It’s largely meaningless for a journalist to say a company has “beaten” analysts’ earnings estimates because of the infamous numbers game played by Wall Street and CEOs. Still, it’s worth reviewing those whose estimates for the following year have surged.

Analysts sometimes lower estimates heading into earnings season to help “fuel the beats.” Some companies “help” ensure those beats by lowering their own earnings “guidance.” Jeff Reeves dug deeply into those practices when first-quarter earnings season began.

Regardless, if a company posts better-than-expected results, analysts have to raise their current-year earnings per share estimates. That will happen even if the surprisingly strong quarter reflects a one-time event, such as a profit from an asset sale.

But over longer periods, an increase in a company’s consensus earnings estimates will bode well for its stock valuation. To look past any one-time issues this year, we have identified the S&P 500 SPX, -2.22% companies for which consensus 2016 earnings estimates have risen the most since the end of 2014.

It’s an interesting and diverse set of companies:

There are no real estate investment trusts on the list, because the industry, analysts and investors focus on a different earnings measure: funds from operations.

Hospira Inc. US:HSP leads the list. However, the company accepted a February takeout offer from Pfizer Inc. PFE, -3.03% for about $17 billion in cash. Hospira’s shareholders approved the deal on May 13, but the merger is still subject to the approval of regulators. Hospira expects the transaction to be completed during the second half of this year.

Avago Technologies Inc. AVGO, -2.32% takes second place. In May, the company agreed to acquire Broadcom Corp. US:BRCM for $37 billion in cash and stock. The merger is subject to the approval of regulators and both companies’ shareholders, and is expected to be completed by the end of the first quarter of 2016.

Elecronic Arts Inc. EA, +1.23% ranks third. For its fiscal year ended March 31, revenue increased 26% to $4.52 billion, and gross profit rose 39% to $3.09 billion. The improved profit margin made all the difference, with EPS rising to $2.69 from just $0.03 a year earlier.

Revenue growth often drives earnings headlines and stock-price action, at least on the day a company announces financial results. Sales per share is a useful figure to look at, as it incorporates any dilution from the net issuance of stock, or the reduction in the share count from net buybacks.

Here are changes in sales per share for the group over the past 12 months:

Here are forward price-to-earnings ratios and PEG ratios for the group:

In comparison, the S&P 500 Index trades for a 15.8 times weighted average consensus 2016 earnings estimates.

The PEG ratio is price-to-earnings-to-expected-EPS growth. The forward PEG is calculated by dividing the forward P/E by FactSet’s “long-term growth estimate for three to five years,” which is based on consensus EPS estimates. A PEG ratio below 1 could mean a company is undervalued because investors aren’t fully taking into account its growth potential.