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 27,874 valued stocks worldwide.
As of October 14, 2026 · updated daily · CSVJSON
What the numbers show
The lowest sector median is -20.8 % (Health Care, 2,393 values), the highest +6.5 % (Communication Services, 1,114 values).
The middle sector (Industrials) has a median of -11.5 %; half of its 5,372 stocks sit between -52.2 % and +32.8 %.
Fair value gap by sector
| Sector | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Health Care | -60.2 % | -20.8 % | +16.9 % | 2,393 |
| Information Technology | -61.7 % | -20.2 % | +24.6 % | 3,596 |
| Materials | -55.6 % | -18.8 % | +19.7 % | 3,363 |
| Energy | -47.7 % | -13.1 % | +24.0 % | 972 |
| Utilities | -46.6 % | -12.4 % | +30.2 % | 667 |
| Industrials | -52.2 % | -11.5 % | +32.8 % | 5,372 |
| Financials | -35.8 % | -6.1 % | +51.5 % | 3,215 |
| Consumer Staples | -41.2 % | -1.7 % | +37.0 % | 1,723 |
| Consumer Discretionary | -44.3 % | +2.4 % | +53.9 % | 3,616 |
| Real Estate | -37.4 % | +5.2 % | +92.3 % | 1,843 |
| Communication Services | -45.9 % | +6.5 % | +64.8 % | 1,114 |
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 | -72.6 % | -70.7 % | +24.7 % | 10 |
| Advertising Agencies | -50.0 % | -1.5 % | +60.5 % | 186 |
| Entertainment | -51.6 % | +0.0 % | +60.9 % | 229 |
| Internet Content & Information | -43.4 % | +7.1 % | +54.9 % | 129 |
| Telecom Services | -25.1 % | +9.8 % | +58.2 % | 238 |
| Electronic Gaming & Multimedia | -48.2 % | +12.8 % | +78.3 % | 141 |
| Media & Publishing | -14.6 % | +13.9 % | +38.6 % | 11 |
| Publishing | -39.8 % | +16.6 % | +77.7 % | 99 |
| Broadcasting | -28.2 % | +20.8 % | +100.9 % | 66 |
Consumer Discretionary (29)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Textiles | -73.0 % | -21.3 % | +75.5 % | 32 |
| Textile Manufacturing | -58.1 % | -20.4 % | +33.2 % | 337 |
| Textile Industrial | -54.8 % | -20.1 % | +41.5 % | 11 |
| Consumer Electronics | -51.3 % | -20.1 % | +24.2 % | 116 |
| Luxury Goods | -58.1 % | -14.6 % | +35.6 % | 120 |
| Lodging | -44.6 % | -8.7 % | +16.2 % | 156 |
| Auto Parts | -46.3 % | -5.8 % | +36.0 % | 661 |
| Discount Stores | -48.7 % | -4.3 % | +11.4 % | 25 |
| Furnishings, Fixtures & Appliances | -49.0 % | -1.4 % | +54.2 % | 306 |
| Home Improvement Retail | -33.0 % | -1.3 % | +35.5 % | 31 |
| Apparel Manufacturing | -45.2 % | -0.7 % | +56.1 % | 213 |
| Footwear & Accessories | -38.9 % | -0.6 % | +93.2 % | 94 |
| Department Stores | -40.8 % | +1.3 % | +58.8 % | 104 |
| Restaurants | -38.9 % | +1.4 % | +41.5 % | 212 |
| Leisure | -44.4 % | +3.0 % | +48.1 % | 171 |
| Auto & Truck Dealerships | -27.5 % | +4.2 % | +80.3 % | 89 |
| Automobiles & Auto Parts | +2.2 % | +9.0 % | +71.0 % | 17 |
| Personal Services | -30.8 % | +9.7 % | +61.1 % | 37 |
| Resorts & Casinos | -37.9 % | +10.4 % | +70.8 % | 71 |
| Auto Manufacturers | -22.8 % | +10.5 % | +56.8 % | 103 |
| Specialty Retail | -33.0 % | +10.8 % | +69.1 % | 204 |
| Education & Training Services | -37.0 % | +11.8 % | +69.0 % | 119 |
| Travel Services | -32.7 % | +11.9 % | +97.6 % | 87 |
| Internet Retail | -29.9 % | +12.0 % | +68.3 % | 104 |
| Apparel Retail | -32.9 % | +12.9 % | +59.9 % | 103 |
| Recreational Vehicles | -31.9 % | +15.5 % | +67.1 % | 39 |
| Gambling | -4.0 % | +21.7 % | +90.6 % | 44 |
| Hotels & Entertainment Services | -41.9 % | +22.3 % | +70.2 % | 12 |
| Residential Construction | -2.6 % | +36.8 % | +71.7 % | 63 |
Consumer Staples (14)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Food Products | -62.7 % | -32.5 % | +13.4 % | 13 |
| Confectioners | -49.1 % | -14.4 % | +50.7 % | 81 |
| Agricultural Products | -42.1 % | -14.3 % | -0.7 % | 14 |
| Beverages - Wineries & Distilleries | -52.8 % | -10.9 % | +40.3 % | 92 |
| Farm Products | -45.4 % | -4.0 % | +33.8 % | 288 |
| Household & Personal Products | -37.1 % | -3.4 % | +36.3 % | 240 |
| Beverages - Brewers | -44.1 % | -1.2 % | +35.8 % | 54 |
| Beverages - Non-Alcoholic | -40.3 % | -0.3 % | +18.9 % | 83 |
| Packaged Foods | -40.4 % | +0.3 % | +46.9 % | 633 |
| Pharmaceutical Retailers | -20.6 % | +5.6 % | +39.3 % | 59 |
| Food Distribution | -29.8 % | +5.8 % | +86.0 % | 82 |
| Grocery Stores | -21.4 % | +6.9 % | +38.8 % | 73 |
| Tobacco | -31.6 % | +8.5 % | +45.7 % | 35 |
| Food & Tobacco | -29.1 % | +26.0 % | +73.9 % | 27 |
Energy (8)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Uranium | -79.5 % | -51.8 % | -25.7 % | 27 |
| Thermal Coal | -55.9 % | -19.5 % | +31.5 % | 85 |
| Oil & Gas Integrated | -44.7 % | -18.8 % | +2.7 % | 43 |
| Oil & Gas Refining & Marketing | -45.1 % | -17.7 % | +36.0 % | 109 |
| Oil & Gas Midstream | -51.3 % | -14.2 % | +11.2 % | 83 |
| Oil & Gas Equipment & Services | -40.5 % | -10.2 % | +20.9 % | 179 |
| Oil & Gas E&P | -44.0 % | -8.8 % | +16.7 % | 273 |
| Oil & Gas Drilling | -39.1 % | -5.2 % | +61.4 % | 35 |
Financials (21)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Insurance Brokers | -72.4 % | -47.4 % | -22.7 % | 36 |
| Financial Data & Stock Exchanges | -47.5 % | -35.3 % | +1.4 % | 51 |
| Banks - Diversified | -35.3 % | -24.8 % | -5.1 % | 44 |
| Insurance - Life | -42.9 % | -24.1 % | +43.6 % | 87 |
| Mortgage Finance | -78.0 % | -23.3 % | +74.8 % | 88 |
| Insurance - Diversified | -42.2 % | -22.6 % | +1.9 % | 81 |
| Investment Banking & Investment Services | -60.8 % | -18.3 % | +51.2 % | 19 |
| Financial Conglomerates | -51.4 % | -17.7 % | +54.4 % | 54 |
| Banks - Regional | -34.0 % | -15.8 % | +15.2 % | 1,053 |
| Diversified Financial Services | -53.2 % | -11.0 % | +100.8 % | 14 |
| Insurance - Property & Casualty | -35.8 % | -10.7 % | +24.4 % | 117 |
| Shell Companies | -60.3 % | -3.8 % | +6.6 % | 67 |
| Specialized Finance | -44.2 % | -1.4 % | +48.1 % | 13 |
| Insurance - Specialty | -36.2 % | -0.6 % | +19.9 % | 26 |
| Capital Markets | -38.7 % | +0.3 % | +70.1 % | 463 |
| Insurance - Reinsurance | -24.6 % | +13.2 % | +48.8 % | 25 |
| Investment Brokerage - National | -52.2 % | +17.4 % | +81.9 % | 14 |
| Asset Management | -19.9 % | +19.4 % | +82.2 % | 664 |
| Credit Services | -33.4 % | +21.3 % | +88.1 % | 322 |
| Banking Services | -50.7 % | +26.7 % | +100.5 % | 13 |
| REIT - Mortgage | +36.8 % | +112.6 % | +150.4 % | 39 |
Health Care (11)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Biotechnology | -71.7 % | -45.4 % | +0.0 % | 604 |
| Diagnostics & Research | -63.6 % | -34.7 % | +9.2 % | 127 |
| Health Information Services | -62.5 % | -33.3 % | +12.8 % | 117 |
| Medical Devices | -62.0 % | -18.4 % | +12.3 % | 328 |
| Medical Instruments & Supplies | -52.2 % | -12.1 % | +16.5 % | 186 |
| Drug Manufacturers - General | -51.5 % | -11.2 % | +17.8 % | 75 |
| Drug Manufacturers - Specialty & Generic | -53.6 % | -11.1 % | +27.9 % | 591 |
| Pharmaceuticals | -50.5 % | -8.1 % | +42.9 % | 52 |
| Medical Care Facilities | -34.9 % | -0.6 % | +40.0 % | 245 |
| Healthcare Plans | -25.6 % | +4.6 % | +40.8 % | 13 |
| Medical Distribution | -32.3 % | +11.4 % | +81.2 % | 79 |
Industrials (32)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Electrical Equipment | -61.6 % | -52.0 % | +10.6 % | 11 |
| Industrial Machinery | -61.9 % | -48.5 % | -26.5 % | 17 |
| Aerospace & Defense | -71.6 % | -47.7 % | -5.3 % | 235 |
| Electrical Equipment & Parts | -66.1 % | -38.6 % | +4.9 % | 543 |
| Metal Fabrication | -58.8 % | -33.2 % | +13.4 % | 250 |
| Specialty Industrial Machinery | -62.2 % | -32.7 % | +9.7 % | 801 |
| Construction & Engineering | -61.4 % | -21.8 % | +42.0 % | 15 |
| Tools & Accessories | -52.1 % | -19.7 % | +19.5 % | 128 |
| Pollution & Treatment Controls | -58.5 % | -19.7 % | +11.9 % | 84 |
| Building Products & Equipment | -53.8 % | -15.4 % | +24.6 % | 255 |
| Aerospace & Defense | -47.9 % | -13.4 % | +14.0 % | 11 |
| Railroads | -46.1 % | -12.6 % | +30.9 % | 104 |
| Construction & Engineering | -74.2 % | -8.4 % | +8.4 % | 20 |
| Business Equipment & Supplies | -46.6 % | -5.4 % | +48.1 % | 76 |
| Waste Management | -52.3 % | -4.9 % | +41.3 % | 154 |
| Trucking | -47.1 % | -4.0 % | +59.4 % | 45 |
| Engineering & Construction | -48.5 % | -1.4 % | +54.5 % | 794 |
| Marine Shipping | -32.3 % | +1.9 % | +24.6 % | 230 |
| Farm & Heavy Construction Machinery | -44.5 % | +4.1 % | +41.9 % | 148 |
| Specialty Business Services | -32.7 % | +5.1 % | +50.3 % | 233 |
| Conglomerates | -43.6 % | +6.8 % | +68.6 % | 359 |
| Industrial Distribution | -30.6 % | +8.7 % | +64.5 % | 109 |
| Consulting Services | -17.0 % | +9.6 % | +69.9 % | 73 |
| Airlines | -20.2 % | +10.0 % | +53.3 % | 56 |
| Integrated Freight & Logistics | -31.2 % | +12.2 % | +55.8 % | 207 |
| Airports & Air Services | -27.5 % | +12.4 % | +52.7 % | 53 |
| Infrastructure Operations | -6.6 % | +12.9 % | +71.6 % | 66 |
| Machinery, Tools, Heavy Vehicles, Trains & Ships | -58.4 % | +16.7 % | +68.3 % | 44 |
| Staffing & Employment Services | -16.3 % | +24.3 % | +83.1 % | 82 |
| Rental & Leasing Services | -15.2 % | +26.6 % | +96.1 % | 89 |
| Professional & Commercial Services | -36.8 % | +31.4 % | +121.9 % | 16 |
| Electrical Utilities & IPPs | -32.6 % | +41.6 % | +122.7 % | 14 |
Information Technology (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Semiconductors | -70.1 % | -45.2 % | +0.4 % | 348 |
| Semiconductor Equipment & Materials | -68.9 % | -44.9 % | -5.7 % | 222 |
| Electronic Components | -69.1 % | -40.1 % | +9.8 % | 642 |
| Communication Equipment | -66.3 % | -35.1 % | +12.7 % | 295 |
| Scientific & Technical Instruments | -62.9 % | -30.0 % | +12.9 % | 160 |
| Computer Hardware | -60.3 % | -27.6 % | +22.6 % | 208 |
| Semiconductors & Semiconductor Equipment | -63.0 % | -25.3 % | +17.9 % | 46 |
| IT Services | -72.2 % | -11.4 % | +45.8 % | 29 |
| Solar | -52.6 % | -10.7 % | +29.0 % | 103 |
| Electronics & Computer Distribution | -42.3 % | -7.6 % | +35.1 % | 156 |
| Software - Infrastructure | -52.4 % | -7.5 % | +30.2 % | 353 |
| Software - Application | -57.0 % | -3.3 % | +31.1 % | 652 |
| Security & Protection Services | -36.5 % | +0.0 % | +29.1 % | 109 |
| Information Technology Services | -42.2 % | +7.6 % | +59.7 % | 472 |
| Communications & Networking | -25.4 % | +8.3 % | +54.2 % | 12 |
| Software & IT Services | -48.8 % | +11.0 % | +116.1 % | 36 |
| Electronic Equipment & Parts | -70.7 % | +15.5 % | +99.7 % | 18 |
| Computers, Phones & Household Electronics | -33.4 % | +34.3 % | +81.4 % | 11 |
Materials (19)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Silver | -82.8 % | -79.4 % | -54.5 % | 15 |
| Copper | -63.6 % | -36.3 % | -2.7 % | 57 |
| Other Industrial Metals & Mining | -64.9 % | -30.0 % | +7.4 % | 376 |
| Other Precious Metals & Mining | -71.1 % | -28.7 % | +5.6 % | 97 |
| Specialty Chemicals | -59.3 % | -27.2 % | +16.8 % | 717 |
| Coking Coal | -43.4 % | -24.0 % | +8.5 % | 22 |
| Construction Materials | -49.5 % | -20.9 % | +19.3 % | 11 |
| Gold | -67.0 % | -20.5 % | +10.2 % | 211 |
| Chemicals | -57.0 % | -19.5 % | +14.6 % | 336 |
| Other | -57.5 % | -17.2 % | +61.1 % | 89 |
| Lumber & Wood Production | -54.5 % | -15.5 % | +30.4 % | 71 |
| Aluminum | -50.0 % | -11.8 % | +20.8 % | 79 |
| Packaging & Containers | -47.1 % | -10.7 % | +35.1 % | 258 |
| Steel | -45.7 % | -10.3 % | +36.0 % | 408 |
| Paper & Paper Products | -41.8 % | -8.3 % | +51.4 % | 121 |
| Agricultural Inputs | -37.8 % | -7.9 % | +18.7 % | 166 |
| Building Materials | -40.8 % | -3.2 % | +33.9 % | 255 |
| Metals & Mining | -27.3 % | -0.1 % | +37.0 % | 28 |
| Containers & Packaging | -48.3 % | +2.4 % | +48.4 % | 24 |
Real Estate (13)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| REIT - Retail | -38.7 % | -15.3 % | +22.3 % | 92 |
| REIT - Industrial | -33.8 % | -13.5 % | +16.5 % | 53 |
| REIT - Specialty | -33.5 % | -11.1 % | +2.0 % | 32 |
| REIT - Diversified | -39.3 % | -3.0 % | +45.7 % | 150 |
| REIT - Residential | -34.3 % | -0.8 % | +42.7 % | 55 |
| Real Estate - Diversified | -29.8 % | +0.1 % | +92.8 % | 131 |
| REIT - Office | -37.4 % | +2.0 % | +69.8 % | 71 |
| REIT - Healthcare Facilities | -20.3 % | +7.7 % | +26.4 % | 25 |
| Real Estate Services | -41.7 % | +8.0 % | +104.4 % | 535 |
| REIT - Hotel & Motel | -31.1 % | +9.3 % | +61.2 % | 36 |
| Real Estate - Development | -32.8 % | +24.1 % | +116.0 % | 581 |
| Real Estate Operations | -22.5 % | +27.2 % | +138.5 % | 36 |
| Real Estate Development | -43.6 % | +29.2 % | +111.9 % | 24 |
Utilities (6)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Utilities - Regulated Water | -57.5 % | -28.0 % | +19.7 % | 61 |
| Utilities - Diversified | -47.7 % | -24.6 % | -6.8 % | 50 |
| Utilities - Regulated Electric | -44.5 % | -17.6 % | +26.1 % | 157 |
| Utilities - Renewable | -53.8 % | -11.9 % | +32.0 % | 199 |
| Utilities - Independent Power Producers | -44.7 % | -5.6 % | +34.2 % | 77 |
| Utilities - Regulated Gas | -33.3 % | +3.6 % | +40.5 % | 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 14, 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.