Tool · Valuation · as of 2026-05-09
Valuation dashboard
What this is warning you about first. the cap-weight forward multiple sits in the top decile of its 10-year range, but the equal-weight aggregate is barely at median. The headline number obscures the dispersion, and dispersion is the actual story this month. Read the per-sector spread, not the index P/E.
Index forward P/E
21.4
Range 18.6 – 24.2
10y percentile
P88
Top decile, cap-weight
IQR spread
9.8
Sector p75 − p25
Sectors with P/E n/a
2
Financials, REITs
Forward P/E by sector
Sector dispersion (p25 → p75 with median dot)
Technology
29
Communication Services
22
Consumer Discretionary
24
Industrials
20
Consumer Staples
20
Healthcare
18
Energy
12
Utilities
17
Materials
17
Financials
n/a — uses P/B
—
Real Estate
n/a — uses P/AFFO
—
Per-sector dispersion table
| Sector | P25 | Median | P75 | IQR | 10y %ile | Note |
|---|---|---|---|---|---|---|
| Technology | 22.4 | 28.6 | 36.1 | 13.7 | P91 | applicable |
| Communication Services | 17.2 | 22.4 | 28.0 | 10.8 | P78 | applicable |
| Consumer Discretionary | 18.0 | 23.7 | 30.2 | 12.2 | P72 | applicable |
| Industrials | 16.4 | 20.1 | 24.8 | 8.4 | P81 | applicable |
| Consumer Staples | 17.0 | 19.8 | 22.7 | 5.7 | P68 | applicable |
| Healthcare | 14.9 | 17.6 | 21.2 | 6.3 | P41 | applicable |
| Energy | 9.4 | 12.1 | 15.6 | 6.2 | P22 | applicable |
| Utilities | 15.2 | 17.4 | 19.6 | 4.4 | P64 | applicable |
| Materials | 13.6 | 16.9 | 20.4 | 6.8 | P35 | applicable |
| Financials | — | — | — | — | — | n/a — uses P/B |
| Real Estate | — | — | — | — | — | n/a — uses P/AFFO |
Forward P/E uses cap-weighted consensus from the coverage feed. The interquartile spread is the headline dispersion measure; historical percentiles are taken against the same sector’s 10-year monthly distribution. Missing percentiles indicate the metric does not apply to that sector.
See the full open data catalog for every dataset behind the research stack.
Frequently asked questions
- Why are Financials and REITs flagged as not applicable?
- P/E is structurally distorted for Financials (book-value-driven) and REITs (FFO-distorted). The dashboard preserves the rows but renders an in-line note rather than a misleading multiple. Use P/B for banks and P/AFFO for REITs.
- Is the percentile column cap-weighted or equal-weighted?
- The index-level percentile is cap-weighted because that is the experience of the average dollar. The per-sector spreads are equal-weighted across covered tickers in the sector to keep the dispersion read clean.
- How often is this updated?
- Monthly, with the canonical snapshot taken on the first business day after the month closes. The visible "as of" date is the snapshot date, not the day you happen to load the page.
- Why the bear-case-first framing?
- Every surface on the platform — including this tool — opens with the dominant downside. A high cap-weight multiple is information; presenting it after a paragraph of bullish framing would invert the prior.