Most of the top 20 U.S. industries are currently unprofitable. Yet many sectors, including Investments & Asset Management and Pharmaceuticals, trade at average P/E ratios above 300. The takeaway is clear: markets can continue climbing even while a significant number of companies are losing money.
Source: Aswath Damodaran (NYU), The Business Week Graphic
Data as of January 2026. This graph was produced by Lucas Juery, CFA, CFPⓇ and is not intended to provide financial advice.
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