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 29,151 valued stocks worldwide.
As of September 18, 2026 · updated daily · CSVJSON
What the numbers show
The lowest sector median is -21.8 % (Health Care, 2,503 values), the highest +0.3 % (Communication Services, 1,214 values).
The middle sector (Industrials) has a median of -14.5 %; half of its 5,501 stocks sit between -52.7 % and +27.8 %.
Fair value gap by sector
| Sector | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Health Care | -60.3 % | -21.8 % | +15.2 % | 2,503 |
| Materials | -56.0 % | -20.6 % | +16.8 % | 3,600 |
| Information Technology | -60.5 % | -20.2 % | +21.8 % | 3,676 |
| Utilities | -48.5 % | -14.8 % | +27.4 % | 662 |
| Energy | -50.0 % | -14.6 % | +21.1 % | 1,206 |
| Industrials | -52.7 % | -14.5 % | +27.8 % | 5,501 |
| Financials | -38.9 % | -11.0 % | +40.3 % | 3,319 |
| Consumer Staples | -40.6 % | -3.7 % | +35.9 % | 1,779 |
| Real Estate | -38.6 % | -1.7 % | +62.3 % | 1,863 |
| Consumer Discretionary | -44.0 % | +0.0 % | +46.2 % | 3,828 |
| Communication Services | -46.1 % | +0.3 % | +55.2 % | 1,214 |
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 (9)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Movies & Entertainment | -75.8 % | -60.0 % | +0.2 % | 10 |
| Entertainment | -55.9 % | -10.2 % | +42.5 % | 263 |
| Media & Publishing | -15.4 % | -3.0 % | +38.7 % | 12 |
| Advertising Agencies | -52.2 % | +0.0 % | +54.2 % | 198 |
| Telecom Services | -32.0 % | +2.0 % | +47.9 % | 256 |
| Internet Content & Information | -42.6 % | +2.0 % | +48.0 % | 150 |
| Electronic Gaming & Multimedia | -45.1 % | +2.8 % | +71.2 % | 146 |
| Publishing | -32.7 % | +9.3 % | +73.7 % | 110 |
| Broadcasting | -33.7 % | +20.5 % | +82.3 % | 66 |
Consumer Discretionary (29)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Textiles | -71.7 % | -22.8 % | +51.9 % | 37 |
| Textile Manufacturing | -58.5 % | -19.1 % | +30.7 % | 338 |
| Lodging | -43.1 % | -17.4 % | +14.1 % | 162 |
| Luxury Goods | -51.9 % | -15.6 % | +26.3 % | 129 |
| Automobiles & Auto Parts | -38.5 % | -8.4 % | +56.4 % | 13 |
| Auto Parts | -44.1 % | -7.2 % | +31.3 % | 656 |
| Hotels & Entertainment Services | -54.3 % | -4.3 % | +64.6 % | 11 |
| Consumer Electronics | -54.0 % | -3.6 % | +45.1 % | 126 |
| Discount Stores | -47.6 % | +0.0 % | +13.9 % | 25 |
| Recreational Vehicles | -32.6 % | +0.0 % | +90.5 % | 40 |
| Apparel Manufacturing | -46.3 % | +0.4 % | +46.3 % | 215 |
| Furnishings, Fixtures & Appliances | -52.1 % | +0.6 % | +60.3 % | 320 |
| Personal Services | -37.0 % | +1.1 % | +43.3 % | 40 |
| Department Stores | -30.1 % | +1.9 % | +57.9 % | 116 |
| Resorts & Casinos | -38.9 % | +2.1 % | +43.1 % | 73 |
| Leisure | -48.1 % | +2.4 % | +48.8 % | 190 |
| Footwear & Accessories | -38.9 % | +3.7 % | +77.6 % | 90 |
| Auto & Truck Dealerships | -26.2 % | +3.8 % | +69.2 % | 96 |
| Restaurants | -33.7 % | +4.8 % | +38.2 % | 221 |
| Education & Training Services | -33.2 % | +5.4 % | +53.6 % | 141 |
| Home Improvement Retail | -29.3 % | +5.6 % | +51.3 % | 34 |
| Auto Manufacturers | -24.3 % | +5.6 % | +58.6 % | 112 |
| Specialty Retail | -35.7 % | +6.1 % | +57.8 % | 227 |
| Internet Retail | -21.2 % | +9.7 % | +66.0 % | 107 |
| Apparel Retail | -31.5 % | +10.5 % | +44.7 % | 101 |
| Gambling | -34.1 % | +10.6 % | +76.9 % | 53 |
| Travel Services | -44.2 % | +10.9 % | +43.4 % | 85 |
| Residential Construction | -21.0 % | +22.7 % | +61.1 % | 65 |
| Textiles & Apparel | -55.0 % | +32.2 % | +119.0 % | 11 |
Consumer Staples (14)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Food Products | -57.6 % | -18.7 % | +5.4 % | 14 |
| Agricultural Products | -38.9 % | -16.1 % | +16.6 % | 17 |
| Food & Tobacco | -42.2 % | -13.0 % | +68.6 % | 23 |
| Beverages - Wineries & Distilleries | -52.5 % | -12.7 % | +43.6 % | 98 |
| Packaged Foods | -40.4 % | -7.1 % | +34.0 % | 648 |
| Food Distribution | -48.5 % | -6.2 % | +48.4 % | 78 |
| Pharmaceutical Retailers | -39.6 % | -4.1 % | +40.4 % | 59 |
| Confectioners | -50.8 % | -2.7 % | +42.1 % | 76 |
| Farm Products | -38.3 % | -2.2 % | +38.7 % | 291 |
| Beverages - Non-Alcoholic | -45.1 % | -1.2 % | +14.9 % | 87 |
| Beverages - Brewers | -35.2 % | -0.3 % | +41.4 % | 57 |
| Household & Personal Products | -37.8 % | +0.0 % | +35.7 % | 245 |
| Tobacco | -37.6 % | +4.3 % | +59.9 % | 38 |
| Grocery Stores | -28.0 % | +6.7 % | +32.4 % | 81 |
Energy (8)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Uranium | -67.8 % | -51.1 % | -25.8 % | 26 |
| Oil & Gas Equipment & Services | -44.5 % | -22.2 % | +21.0 % | 188 |
| Oil & Gas Drilling | -62.0 % | -20.6 % | +27.7 % | 34 |
| Oil & Gas Midstream | -56.9 % | -19.8 % | +9.1 % | 88 |
| Oil & Gas Integrated | -40.6 % | -17.9 % | +10.0 % | 53 |
| Oil & Gas Refining & Marketing | -47.5 % | -15.5 % | +30.6 % | 112 |
| Thermal Coal | -44.5 % | -10.7 % | +38.1 % | 100 |
| Oil & Gas E&P | -40.5 % | -1.9 % | +24.0 % | 300 |
Financials (21)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Financial Services | -72.1 % | -40.9 % | +76.7 % | 16 |
| Insurance Brokers | -71.8 % | -40.6 % | -2.4 % | 36 |
| Financial Data & Stock Exchanges | -48.4 % | -29.6 % | -4.5 % | 55 |
| Mortgage Finance | -78.5 % | -26.7 % | +16.3 % | 91 |
| Banks - Diversified | -33.9 % | -23.4 % | +24.8 % | 47 |
| Investment Banking & Investment Services | -55.7 % | -21.0 % | +25.6 % | 17 |
| Insurance - Diversified | -43.2 % | -20.5 % | +2.8 % | 82 |
| Financial Conglomerates | -53.4 % | -17.4 % | +54.6 % | 57 |
| Diversified Financial Services | -47.2 % | -17.1 % | +0.9 % | 10 |
| Banks - Regional | -35.7 % | -16.3 % | +13.5 % | 1,075 |
| Specialized Finance | -45.7 % | -15.9 % | +40.1 % | 18 |
| Shell Companies | -71.7 % | -15.0 % | +1.5 % | 79 |
| Insurance - Life | -47.2 % | -14.3 % | +43.8 % | 96 |
| Insurance - Property & Casualty | -34.0 % | -10.6 % | +35.6 % | 119 |
| Capital Markets | -47.5 % | -7.8 % | +60.5 % | 460 |
| Insurance - Specialty | -34.9 % | -6.0 % | +24.7 % | 29 |
| Credit Services | -43.8 % | +5.1 % | +77.2 % | 335 |
| Insurance - Reinsurance | -19.4 % | +8.2 % | +51.9 % | 29 |
| Banking Services | -64.8 % | +8.6 % | +100.0 % | 14 |
| Asset Management | -25.3 % | +12.1 % | +70.0 % | 656 |
| REIT - Mortgage | +6.5 % | +48.5 % | +132.9 % | 40 |
Health Care (11)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Biotechnology | -70.9 % | -44.7 % | +6.2 % | 646 |
| Diagnostics & Research | -60.3 % | -30.9 % | +6.0 % | 141 |
| Health Information Services | -66.9 % | -26.7 % | +14.1 % | 130 |
| Medical Devices | -57.1 % | -21.1 % | +10.2 % | 351 |
| Pharmaceuticals | -50.7 % | -17.9 % | +47.2 % | 54 |
| Drug Manufacturers - General | -54.0 % | -16.8 % | +17.9 % | 73 |
| Drug Manufacturers - Specialty & Generic | -58.0 % | -15.6 % | +24.1 % | 607 |
| Medical Instruments & Supplies | -50.9 % | -12.3 % | +13.4 % | 202 |
| Medical Distribution | -36.3 % | -5.7 % | +53.2 % | 80 |
| Medical Care Facilities | -38.6 % | -0.2 % | +36.2 % | 256 |
| Healthcare Plans | -28.7 % | +20.3 % | +43.4 % | 15 |
Industrials (32)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Aerospace & Defense | -69.1 % | -47.6 % | -8.4 % | 234 |
| Electrical Equipment | -54.0 % | -41.4 % | +11.4 % | 20 |
| Electrical Equipment & Parts | -67.4 % | -38.0 % | +3.0 % | 545 |
| Specialty Industrial Machinery | -62.9 % | -34.3 % | +8.1 % | 831 |
| Industrial Machinery | -54.9 % | -33.4 % | -14.6 % | 23 |
| Construction & Engineering | -57.1 % | -27.8 % | -12.8 % | 17 |
| Metal Fabrication | -57.1 % | -27.0 % | +15.1 % | 262 |
| Aerospace & Defense | -47.6 % | -22.0 % | +8.6 % | 10 |
| Tools & Accessories | -49.2 % | -21.9 % | +10.4 % | 122 |
| Building Products & Equipment | -55.3 % | -21.0 % | +21.8 % | 250 |
| Pollution & Treatment Controls | -55.6 % | -20.5 % | +11.8 % | 93 |
| Construction & Engineering | -49.7 % | -15.5 % | +32.1 % | 21 |
| Waste Management | -52.7 % | -12.9 % | +31.8 % | 166 |
| Railroads | -47.6 % | -11.8 % | +23.1 % | 112 |
| Trucking | -50.2 % | -10.4 % | +25.0 % | 47 |
| Engineering & Construction | -48.0 % | -8.8 % | +41.1 % | 819 |
| Conglomerates | -51.0 % | -0.4 % | +50.0 % | 375 |
| Marine Shipping | -30.3 % | +0.0 % | +27.5 % | 231 |
| Business Equipment & Supplies | -47.0 % | +0.0 % | +50.3 % | 75 |
| Industrial Distribution | -32.7 % | +2.5 % | +54.6 % | 112 |
| Farm & Heavy Construction Machinery | -46.2 % | +2.5 % | +32.5 % | 152 |
| Specialty Business Services | -34.2 % | +3.7 % | +48.5 % | 243 |
| Consulting Services | -26.7 % | +5.2 % | +46.9 % | 83 |
| Integrated Freight & Logistics | -36.6 % | +10.4 % | +48.7 % | 204 |
| Airports & Air Services | -17.7 % | +11.0 % | +47.3 % | 53 |
| Airlines | -23.5 % | +12.4 % | +37.9 % | 53 |
| Infrastructure Operations | -10.8 % | +13.7 % | +65.2 % | 67 |
| Rental & Leasing Services | -27.1 % | +16.6 % | +102.5 % | 94 |
| Machinery, Tools, Heavy Vehicles, Trains & Ships | -34.7 % | +16.7 % | +56.3 % | 38 |
| Staffing & Employment Services | -4.3 % | +21.5 % | +76.3 % | 86 |
| Professional & Commercial Services | -55.8 % | +35.4 % | +127.6 % | 12 |
| Electrical Utilities & IPPs | +6.4 % | +55.2 % | +83.3 % | 14 |
Information Technology (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Semiconductors | -70.3 % | -46.3 % | +4.1 % | 330 |
| Semiconductor Equipment & Materials | -70.1 % | -43.4 % | -4.1 % | 215 |
| Electronic Components | -67.9 % | -38.1 % | +5.6 % | 648 |
| Scientific & Technical Instruments | -66.9 % | -34.3 % | +9.6 % | 164 |
| Communication Equipment | -69.7 % | -31.0 % | +8.4 % | 301 |
| Computer Hardware | -58.0 % | -20.9 % | +31.4 % | 224 |
| Software - Infrastructure | -59.0 % | -16.0 % | +23.0 % | 377 |
| Solar | -57.2 % | -15.2 % | +39.7 % | 109 |
| Electronic Equipment & Parts | -58.9 % | -13.7 % | +60.3 % | 17 |
| Semiconductors & Semiconductor Equipment | -46.6 % | -8.4 % | +26.8 % | 49 |
| Electronics & Computer Distribution | -39.1 % | -8.3 % | +27.4 % | 152 |
| IT Services | -67.1 % | -6.5 % | +59.9 % | 38 |
| Security & Protection Services | -44.0 % | -5.8 % | +31.3 % | 109 |
| Software - Application | -55.4 % | -5.7 % | +24.6 % | 698 |
| Information Technology Services | -42.0 % | +5.0 % | +55.5 % | 479 |
| Computers, Phones & Household Electronics | -28.0 % | +5.1 % | +59.3 % | 11 |
| Software & IT Services | -49.7 % | +8.7 % | +93.5 % | 31 |
| Communications & Networking | -18.8 % | +15.7 % | +66.9 % | 13 |
Materials (18)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Silver | -88.4 % | -83.0 % | -75.9 % | 14 |
| Copper | -57.5 % | -40.4 % | +5.6 % | 59 |
| Specialty Chemicals | -60.1 % | -28.2 % | +13.9 % | 707 |
| Other Precious Metals & Mining | -65.8 % | -27.6 % | +2.0 % | 101 |
| Other Industrial Metals & Mining | -59.9 % | -25.9 % | +5.9 % | 462 |
| Chemicals | -57.5 % | -25.3 % | +12.0 % | 351 |
| Containers & Packaging | -59.7 % | -24.3 % | +15.7 % | 25 |
| Gold | -63.2 % | -22.8 % | +10.0 % | 246 |
| Aluminum | -55.3 % | -20.1 % | +10.0 % | 82 |
| Other | -57.5 % | -18.6 % | +34.7 % | 120 |
| Paper & Paper Products | -47.3 % | -15.3 % | +30.6 % | 120 |
| Packaging & Containers | -48.9 % | -15.1 % | +22.5 % | 274 |
| Steel | -44.4 % | -14.8 % | +34.3 % | 408 |
| Lumber & Wood Production | -43.3 % | -12.6 % | +29.2 % | 78 |
| Coking Coal | -41.0 % | -10.6 % | +15.5 % | 27 |
| Agricultural Inputs | -39.6 % | -7.2 % | +19.5 % | 176 |
| Building Materials | -42.7 % | -6.0 % | +31.6 % | 255 |
| Metals & Mining | -35.0 % | -5.3 % | +28.7 % | 28 |
Real Estate (13)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| REIT - Specialty | -43.4 % | -24.5 % | +0.7 % | 32 |
| REIT - Retail | -44.7 % | -19.3 % | +1.5 % | 93 |
| REIT - Industrial | -35.8 % | -17.2 % | +11.7 % | 55 |
| REIT - Residential | -47.7 % | -15.8 % | +18.1 % | 46 |
| REIT - Office | -38.1 % | -11.1 % | +67.2 % | 67 |
| REIT - Diversified | -40.0 % | -11.0 % | +22.2 % | 156 |
| REIT - Hotel & Motel | -33.0 % | -10.8 % | +49.1 % | 35 |
| Real Estate Services | -44.3 % | -1.3 % | +61.9 % | 538 |
| Real Estate - Diversified | -29.2 % | -0.3 % | +64.0 % | 132 |
| REIT - Healthcare Facilities | -24.2 % | +3.2 % | +12.5 % | 25 |
| Real Estate - Development | -34.4 % | +14.1 % | +81.4 % | 573 |
| Real Estate Operations | -37.0 % | +25.2 % | +129.1 % | 37 |
| Real Estate Development | -12.8 % | +38.6 % | +103.8 % | 28 |
Utilities (6)
| Industry | P25 | Median | P75 | Values |
|---|---|---|---|---|
| Utilities - Regulated Water | -55.9 % | -22.6 % | +31.1 % | 64 |
| Utilities - Diversified | -49.0 % | -21.7 % | +3.3 % | 52 |
| Utilities - Regulated Electric | -46.8 % | -21.6 % | +29.7 % | 154 |
| Utilities - Renewable | -52.5 % | -12.0 % | +26.0 % | 206 |
| Utilities - Independent Power Producers | -48.7 % | -7.3 % | +33.6 % | 74 |
| Utilities - Regulated Gas | -30.0 % | -3.9 % | +37.2 % | 102 |
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Suggested citation: Fair Value Calculator (2026): Upside to model fair value (undervaluation) by sector and industry, as of September 18, 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.