Industry View
Industries against their own history
How cheap is each industry today against its own history? Every quarter since 1999, we place every investable US stock in a percentile on The Acquirer's Multiple® and the screener's other metrics, then take each industry's median. An industry that is cheaper than in most of its past is where value investors may want to look.
Data to Saturday, October 24, 2026 · 78 industries · 8 cheaper than in 80% of their history
| Industry | Stocks | Acquirer's Multiple percentile | Last 10 years | Against its history | FCF yield | Shareholder yield | ROA 5-yr | Debt |
|---|---|---|---|---|---|---|---|---|
| Wireless and Wireline Telecommunications ServicesTelecommunications | 9 | 19th | Cheaper than 98% | Near its highest | Near its highest | Near its best | Least debt on record | |
| Commercial ElectronicsTechnology | 17 | 46th | Cheaper than 95% | Usual range | Usual range | Better than usual | Most debt on record | |
| Metal Ore MiningNon-Energy Materials | 66 | 37th | Cheaper than 95% | Usual range | Lower than usual | Usual range | Less debt than usual | |
| Personal Professional ServicesConsumer Non-Cyclicals | 22 | 27th | Cheaper than 89% | Usual range | Higher than usual | Usual range | Usual range | |
| Specialty FinanceFinance | 81 | 38th | Cheaper than 86% | Usual range | Higher than usual | Usual range | Usual range | |
| United States BanksFinance | 251 | 16th | Cheaper than 86% | Usual range | Usual range | Usual range | Less debt than usual | |
| Mortgage BankingFinance | 10 | 38th | Cheaper than 84% | Usual range | Higher than usual | Usual range | Less debt than usual | |
| Technology Consulting ServicesTechnology | 21 | 26th | Cheaper than 84% | Near its highest | Near its highest | Usual range | Most debt on record | |
| Food and Beverage ProductionConsumer Non-Cyclicals | 51 | 33rd | Cheaper than 77% | Usual range | Higher than usual | Usual range | Most debt on record | |
| Non-System-Specific BiopharmaceuticalsHealthcare | 69 | 88th | Cheaper than 77% | Usual range | Usual range | Usual range | Usual range | |
| InsuranceFinance | 97 | 12th | Cheaper than 75% | Usual range | Higher than usual | Better than usual | Usual range | |
| Other BiopharmaceuticalsHealthcare | 48 | 81st | Cheaper than 75% | Usual range | Usual range | Better than usual | Most debt on record | |
| Construction MaterialsNon-Energy Materials | 32 | 32nd | Cheaper than 70% | Usual range | Higher than usual | Near its best | Less debt than usual | |
| Other Medical DevicesHealthcare | 44 | 63rd | Cheaper than 69% | Usual range | Higher than usual | Weaker than usual | Usual range | |
| Fossil Fuel Exploration and ProductionEnergy | 50 | 21st | Cheaper than 68% | Higher than usual | Higher than usual | Near its best | Least debt on record | |
| Communications EquipmentTechnology | 19 | 63rd | Cheaper than 66% | Lower than usual | Usual range | Better than usual | Usual range | |
| Support Activities for Oil and Gas OperationsEnergy | 61 | 36th | Cheaper than 66% | Higher than usual | Higher than usual | Usual range | Less debt than usual | |
| SoftwareTechnology | 143 | 70th | Cheaper than 65% | Higher than usual | Near its highest | Usual range | More debt than usual | |
| Real Estate Investment Trusts (REITs)Finance | 151 | 60th | Cheaper than 62% | Higher than usual | Higher than usual | Usual range | Usual range | |
| Food and Beverage RetailConsumer Non-Cyclicals | 12 | 31st | Cheaper than 61% | Near its highest | Lower than usual | Usual range | Most debt on record | |
| Media and Publishing ServicesConsumer Services | 26 | 35th | Cheaper than 61% | Lower than usual | Near its highest | Usual range | Less debt than usual | |
| Household ProductsConsumer Non-Cyclicals | 10 | 26th | Cheaper than 59% | Lower than usual | Lower than usual | Near its weakest | Less debt than usual | |
| Midstream EnergyEnergy | 13 | 49th | Cheaper than 57% | Higher than usual | Higher than usual | Near its best | Most debt on record | |
| Downstream EnergyEnergy | 15 | 22nd | Dearer than 50% | Usual range | Lower than usual | Near its best | More debt than usual | |
| Personal Care and Cleaning ProductsConsumer Non-Cyclicals | 14 | 39th | Dearer than 50% | Usual range | Usual range | Usual range | Less debt than usual | |
| Diagnostics and Drug Delivery DevicesHealthcare | 34 | 77th | Dearer than 51% | Usual range | Usual range | Weaker than usual | Most debt on record | |
| Electronics and Entertainment RetailConsumer Cyclicals | 10 | 25th | Dearer than 51% | Higher than usual | Usual range | Near its best | More debt than usual | |
| Water UtilitiesUtilities | 10 | 48th | Dearer than 52% | Lower than usual | Near its lowest | Usual range | Less debt than usual | |
| Commodity ChemicalsNon-Energy Materials | 15 | 39th | Dearer than 54% | Usual range | Lower than usual | Usual range | More debt than usual | |
| Passenger TransportationIndustrials | 14 | 35th | Dearer than 54% | Usual range | Usual range | Usual range | Less debt than usual | |
| Containers and PackagingNon-Energy Materials | 15 | 33rd | Dearer than 55% | Lower than usual | Near its highest | Usual range | Least debt on record | |
| Internet and Data ServicesTechnology | 76 | 71st | Dearer than 55% | Usual range | Higher than usual | Usual range | Most debt on record | |
| Real Estate Investment and ServicesFinance | 23 | 67th | Dearer than 55% | Near its highest | Usual range | Better than usual | Least debt on record | |
| Apparel and Accessories RetailConsumer Cyclicals | 20 | 23rd | Dearer than 58% | Near its highest | Usual range | Usual range | More debt than usual | |
| Apparel and Accessory ProductsConsumer Cyclicals | 33 | 27th | Dearer than 58% | Higher than usual | Lower than usual | Near its weakest | Most debt on record | |
| Other MiningNon-Energy Materials | 14 | 60th | Dearer than 58% | Lower than usual | Lower than usual | Weaker than usual | Usual range | |
| Leisure Goods ProductsConsumer Cyclicals | 17 | 30th | Dearer than 59% | Higher than usual | Usual range | Usual range | More debt than usual | |
| System-Specific BiopharmaceuticalsHealthcare | 156 | 89th | Dearer than 59% | Usual range | Usual range | Weaker than usual | Less debt than usual | |
| Hospitality ServicesConsumer Services | 99 | 49th | Dearer than 60% | Higher than usual | Higher than usual | Weaker than usual | Most debt on record | |
| International BanksFinance | 14 | 48th | Dearer than 61% | Usual range | Usual range | Usual range | Usual range | |
| Marketing and Printing ServicesBusiness Services | 18 | 41st | Dearer than 61% | Near its highest | Usual range | Weaker than usual | Less debt than usual | |
| AgricultureConsumer Non-Cyclicals | 11 | 46th | Dearer than 62% | Usual range | Higher than usual | Better than usual | Usual range | |
| Electrical Equipment and Power SystemsIndustrials | 40 | 63rd | Dearer than 66% | Usual range | Lower than usual | Weaker than usual | Usual range | |
| Home Builders and Manufactured BuildingsConsumer Cyclicals | 17 | 26th | Dearer than 66% | Usual range | Near its highest | Near its best | Least debt on record | |
| Other RetailConsumer Cyclicals | 10 | 54th | Dearer than 66% | Usual range | Usual range | Usual range | Most debt on record | |
| Finance Software and ServicesFinance | 18 | 65th | Dearer than 67% | Usual range | Near its highest | Usual range | Most debt on record | |
| General Telecommunications ServicesTelecommunications | 25 | 65th | Dearer than 68% | Higher than usual | Lower than usual | Usual range | More debt than usual | |
| Investment ServicesFinance | 185 | 57th | Dearer than 68% | Lower than usual | Lower than usual | Usual range | More debt than usual | |
| Metal ProductsNon-Energy Materials | 31 | 43rd | Dearer than 69% | Lower than usual | Near its lowest | Usual range | Less debt than usual | |
| Auto RetailConsumer Cyclicals | 29 | 39th | Dearer than 70% | Usual range | Usual range | Usual range | Usual range | |
| Electronic ComponentsTechnology | 26 | 61st | Dearer than 72% | Near its lowest | Near its lowest | Usual range | Usual range | |
| Transportation Equipment ManufacturingIndustrials | 19 | 38th | Dearer than 72% | Usual range | Usual range | Usual range | Less debt than usual | |
| Other MaterialsNon-Energy Materials | 8 | 36th | Dearer than 73% | Lower than usual | Near its lowest | Near its weakest | Most debt on record | |
| Patient CareHealthcare | 39 | 45th | Dearer than 73% | Usual range | Usual range | Weaker than usual | Most debt on record | |
| Business Support ServicesBusiness Services | 13 | 46th | Dearer than 75% | Lower than usual | Near its highest | Weaker than usual | Most debt on record | |
| Facilities and Construction ServicesIndustrials | 38 | 42nd | Dearer than 75% | Usual range | Lower than usual | Usual range | Most debt on record | |
| Manufacturing Equipment and ServicesTechnology | 10 | 46th | Dearer than 75% | Lower than usual | Usual range | Better than usual | Usual range | |
| Consumer Vehicles and PartsConsumer Cyclicals | 37 | 36th | Dearer than 76% | Usual range | Higher than usual | Usual range | More debt than usual | |
| Home Improvement RetailConsumer Cyclicals | 10 | 41st | Dearer than 76% | Usual range | Lower than usual | Usual range | More debt than usual | |
| Semiconductor ManufacturingTechnology | 39 | 72nd | Dearer than 76% | Near its lowest | Lower than usual | Near its best | Usual range | |
| Healthcare Support ServicesHealthcare | 39 | 54th | Dearer than 79% | Usual range | Usual range | Weaker than usual | Most debt on record | |
| Outsourced Development and Manufacturing ServicesHealthcare | 14 | 60th | Dearer than 79% | Lower than usual | Usual range | Weaker than usual | More debt than usual | |
| Semiconductor Equipment and ServicesTechnology | 25 | 63rd | Dearer than 80% | Lower than usual | Usual range | Better than usual | Usual range | |
| Cargo Transportation and Infrastructure ServicesIndustrials | 46 | 44th | Dearer than 81% | Higher than usual | Usual range | Better than usual | Least debt on record | |
| General Merchandise RetailConsumer Non-Cyclicals | 26 | 47th | Dearer than 82% | Usual range | Near its lowest | Usual range | Most debt on record | |
| Information Technology DistributionTechnology | 10 | 22nd | Dearer than 86% | Near its lowest | Usual range | Better than usual | More debt than usual | |
| Energy UtilitiesUtilities | 64 | 49th | Dearer than 87% | Near its lowest | Near its lowest | Usual range | More debt than usual | |
| Specialty and Performance ChemicalsNon-Energy Materials | 52 | 44th | Dearer than 90% | Lower than usual | Usual range | Usual range | Least debt on record | |
| Delivery and Logistics ServicesIndustrials | 10 | 52nd | Dearer than 93% | Lower than usual | Near its lowest | Weaker than usual | Most debt on record | |
| Miscellaneous HealthcareHealthcare | 41 | 79th | Dearer than 93% | Lower than usual | Lower than usual | Weaker than usual | Least debt on record | |
| Other Professional ServicesBusiness Services | 51 | 52nd | Dearer than 93% | Lower than usual | Near its highest | Usual range | Most debt on record | |
| Aerospace and Defense ManufacturingIndustrials | 66 | 60th | Dearer than 96% | Near its lowest | Lower than usual | Near its weakest | Less debt than usual | |
| Coal and Uranium MiningEnergy | 12 | 83rd | Dearer than 96% | Near its lowest | Near its lowest | Better than usual | Less debt than usual | |
| Diversified Industrials DistributionIndustrials | 27 | 46th | Dearer than 96% | Lower than usual | Usual range | Near its best | Most debt on record | |
| General Medical DevicesHealthcare | 36 | 73rd | Dearer than 97% | Near its lowest | Lower than usual | Near its weakest | More debt than usual | |
| Computer Hardware and StorageTechnology | 21 | 74th | Dearer than 98% | Near its lowest | Near its lowest | Near its weakest | Least debt on record | |
| Machinery ManufacturingIndustrials | 89 | 51st | Dearer than 99% | Near its lowest | Lower than usual | Better than usual | Less debt than usual | |
| Waste Management ServicesBusiness Services | 9 | 71st | Dearer than 99% | Lower than usual | Usual range | Usual range | Least debt on record |
How to read this. The Acquirer's Multiple percentile is where the industry's median stock sits against every investable US stock that quarter: lower is cheaper, so the 10th percentile is cheaper than 90% of the market. “Cheaper than 90% of history” means the industry has been this cheap in only one quarter in ten since 1999. In each sparkline the grey band is the industry's usual range (the middle 80% of quarters), green shading is the cheap side and red the dear side, and the dot is today.
Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. For banks and insurers, operating income and cash flow aren't comparable with other companies; compare them with their own history, not with other industries.