Market P/E and valuation
At the close of October 30, 2026, the 491 covered companies with trailing earnings were worth $67.82T together, 25.8 times what they earned over the last four reported quarters, above the median of 21.5 since 2010. The median company trades at 24.5 times its earnings. Earnings yield 3.9% against 4.9% on the ten-year Treasury; free cash flow yield 2.6%, dividend yield 1.3%.
Every chart is weekly from 2010, 848 weeks, and each week’s reading uses the closes of its last trading day and the quarters the companies had filed by then. The companies are today’s 531, so the early years are the history of the firms that survived to be covered now; the series starts once half of them had filed. Medians are over the whole history; S&P 500 (SPY) runs in grey on the right-hand axis of every chart. The newest week is partial and drawn hollow.
The market
Price to earnings · market value over trailing twelve months of net income
The sum of every company’s market value over the sum of their trailing earnings, so loss-makers pull the multiple up as they would in an index, and the median company’s own multiple, over companies with positive earnings.
Earnings yield and the 10-year Treasury · percent
Trailing earnings over market value, defined below zero when the companies lost money in sum where the P/E is not, beside what a ten-year Treasury paid the same week. The gap between them is the extra the market’s earnings yield offered over a risk-free coupon.
Price to sales · market value over trailing twelve months of revenue
Banks and insurers report no revenue under the mapped concepts, so this ratio runs over the companies with a revenue line.
Price to book · market value over stockholders' equity
Free cash flow yield and dividend yield · trailing twelve months over market value, percent
Free cash flow is operating cash flow less capital spending; REITs and brokers carry no capex line in the extract and are left out of that yield.
By sector
Each sector read as one company, at the close of October 30, 2026, with its own median since 2010. Sector names open the sector’s own page, with every chart on this page for that sector.
| Sector | Companies | P/E | Median since 2010 | Median company | Earnings yield | P/S | P/B | FCF yield | Dividend yield |
|---|---|---|---|---|---|---|---|---|---|
| All companies | 491 | 25.8 | 21.5 | 24.5 | 3.9% | 3.7 | 5.6 | 2.6% | 1.3% |
| Basic Materials | 21 | 27.2 | 21.5 | 23.6 | 3.7% | 3.1 | 3.8 | 4.0% | 1.7% |
| Communication Services | 11 | 15.7 | 22.2 | 16.0 | 6.4% | 4.6 | 4.3 | 1.8% | 1.6% |
| Consumer Cyclical | 50 | 29.0 | 29.1 | 21.1 | 3.5% | 2.9 | 6.5 | 1.2% | 2.0% |
| Consumer Defensive | 26 | 30.6 | 22.1 | 23.5 | 3.3% | 1.5 | 7.0 | 3.5% | 2.1% |
| Energy | 27 | 15.9 | 14.5 | 17.5 | 6.3% | 1.7 | 2.7 | 6.4% | 2.3% |
| Financial | 69 | 16.4 | 14.1 | 13.3 | 6.1% | 2.9 | 2.2 | 1.5% | 2.1% |
| Healthcare | 58 | 39.0 | 22.9 | 30.1 | 2.6% | 2.2 | 7.1 | 4.2% | 1.5% |
| Industrials | 80 | 26.1 | 21.7 | 28.4 | 3.8% | 2.9 | 6.2 | 4.1% | 1.5% |
| Real Estate | 18 | 34.4 | 42.2 | 29.6 | 2.9% | 6.6 | 3.4 | 3.9% | 2.4% |
| Technology | 102 | 31.8 | 21.7 | 33.5 | 3.1% | 9.0 | 11.8 | 2.5% | 0.5% |
| Utilities | 29 | 20.4 | 21.1 | 21.3 | 4.9% | 2.8 | 2.3 | -2.9% | 2.6% |
Method
- Aggregates
- the covered companies read as one company: sums of market value, earnings, revenue, equity and cash flow over the companies carrying both lines of a ratio, so a loss-maker lowers the market's P/E as it would in an index; a ratio with a non-positive denominator is withheld, so a sector's P/E has no reading while its trailing earnings are a loss in sum (the earnings yield, earnings over value, is shown negative instead).
- Medians
- the median company, over companies with a positive denominator (and, for P/E, positive trailing earnings).
- Point in time
- a week's value is the close on its last trading day times the shares on the newest quarterly filing first filed by that day; the earnings, revenue, equity and cash flow are that quarter's trailing twelve months, so a past reading uses only what had been filed.
- Shares
- the cover-page count on the filing, on today's split basis; where the cover line is blank (multi-class filers list each class separately) the quarter's diluted weighted count stands in; a count a thousandfold away from what the quarter's net income and diluted EPS imply was filed in the wrong unit and is put on the implied scale (60 companies: ABNB, ACN, AFRM, APP, ASTS, BLK, BMNR, CMCSA, CME, COIN, CPNG, CRCL, CRWV, CVNA, DASH, DDOG, DELL, EL, EXPE, F, FCNCA, FOXA, GOOGL, H, HEI, HOOD, IBKR, IOT, LAMR, LEN, MA, MDLN, META, MSTR, NET, NKE, NWS, OKTA, PLTR, QSR, RBLX, RBRK, RDDT, REGN, RIVN, RKT, RL, ROKU, RPRX, SHOP, SPG, TEAM, TOST, TSN, TW, UPS, VG, WDAY, XYZ, ZM).
- Trailing twelve months
- four consecutive fiscal quarters (ends spanning 240 to 300 days) each carrying the line, else withheld.
- Survivorship
- the companies are today's, so the early years are the history of the firms that survived to be covered now, and the first weeks are dropped until coverage reaches half its peak.
- Treasury yield
- 10-year Treasury yield, daily, from the market data mirror.
- Market line
- S&P 500 (SPY) daily closes on the right-hand axis of every market chart, and each sector's own sector fund (XLB, XLC, XLY, XLP, XLE, XLF, XLV, XLI, XLRE, XLK, XLU), and an industry group its own (SMH), on its charts, from the market data mirror, so a reading can be seen against what the index or the sector was doing; a fund's line starts when it was listed.
531 companies, 458 with a trailing P/E at the latest close. Income statements, balance sheets and cash flows from each company's SEC 10-K and 10-Q filings (this site's extract); split-adjusted daily closes from a market data vendor. Every figure is computed from the filings; nothing here is a forecast or a recommendation.