | -3.8 % | +65.2 % | 79 |
| Healthcare Plans | -46.5 % | +0.0 % | +31.8 % | 15 |
Industrials (32)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Aerospace & Defense | -71.6 % | -52.8 % | -30.5 % | 228 |
| Electrical Equipment | -62.3 % | -45.1 % | -4.6 % | 20 |
| Electrical Equipment & Parts | -69.2 % | -44.3 % | -9.2 % | 544 |
| Specialty Industrial Machinery | -64.5 % | -38.8 % | -2.4 % | 792 |
| Metal Fabrication | -58.9 % | -32.0 % | +9.4 % | 249 |
| Pollution & Treatment Controls | -60.3 % | -31.4 % | +10.4 % | 92 |
| Aerospace & Defense | -44.3 % | -31.3 % | -4.9 % | 11 |
| Industrial Machinery | -54.0 % | -30.8 % | -8.6 % | 25 |
| Construction & Engineering | -53.8 % | -24.2 % | +22.1 % | 15 |
| Building Products & Equipment | -61.2 % | -23.9 % | +19.4 % | 242 |
| Waste Management | -55.3 % | -22.8 % | +26.5 % | 165 |
| Tools & Accessories | -52.4 % | -21.7 % | +3.1 % | 122 |
| Trucking | -56.4 % | -19.2 % | +19.6 % | 47 |
| Farm & Heavy Construction Machinery | -46.6 % | -15.7 % | +34.4 % | 150 |
| Engineering & Construction | -51.5 % | -12.4 % | +42.0 % | 817 |
| Railroads | -48.5 % | -10.1 % | +22.1 % | 111 |
| Specialty Business Services | -42.9 % | -7.7 % | +48.7 % | 248 |
| Consulting Services | -36.6 % | -7.7 % | +34.9 % | 80 |
| Machinery, Tools, Heavy Vehicles, Trains & Ships | -57.6 % | -6.4 % | +62.6 % | 39 |
| Conglomerates | -54.4 % | -5.9 % | +52.5 % | 373 |
| Construction & Engineering | -39.9 % | -4.6 % | +23.7 % | 18 |
| Marine Shipping | -35.4 % | -2.0 % | +33.7 % | 232 |
| Business Equipment & Supplies | -55.0 % | -1.7 % | +35.5 % | 74 |
| Industrial Distribution | -39.9 % | -0.4 % | +56.0 % | 112 |
| Airports & Air Services | -28.4 % | +4.2 % | +31.0 % | 53 |
| Integrated Freight & Logistics | -37.6 % | +7.6 % | +49.8 % | 206 |
| Staffing & Employment Services | -16.2 % | +11.9 % | +69.5 % | 80 |
| Infrastructure Operations | -15.0 % | +16.8 % | +53.7 % | 64 |
| Airlines | -27.7 % | +17.5 % | +45.6 % | 57 |
| Rental & Leasing Services | -22.0 % | +18.6 % | +61.4 % | 90 |
| Electrical Utilities & IPPs | -27.7 % | +19.2 % | +41.6 % | 11 |
| Professional & Commercial Services | -47.6 % | +24.7 % | +115.3 % | 11 |
Information Technology (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Semiconductor Equipment & Materials | -70.7 % | -54.2 % | -14.3 % | 212 |
| Semiconductors | -72.7 % | -46.8 % | -11.8 % | 325 |
| Scientific & Technical Instruments | -70.7 % | -42.5 % | +5.1 % | 164 |
| Communication Equipment | -73.1 % | -39.5 % | +7.4 % | 302 |
| Electronic Components | -67.8 % | -39.5 % | +2.4 % | 638 |
| Semiconductors & Semiconductor Equipment | -55.6 % | -30.9 % | +26.7 % | 48 |
| IT Services | -70.1 % | -30.3 % | +19.6 % | 37 |
| Software - Application | -62.5 % | -27.1 % | +18.2 % | 691 |
| Software - Infrastructure | -63.3 % | -26.2 % | +19.5 % | 368 |
| Computer Hardware | -63.3 % | -21.8 % | +20.1 % | 222 |
| Electronic Equipment & Parts | -67.0 % | -19.2 % | +45.4 % | 19 |
| Communications & Networking | -34.1 % | -17.3 % | +43.6 % | 13 |
| Solar | -52.9 % | -15.5 % | +50.0 % | 110 |
| Computers, Phones & Household Electronics | -57.5 % | -13.7 % | +47.4 % | 10 |
| Electronics & Computer Distribution | -38.8 % | -2.5 % | +42.2 % | 152 |
| Security & Protection Services | -40.0 % | -1.6 % | +34.9 % | 108 |
| Information Technology Services | -47.9 % | +0.0 % | +57.9 % | 488 |
| Software & IT Services | -48.0 % | +8.8 % | +107.0 % | 33 |
Materials (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Silver | -89.0 % | -83.6 % | -75.6 % | 14 |
| Copper | -63.2 % | -45.7 % | -10.9 % | 59 |
| Other Precious Metals & Mining | -69.8 % | -37.0 % | +0.0 % | 103 |
| Coking Coal | -58.5 % | -34.4 % | +1.6 % | 27 |
| Gold | -64.0 % | -34.2 % | -5.2 % | 244 |
| Specialty Chemicals | -60.9 % | -32.3 % | +11.9 % | 695 |
| Chemicals | -60.4 % | -31.7 % | +9.7 % | 340 |
| Other Industrial Metals & Mining | -62.2 % | -30.0 % | +4.6 % | 469 |
| Lumber & Wood Production | -55.9 % | -21.5 % | +21.4 % | 77 |
| Other | -61.7 % | -20.5 % | +36.8 % | 127 |
| Aluminum | -53.1 % | -18.9 % | +10.4 % | 83 |
| Packaging & Containers | -53.4 % | -15.0 % | +20.5 % | 271 |
| Steel | -48.4 % | -14.9 % | +29.5 % | 399 |
| Metals & Mining | -42.4 % | -13.4 % | +16.3 % | 29 |
| Building Materials | -50.0 % | -11.5 % | +29.8 % | 258 |
| Paper & Paper Products | -41.1 % | -6.8 % | +33.3 % | 118 |
| Agricultural Inputs | -43.6 % | -6.8 % | +24.9 % | 176 |
| Containers & Packaging | -62.1 % | -6.0 % | +24.1 % | 24 |
Real Estate (13)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| REIT - Specialty | -48.1 % | -25.7 % | +1.9 % | 31 |
| REIT - Residential | -47.5 % | -21.2 % | +31.5 % | 44 |
| REIT - Healthcare Facilities | -49.5 % | -20.5 % | +7.7 % | 25 |
| REIT - Hotel & Motel | -34.1 % | -20.3 % | +35.6 % | 35 |
| REIT - Industrial | -42.9 % | -20.1 % | +7.0 % | 56 |
| REIT - Retail | -47.5 % | -13.7 % | +15.0 % | 94 |
| REIT - Office | -43.5 % | -10.4 % | +31.2 % | 68 |
| REIT - Diversified | -41.8 % | -5.9 % | +30.4 % | 153 |
| Real Estate Services | -40.7 % | -2.9 % | +57.9 % | 525 |
| Real Estate Development | -36.4 % | +1.0 % | +31.8 % | 29 |
| Real Estate - Development | -40.7 % | +8.5 % | +86.9 % | 566 |
| Real Estate - Diversified | -30.3 % | +12.5 % | +64.3 % | 129 |
| Real Estate Operations | +1.8 % | +48.8 % | +147.7 % | 37 |
Utilities (6)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Utilities - Regulated Water | -52.1 % | -30.3 % | +28.8 % | 64 |
| Utilities - Regulated Electric | -45.2 % | -26.1 % | +28.2 % | 153 |
| Utilities - Renewable | -56.8 % | -22.9 % | +27.0 % | 212 |
| Utilities - Diversified | -34.7 % | -21.2 % | -3.4 % | 52 |
| Utilities - Independent Power Producers | -53.1 % | -12.0 % | +22.5 % | 76 |
| Utilities - Regulated Gas | -29.4 % | -4.4 % | +33.0 % | 105 |
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Suggested citation: Fair Value Calculator (2026): Upside to model fair value (undervaluation) by sector and industry, as of September 6, 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.