Typical Peak to Trough Decline in S&P 500 Net Margins

The peak to trough decline in S&P 500 net margins is 168 bp on average during past recessions.
Goldman Sachs expects a contraction in net margin by 200 bp in 2020.

Image: Goldman Sachs Global Investment Research

Typical Peak to Trough Decline in S&P 500 Net Margins