Stock X-Rays
One honest page for every company in the S&P 500 — what it is worth, how its share price has done against the market, and how its sales, profit and cash have moved, all from SEC filings. Each X-Ray carries a valuation label we record today and score later. 500 of the 503 S&P 500 companies now have a published X-Ray — the full run is complete.
An X-Ray is a one-page health check on a company. It starts with our verdict — whether the shares look cheap, fair, expensive, or in bubble territory — and shows the numbers behind it in charts. Anything we could not verify is marked as such on the page, never guessed. Deep Dives (Phase 2) add the deeper layers later: leadership eras, ownership, options and the one exciting thing the market is missing.
Showing 500 of 500 X-Rays
Apple (AAPL)
Excellent business, top price — about 38× next year’s expected profit vs ~24× for peers.
Accenture (ACN)
Accenture is a solid, profitable consultancy, but its shares cost a little more than similar companies while growing at a similar, modest pace. You are paying a small premium without getting extra growth for it. It is not wildly expensive — just priced a bit ahead of what it has delivered.
Adobe (ADBE)
Adobe's shares cost about 9 times the profit expected next year, while similar software companies cost about 27 times — yet Adobe is still growing sales at about 13% a year. That is a very large discount for a profitable, still-growing business. On the numbers in this snapshot, the shares look cheap rather than fairly priced.
Analog Devices (ADI)
Analog Devices makes the chips that turn real-world signals like temperature and motion into digital data. Its shares cost about the same, relative to expected profits, as similar chip companies — and its sales grew about 40% in the latest quarter, which supports that price. It is neither a bargain nor overpriced; you are paying a fair price for a growing business.
Autodesk (ADSK)
Autodesk's shares cost about 19 times next year's expected earnings, only a little more than similar software companies at about 17 times. Sales grew about 16% in the latest quarter, which is solid enough to support that price. It looks like a fair price — not a bargain, and not overpriced.
Akamai Technologies (AKAM)
Akamai's shares cost about 15 times next year's expected profit, while similar internet infrastructure companies cost about 21 times. Growth is slow at about 5%, so this is no rocket ship, but you are paying less than peers for a steady, profitable business.
Applied Materials (AMAT)
Applied Materials makes the machines used to manufacture computer chips, and business is growing fast — sales were up about 25% on a year ago. Its shares cost about 23 times expected profits, noticeably less than the roughly 29 times charged for similar companies. On these numbers the shares look cheaper than they should be for a business growing this quickly.
Advanced Micro Devices (AMD)
AMD's shares look extremely expensive compared with the profit it has made so far, but its sales grew about 50% in the latest quarter and profits are expected to catch up fast. On that expected growth, the price is roughly fair — with no spare room. If growth slows, the price will look far too high very quickly.
Arista Networks (ANET)
Arista is growing fast — sales rose about 38% in a year — and it sells equipment every AI data centre needs. But its shares cost about 40 times next year's expected profit, versus about 26 times for similar companies, and over 22 times its sales. You are paying a top price for that growth, with little room if it slows.
Amphenol (APH)
Amphenol makes the connectors and cables that link servers, cars and factory equipment together. Sales jumped 55% in the latest quarter thanks largely to AI data-centre building, yet the shares cost about the same relative to expected profits as its rivals. That makes the price fair: strong growth, but you are already paying properly for it.
Broadcom (AVGO)
Broadcom's shares cost about 20 times next year's expected earnings, while similar chip companies cost about 27 times — yet Broadcom's sales grew about 86% in the latest quarter, far faster than its rivals. On those numbers the shares look cheaper than they should be. The risk is that this very fast growth slows down sharply.
Cadence Design Systems (CDNS)
Cadence makes essential chip-design software and is growing at a healthy 22%, but its shares cost about 36 times next year's expected profit — roughly double what similar software companies cost. You are paying a very full price for a good business, so any slowdown would likely hurt the share price.
CDW (CDW)
CDW sells computers and IT services to businesses and governments. Sales grew about 10% over the past year, and its shares cost about 14 times expected profits, compared with about 18 times for similar companies. It is a slow, steady business rather than an exciting one, but on these numbers the shares look priced a bit too low for what it delivers.
Ciena (CIEN)
Ciena's shares cost more than its rivals', but its sales grew 37% in the latest quarter — faster than most of them — and its expected profit growth is strong for the price. That makes the price roughly fair, not cheap. The risk is that network spending is cyclical and can slow suddenly.
Coherent (COHR)
Coherent's shares cost about 25 times next year's expected profit, versus about 18 times for similar companies — a clear premium. But its sales grew about 34% in a year and its profits are expected to jump, which is what the extra price is paying for. Expensive-looking, but the growth currently backs it up, so: fairly priced.
Salesforce (CRM)
Salesforce sells the software companies use to track customers and sales. Its shares cost about 17 times next year's expected profits, while similar software companies cost about 27 times — even though Salesforce's sales still grew about 11% last quarter. On these numbers the shares look cheaper than they should be for a business still growing steadily.
CrowdStrike (CRWD)
CrowdStrike's shares cost about 190 times next year's expected earnings, while similar software companies cost about 41 times, and its past earnings are so small the price-to-earnings ratio runs into the thousands. Sales are growing about 26%, which is good but no faster than its rivals. At this price, buyers need growth to speed up a lot, not just carry on — that is what makes it a bubble valuation.
Cisco (CSCO)
Cisco's shares cost about 22 times next year's expected profit, while other networking companies cost about 34 times — even though Cisco just grew sales by nearly 18%. It is the slow, steady name in a fast group, and the price already assumes that slowness.
Cognizant (CTSH)
Cognizant helps big companies run and modernise their computer systems. It is growing slowly — sales up about 6% on a year ago, about the same as its rivals — but its shares cost only about 11 times expected profits versus about 16 times for those rivals. Slow growth explains part of that gap, but not all of it, so the shares look cheap on these numbers.
Datadog (DDOG)
Datadog is a good, fast-growing software company, but its shares cost about 106 times the profit expected next year — about six times what similar software companies cost. Its sales grew 36%, which is strong but not nearly enough to justify that gap. The price assumes near-perfect growth for many years, which is why it is labelled a bubble.
Dell Technologies (DELL)
Dell's shares cost about 17 times next year's expected profit, versus about 13 times for similar hardware companies. That premium looks earned for now: sales jumped about 58% in a year on AI server demand, which is growing across the whole group. Fair price for a hot cycle — the risk is what the price looks like when the cycle cools.
F5 (FFIV)
F5 sells equipment and software that keep business applications running safely and quickly. Its shares look cheap next to networking rivals, but that is mainly because those rivals are growing much faster on AI data-centre spending, while F5's sales grew about 11%. Adjusted for that slower growth, the price looks about right — neither a clear bargain nor overpriced.
Fair Isaac (FICO)
Fair Isaac's shares cost about 15 times next year's expected earnings, less than similar software companies at about 19 times, even though its sales grew about 26% in the latest quarter — faster than those rivals. It is the cheapest share in its group on this measure while growing the fastest. On these numbers it looks undervalued.
Flex (FLEX)
Flex builds electronics for other companies, including AI data centres, and its sales just grew about 21%. Its shares cost about 15 times next year's expected profit, less than similar companies at about 18 times, and very little for its growth rate.
First Solar (FSLR)
First Solar makes solar panels, even though it is officially grouped with computer-chip companies, which makes comparisons with its listed 'rivals' misleading. Its shares look very cheap — about 8 times expected profits — but its sales actually fell about 4% over the past year, so the low price may simply reflect profits that are at a high point and could fall. On the evidence available, the price looks about fair rather than a clear bargain.
Fortinet (FTNT)
Fortinet sells important security products and its sales grew about 26%, but its shares are expensive even compared with other pricey security companies. You pay a lot for each dollar of expected profit relative to how fast profits are growing. The business is strong; the price is ahead of it.
GoDaddy (GDDY)
GoDaddy's shares cost about 13 times next year's expected profit, while the two closest companies in its group cost about 15 and 29 times. Its sales are growing slowly, about 7% a year, but they are growing, and the company is solidly profitable. On these numbers the shares look cheap — though the comparison group here is only two companies, so treat the size of the bargain with some care.
Gen Digital (GEN)
Gen Digital sells antivirus and identity-protection software to households under brands like Norton and Avast. The business grows slowly — sales rose about 6% last quarter — but the shares cost only about 8 times next year's expected profits, far less than other software companies. Even allowing for the slow growth, that price looks too low for a profitable business that is still growing.
Corning (GLW)
Corning's shares cost about 31 times next year's expected earnings, more than similar electronics companies at about 25 times, even though its sales grew about 17% — a bit slower than its group. Buyers are paying a premium the latest results do not quite justify. It is overpriced on these numbers, though not wildly so.
Hewlett Packard Enterprise (HPE)
HPE sells servers and storage, and business is booming — sales grew about 34%. Its shares cost about the same, relative to expected profit, as similar hardware companies. The catch is that profits are surging with the AI spending wave, so today's low-looking price tag may flatter how cheap it really is.
HP (HPQ)
HP makes laptops and printers, a mature business that does not grow quickly. Even so, sales rose about 13% over the past year and the shares cost only about 11 times expected profits, less than similar hardware companies at about 13 times. The catch is that profits are not expected to grow much from here, so this is a modest discount rather than an obvious bargain.
IBM (IBM)
IBM is a large, steady technology company growing at under 5% a year, but its shares cost about a third more than similar companies. Slow growth at a premium price is the problem. It would look fairly priced if the price fell, or if growth genuinely picked up.
Intuit (INTU)
Intuit's shares cost about 14 times next year's expected profit, while similar software companies cost about 27 times. Its sales grew about 14% in a year, right in line with its group, and it is solidly profitable today. Paying half the going rate for average growth in the group looks like a discount, so the shares read as undervalued.
Gartner (IT)
Gartner sells research and advice that big companies use to decide what technology to buy. Its shares cost about 14 times next year's expected profits, a little less than similar firms — but its sales actually shrank slightly last quarter while rivals grew. That small discount looks like fair payment for a business that has stopped growing for now, rather than a bargain.
Jabil (JBL)
Jabil's shares cost about 16 times next year's expected earnings, slightly less than similar companies at about 18 times, and its sales grew about 29% in the latest quarter. That looks like reasonable value, right at the edge of cheap. It misses being called undervalued only because the discount to rivals is small.
Keysight Technologies (KEYS)
Keysight makes the testing equipment engineers use to check electronics, and sales just jumped about 37%. Its shares cost about 25 times next year's expected profit versus about 18 times for similar companies — a premium its fast growth mostly, but not quite fully, justifies.
KLA (KLAC)
KLA makes the inspection machines that check chips for defects while they are being made. Its sales grew about 15% over the past year — good, but slower than similar companies, whose sales grew about 25%. Despite that, its shares cost about 29 times expected profits, more than those rivals at about 24 times. You are paying a premium price without getting premium growth, so the shares look overvalued.
Lumentum (LITE)
Lumentum's sales more than doubled in the latest quarter as data centres buy optical parts, and its expected profit growth is very strong for the price. That is why a high-looking price is judged roughly fair here. The catch is real: it has little profit history at this level, and optical demand can swing sharply.
Lam Research (LRCX)
Lam Research makes the machines that make computer chips, and its sales jumped about 54% in a year as chip factories expand for AI. Its shares cost about 24 times next year's expected profit, a bit less than similar equipment companies at about 29 times, despite growing much faster. On these numbers the shares look modestly undervalued — with the warning that chip-equipment booms do cool down.
Microchip Technology (MCHP)
Microchip makes the small control chips inside cars, appliances and factory equipment. Its profits were crushed in the last chip downturn and are now recovering fast — sales rose 38% last quarter. The shares cost more than rivals relative to next year's expected profits, but that recovery explains the extra price, so overall it looks fairly valued rather than cheap or expensive.
Monolithic Power Systems (MPWR)
Monolithic Power's shares cost about 38 times next year's expected earnings, more than twice similar chip companies at about 16 times. Its sales grew about 48%, which is excellent, but not quite enough to justify paying that much more than rivals. The shares look overpriced, even though the business itself is performing very well.
Marvell Technology (MRVL)
Marvell makes chips for AI data centres and sales grew about 37%, but its shares cost about 44 times next year's expected profit and 23 times sales — far more than other chip companies at about 26 times profit. The growth is real; the price assumes it stays this fast for a long time.
Microsoft (MSFT)
About 27× expected profit, near peers and below its own usual price; ~18% sales growth supports it.
Motorola Solutions (MSI)
Motorola Solutions sells the radios, cameras and software that police, fire and other emergency services use to communicate. Sales grew about 13% over the past year, and its shares cost about 26 times expected profits versus about 34 times for the communications companies it is grouped with. That is still not a low price in absolute terms, but it is cheaper than its group while growing steadily, so it reads as undervalued on a relative basis.
Micron Technology (MU)
Micron looks incredibly cheap because its profits have surged with the memory-chip cycle — sales grew about 379% in the latest quarter. Chip cycles always turn, and when profits fall the shares will not look cheap any more. So the price is judged fair for a peak, not a bargain.
ServiceNow (NOW)
ServiceNow's shares cost about 34 times next year's expected profit. That sounds high, but similar software companies in its group cost about 52 times, and ServiceNow's sales grew about 24% in a year, in line with the group. It is the cheaper option in an expensive neighbourhood — undervalued compared with its peers, not cheap in absolute terms.
NetApp (NTAP)
NetApp sells data-storage systems to big companies. Business is good — sales rose about 30% last quarter — but rival storage and hardware firms grew even faster and their shares are far cheaper. NetApp's shares cost about 23 times expected profits versus about 13 times for its group, so buyers are paying a premium the company's own growth does not currently justify.
NVIDIA (NVDA)
Fastest growth in the set, yet a lower multiple than peers — about 18× expected profit.
NXP Semiconductors (NXPI)
NXP's shares cost about 14 times next year's expected earnings, well below similar chip companies at about 19 times, while its sales grew about 19% in the latest quarter. That is a real discount for a business that is still growing at a healthy pace. On these numbers the shares look undervalued.
ON Semiconductor (ON)
ON Semiconductor makes chips for cars and factories. Its sales grew only about 9% while other chip companies grew much faster, yet its shares cost about 19 times next year's expected profit versus about 16 times for peers. You are paying extra for a recovery that has not yet appeared in its sales.
Oracle (ORCL)
Oracle sells the database and cloud software that large companies run on, and its sales grew about 30% over the past year — roughly twice the pace of its software group. Yet its shares cost only about 15 times expected profits, similar to much slower-growing software companies. Growing that fast at that price makes the shares look undervalued on these numbers.
Everpure (P)
Everpure sells data-storage systems and its sales grew about 38%, but its shares cost about 43 times expected profit — more than three times what similar hardware companies cost, including rivals growing faster. Profits so far are small compared with the price. The price assumes a big acceleration that has not happened yet, which is why it is labelled a bubble.
Palo Alto Networks (PANW)
Palo Alto is a real, fast-growing cybersecurity business — sales rose about 34% in a year. But its shares cost about 95 times next year's expected profit and nearly 1,000 times the profit it actually made over the past year, versus about 41 times for its group. The price only works if growth speeds up well beyond what the company has delivered so far, which is what makes this a bubble label rather than just expensive.
Palantir Technologies (PLTR)
Palantir sells AI and data software to governments and big companies, and its sales nearly doubled last quarter — genuinely spectacular growth. But the shares cost about 105 times next year's expected profits and about 78 times sales, versus about 17 times profits for similar software firms. That price only works if the spectacular growth continues almost perfectly for years, so the shares are overvalued — though with growth this real, they are not a pure bubble.
PTC (PTC)
PTC's shares cost about 23 times next year's expected earnings, more than similar software companies at about 17 times — yet its sales actually shrank about 7% in the latest quarter while rivals grew. Paying a premium price for a shrinking business does not add up. On these numbers the shares are overvalued.
Qnity Electronics (Q)
Qnity, a chip-materials business spun off from DuPont in late 2025, trades at about 5 times its sales while similar chip-equipment companies trade at about 11 times sales, and its sales grew about 22%. That looks cheap, but we could not obtain its profit-based price ratios, so this verdict is provisional until those are checked.
Qualcomm (QCOM)
Qualcomm makes the chips and holds many of the patents inside mobile phones. Its sales fell about 4% over the past year while other chip companies grew strongly, and its shares cost about 20 times expected profits compared with about 27 times for its group. The shares look cheaper than their group, but that is partly because the business is currently shrinking — this is a weaker 'undervalued' than a company that is both cheap and growing.
Roper Technologies (ROP)
Roper's shares cost about 18 times expected profit while similar companies cost about 25 times, and unlike many cheap-looking stocks its profits are real today, not just hoped for. Its growth is modest at about 9%, so it is not a bargain of the decade. But on the numbers it is priced below its peers without an obvious reason in the delivered results.
Supermicro (SMCI)
Supermicro's shares look very cheap — about 8 times next year's expected profit, with sales nearly doubling in a year. The catch is that it keeps only about five cents of profit from each dollar of server sales, and today's sales are riding the peak of the AI hardware boom. If those profits last, the shares are a bargain; if the boom cools, the profits shrink and the 'cheap' price was a mirage — so the fair label is fairly priced, not undervalued.
Sandisk (SNDK)
SanDisk makes memory chips, and chip prices are booming right now, so its profits have exploded — sales rose about 372% last quarter. The shares look absurdly cheap at 6 times expected profits, but that is the trap with memory companies: today's profits are peak profits, and they usually fall hard when chip prices cool. Counting on that cycle, the price looks roughly fair rather than a bargain.
Synopsys (SNPS)
Synopsys' shares cost about 27 times next year's expected earnings, well above similar software companies at about 17 times. Its sales grew about 42%, which is excellent and explains part of that higher price — just not all of it. On these numbers the shares are overvalued, though the strong growth keeps it well short of bubble territory.
Seagate Technology (STX)
Seagate makes hard drives, and AI data centres are buying them at a record pace — sales grew about 49%. Its shares look cheap against next year's expected profit, but that profit is at a cyclical high and the shares already cost 11 times sales, so the price is fair for a boom that may not last.
Skyworks Solutions (SWKS)
Skyworks makes the radio chips that let phones connect to networks. Its shares look cheap if you use next year's expected profits — about 16 times — but they cost about 45 times the profits it actually made over the past year, and sales fell about 3%. In other words, the cheap price depends on a recovery that has not happened yet, so the shares look fairly priced rather than a clear bargain.
Teledyne Technologies (TDY)
Teledyne makes respected instruments and sensors, but its shares cost about 28 times expected profit while similar companies cost about 16 times. Its sales grew only about 9%, slower than its peers. You are paying a large premium for slower growth, so the shares look overvalued.
TE Connectivity (TEL)
TE Connectivity makes the connectors and sensors inside vehicles, factories and networks, and its sales grew about 14% in a year. Its shares cost about 16 times next year's expected profit, versus about 25 times for similar companies. That is a clear discount for a profitable, growing business — noting the shares had just dropped sharply on the morning this snapshot was taken.
Teradyne (TER)
Teradyne builds the machines that test chips before they ship, and AI chip production has sent its sales doubling — up about 104% last quarter. Its shares cost about 31 times expected profits, more than rival equipment makers at about 24 times, but the much faster growth covers that extra price. Fairly valued for now, with the usual warning that chip-equipment demand moves in cycles.
Trimble (TRMB)
Trimble's shares cost about 16 times next year's expected earnings, a little less than similar companies at about 19 times, and its sales grew about 11% in the latest quarter. That makes it mildly cheap on the headline measure. The evidence is thinner here than for most names, because past earnings per share were not available to double-check the price.
Twilio (TWLO)
Twilio provides the messaging and calling tools apps use to reach customers, and sales grew about 22%. Its shares cost about 41 times next year's expected profit — expensive on its own, but about 20% cheaper than similar software companies at about 52 times, which is why it screens as undervalued relative to its group.
Texas Instruments (TXN)
Texas Instruments makes the everyday chips that go into cars, factory equipment and gadgets, and its sales grew about 28% over the past year. Its shares cost about 27 times expected profits, almost exactly the same as similar chip companies at about 26 times. Given how fast it is growing, that price looks about right — neither a bargain nor overpriced.
Tyler Technologies (TYL)
Tyler sells essential software to local governments, which makes its income steady, but its shares cost about 26 times expected profit while similar software companies cost about 17 times. Its sales grew only about 8%, slower than its peers. Steady is valuable, but this price charges more than steadiness alone explains.
Verisign (VRSN)
Verisign runs the .com and .net address registries — a very profitable, very stable business whose sales grew only about 6% in a year. Yet its shares cost about 29 times next year's expected profit, more than double the roughly 14 times of its small comparison group, and nearly 16 times its sales. Safe business, expensive shares: overvalued, though its real profits keep it out of bubble territory.
Workday (WDAY)
Workday sells cloud software that companies use for payroll, hiring and finance. Sales grew about 13% last quarter, in line with similar software firms, and the shares cost about 17 times next year's expected profits — a touch less than rivals at about 19 times. That small discount is not enough to call it a bargain, so the price looks fair.
Western Digital (WDC)
Western Digital's shares cost about 13 times next year's expected earnings, about the same as similar storage companies, and sales grew about 56% in the latest quarter. That low price might look like a bargain, but profits in disk drives swing sharply up and down, and right now they are swinging up. If profits fall back to normal, the shares will look much more expensive, so we call the price fair rather than cheap.
Zebra Technologies (ZBRA)
Zebra makes the scanners and handheld computers warehouses and shops use to track goods, and sales grew about 20%. Its shares cost about 18 times next year's expected profit, only slightly more than similar companies at about 16 times — a fair price for its growth.
Intel (INTC)
Intel — the full Stock X-Ray report: six years across four leadership eras, a forward P/E of about 54× against a peer median of 19.7×, and foundry potential the market prices at roughly zero as its IT factor.
JPMorgan Chase (JPM)
America’s strongest bank at its richest price in five years — quality with no cushion.
Mastercard (MA)
Cheapest it has been in five years and priced like Visa; steady ~14% sales growth.
Aflac (AFL)
Aflac sells extra health cover that pays out if you get ill or have an accident. Its shares cost about 17 times next year's expected profit, while similar insurers cost about 10 times, even though its latest sales dipped slightly. That premium looks hard to justify on what it has delivered so far.
Globe Life (GL)
Globe Life sells life insurance and extra health cover, mostly through its own agents. Its shares cost about 10 times next year's expected profit, about the same as similar insurers, and its sales grew about 8%, also about average. That combination looks fairly priced — neither a clear bargain nor clearly expensive.
MetLife (MET)
MetLife is one of the largest life insurers, also selling workplace benefits and retirement products. Its shares cost about 9 times next year's expected profit, less than similar insurers at about 11 times, while its sales grew about 11%. On those numbers the shares look cheap for the growth delivered.
Principal Financial Group (PFG)
Principal helps employers and savers with retirement plans, investments and insurance. Its shares cost about 11 times next year's expected profit, a little more than similar companies at about 10 times, even though its latest sales fell about 5%. Paying a premium while sales shrink makes the shares look slightly expensive.
Prudential Financial (PRU)
Prudential sells life insurance, retirement products and investments. Its shares cost about 9 times next year's expected profit, less than similar insurers at about 11 times, while its sales grew about 14%. That discount alongside strong growth makes the shares look undervalued, though future profit growth is expected to be slower than the recent sales jump.
Allstate (ALL)
Allstate is best known for car and home insurance. Its shares cost about 9 times next year's expected profit and only about 5 times last year's, while similar insurers cost about 13 times, and its sales grew about 12%. On those numbers the shares look clearly undervalued.
Arch Capital Group (ACGL)
Arch insures and reinsures business risks around the world. Its shares look cheap at about 11 times next year's expected profit versus about 13 times for similar insurers, but its latest sales fell about 11%. A cheap price on a shrinking business is not yet a bargain, so the shares are rated fairly priced.
Chubb Limited (CB)
Chubb is a large global insurer for businesses and wealthy households. Its shares cost about 12 times next year's expected profit, a little more than similar insurers at about 11 times. Its sales grew strongly at about 11%, which explains part of the premium, but not quite all of it — the shares look slightly expensive.
Cincinnati Financial (CINF)
Cincinnati Financial sells business and personal insurance through local agents. Its shares cost about 20 times next year's expected profit, nearly double similar insurers at about 11 times, even though its latest sales fell about 18%. That is a high price for a business currently shrinking, so the shares look overvalued.
Hartford (The) (HIG)
The Hartford sells business insurance, employee benefits and personal cover. Its shares look cheap at about 10 times next year's expected profit versus about 13 times for similar insurers, but its latest sales were flat, down about 0.2%. Cheap shares on a flat business are rated fairly priced until growth returns.
Progressive (PGR)
Progressive is one of the biggest car insurers in the United States, selling direct to drivers. Its shares cost about 14 times next year's expected profit versus about 11 times for similar insurers. Sales grew a solid 7%, but that does not fully explain the higher price, so the shares look overvalued.
Travelers Companies (The) (TRV)
Travelers is a large insurer for businesses and households. Its shares cost about 13 times next year's expected profit versus about 11 times for similar insurers, even though its latest sales dipped slightly and future profit growth is expected to be slow. Paying a premium for slow growth makes the shares look overvalued.
W. R. Berkley (WRB)
W. R. Berkley sells specialist business insurance. Its shares cost about 15 times both last year's and next year's expected profit, well above similar insurers at about 11 times, while its sales grew only about 1%. That is a premium price without premium growth, so the shares look overvalued.
American International Group (AIG)
AIG is a large insurer whose shares trade at about 9 times next year's expected earnings, slightly less than similar insurers at about 10 times. The catch is that its sales were essentially flat, down 0.1% in the latest quarter. Paying close to the peer price for no growth makes the shares look a little expensive.
Assurant (AIZ)
Assurant sells protection products for homes and devices, and its sales grew a healthy 9.4%. Its shares, though, trade at about 13 times next year's expected earnings against about 8 times for similar insurers. That is a big premium, and there is not enough evidence on earnings growth to justify it.
Loews (L)
Loews, a holding company built around insurance, trades at about 14 times the earnings it made over the past year, almost exactly in line with similar companies, and its sales grew 3.9%. On sales it sits at the expensive edge of the fair range. Overall the shares look fairly priced, but this verdict is provisional because no forward earnings ratio was published.
Everest Group (EG)
Everest, a reinsurer, trades at only about 7 times next year's expected earnings against about 11 times for peers, which looks cheap. But its sales fell 11.8% in the latest quarter, so the low price may be warning about a shrinking business rather than offering a bargain. That risk brings the verdict back to fairly priced.
Aon plc (AON)
Aon, a large insurance broker, trades at about 16 times next year's expected earnings, almost exactly the same as similar brokers. Its sales grew only 2.2%, slower than its peers, but it is not charging a premium for that slower growth. The shares look fairly priced.
Arthur J. Gallagher & Co. (AJG)
Gallagher, an insurance broker, trades at about 19 times next year's expected earnings, a little more than similar brokers at about 16 times. Its sales, though, grew 24.3%, far faster than its peers. Paying a small premium for much faster growth looks fair.
Brown & Brown (BRO)
Brown & Brown, an insurance broker, trades at about 14 times next year's expected earnings against about 17 times for similar brokers, while its sales grew 7.4%, close to the peer pace. Paying less than peers for similar growth looks like a discount. The shares look undervalued.
Erie Indemnity (ERIE)
Erie Indemnity earns fees from running an insurance exchange. Its price is about 3.1 times its sales against about 3.3 times for similar brokers, and about 22 times past earnings against about 21 times for peers — both close to the middle. With sales growing 2.8%, slower than peers, the shares look fairly priced, provisionally, because no forward earnings ratio was published.
Marsh McLennan (MRSH)
Marsh, the large insurance broker and consultant, trades at about 17 times next year's expected earnings, a little above similar brokers at about 16 times. Its sales grew 8.1%, slightly faster than its peers, which covers that small premium. The shares look fairly priced.
Willis Towers Watson (WTW)
Willis Towers Watson, an insurance broker and adviser, trades at about 15 times next year's expected earnings against about 17 times for similar brokers. Its sales grew 9.6%, faster than its peers. Paying less than peers for faster growth makes the shares look undervalued.
American Express (AXP)
American Express trades at about 16 times next year's expected earnings against about 10 times for similar finance companies. Its sales grew 8.9%, about the same as its peers, so the growth does not explain the much higher price. The shares look overvalued.
Capital One (COF)
Capital One, a card lender and bank, trades at about 9 times next year's expected earnings against about 13 times for similar finance companies. Its sales grew 26.9%, much faster than its peers. Paying well below the peer price for much faster growth makes the shares look undervalued.
Synchrony Financial (SYF)
Synchrony, which provides store credit cards, trades at about 7.5 times next year's expected earnings against about 6.5 times for similar finance companies. Its sales grew only 1.4%, far slower than its peers at about 9%. Paying a premium for the slowest growth makes the shares look overvalued, if only slightly.
Bank of America (BAC)
Bank of America trades at about 10 times next year's expected earnings, almost exactly the same as similar large banks, while its revenue grew about 19% in the latest quarter. That is a normal price for the growth delivered. The shares look fairly priced — neither a bargain nor expensive.
Citigroup (C)
Citigroup trades at about 10 times next year's expected earnings, slightly less than similar large banks at about 10.5 times, but its revenue grew only about 2% in the latest quarter. The small discount matches the slow growth. The shares look fairly priced.
PNC Financial Services (PNC)
PNC trades at about 11 times next year's expected earnings, a little above similar banks at about 10.5 times, and its revenue grew about 21% in the latest quarter. The small extra cost is covered by that strong growth. The shares look fairly priced.
Truist Financial (TFC)
Truist trades at about 10 times next year's expected earnings, slightly less than similar banks at about 11 times, and its revenue grew about 6% in the latest quarter. That small discount matches its slower growth. The shares look fairly priced.
U.S. Bancorp (USB)
U.S. Bancorp trades at about 10.5 times next year's expected earnings, just below similar banks at about 11 times, and its revenue grew about 10% in the latest quarter. That is a normal price for steady growth. The shares look fairly priced.
Wells Fargo (WFC)
Wells Fargo trades at about 11 times next year's expected earnings, a little above similar banks at about 10 times, while its revenue grew only about 2% in the latest quarter. The small premium is not large enough to call the shares expensive. They look fairly priced.
Citizens Financial Group (CFG)
Citizens Financial trades at about 11 times next year's expected earnings, close to similar regional banks at about 10 times, and its revenue grew about 12% in the latest quarter. That growth covers the small extra cost. The shares look fairly priced.
Fifth Third Bancorp (FITB)
Fifth Third trades at about 11 times next year's expected earnings, a little above similar banks at about 10 times, and its revenue grew about 46% in the latest quarter. That very strong growth covers the small premium. The shares look fairly priced.
Huntington Bancshares (HBAN)
Huntington trades at about 9 times next year's expected earnings, less than similar regional banks at about 11 times, even though its revenue grew about 31% in the latest quarter. Because sales are growing rather than shrinking, this does not look like a cheap-for-a-bad-reason price. The shares look undervalued.
KeyCorp (KEY)
KeyCorp trades at about 10 times next year's expected earnings, slightly less than similar regional banks at about 11 times, and its revenue grew about 7% in the latest quarter. The small discount matches its slightly slower growth. The shares look fairly priced.
M&T Bank (MTB)
M&T Bank trades at about 11 times next year's expected earnings, a little above similar regional banks at about 10 times, and its revenue grew about 6% in the latest quarter. The small premium is within the normal range. The shares look fairly priced.
Regions Financial (RF)
Regions Financial trades at about 10 times next year's expected earnings, slightly less than similar regional banks at about 11 times, but its revenue was almost flat in the latest quarter. The small discount matches that weak growth. The shares look fairly priced.
Ameriprise Financial (AMP)
Ameriprise, a wealth and asset management company, trades at about 10 times expected earnings, cheaper than similar companies at about 11.5 times, while its sales grew about 13%. It is growing, not shrinking, so the lower price looks like a genuine discount rather than a warning sign. On these numbers the shares look undervalued.
Apollo Global Management (APO)
Apollo, which manages private equity, credit and other alternative investments, trades at about 12 times expected earnings — about the same as similar companies — while its sales grew about 64%. That fast growth balances the price, so the shares look fairly priced. The risk is that profits already delivered are much smaller than the profits the price expects next.
Ares Management (ARES)
Ares, which manages private credit and other alternative investments, trades at about 20 times expected earnings — nearly twice what similar companies cost — while its sales grew only about 6%. Similar companies are growing faster and costing less. On these numbers the shares look overvalued.
BlackRock (BLK)
BlackRock, the investment company behind large ranges of funds and portfolios, trades at about 18 times expected earnings — more than similar companies at about 12 times — but its sales grew about 31%, more than twice the group pace. The higher price is matched by higher growth, so the shares look fairly priced. If that growth slows to the group pace, the price would look too high.
Blackstone (BX)
Blackstone, which manages private equity, real estate and other alternative investments, trades at about 18 times expected earnings — well above similar companies at about 11.5 times — but its sales grew about 36%. That growth is what the extra price is paying for, so the shares look fairly priced for now. A slowdown to the group pace would change that verdict.
BNY Mellon (BNY)
BNY, a large custody bank that looks after assets for institutions, trades at about 15 times expected earnings — more than similar companies at about 11.5 times — while its sales grew about 13%, slightly slower than the group. The extra price is not matched by extra growth. On these numbers the shares look overvalued, though not by a large amount.
Franklin Resources (BEN)
Franklin Resources, the company behind Franklin Templeton funds, trades at about 10 times expected earnings, cheaper than similar companies at about 13.5 times, while its sales grew about 14% — the same pace as the group. That combination looks like a genuine discount, not a shrinking business. On these numbers the shares look undervalued.
Invesco (IVZ)
Invesco, which manages funds and investment portfolios, trades at about 9 times expected earnings, much cheaper than similar companies at about 13.5 times, while its sales grew about 21%. One warning: profits over the past year were negative, so the cheap price depends on expected profits arriving. On these numbers the shares look undervalued, with that risk stated plainly.
KKR & Co. (KKR)
KKR, which manages private equity and other alternative investments, trades at about 11 times expected earnings — slightly less than similar companies at about 12 times — while its sales grew about 13%. That is close to fair value: a small discount, but growth is a touch slower than the group. On these numbers the shares look fairly priced.
Northern Trust (NTRS)
Northern Trust, a custody and wealth management bank, trades at about 13.5 times expected earnings — more than similar companies at about 10 times — but its sales grew about 35%, far faster than the group. The higher price is matched by that growth, so the shares look fairly priced. If growth slows to the group pace, the verdict would change.
State Street (STT)
State Street, a custody bank that also manages investments, trades at about 11.5 times expected earnings — a little more than similar companies at about 10 times — while its sales grew about 17%. The small extra price is covered by the faster growth. On these numbers the shares look fairly priced.
T. Rowe Price (TROW)
T. Rowe Price, which manages mutual funds and retirement portfolios, trades at about 10 times expected earnings — exactly the same as similar companies — while its sales grew about 11%. There is no extra price to justify and no discount on offer, although expected profit growth is slow. On these numbers the shares look fairly priced.
Berkshire Hathaway (BRK.B)
Berkshire Hathaway is a very large conglomerate owning insurance, energy, rail and many other businesses. Its shares trade at about 24 times expected earnings, compared with about 10 times for the asset-manager group it is grouped with — a rough comparison, because Berkshire is much more than an asset manager — while its sales grew about 10%. Even allowing for that rough comparison, the price looks ahead of the growth delivered, so the shares look overvalued on this test.
Block (XYZ)
Block runs Square for shops and Cash App for consumers, and its sales grew about 9%, in line with similar payment companies. Its shares, however, cost more than twice as much per dollar of expected profit as those similar companies. That makes the shares overvalued — the price assumes much more than the company has delivered so far.
Corpay (CPAY)
Corpay helps businesses pay for fuel, travel and other work expenses, and its sales grew about 22%, much faster than similar payment companies. Its shares cost about twice as much as peers per dollar of expected profit, but the much faster growth covers that premium. On balance the shares look fairly priced.
Fidelity National Information Services (FIS)
This company sells technology that banks use to run accounts and payments, and its sales grew about 29%. Its shares cost less per dollar of profit than similar companies, even though it is growing faster than them. That combination makes the shares look undervalued.
Fiserv (FISV)
Fiserv sells payment and banking technology, but its sales fell about 4% in the latest quarter while similar companies grew. Its shares look cheap at first glance, yet shrinking sales can be a warning sign rather than a bargain. Fairly priced is the safer call until sales start growing again.
Global Payments (GPN)
Global Payments processes card payments for shops and businesses, and its reported sales jumped about 70% in the latest quarter. Its shares cost less than similar companies per dollar of expected profit. The catch is that recent past profits were negative, so the bargain depends on expected profits arriving — on the forward numbers, the shares look undervalued.
Jack Henry & Associates (JKHY)
Jack Henry sells core software that smaller banks and credit unions run on, and its sales grew about 5%. Its shares cost more than three times as much as similar companies per dollar of expected profit, despite slower growth. That premium makes the shares overvalued.
PayPal (PYPL)
PayPal is a large, profitable online payments company, but its sales grew only about 2% in the latest quarter, slower than similar companies. Its shares still cost a bit more than those peers per dollar of expected profit. Paying a premium for slower growth makes the shares overvalued, though not by a huge margin.
Visa (V)
Visa runs the world's best-known card network and its sales grew about 17%, faster than most payment companies. Even so, its shares cost over four times as much as similar companies per dollar of expected profit. That is too big a premium for the growth delivered, so the shares look overvalued.
Cboe Global Markets (CBOE)
Cboe runs exchanges where options and volatility products are traded, and its sales grew about 23%. Its shares cost less than similar exchange and data companies per dollar of expected profit, despite faster growth. That makes the shares look undervalued.
CME Group (CME)
CME runs the largest futures exchanges, where traders hedge interest rates, energy and farm prices, and its sales grew about 13%. Its shares cost about the same as similar exchange companies per dollar of expected profit. That lines up with what it has delivered, so the shares look fairly priced.
Coinbase (COIN)
Coinbase is a leading place to trade crypto, but its sales fell about 19% in the latest quarter and its recent profits were negative. Even so, its shares cost about 106 times next year's expected profit — more than four times similar companies. That price only works if business booms from here, which is the definition of a bubble label in this framework.
FactSet (FDS)
FactSet sells data and research tools to investment firms, and its sales grew about 6%. Its shares cost far less than similar data companies per dollar of expected profit — about 16 times, versus about 26 times for peers. With sales still growing, that gap makes the shares look undervalued.
Intercontinental Exchange (ICE)
This company runs energy and financial exchanges and sells mortgage and market data, and its sales grew about 11%, in line with similar companies. Its shares cost less than those peers per dollar of expected profit. Growing at the group pace for a below-group price makes the shares look undervalued.
Moody's (MCO)
Moody's provides credit ratings and financial research that lenders rely on, but the shares trade at about 26 times next year's expected earnings, a little above similar companies at about 23 times. Sales grew only 0.8% in the latest quarter, much slower than the wider group. That makes the shares look overvalued — a strong business priced ahead of its recent growth.
MSCI (MSCI)
MSCI makes the indexes and analysis tools that many investment funds use, and the shares trade at about 28 times next year's expected earnings, above similar companies at about 23 times. Sales grew 12.4% in the latest quarter, a solid pace but not much faster than its group. That makes the shares look overvalued for the growth delivered.
Nasdaq (NDAQ)
Nasdaq runs stock exchanges and sells market data and trading technology, and the shares trade at about 23 times next year's expected earnings, below similar companies at about 26 times. Sales grew 22.2% in the latest quarter, much faster than its group. Cheaper than its peers while growing faster makes the shares look undervalued.
S&P Global (SPGI)
S&P Global provides credit ratings, indexes and financial data, and the shares trade at about 23 times next year's expected earnings, about the same as similar companies. The difference is that its sales fell 5.4% in the latest quarter while its group grew. Paying the peer price for shrinking sales makes the shares look overvalued.
Charles Schwab (SCHW)
Charles Schwab provides brokerage, banking and wealth services, and the shares trade at about 12 times next year's expected earnings, below similar companies at about 14 times. Sales grew 20.9% in the latest quarter, close to its fast-growing group. Cheaper than its peers on strong growth makes the shares look undervalued.
Goldman Sachs (GS)
Goldman Sachs is a major investment bank, and the shares trade at about 13 times next year's expected earnings, slightly below similar companies at about 14 times. Sales grew 39.5% in the latest quarter, much faster than its group, and the price-to-growth measure is below 1. That combination makes the shares look undervalued.
Interactive Brokers (IBKR)
Interactive Brokers provides electronic trading for active investors, and the shares trade at about 26 times next year's expected earnings, twice similar companies at about 13 times. Sales grew 28.1% in the latest quarter, strong but only a little above its group at 24.0%. Paying double the peer price for that growth makes the shares look overvalued.
Morgan Stanley (MS)
Morgan Stanley is a major investment bank and wealth manager, and the shares trade at about 14 times next year's expected earnings, close to similar companies at about 13 times. Sales grew 27.1% in the latest quarter, a strong pace that supports that price. The shares look fairly priced — neither a bargain nor expensive.
Raymond James Financial (RJF)
Raymond James provides wealth management and brokerage services, and the shares trade at about 11 times next year's expected earnings, below similar companies at about 14 times. Sales grew 15.6% in the latest quarter, a solid pace. Cheaper than its peers on solid growth makes the shares look undervalued.
Robinhood Markets (HOOD)
Robinhood provides an app for trading stocks and other assets, and the shares trade at about 33 times next year's expected earnings, well above similar companies at about 13 times. Sales grew 11.8% in the latest quarter, slower than its group at 24.0%. Paying a high price for slower growth makes the shares look overvalued.
ExxonMobil (XOM)
Peak oil profits already in the price — pricier than rival oil giants and its own history.
Baker Hughes (BKR)
Baker Hughes sells equipment and services to oil and gas producers. Its shares cost about the same as similar companies, but its sales fell in the latest quarter and the price looks high compared with the growth it is delivering. That makes the shares look overvalued, even though the headline multiple is not extreme.
ConocoPhillips (COP)
ConocoPhillips produces oil and gas. Its sales grew strongly, at about the same fast pace as other producers, but its shares cost about a third more than similar companies for each dollar of expected profit. That extra cost is not matched by extra growth, so the shares look overvalued.
Chevron (CVX)
Chevron produces, refines and sells oil and gas and fuels. Its sales grew fast, but no faster than similar energy companies, while its shares cost almost twice as much as those companies for each dollar of expected profit. That gap makes the shares look overvalued.
Devon Energy (DVN)
Devon Energy produces oil and gas from U.S. shale fields. Its shares cost slightly less than similar producers, and its sales grew much faster than theirs in the latest quarter. With no PEG figure available to confirm a bargain, the shares look fairly priced, at the cheap end of fair.
EOG Resources (EOG)
EOG Resources produces oil and gas. Its shares cost less than similar producers for each dollar of expected profit, even though its sales grew faster than theirs. On those numbers the shares look undervalued.
EQT (EQT)
EQT produces natural gas, mainly in Appalachia. Its shares cost far more than similar producers for each dollar of expected profit, even though its sales fell sharply in the latest quarter while other producers grew. That makes the shares look overvalued.
Expand Energy (EXE)
Expand Energy produces natural gas from U.S. shale basins. Its shares cost a little more than similar producers, but its sales grew much more slowly than theirs in the latest quarter. That small premium without matching growth makes the shares look overvalued, though only just.
Diamondback Energy (FANG)
Diamondback produces oil and gas from shale fields and its sales grew about 51% in the latest quarter. The shares trade at about 9 times next year's expected earnings, a little less than similar producers at about 10 times, even though it is growing faster than most of them. On these numbers the price looks lower than the business results support.
Halliburton (HAL)
Halliburton sells drilling and well services to oil and gas producers, and its sales grew about 2% in the latest quarter. The shares trade at about 13 times next year's expected earnings, well below similar energy service and pipeline companies at about 20 times. The discount is real, though slow growth and weak expected profit growth mean it is cheap for a reason worth watching.
Kinder Morgan (KMI)
Kinder Morgan runs pipelines and terminals that move natural gas and oil, and its sales grew about 12% in the latest quarter. The shares trade at about 22 times next year's expected earnings, slightly above similar pipeline and energy service companies at about 20 times, and its faster growth roughly makes up for that small extra cost. The price looks broadly in line with what the business has delivered.
Marathon Petroleum (MPC)
Marathon Petroleum refines crude oil into fuels and sells them across the United States, and its sales grew about 54% in the latest quarter. The shares trade at about 5 times next year's expected earnings, below other refiners and large oil companies at about 8 times. On these numbers the price looks lower than the recent results support, though refining profits can swing sharply with fuel margins.
Oneok (OKE)
Oneok gathers, processes and moves natural gas and related liquids through its pipeline network, and its sales grew about 53% in the latest quarter. The shares trade at about 16 times next year's expected earnings, below similar pipeline companies at about 22 times. The price looks lower than the recent growth supports, even though expected profit growth is slower than the sales jump.
Occidental Petroleum (OXY)
Occidental produces oil, gas and chemicals, and its sales grew about 12% in the latest quarter, slower than most similar producers. The shares trade at about 10 times next year's expected earnings, slightly above similar producers at about 9 times. The small extra cost looks roughly balanced by modest expected profit growth, so the price looks broadly fair.
Phillips 66 (PSX)
Phillips 66 refines oil and sells fuels, chemicals and related products. Its shares cost about a quarter more, for each dollar of expected profit, than similar refiners, even though its sales are growing at much the same fast pace as theirs. That makes the shares overvalued — not extremely expensive in absolute terms, just priced ahead of its peers.
Schlumberger (SLB)
SLB sells the tools and services oil and gas producers use to drill and run their wells. Its shares cost less, for each dollar of expected profit, than similar energy service and pipeline companies, while its sales are still growing modestly. That makes the shares undervalued on the peer comparison, though expected profit growth is slow.
Texas Pacific Land (TPL)
Texas Pacific Land owns large areas of West Texas land and collects royalties when oil and gas are produced there. Its shares cost more than three times as much, for each dollar of expected profit, as other oil and gas producers, even though its sales grew more slowly than theirs. That makes the price a bubble — it needs much faster growth than the company has delivered to make sense.
Targa Resources (TRGP)
Targa Resources moves and processes natural gas and the liquids that come with it. Its shares cost about a third more, for each dollar of expected profit, than similar pipeline companies, while its sales are growing at exactly the same modest pace. That makes the shares overvalued.
Valero Energy (VLO)
Valero refines oil into gasoline, diesel and other fuels. Its shares cost less, for each dollar of expected profit, than similar refiners, even though its sales grew more than 40% in the latest quarter. That makes the shares undervalued on the peer comparison.
Williams Companies (WMB)
Williams runs pipelines that move natural gas across the United States. Its shares cost about one and a half times as much, for each dollar of expected profit, as similar pipeline companies, even though its sales did not grow at all in the latest quarter. That makes the shares overvalued.
UnitedHealth Group (UNH)
Down ~62% from its peak and partly recovered; fairly valued if medical costs stay contained.
Abbott Laboratories (ABT)
Abbott sells glucose monitors, lab tests, nutrition products and medical devices all over the world. Its shares cost a little more than similar companies, and it is growing at about the same pace as they are. That makes the price look fair, if not cheap.
Baxter International (BAX)
Baxter sells infusion pumps, IV fluids and dialysis products to hospitals. Its shares are a little cheaper than similar companies, but it is also growing more slowly than they are. On balance the price looks fair rather than a clear bargain.
Becton Dickinson (BDX)
Becton Dickinson sells needles, catheters, diagnostic gear and other everyday hospital supplies worldwide. Its shares trade at 14.8 times expected earnings against a peer median of 20.8 times — a wide discount that appeared after it sold its biosciences and diagnostics unit in early 2026, which also makes its headline sales decline look worse than the underlying business. On the peer test the price looks UNDERVALUED.
Boston Scientific (BSX)
Boston Scientific sells stents, pacemakers and other devices used in minimally invasive procedures. Its shares cost much less than similar companies even though it is growing at about the same pace. That gap makes the shares look undervalued.
Dexcom (DXCM)
Dexcom sells wearable glucose monitors that people with diabetes wear continuously. Its shares cost more than similar companies, but it is also growing much faster than they are, which covers the extra price. On balance the shares look fairly priced.
Edwards Lifesciences (EW)
Edwards Lifesciences sells replacement heart valves and monitoring equipment used in intensive care. Its shares cost almost twice as much as similar companies for each dollar of expected earnings, while its sales growth, though good, is not twice as fast. That makes the shares look overvalued.
GE HealthCare (GEHC)
GE HealthCare sells MRI, CT and ultrasound scanners and other hospital imaging equipment. Its shares cost about half as much as similar companies for each dollar of expected earnings, even though its sales are growing at a similar pace. That makes the shares look undervalued.
Idexx Laboratories (IDXX)
Idexx sells diagnostic tests and instruments that vets use to check the health of pets and farm animals. Its shares cost far more than similar companies, while its sales are growing only a little faster than theirs. That makes the shares look overvalued.
Insulet (PODD)
Insulet sells small tubeless insulin pumps that people with diabetes wear on the body. Its shares cost more than similar companies, but its sales are growing about three times as fast, which covers the extra price. On balance the shares look fairly priced.
Intuitive Surgical (ISRG)
Intuitive Surgical sells robotic systems that help surgeons operate through tiny incisions. Its shares cost more than twice as much as similar companies for each dollar of expected earnings, at a price that only works if growth speeds up even further from an already fast pace. That puts the shares in bubble territory.
Medtronic (MDT)
Medtronic sells pacemakers, insulin pumps and a wide range of hospital and surgical devices. Its shares cost slightly less than similar companies even though its sales are growing faster than theirs. That makes the shares look mildly undervalued, though expected profit growth is slow.
ResMed (RMD)
ResMed sells CPAP machines and masks that treat sleep apnea, plus software for home care. Its shares cost noticeably less than similar companies even though its sales are growing a little faster than theirs. That makes the shares look undervalued.
Revvity (RVTY)
Revvity sells tools and tests used by laboratories and drug researchers. Its shares cost more than twice as much, relative to expected profits, as similar companies, even though its sales grew only about 1% in the latest quarter. The price only works if growth speeds up a lot from here — that is a bubble price, not a fair one.
Steris (STE)
Steris sells the machines and services hospitals use to sterilise surgical instruments. Its shares cost about 20 times expected earnings while similar companies cost about 28 times, and its sales are growing at roughly the same pace as theirs. On the numbers delivered, the shares look cheap rather than fairly priced.
Stryker (SYK)
Stryker makes artificial joints, surgical tools and hospital equipment. Its shares cost about 19 times expected earnings, more than similar companies at about 16 times, while its sales grow only a little faster than theirs. You pay a clear premium for growth that is only slightly better — the shares look overvalued.
Zimmer Biomet (ZBH)
Zimmer Biomet makes replacement hip and knee joints. Its shares cost about 11 times expected earnings, less than similar companies at about 13 times, and its sales are still growing, just more slowly than its rivals. The discount looks wider than the slower growth deserves — the shares look undervalued.
Align Technology (ALGN)
Align Technology makes Invisalign, the clear plastic trays that straighten teeth instead of metal braces. Its shares cost about the same, relative to expected profits, as similar companies, and its sales are growing modestly. The price roughly matches what the business has delivered — fairly priced, neither a bargain nor expensive.
Cooper Companies (The) (COO)
Cooper Companies sells contact lenses and medical products used in women's health care. Its shares cost about the same, relative to expected profits, as similar companies, but its sales barely grew in the latest quarter. With growth that weak, an average price is fair at best — the shares look fairly priced, with little room for bad news.
West Pharmaceutical Services (WST)
West Pharmaceutical Services makes the stoppers, seals and syringe parts that drug companies use to package injectable medicines. Its sales are growing fast, at about 14%, but its shares cost about 43 times expected earnings — more than twice similar companies. Even strong growth does not pay for a price that high — the shares look overvalued.
AbbVie (ABBV)
AbbVie sells prescription medicines, best known for treatments for arthritis and other immune diseases and for cancer. Its shares cost about 19 times expected earnings, about the same as similar drug companies, while its sales grow about 10%. Price and performance roughly match — the shares look fairly priced.
Amgen (AMGN)
Amgen sells medicines for cancer, arthritis-type inflammation, heart disease and other serious illnesses. Its shares cost about 19 times expected earnings, a little more than similar drug companies at about 17 times, and its sales grow at the same pace as theirs. That small premium is roughly fair, though expected profit growth is slow — the shares look fairly priced, near the top of the fair range.
Biogen (BIIB)
Biogen sells medicines for multiple sclerosis and other diseases affecting the brain and nerves. Its shares cost about 17 times expected earnings, about a third more than similar drug companies, while its sales grow only slightly faster than theirs. That premium is not earned by the growth delivered — the shares look overvalued.
Gilead Sciences (GILD)
Gilead Sciences sells medicines that treat HIV and hepatitis, plus cell therapies for cancer. Its shares cost about 18 times expected earnings, well above similar drug companies at about 12 times, while its sales grow only slightly faster than theirs. The premium is much bigger than the extra growth — the shares look overvalued.
Incyte (INCY)
Incyte sells medicines for cancer and inflammation, led by a drug for certain blood cancers. Its sales are growing fast, at about 21%, but its shares cost about 57 times next year's expected earnings — more than four times similar drug companies — because profits are expected to dip before they recover. Paying that much for a recovery that has not happened yet is a bubble price.
Moderna (MRNA)
Moderna makes messenger RNA vaccines and medicines. Its shares cost about 37 times its annual sales, roughly ten times what similar companies cost on sales, while its sales grew only about 2%. That price only makes sense if sales surge from here, so the shares look like a bubble — but the verdict is provisional because the company published no earnings ratio to check.
Regeneron Pharmaceuticals (REGN)
Regeneron makes antibody medicines used in eye care, allergies and cancer. Its shares cost about 12 times next year's expected earnings, less than similar companies at about 15 times, while its sales grew about 17%. On those numbers the shares look undervalued.
Vertex Pharmaceuticals (VRTX)
Vertex makes medicines for cystic fibrosis and other serious diseases. Its shares cost about 36 times next year's expected earnings, more than three times what similar companies cost, while its sales grew about 13%. That price needs a much bigger surge in sales and profits than the company has delivered, so the shares look like a bubble.
Bristol Myers Squibb (BMY)
Bristol Myers Squibb makes medicines for cancer and other serious diseases. Its shares cost about 10 times next year's expected earnings, well below similar companies at about 15 times, while its sales grew about 6%. On those numbers the shares look undervalued.
Johnson & Johnson (JNJ)
Johnson & Johnson makes medicines and medical devices used around the world. Its shares cost about 24 times next year's expected earnings, well above similar companies at about 18 times, while its sales grew about 6%. You pay a clear premium without extra growth for it, so the shares look overvalued.
Lilly (Eli) (LLY)
Lilly makes medicines for diabetes, weight loss and other diseases, and its sales grew about 48% in the latest quarter. Even with that surge, its shares cost about 34 times next year's expected earnings, far above similar companies at about 19 times. The growth is real, but the price has run ahead of it, so the shares look overvalued.
Merck & Co. (MRK)
Merck makes medicines and vaccines, including a leading cancer treatment. Its shares cost about 17 times next year's expected earnings, just below similar companies at about 19 times, while its sales grew about 5%. On forward earnings the shares look slightly undervalued, though past earnings make the picture less clean.
Pfizer (PFE)
Pfizer makes medicines and vaccines used around the world. Its shares cost about 11 times next year's expected earnings, far below similar companies at about 18 times, while its sales grew about 3%. On forward earnings the shares look undervalued, even though growth is slow.
Viatris (VTRS)
Viatris makes generic medicines and lower-cost versions of well-known drugs. Its shares cost about 7 times next year's expected earnings, half of what similar companies cost at about 15 times, while its sales grew about 5%. On forward earnings the shares look undervalued.
Zoetis (ZTS)
Zoetis makes medicines and vaccines for pets and farm animals. Its shares cost about 13 times next year's expected earnings, below similar companies at about 15 times, while its sales grew only about 0.3%. The shares look undervalued on price, but growth has almost stopped.
Agilent Technologies (A)
Agilent makes laboratory instruments used to test samples in science, food and industry. Its shares cost about 28 times next year's expected earnings, slightly below similar companies at about 31 times, while its sales grew about 8%, exactly in line with its group. On those numbers the shares look fairly priced.
Bio-Techne (TECH)
Bio-Techne makes proteins and other tools that laboratories use in research. Its shares cost about 36 times next year's expected earnings, above similar companies at about 31 times, while its sales grew only about 1%. You pay a premium without growth to match it, so the shares look overvalued.
Charles River Laboratories (CRL)
Charles River helps medicine makers test and develop new drugs in the laboratory. Its shares look cheaper than similar companies, but its sales shrank in the latest quarter, so the lower price may simply match weaker business. That makes the shares fairly priced, not an obvious bargain.
Danaher (DHR)
Danaher sells laboratory instruments, diagnostic tests and life-science tools. Its shares cost a little less than similar companies while its sales grow at about the same pace, but the price is still high compared with the growth on offer. That makes the shares fairly priced.
Illumina (ILMN)
Illumina sells machines that read DNA, used in research and medical testing. Its shares cost far more than similar companies — about 51 times expected earnings against about 31 times for peers — even though its sales grow only a little faster. That makes the shares overvalued.
IQVIA (IQV)
IQVIA runs clinical trials for drug companies and sells health-care data. Its shares cost much less than similar companies — about 20 times expected earnings against about 31 times for peers — while its sales grow at about the same pace. That makes the shares look undervalued.
Mettler Toledo (MTD)
Mettler Toledo sells very precise scales and measuring instruments used in laboratories and factories. Its shares cost a bit more than similar companies while its sales grow more slowly, which puts them at the expensive end of a fair price. On balance, the shares are fairly priced, with little room for disappointment.
Thermo Fisher Scientific (TMO)
Thermo Fisher sells laboratory instruments, chemicals and research services used around the world. Its shares cost about the same as similar companies while its sales grow a little faster, but the price is still full compared with that growth. That makes the shares fairly priced.
Waters (WAT)
Waters sells laboratory instruments that test liquids and chemicals for drug makers and other industries. Its shares cost about the same, for each dollar of expected earnings, as similar companies. With sales reported up sharply in the latest quarter but the price already matching peers, the shares look fairly priced.
Cardinal Health (CAH)
Cardinal Health delivers medicines and medical supplies to pharmacies, hospitals and clinics across the United States. Its shares cost a little more than similar distributors, but its sales are growing much faster, so the extra price is covered by extra growth. That makes the shares fairly priced.
Cencora (COR)
Cencora delivers medicines to pharmacies, hospitals and cancer clinics. Its shares cost less than similar distributors — about 17 times expected earnings against about 20 times for peers — while its sales are still growing. That makes the shares look undervalued.
Henry Schein (HSIC)
Henry Schein delivers dental and medical supplies to dentists, doctors and vets. Its shares cost much less than similar distributors — about 15 times expected earnings against about 20 times for peers — while its sales grow at close to the same pace. That makes the shares look undervalued.
McKesson (MCK)
McKesson delivers medicines and medical supplies to pharmacies and hospitals. Its shares cost more than similar distributors — about 21 times expected earnings against about 17 times for peers — even though its sales grow at about the same pace. That makes the shares overvalued.
Centene (CNC)
Centene provides health insurance cover for people on government programmes such as Medicaid. Its shares cost far less than similar companies — about 13 times expected earnings against about 21 times for peers — though its sales are barely growing. That gap makes the shares look undervalued, with slow growth as the main warning.
Elevance Health (ELV)
Elevance Health sells health insurance and care services. Its shares trade at roughly the same earnings multiple as similar companies, but its sales grew only 1.4% in the latest quarter, much slower than its peers. You pay a peer-level price without peer-level growth, so the shares look overvalued.
Humana (HUM)
Humana sells health insurance, mainly Medicare Advantage for older adults. Its sales grew fast, up 23.5%, but its shares trade at about 34 times expected earnings versus about 19 times for similar companies. Even allowing for the fast growth, that gap is too wide, so the shares look overvalued.
Cigna (CI)
Cigna sells health insurance and manages pharmacy benefits for employers. Its shares trade at about 9 times expected earnings versus about 15 times for similar companies, while its sales grew 6.7%, in line with the group. That discount on steady growth makes the shares look undervalued.
CVS Health (CVS)
CVS runs pharmacies, sells health insurance and operates walk-in clinics. Its shares trade at about 11 times expected earnings versus about 15 times for similar companies, while its sales grew 7.3%. Paying less than peers for above-average growth makes the shares look undervalued.
DaVita (DVA)
DaVita runs kidney dialysis clinics across the United States. Its shares trade at about 12 times expected earnings versus about 13 times for similar companies, and its sales grew 5.2%, close to the group pace. A below-peer price on near-peer growth makes the shares look undervalued.
Labcorp (LH)
Labcorp runs clinical laboratories that test blood and other samples for doctors and hospitals. Its shares trade at about 19 times expected earnings versus about 12 times for similar companies, while its sales grew 5.8%, an ordinary pace. Paying a large premium for ordinary growth makes the shares look overvalued.
Quest Diagnostics (DGX)
Quest Diagnostics runs clinical laboratories that test samples for doctors and hospitals. Its sales grew 10%, faster than its peers, but its shares trade at about 21 times expected earnings versus about 12 times for similar companies. That premium is larger than the extra growth justifies, so the shares look overvalued.
HCA Healthcare (HCA)
HCA runs hospitals across the United States. Its shares trade at about 15 times expected earnings, almost exactly the same as similar companies, while its sales grew 4.3%, a little slower than the group. The price matches what the company has delivered, so the shares look fairly priced.
Universal Health Services (UHS)
Universal Health Services runs hospitals and mental-health facilities. Its shares trade at only about 8 times expected earnings versus about 13 times for similar companies, while its sales grew 8.3%, faster than the group. That large discount on solid growth makes the shares look undervalued.
Solventum (SOLV)
Solventum sells medical products such as wound-care and sterilisation supplies, and was spun out of 3M in 2024. Its shares trade slightly below similar companies on earnings, but its sales grew only 2.2%, much slower than the group. The small discount fairly reflects the slow growth, so the shares look fairly priced.
Veeva Systems (VEEV)
Veeva sells cloud software that drug companies use to run trials and manage sales. Its shares trade at about 33 times expected earnings versus about 19 times for similar companies, which looks steep until the growth is counted: sales rose 17.6%, nearly three times the group pace. The high price is backed by high growth, so the shares look fairly priced.
Home Depot (HD)
Priced like its rivals at ~21×; fair value with the housing slump already reflected.
Airbnb (ABNB)
Airbnb runs the website and app people use to book stays in homes and apartments. Its shares cost about 30 times next year's expected profit, about twice the price of hotel and travel companies, but its sales grew about 17% in the latest quarter — much faster than those companies. That extra growth roughly pays for the higher price, so the shares read as fairly priced, with no room for a slowdown.
Amazon (AMZN)
Amazon runs online shops, the AWS cloud business and services like Prime. Its shares cost about 27 times next year's expected profit, about the same as similar large retailers, and its sales grew about 20% in the latest quarter. The price roughly matches what the business is delivering — neither a bargain nor a stretch.
Aptiv (APTV)
Aptiv makes electrical wiring systems and electronic components that connect modern cars. Its shares trade at 7.2 times expected earnings against a peer median of 10.2 times — a wide discount. The headline sales drop reflects a business separation that took effect in the latest quarter rather than customers disappearing, so on the peer test the price looks UNDERVALUED.
AutoZone (AZO)
AutoZone sells car parts and accessories. Its shares trade at about 18 times expected earnings, well below similar companies at about 26 times, while its sales grew 5.6%. That discount is wider than its slower growth seems to justify, so the shares look undervalued.
Best Buy (BBY)
Best Buy sells televisions, computers, phones and appliances. Its shares trade at about 14 times expected earnings, well below similar retail companies at about 20 times, while its sales grew 3.6%. Growth is modest and slower than the group, but the discount is large, so the shares look undervalued.
Booking Holdings (BKNG)
Booking runs the websites where many people reserve hotels and other travel online. Its shares cost about 13 times next year's expected earnings, less than half the price of similar travel companies, even though its sales grew about 8%. On the numbers delivered, the shares look undervalued.
Carnival (CCL)
Carnival runs cruise ships sailing holiday voyages across several brands. Its shares cost about 12 times next year's expected earnings, less than similar companies at about 13 times, while its sales grew about 4%. The price looks modestly undervalued, with slower growth the main reason for the discount.
Chipotle Mexican Grill (CMG)
Chipotle sells burritos and bowls through its own restaurants and is growing sales at 9.3%, more than twice the pace of similar restaurant companies. Its shares cost a bit more than those peers, but the faster growth roughly pays for that extra cost. The shares look fairly priced.
Carvana (CVNA)
Carvana buys and sells used cars online and delivers them to buyers' doors. Its shares cost about 29 times next year's expected profit, well above similar retailers at about 19 times, but its sales grew about 52% in the latest quarter — by far the fastest in its group. That growth roughly pays for the higher price today; if growth slows sharply, it will not.
DoorDash (DASH)
DoorDash runs the app people use to order restaurant food and groceries for delivery. Its shares cost about 25 times next year's expected profit, about the same as similar companies, while its sales grew about 36% in the latest quarter. Fast growth at an average price makes the shares look fairly priced — cheap-leaning, but not a clear bargain.
Deckers Brands (DECK)
Deckers sells premium footwear, including boots and running shoes. Its shares trade at about 10 times expected earnings, which sounds low, but the similar companies in its group trade at only about 7 times, and its sales grew 5.7%, the same pace as the group. Against its own group, the price is ahead, so the shares look overvalued.
D. R. Horton (DHI)
D. R. Horton builds and sells new homes across the United States. Its shares look cheap next to similar builders, but home sales are shrinking across the group and its own sales are flat, so the low price may simply reflect a weak housing market. Fairly priced until demand clearly recovers.
Domino's (DPZ)
Domino's sells pizza for delivery and takeaway and is still growing sales, at 3.4% in the latest quarter. Its shares cost about 15 times expected earnings, far less than similar restaurant companies at about 23 times. On that comparison the shares look undervalued.
Darden Restaurants (DRI)
Darden runs sit-down restaurants and grew sales 5.1% in the latest quarter, a bit faster than similar companies. Its shares cost about 19 times expected earnings, less than peers at about 23 times. On that comparison the shares look undervalued.
eBay (EBAY)
eBay runs the long-established online marketplace where people and businesses buy and sell almost anything. Its shares cost about 19 times next year's expected profit, cheaper than similar companies at about 26 times, and its sales grew about 15% in the latest quarter. Growing faster than its group while costing less makes the shares look undervalued.
Expedia Group (EXPE)
Expedia runs websites where people book hotels, holiday rentals and flights. Its shares cost about 12 times next year's expected earnings, slightly less than similar companies, while its sales grew about 14% — much faster than its group. That mix of a modest price and fast growth makes the shares look undervalued.
Ford Motor Company (F)
Ford makes cars, trucks and commercial vehicles, including a growing electric range. Its shares cost about 7 times next year's expected profit, less than similar companies at about 10 times, and its sales grew about 6% in the latest quarter. On the numbers it has delivered, the shares look cheap rather than expensive.
General Motors (GM)
General Motors makes cars and trucks under brands such as Chevrolet, GMC and Cadillac. Its shares cost under 6 times next year's expected profit, roughly half the price of similar companies, and sales grew about 3% in the latest quarter. The shares look cheap — the low price reflects a slow-growth car business, not falling sales.
Genuine Parts Company (GPC)
Genuine Parts distributes car parts and industrial parts. Its shares trade at about 15 times expected earnings, well below similar retail companies at about 20 times, and its sales are still growing, just more slowly than the group. That gap makes the shares look undervalued, though earnings over the past year are very thin next to the price.
Garmin (GRMN)
Garmin sells GPS, fitness, outdoor, marine and aviation devices. Its shares trade at about 26 times expected earnings, far above the similar companies in its group at about 7 times, while its sales grew a strong 12.2%. The growth is real, but the price is well ahead of the group, so the shares look overvalued — not a bubble, because 26 times is not an extreme price on its own.
Hasbro (HAS)
Hasbro makes toys and games and owns well-known entertainment brands. Its shares look expensive next to the car companies it is grouped with, but its sales are growing fast and the price is moderate for that growth. Fairly priced — the high comparison is mostly the odd peer group, not the price itself.
Hilton Worldwide (HLT)
Hilton runs and franchises hotels around the world. Its shares cost about 35 times next year's expected earnings — well over double the price of similar travel companies — while its sales grew about 7%, in line with its group. The price assumes much stronger growth than the company has delivered, which makes it look like a bubble.
Lennar (LEN)
Lennar builds and sells new homes. Its shares cost more than similar builders even though its sales are falling at the same pace as the rest of the group. You pay a premium and get a shrinking business in return — overvalued.
Lowe's (LOW)
Lowe's sells home-improvement goods, appliances and building materials. Its shares cost about the same as similar companies in its group, and it is one of the few in that group whose sales are still growing. Fairly priced — a fair price for steady growth, not a bargain.
Lululemon Athletica (LULU)
Lululemon sells athletic and yoga-inspired clothing. Its shares look cheap at about 13 times expected earnings, against similar companies at about 20 times, but its sales fell 4.3% in the latest quarter. A cheap price for a business that is currently shrinking reads as fair, not as a bargain.
Las Vegas Sands (LVS)
Las Vegas Sands runs large casino resorts with hotels and convention space. Its shares cost about 12 times next year's expected earnings, slightly less than similar companies, but its sales fell about 4% in the latest quarter. A cheap-looking price on shrinking sales is not a clear bargain, so the shares look fairly priced.
Marriott International (MAR)
Marriott runs and franchises hotels around the world. Its shares cost about 32 times next year's expected earnings — more than double the price of similar travel companies — even though its sales grew only about 5%. The price assumes much stronger growth than the company has delivered, which makes it look like a bubble.
McDonald's (MCD)
McDonald's is a huge, steady fast-food business selling at about 19 times expected earnings, less than similar restaurant companies at about 23 times. Sales are still growing, just slowly. On that comparison the shares look undervalued, though growth is modest.
MGM Resorts (MGM)
MGM runs casino resorts with hotels and entertainment venues. Its shares cost about 22 times next year's expected earnings, well above similar companies at about 12 times, while its sales grew only about 1%. The price is well ahead of the growth delivered, so the shares look overvalued.
Norwegian Cruise Line Holdings (NCLH)
Norwegian Cruise Line runs cruise ships sailing holiday voyages. Its shares cost about 13 times next year's expected earnings, close to similar companies at about 12 times, while its sales grew about 5%. The price looks broadly fair — neither cheap enough nor expensive enough to stand out.
Nike (NKE)
Nike sells athletic shoes and clothing worldwide. Its sales are currently shrinking, yet its shares cost more than twice as much, per dollar of expected earnings, as similar fashion companies. That is a bubble: the price assumes a comeback that has not happened yet.
NVR (NVR)
NVR builds and sells new homes, mainly under the Ryan Homes name. Its shares cost more than most rival builders even though its sales are shrinking the fastest in the group. A higher price for weaker results — overvalued.
O'Reilly Automotive (ORLY)
O'Reilly sells car parts and accessories. Its shares trade at about 26 times expected earnings, almost the same as similar companies at about 25 times, and its sales grew 8.1%, the same pace as the group. The price and the performance line up, so the shares look fairly priced.
PulteGroup (PHM)
PulteGroup builds and sells new homes. Its shares are the cheapest among the big builders, but its sales are falling faster than the group's, so the low price reflects real weakness rather than a clear bargain. Fairly priced while housing demand keeps falling.
Royal Caribbean Group (RCL)
Royal Caribbean runs large cruise ships sailing holiday voyages around the world. Its shares cost about 15 times next year's expected earnings — about half the price of similar travel companies — while its sales grew about 9%. On the numbers delivered, the shares look undervalued.
Ralph Lauren (RL)
Ralph Lauren sells premium clothing and accessories and grew sales a strong 14% in the latest quarter. Its shares still cost about 42% more than similar clothing companies for each dollar of expected profit. The strong growth helps, but not enough at this price, so the shares look overvalued.
Ross Stores (ROST)
Ross Stores sells discounted brand-name clothing and home goods. Its shares cost about the same as similar retailers, and its sales are growing faster than the group's. Fairly priced — full price, but backed by real growth.
Starbucks (SBUX)
Starbucks sells coffee through thousands of stores, but its sales shrank slightly in the latest quarter. Its shares still cost about 35 times expected earnings, far more than similar restaurant companies at about 19 times. That price assumes a strong recovery that has not yet shown up, so the shares look overvalued.
TJX Companies (TJX)
TJX runs off-price stores such as T.J. Maxx and Marshalls, selling brand-name goods at a discount. Its shares cost almost exactly what similar retailers cost, and its sales are growing steadily, if a bit slower than the group. Fairly priced.
Tapestry (TPR)
Tapestry sells Coach and Kate Spade handbags and fashion accessories. Its shares cost much less than similar fashion companies even though its sales are growing much faster. On the numbers delivered, the shares look undervalued.
Tractor Supply (TSCO)
Tractor Supply sells farm, ranch, pet and outdoor supplies. Its shares trade at about 16 times expected earnings, below similar retail companies at about 20 times, while its sales grew a slow 2.3%. The growth is weak, but the shares are cheaper than the group, so they look undervalued.
Tesla (TSLA)
Tesla makes electric cars, batteries and solar products, and its car business is large and real. But the shares cost about 187 times next year's expected profit, while similar companies cost about 10 times, and its latest sales were slightly down on a year ago. At this price, buyers are paying for a future far bigger than anything the company has delivered so far.
Ulta Beauty (ULTA)
Ulta Beauty sells make-up, skincare and salon services. Its shares trade at about 20 times expected earnings, above similar retail companies at about 16 times, while its sales grew 8.9%, only a little faster than the group. You pay a clear premium for almost no extra growth, so the shares look overvalued.
Williams-Sonoma (WSM)
Williams-Sonoma sells cookware, furniture and home goods and grew sales 6.7% in the latest quarter. Its shares cost about 25 times expected earnings, far more than similar retailers at about 16 times, even though its growth is slower than theirs. The shares look overvalued.
Wynn Resorts (WYNN)
Wynn runs luxury casino resorts with hotels and fine dining. Its shares cost about 18 times next year's expected earnings, well above similar companies at about 12 times, while its sales grew about 7% — about the same as its group. Buyers are paying a premium without getting faster growth for it, so the shares look overvalued.
Yum! Brands (YUM)
Yum! Brands runs well-known fast-food chains and is growing sales faster than most restaurant companies. Its shares, though, cost about a quarter more than similar companies for each dollar of expected profit, and that extra cost is high for the growth on offer. The shares look overvalued.
Procter & Gamble (PG)
A full price for reliability — ~23× for a steady business growing sales about 4%.
Archer Daniels Midland (ADM)
Archer Daniels Midland buys, processes and trades crops that end up in food, animal feed and fuel. Its shares trade at about 13 times expected earnings, close to similar food and agriculture companies at about 12 times, while sales grew about 7%. That makes the shares look fairly priced — neither a clear bargain nor clearly expensive.
Bunge Global (BG)
Bunge trades and processes oilseeds and grains that go into food, animal feed and fuel. Its shares trade at under 10 times expected earnings, well below similar companies at about 14 times, even though its sales grew very fast in the latest quarter. On those numbers the shares look undervalued — cheap next to peers, with no sign in the brief that sales are shrinking.
Casey's (CASY)
Casey's runs convenience stores that sell fuel, groceries and freshly made food. Its shares trade at about 32 times expected earnings, almost double similar retailers at about 16 times, even though its sales grew a strong 24%. The growth is real, but the price already pays for much more of it than peers charge, so the shares look overvalued.
Church & Dwight (CHD)
Church & Dwight makes everyday household and personal care products, including Arm & Hammer baking soda and laundry items. Its shares trade at about 27 times expected earnings, well above similar companies at about 16 times, while its sales grew only about 2%. Buyers are paying a premium price for slow growth, so the shares look overvalued.
Colgate-Palmolive (CL)
Colgate-Palmolive makes toothpaste and other everyday oral and personal care products sold around the world. Its shares trade at about 24 times expected earnings, above similar companies at about 16 times, while its sales grew about 5%. That growth is steady but does not justify the extra price, so the shares look overvalued.
Clorox (CLX)
Clorox makes bleach, cleaning sprays, wipes and other home care staples. Its shares trade at about 15 times expected earnings, well below similar household products companies at about 24 times, though its sales were almost flat in the latest quarter. The price looks cheap next to peers, so the shares are labelled undervalued, with flat sales as the thing to watch.
Costco (COST)
Costco runs warehouse clubs where members pay a yearly fee to buy groceries and household goods in bulk at low prices. Its shares trade at about 43 times expected earnings, nearly three times similar retailers at about 16 times, while its sales grew about 11%. That price needs growth to speed up a lot from here, which is why the shares carry a bubble label rather than just expensive.
Dollar General (DG)
Dollar General runs small discount stores selling groceries and household basics, mostly in smaller towns. Its shares trade at about 16 times expected earnings, about the same as similar retailers, while its sales grew about 5%. Price and growth line up with peers, so the shares look fairly priced.
Dollar Tree (DLTR)
Dollar Tree runs discount stores selling everyday goods at low prices. Its shares cost a little more than similar retailers, but its sales are growing a little faster too. On balance the price looks fair — neither a bargain nor expensive.
Estée Lauder Companies (The) (EL)
Estée Lauder sells well-known beauty and skin care brands around the world. Its shares cost about twice what similar companies cost, while its sales grew a modest 6.3%. That price asks for a strong recovery that has not yet arrived, so the shares look overvalued.
General Mills (GIS)
General Mills makes familiar packaged foods and pet food. Its shares look cheap next to similar food companies, but its sales are shrinking while rivals grow. Until sales turn back up, the low price looks fair rather than a bargain.
Hormel Foods (HRL)
Hormel sells branded meats and packaged foods. Its share price is close to what similar food companies cost, but its sales fell 2.4% and recent profits have been thin. Paying an average price for a shrinking business makes the shares look overvalued.
Hershey Company (The) (HSY)
Hershey makes chocolate and sweets that sell steadily. Its shares cost about 43% more than similar food companies, while its sales grew only a little faster than theirs. That extra price is not matched by extra growth, so the shares look overvalued.
Keurig Dr Pepper (KDP)
Keurig Dr Pepper sells soft drinks and coffee, including Keurig machines and pods. Its shares cost slightly less than similar drinks companies, and its reported sales jumped sharply in the latest quarter. Even so, its profit-based measures are not cheap enough to call it a bargain, so the price looks fair.
Kraft Heinz (KHC)
Kraft Heinz sells packaged foods, sauces and condiments found in most supermarkets. Its shares cost about the same as similar food companies, but its sales are shrinking while rivals grow. An average price for a shrinking business makes the shares look overvalued.
Kimberly-Clark (KMB)
Kimberly-Clark makes everyday paper and personal care products such as tissues and diapers. Its shares cost far less than similar companies, even though its sales are growing only slowly. That gap is wide enough that the shares look undervalued, with slow growth the main risk.
Coca-Cola Company (The) (KO)
Coca-Cola sells drinks all over the world and is growing sales at a healthy pace. Even so, its shares cost about 70% more per dollar of expected profit than similar drinks and tobacco companies. That makes the shares overvalued — a strong company priced well ahead of what it has delivered.
Kroger (KR)
Kroger runs one of America's largest supermarket chains, selling food and everyday goods. Its shares cost less per dollar of expected profit than similar retailers, and its sales are still growing slowly. That makes the shares look undervalued, though the cheap price partly reflects very thin grocery profit margins.
Kenvue (KVUE)
Kenvue sells well-known health and personal care brands for skin, mouths and babies. Its shares cost about a third less per dollar of expected profit than similar personal care companies, while its sales grow a little faster than theirs. That makes the shares look undervalued on the evidence available.
Mondelez International (MDLZ)
Mondelez makes snack foods sold around the world, including biscuits and chocolate. Its shares cost about 60% more per dollar of expected profit than similar food companies, even though its sales growth is only moderately faster. That makes the shares overvalued — the price asks for more growth than the company has delivered.
McCormick & Company (MKC)
McCormick sells the spices and seasonings found in most kitchen cupboards, and its sales jumped sharply in the latest quarter. Its shares still cost about 20% more per dollar of expected profit than similar food companies, and profits have not grown as fast as sales. That makes the shares slightly overvalued until earnings catch up.
Monster Beverage (MNST)
Monster sells energy drinks, and its sales are growing very fast — about 20% in the latest quarter. Even so, its shares cost more than two and a half times what similar drinks companies cost per dollar of expected profit. The price only works if growth gets even faster and stays there for years, which makes it a bubble price.
Altria (MO)
Altria sells cigarettes and other nicotine products in the United States, and its sales have nearly stopped growing. Its shares cost less per dollar of expected profit than similar drinks and tobacco companies. That makes the shares look undervalued on price, though the flat sales are the reason they are cheap.
PepsiCo (PEP)
PepsiCo sells Pepsi drinks and a large range of snack foods, and its sales are growing steadily at about the same pace as its rivals. Its shares cost about the same per dollar of expected profit as similar companies. That makes the shares fairly priced — neither a bargain nor expensive.
Philip Morris International (PM)
Philip Morris sells cigarettes and smoke-free nicotine products and grows steadily at about 5 to 6% a year. Its shares cost about 23 times next year's expected earnings, while similar drinks and tobacco companies cost about 16 times. You are paying a large premium for growth that is no faster than the group's, so the shares look overvalued.
J.M. Smucker Company (The) (SJM)
Smucker sells familiar packaged foods such as peanut butter, jam and coffee, and its sales grew about 5% in the latest quarter. Its shares cost about 12 times next year's expected earnings, slightly less than similar food companies at about 14 times. That small discount matches its slightly slower growth, so the shares look fairly priced.
Constellation Brands (STZ)
Constellation sells beer, wine and spirits, and its sales grew about 6% in the latest quarter, a little faster than its group. Its shares cost about 11 times next year's expected earnings, while similar drinks companies cost about 16 times. That gap, with sales still growing, makes the shares look undervalued.
Sysco (SYY)
Sysco delivers food and supplies to restaurants and institutions across the country, and its sales grew about 5% in the latest quarter. Its shares cost about 16 times next year's expected earnings, almost exactly the same as similar retail and distribution companies. The price matches the business, so the shares look fairly priced.
Target (TGT)
The company runs large discount stores selling groceries and everyday goods, and its sales grew about 5% in the latest quarter. Its shares cost about 16 times next year's expected earnings, about the same as similar retailers and distributors. The price fits the growth on offer, so the shares look fairly priced.
Tyson Foods (TSN)
Tyson processes and sells chicken, beef and pork, and its sales were flat in the latest quarter while other food companies grew about 6%. Even so, its shares cost about 16 times next year's expected earnings, more than similar food companies at about 12 times. Paying the group's highest price for no growth makes the shares look overvalued.
Walmart (WMT)
Walmart runs superstores selling groceries and everyday goods, and its sales grew about 6% in the latest quarter, about the same as its group. Its shares cost about 40 times next year's expected earnings, roughly two and a half times what similar retailers cost. A price that high only works if growth speeds up a lot, and so far it has not, which puts the shares in bubble territory.
Brown–Forman (BF.B)
Brown-Forman distils and sells whiskey and other spirits, and its sales fell about 1% in the latest quarter while its drinks group grew about 6%. Its shares cost about 17 times next year's expected earnings, a bit more than similar companies at about 14 times. Paying a premium while sales shrink makes the shares look overvalued.
Caterpillar (CAT)
Strong sales (+24%) and profit (+68%); fairly priced after a one-third fall from its peak.
3M (MMM)
3M makes a wide range of everyday and industrial products, from adhesives and safety gear to healthcare supplies. Its shares trade at about 18 times expected earnings, much the same as similar companies, while sales grew only about 1% in the latest quarter. That makes the price look fair — neither a bargain nor expensive for the slow growth on offer.
DuPont (DD)
DuPont makes specialty materials and chemicals used in areas such as clean water, healthcare and industry. Its shares trade at about 18 times expected earnings, in line with similar companies at about 18 times. On that comparison the price looks fair, and the sharp fall in reported sales reflects a business that was split off, not customers disappearing.
Honeywell Technologies (HON)
Honeywell makes automation, building controls and industrial technology used in factories, buildings and warehouses. Its shares trade at about 23 times expected earnings, well above similar companies at about 18 times. That premium is not matched by the growth measures available, so the shares look overvalued.
A. O. Smith (AOS)
A. O. Smith makes water heaters and water treatment products for homes and businesses. Its shares trade at about 16 times expected earnings, close to similar companies, even though its sales fell slightly in the latest quarter while the wider group grew. Paying a normal price for a company whose sales are shrinking makes the shares look overvalued.
Allegion (ALLE)
Allegion makes locks, door hardware and electronic security products for buildings. Its shares trade at about 18 times expected earnings, a small premium to similar companies, while sales grew about 10% in the latest quarter, matching the wider group. That combination makes the price look fair — the small premium is backed by solid growth.
Carrier Global (CARR)
Carrier makes heating, air conditioning and refrigeration equipment for buildings and transport. Its shares trade at about 19 times expected earnings, far below similar companies at about 28 times, while sales still grew about 2% in the latest quarter. That large discount on a company that is still growing makes the shares look undervalued.
Johnson Controls (JCI)
Johnson Controls sells equipment and services that heat, cool and secure large buildings. Its shares trade at about 25 times expected earnings, just below similar companies at about 28 times, while sales grew about 8% in the latest quarter. That small discount, with growth close to the group pace, makes the shares look undervalued — though only just.
Lennox International (LII)
Lennox makes heating and air conditioning systems for homes and businesses. Its shares trade at about 14 times expected earnings, well below similar companies at about 17 times, while sales grew about 6% in the latest quarter. That clear discount on a growing company makes the shares look undervalued.
Masco (MAS)
Masco makes faucets, paint and other home improvement products. Its shares trade at about 17 times expected earnings, close to similar companies, while sales grew only about 3% against about 10% for the wider group. Paying a full price for growth well below the group pace makes the shares look overvalued.
Trane Technologies (TT)
Trane Technologies makes heating and air conditioning systems for buildings, plus refrigeration for transport. Its shares trade at about 28 times expected earnings, in line with similar companies, while sales grew about 11% in the latest quarter, slightly faster than the wider group. The price looks fair — full, but matched by growth at the group pace or better.
Ametek (AME)
Ametek makes precision instruments and electronic components used by factories, laboratories and other industries. Its shares trade at about 28 times expected earnings, in line with similar companies, while sales grew about 15% in the latest quarter, faster than the wider group. The price looks fair — the strong growth helps justify a full multiple, but there is no discount.
Bloom Energy (BE)
Bloom Energy makes fuel-cell systems that generate electricity on site for businesses. Its shares trade at about 46 times expected earnings, far above similar companies at about 27 times, but sales more than doubled in the latest quarter. Growth that fast can support an unusually high price for now, so the shares look fairly priced rather than cheap or clearly too expensive.
Eaton (ETN)
Eaton makes electrical equipment that distributes and manages power in buildings and factories. Its shares trade at about 26 times expected earnings, slightly below similar companies, while sales grew about 21% in the latest quarter, more than twice the group pace. The price looks fair — strong growth offsets a full multiple, but the discount is too small and the growth-adjusted price too high to call it undervalued.
Emerson Electric (EMR)
Emerson Electric makes automation and electrical equipment that helps factories and large buildings run more efficiently. Its shares cost less per dollar of expected earnings than similar companies, even though sales still grew 7.0%. That makes the shares look undervalued — cheaper than peers without a shrinking business behind the lower price.
Rockwell Automation (ROK)
Rockwell Automation makes hardware and software that control factory production lines. Its shares cost a little more than similar companies, and its sales grew 7.9%, close to the group pace. That balance makes the shares look fairly priced — neither a clear bargain nor clearly expensive.
Vertiv (VRT)
Vertiv makes power and cooling equipment that keeps data centres running. Its shares cost about the same as similar companies, while sales grew a rapid 24.1%. That makes the shares look fairly priced — fast growth supports the price, but the price is not low enough to call them cheap.
GE Vernova (GEV)
GE Vernova makes power generation, grid and wind equipment for utilities and energy companies. Its shares cost much more than similar companies, but sales grew 26.8% and earnings growth keeps the high price in line with growth on the PEG measure. That makes the shares look fairly priced on growth, even though the headline multiple is high.
Generac (GNRC)
Generac makes standby and portable generators that provide backup power for homes and businesses. Its shares cost slightly less than similar companies, while sales grew 10.6%. That makes the shares look fairly priced — a small discount, but not large enough, on the growth-adjusted measure, to call them undervalued.
Automatic Data Processing (ADP)
Automatic Data Processing provides payroll and human-resources software and services that employers use to pay and manage staff. Its shares cost a little more than similar companies, while sales grew a modest 6.8% at about the group pace. That makes the shares look overvalued — a small premium without extra growth to pay for it.
Paychex (PAYX)
Paychex provides payroll and human-resources services to small and mid-sized businesses. Its shares cost slightly less than similar companies, while sales grew a modest 5.9%. That makes the shares look fairly priced — the small discount is not enough, on growth and the growth-adjusted measure, to call them undervalued.
Broadridge Financial Solutions (BR)
Broadridge provides investor communications and technology services to banks, brokers and companies. Its shares cost less per dollar of expected earnings than similar companies, while sales grew 7.5%. That makes the shares look undervalued — cheaper than peers while the business is still growing.
Equifax (EFX)
Equifax provides credit reports, data and analytics that lenders and other businesses use to make decisions. Its shares cost about the same as similar companies, while sales grew 9.6%, faster than the group pace. That makes the shares look fairly priced — the price matches peers and the growth delivered supports it.
Verisk Analytics (VRSK)
Verisk provides data and analytics that help insurers and other companies judge risk. Its shares cost more than similar companies, while sales grew only 3.9%, well below the group pace. That makes the shares look overvalued — a premium price without the growth to back it.
Fastenal (FAST)
Fastenal distributes fasteners and industrial supplies to factories and construction sites. Its shares cost nearly twice as much per dollar of expected earnings as similar companies, even though sales grew a strong 15.5%. That makes the shares look overvalued — the growth is strong, but not strong enough for such a large premium.
Ferguson Enterprises (FERG)
Ferguson distributes plumbing, heating and building supplies to tradespeople and businesses. Its shares cost about the same as similar companies, while sales grew a slow 3.0%. That makes the shares look fairly priced — no large premium to pay for, even though growth is slow.
United Rentals (URI)
United Rentals rents construction and industrial equipment to businesses and job sites. Its shares cost less per dollar of expected earnings than similar companies, while sales grew a rapid 22.5%. That makes the shares look undervalued — cheaper than peers while growth is much faster than the group pace.
Axon Enterprise (AXON)
Axon makes Tasers, body cameras and software for police forces, and it is growing fast, with sales up 35.3% in the latest quarter. Even so, the share price asks far more than similar companies charge for their earnings — more than double — and the price only works if growth speeds up well beyond what has been delivered so far. That is bubble territory: a good business priced as if nothing can go wrong.
Boeing (BA)
Boeing builds passenger jets and military aircraft, and its sales grew only 3.9% in the latest quarter, well behind similar companies. Because its profits are currently very low, the price works out at nearly eight times the earnings multiple of its peers, which only makes sense if profits recover sharply and quickly. Until that recovery is delivered rather than expected, the shares are in bubble territory.
GE Aerospace (GE)
GE Aerospace builds and services jet engines, and its sales grew 15.9% in the latest quarter, faster than similar companies. The shares, though, cost about two-thirds more per dollar of expected earnings than those peers, and that extra price is bigger than the extra growth. The business is strong, but the shares look overvalued.
General Dynamics (GD)
General Dynamics builds warships, submarines, armoured vehicles and business jets, and its sales grew 10.3% in the latest quarter, close to the pace of similar companies. Despite that, its shares cost less per dollar of expected earnings than those peers charge. With sales still growing, that discount is not explained by a shrinking business, so the shares look undervalued.
Honeywell Aerospace (HONA)
Honeywell Aerospace makes aircraft engines, cockpit systems and other equipment for aircraft, and it became a separate listed company in 2026. Its shares cost less per dollar of expected earnings than similar companies charge, which on the evidence available makes them look undervalued. That view is less firm than usual, because the company has only two quarters of its own published results so far.
Howmet Aerospace (HWM)
Howmet Aerospace makes the metal parts and fasteners that go into aircraft engines and airframes, and its sales grew 24.1% in the latest quarter, more than double the pace of similar companies. Its shares do cost a lot more than those peers per dollar of earnings, but here the faster growth pays for that extra price. On balance the shares look fairly priced — expensive, but earned.
Huntington Ingalls Industries (HII)
Huntington Ingalls builds aircraft carriers and submarines for the US Navy, and its sales grew 10.9% in the latest quarter, right in line with similar companies. Its shares, though, cost about a third less per dollar of expected earnings than those peers charge. With sales growing rather than shrinking, that gap makes the shares look undervalued.
L3Harris (LHX)
L3Harris makes radios, sensors and other electronics for military and space customers, and its sales grew 8.4% in the latest quarter. Its shares cost less per dollar of expected earnings than similar companies charge, even though the business is still growing. That makes the shares look undervalued, though its growth is a little slower than the group's.
Lockheed Martin (LMT)
Lockheed Martin builds fighter jets, missiles and space systems, mostly for the US government, and its sales grew 11.3% in the latest quarter, matching similar companies. Its shares nevertheless cost less per dollar of expected earnings than those peers charge. Growing at the group pace for a below-group price makes the shares look undervalued.
Northrop Grumman (NOC)
Northrop Grumman builds military aircraft, missile defence and space systems, and its sales grew 6.7% in the latest quarter, slower than similar companies. Its shares cost a little less per dollar of expected earnings than those peers charge, so they look undervalued. The margin is thin, though, and the slower growth is a reason for caution.
RTX (RTX)
RTX builds aircraft engines, missiles and defence electronics, and its sales grew 11.1% in the latest quarter, the same pace as similar companies. Its shares, though, cost about a quarter more per dollar of expected earnings than those peers charge, with no extra growth to show for it. That makes the shares look overvalued.
Textron (TXT)
Textron makes business jets, helicopters and industrial vehicles, and its sales grew only 3.0% in the latest quarter, well behind similar companies. Its shares are priced at barely half the earnings multiple those peers charge, a much bigger gap than the slower growth explains. The shares look undervalued, with the slow growth as the main caution.
TransDigm Group (TDG)
TransDigm makes aircraft parts and sells the replacements that airlines and repair shops need, and its sales grew 22.5% in the latest quarter, double the pace of similar companies. Its shares cost a little more per dollar of expected earnings than those peers charge, and the strong growth almost — but not quite — covers that extra price. The shares look slightly overvalued.
C.H. Robinson (CHRW)
C.H. Robinson arranges freight shipments for businesses, matching loads with trucks and carriers rather than owning most of the transport itself. Its latest-quarter revenue grew 19.3%, faster than its group, yet its shares cost much less per dollar of expected earnings than similar companies. That gap is why the shares look undervalued — cheaper than peers while growing faster.
Expeditors International (EXPD)
Expeditors arranges international air and ocean freight and handles customs paperwork for importers and exporters. Its revenue grew a very strong 32.1% in the latest quarter, but its shares still cost far more per dollar of expected earnings than similar companies — more than even that growth explains. The shares look overvalued.
FedEx (FDX)
FedEx picks up, sorts and delivers parcels and freight around the world through its own network of aircraft, trucks and hubs. Revenue grew 12.5% in the latest quarter, yet the shares cost far less per dollar of expected earnings than similar companies. The shares look undervalued.
United Parcel Service (UPS)
UPS delivers parcels around the world through its own network of trucks, aircraft and sorting hubs. Revenue grew 7.6% in the latest quarter and the shares cost less per dollar of expected earnings than similar companies, though expected earnings growth is slow for the price, which tempers the discount. On balance the shares look undervalued.
CSX (CSX)
CSX runs freight trains across the eastern United States, carrying containers, coal, chemicals and other goods for industry. Revenue grew 12.0% in the latest quarter, slower than its group, yet the shares cost much more per dollar of expected earnings than similar companies. The shares look overvalued.
Norfolk Southern (NSC)
Norfolk Southern runs freight trains across the eastern United States, carrying containers, coal, chemicals and other goods. Revenue grew 13.6% in the latest quarter, slower than its group, yet the shares cost about one and a half times the peer level per dollar of expected earnings. The shares look overvalued.
Union Pacific (UNP)
Union Pacific runs freight trains across the western and central United States, carrying containers, grain, chemicals and other goods. Revenue grew 15.3% in the latest quarter, exactly the group pace, yet the shares cost more per dollar of expected earnings than similar companies. The shares look overvalued.
J.B. Hunt (JBHT)
J.B. Hunt moves freight by truck and in rail containers and handles deliveries for large retailers across North America. Revenue grew 20.4% in the latest quarter, ahead of its group, but the shares cost well above the peer level per dollar of expected earnings — more than that extra growth explains. The shares look overvalued.
Old Dominion (ODFL)
Old Dominion runs a trucking network for smaller, less-than-truckload freight shipments across North America. Revenue grew 10.4% in the latest quarter, slower than its group, yet the shares cost nearly twice the peer level per dollar of expected earnings. The shares look overvalued, though the outright price multiple is not extreme enough to call a bubble.
Delta Air Lines (DAL)
Delta flies passengers and cargo across the United States and internationally. Revenue grew 21.1% in the latest quarter, faster than its group, yet the shares cost about half the peer level per dollar of expected earnings. The shares look undervalued.
Southwest Airlines (LUV)
Southwest flies passengers mostly within the United States on direct routes between cities. Revenue grew 21.2% in the latest quarter, faster than its group, yet the shares cost far less per dollar of expected earnings than similar companies. The shares look undervalued.
United Airlines Holdings (UAL)
United flies passengers and cargo across the United States and internationally through large hub airports. Revenue grew 17.4% in the latest quarter, faster than its group, yet the shares cost about half the peer level per dollar of expected earnings. The shares look undervalued.
Uber (UBER)
Uber's apps match riders with drivers and deliver restaurant food and groceries in cities around the world. Revenue grew 12.2% in the latest quarter and the shares cost less per dollar of expected earnings than the peer group, with a low PEG of 0.60. The shares look undervalued.
Cintas (CTAS)
Cintas rents and cleans work uniforms and supplies everyday workplace items to businesses, a steady and profitable line of work. Its shares, though, cost more than twice as much per dollar of expected earnings as similar companies, while sales grew 10.9% in the latest quarter. That price only makes sense if growth speeds up sharply from here, so the shares sit in bubble territory.
Copart (CPRT)
Copart runs online auctions for damaged and recovered cars, mostly for insurance companies. Its shares cost almost exactly what similar companies cost per dollar of expected earnings, and sales grew a modest 2.4% in the latest quarter. Nothing in that mix is clearly cheap or clearly expensive, so the shares are fairly priced.
Leidos (LDOS)
Leidos sells technology, engineering and health services, mainly to the United States government. Its shares cost far less per dollar of expected earnings than similar companies, yet sales still grew 7.4% in the latest quarter. Paying much less for a business that is still growing makes the shares undervalued.
Comfort Systems USA (FIX)
Comfort Systems installs and looks after heating, cooling and plumbing systems in offices and other commercial buildings. Its shares cost a little more than similar companies per dollar of expected earnings, but sales jumped 53.7% in the latest quarter, far faster than its group. That exceptional growth supports the price, so the shares are fairly priced.
Emcor (EME)
EMCOR does electrical and mechanical work on large buildings and industrial sites, from first installation to ongoing servicing. Its shares cost about the same as similar companies per dollar of expected earnings, and sales grew 19.8% in the latest quarter, matching its group. Price and performance line up, so the shares are fairly priced.
Jacobs Solutions (J)
Jacobs designs and manages big building and infrastructure projects, including water, transport and advanced facilities. Its shares cost about the same as similar companies per dollar of expected earnings, while sales grew a strong 34.5% in the latest quarter. The price fits what the business has delivered, so the shares are fairly priced.
Quanta Services (PWR)
Quanta builds and maintains the power lines, grid equipment and communications networks that utilities rely on. Its shares cost far more than similar companies per dollar of expected earnings, but sales grew 41.1% in the latest quarter, more than double its group's pace. Growth that fast can support a high price for now, so the shares are fairly priced.
Cummins (CMI)
Cummins makes engines and power generators used in trucks, heavy machines and factories around the world. Its shares cost well below what similar companies cost per dollar of expected earnings, and sales still grew 9.4% in the latest quarter. Paying less for a business that is still growing makes the shares undervalued.
Paccar (PCAR)
PACCAR builds heavy trucks under names such as Kenworth, Peterbilt and DAF, and sells the parts to keep them running. Its shares cost well below what similar companies cost per dollar of expected earnings. Sales barely grew, up 0.5%, but they did not fall, so the low price still makes the shares undervalued.
Wabtec (WAB)
Wabtec makes brakes, doors and electronics for freight and passenger trains. Its shares cost more than similar companies per dollar of expected earnings, even though sales grew only 8.1% in the latest quarter, much slower than its group. Paying a premium for below-average growth makes the shares overvalued.
Deere & Company (DE)
Deere makes the green tractors, combines and other farm machines seen in fields around the world, plus construction equipment. Its shares cost well above what similar companies cost per dollar of expected earnings, while sales grew only 4.9% in the latest quarter. That premium is not matched by growth, so the shares are overvalued.
W. W. Grainger (GWW)
Grainger sells the everyday supplies businesses need to keep running — tools, safety gear, motors and spare parts. Its shares cost well above what similar companies cost per dollar of expected earnings, and sales grew 10.3% in the latest quarter, only a little faster than its group. That is not enough extra growth to justify the premium, so the shares are overvalued.
Xylem (XYL)
Xylem makes pumps, meters and treatment equipment that move, measure and clean water for cities and industry. Its shares cost less than similar companies per dollar of expected earnings, but sales fell 3.0% in the latest quarter. A low price on a shrinking business is not yet a bargain, so the shares are fairly priced.
Dover (DOV)
Dover makes a wide range of industrial equipment used in factories, fuel stations and cold storage. Its shares cost about the same as similar machinery companies, and its sales are growing at about the same pace. That makes the price look fair — neither a bargain nor expensive.
Fortive (FTV)
Fortive makes precision instruments and testing equipment used by factories, hospitals and utilities. Its shares cost more than similar machinery companies, even though its sales are growing only a little faster than theirs. Without faster growth to pay for the extra cost, the shares look overvalued.
Hubbell Incorporated (HUBB)
Hubbell makes electrical equipment that connects buildings and factories to the power grid. Its shares cost a little more than similar companies, but its sales are growing much faster than theirs. On balance the extra cost and the extra growth roughly balance out, so the shares look fairly priced.
IDEX (IEX)
IDEX makes pumps and fluid-handling equipment used in factories, farms and medical settings. Its shares cost well above similar machinery companies, even though its sales are growing more slowly than theirs. Paying a large premium for slower growth makes the shares look overvalued.
Illinois Tool Works (ITW)
Illinois Tool Works makes a wide range of industrial products, from fasteners and welding equipment to car parts. Its shares cost a little more than similar companies, with steady sales growth a touch below the group pace. The small premium looks broadly in line with what it has delivered, so the shares look fairly priced.
Ingersoll Rand (IR)
Ingersoll Rand makes air compressors and pumps used in factories and industry around the world. Its shares cost a little more than similar machinery companies, and its sales growth is only a little faster than theirs. The small extra growth does not quite pay for the extra cost, so the shares look overvalued.
Nordson (NDSN)
Nordson makes machines that precisely apply glues and coatings when products are made and packaged. Its shares cost well above similar machinery companies, even allowing for its faster sales growth. The premium is much larger than the extra growth, so the shares look overvalued.
Otis Worldwide (OTIS)
Otis makes elevators and escalators and earns steady income looking after them. Its shares cost a little less than similar companies, and its sales are growing at the same pace as theirs. That small discount is not large enough to call it a bargain, so the shares look fairly priced.
Parker Hannifin (PH)
Parker Hannifin makes parts that control movement in machines, trucks and aircraft. Its shares cost a lot in absolute terms, but so do similar companies, and its sales are growing faster than the group's. Compared with its peers the price looks fair, even though none of these shares are cheap.
Pentair (PNR)
Pentair makes pool equipment and products that clean and move water. Its shares look cheap next to similar companies, but its sales are shrinking while theirs are growing. Once that fall in sales is allowed for, the low price looks fair rather than a bargain.
Snap-on (SNA)
Snap-on makes high-end tools and diagnostic equipment for professional mechanics. Its shares cost less than similar companies, but its sales are slightly shrinking while theirs are growing. Allowing for that weaker sales picture, the shares look fairly priced rather than a clear bargain.
Stanley Black & Decker (SWK)
Stanley Black & Decker makes power tools and outdoor equipment sold to builders and homeowners. Its shares cost well below similar companies, and while its sales growth is slow, sales are still growing rather than falling. That makes the discount look larger than the weak growth justifies, so the shares look undervalued.
Republic Services (RSG)
Republic Services collects waste and recycling and runs landfills across North America. Its shares cost more than similar waste and services companies, even though its sales are growing more slowly than theirs. Paying a premium for slower growth makes the shares look overvalued.
Rollins (ROL)
Rollins provides pest control for homes and businesses, mainly through its Orkin brand. Its shares cost a lot for the growth on offer, but similar services companies cost about the same, and its sales are growing a little faster than theirs. Compared with its peers, the shares look fairly priced.
Veralto (VLTO)
Veralto makes products that test and treat water and equipment that marks and codes packaged goods. Its shares cost well below similar services companies, even though its sales are growing faster than theirs. Paying less for faster growth makes the shares look undervalued.
Waste Management (WM)
Waste Management collects waste and recycling and runs landfills across North America. Its shares cost a little less than similar companies, but its sales are also growing more slowly than theirs. The discount and the slower growth roughly balance out, so the shares look fairly priced.
AppLovin (APP)
AppLovin sells software that helps place mobile ads. Its shares trade at about 14 times next year's expected earnings, well below similar companies at about 22 times, even though its sales grew about 53%. On those numbers the shares look undervalued.
Charter Communications (CHTR)
Charter sells broadband internet, cable TV and phone service. Its shares look very cheap at about 2 times next year's expected earnings, but its sales are shrinking and sales across its group are shrinking too. That mix makes the shares fairly priced rather than a clear bargain.
Comcast (CMCSA)
Comcast sells broadband internet, cable TV, media and entertainment. Its shares trade at about 6 times next year's expected earnings, below similar companies at about 8 times, but its sales fell about 6%. That shrinkage makes the shares fairly priced rather than a clear bargain.
Walt Disney Company (The) (DIS)
Disney makes films and television, runs streaming services and runs theme parks. Its shares trade at about 14 times next year's expected earnings, below similar entertainment companies at about 17 times, while its sales grew about 7%. On the main earnings test the shares look undervalued, though they look less cheap on past earnings.
EchoStar (ECHO)
EchoStar sells satellite television and wireless phone service. Its shares trade at about 37 times next year's expected earnings, more than four times the level of similar telecom companies, even though its sales fell about 4%. That price needs a sharp turnaround that has not yet been delivered, so the shares are priced in bubble territory.
Fox Corporation (Class B) (FOX)
Fox sells television news, sports and entertainment. Its Class B shares trade at about 9 times next year's expected earnings, far below similar media companies at about 24 times, while its sales grew about 28%. On those numbers the shares look undervalued.
Fox Corporation (Class A) (FOXA)
Fox sells television news, sports and entertainment. Its Class A shares trade at about 11 times next year's expected earnings, far below similar media companies at about 24 times, while its sales grew about 28%. On those numbers the shares look undervalued.
Alphabet Inc. (Class C) (GOOG)
Alphabet runs Google search, YouTube and a large online advertising business. Its shares cost about 29% more per dollar of expected profit than similar companies, while its sales grew more slowly than the group median. That makes the shares look overvalued — a good business, with the price a step ahead of what it has delivered.
Alphabet Inc. (Class A) (GOOGL)
Alphabet runs Google search, YouTube and a large online advertising business, and this is its Class A share. Its shares cost about 30% more per dollar of expected profit than similar companies, while its sales grew more slowly than the group median. That makes the shares look overvalued — a good business, with the price a step ahead of what it has delivered.
Live Nation Entertainment (LYV)
Live Nation promotes concerts and sells tickets for live events. Its shares cost about 130 times next year's expected profit — roughly six times the price similar companies charge — while sales grew 9.4%. At that price the shares look like a bubble: they need earnings to multiply quickly to make sense.
Meta Platforms (META)
Meta runs Facebook, Instagram and WhatsApp, paid for mostly by advertising. Its shares cost less per dollar of expected profit than similar companies, even though its sales grew 26.1%. On these numbers the shares look undervalued.
Netflix (NFLX)
Netflix sells subscription streaming of films and TV shows around the world. Its shares cost about 19% more per dollar of expected profit than similar entertainment companies, while its sales grew only a little faster than the group. That small extra growth is not enough to justify the premium, so the shares look overvalued.
News Corp (Class B) (NWS)
News Corp's Class B shares represent a publishing business that owns newspapers, books and property-listing services. The shares trade at about 24 times expected earnings, well above similar media companies at about 16 times, even though its sales grew at the same pace as the group. That extra price without extra growth makes the shares look overvalued.
News Corp (Class A) (NWSA)
News Corp's Class A shares represent a publishing business that owns newspapers, books and property-listing services. The shares trade at about 22 times expected earnings, above similar media companies at about 17 times, while its sales grew at the same pace as the group. Paying more without growing faster makes the shares look overvalued.
Omnicom Group (OMC)
Omnicom helps brands with advertising, marketing and communications. Its shares cost only about 7 times next year's expected profit, far less than similar companies at about 22 times, and its sales grew 59.1%. On these numbers the shares look undervalued, though that depends on the expected profit arriving.
Reddit (RDDT)
Reddit runs an online discussion platform paid for mostly by advertising. Its shares cost about 20% more per dollar of expected profit than similar companies, but its sales grew 61.1%, much faster than the group, so the higher price is backed by delivered growth. That makes the shares look fairly priced.
Skydance (SKYD)
Skydance is a film, TV and streaming company formed by a 2025 merger, so it has only a short record as a combined business and no published profit ratios. Its shares cost 1.34 times sales, less than similar companies at 1.78 times sales. On sales alone the shares look provisionally undervalued, but there is no earnings test yet to confirm that.
AT&T (T)
AT&T sells phone and internet services to households and businesses. Its shares trade at about 8 times expected earnings, about the same as similar telecom companies, while its sales grew about 5% even as the wider group shrank slightly. That makes the price look fair — neither a clear bargain nor expensive.
T-Mobile US (TMUS)
T-Mobile sells mobile phone services and has been growing much faster than other large telecom companies, whose sales shrank slightly overall. Its shares cost more than those rivals, about 12 times expected earnings, but the extra growth and a low PEG of 0.66 cover that premium for now. On balance the price looks fair, as long as the growth edge lasts.
TKO Group Holdings (TKO)
TKO runs large live sports entertainment events, including wrestling and mixed martial arts, and sells the broadcast rights to them. Its shares look very expensive at about 34 times expected earnings, roughly double similar media companies, but its sales grew about 18%, much faster than the group, which covers the premium for now. That makes the price look fair, with very little room for error if growth slows.
Take-Two Interactive (TTWO)
Take-Two makes popular video games. Its shares trade at about 24 times expected earnings, a little above similar entertainment companies at about 22 times, and there is no trailing earnings multiple because recent earnings were negative on the statistics page. Sales grew only about 2%, much slower than the wider group, so the price looks fair at best — near the top of the fair range.
Verizon (VZ)
Verizon sells phone and internet services to households and businesses. Its shares trade at about 8 times expected earnings, about the same as similar telecom companies, even though its sales shrank slightly in the latest quarter. Paying a full peer price for a shrinking business makes the shares look overvalued, if only modestly.
Ameren (AEE)
Ameren sells electricity and gas to homes and businesses. Its shares cost about the same as similar utilities, but its sales shrank in the latest quarter while peers grew a little. Paying a normal price for a shrinking business makes the shares look overvalued.
American Electric Power (AEP)
American Electric Power delivers electricity to millions of customers. Its shares cost a touch more than similar power companies, and its sales grew at a decent but slower pace than the group. The price looks fair — neither a clear bargain nor clearly too dear.
AES (AES)
AES generates and sells electricity around the world. Its shares cost about half what similar power companies cost, even though its sales grew faster than the group. On these numbers the shares look undervalued, though its earnings can swing more than a regulated utility's.
Atmos Energy (ATO)
Atmos Energy delivers natural gas to homes and businesses. Its shares cost about the same as similar utilities, and its sales grew a bit faster than the group. The price looks fair — a small discount to peers, but not cheap enough to call a bargain.
American Water Works (AWK)
American Water Works supplies drinking water and handles wastewater for millions of people. Its shares cost much more than similar utilities, even though its sales grew only modestly faster. You pay a premium price without premium growth, so the shares look overvalued.
Constellation Energy (CEG)
Constellation Energy generates and sells electricity, much of it from nuclear generation. Its shares cost a bit more than similar power companies, but its sales also grew faster than the group. The price looks fair — the stronger growth is already counted in it.
CMS Energy (CMS)
CMS Energy sells electricity and gas, mainly in Michigan. Its shares cost less than similar utilities, though its sales barely grew in the latest quarter. On price alone the shares look undervalued, but the slow growth is the reason for the discount.
CenterPoint Energy (CNP)
CenterPoint Energy delivers electricity and gas to homes and businesses. Its shares cost a bit more than similar utilities, but its sales were nearly flat in the latest quarter. Paying above the group price for almost no growth makes the shares look overvalued.
Dominion Energy (D)
Dominion Energy sells electricity and natural gas to homes and businesses. Its shares cost about the same per dollar of expected earnings as similar utility companies, even though its latest sales grew much faster. That makes the price look fair — neither a clear bargain nor clearly expensive.
DTE Energy (DTE)
DTE Energy sells electricity and natural gas to homes and businesses. Its shares cost noticeably less per dollar of expected earnings than similar utility companies, while its sales are growing faster than most of them. On those numbers the shares look undervalued — cheaper than peers without weak sales to explain it.
Duke Energy (DUK)
Duke Energy generates and sells electricity to homes and businesses. Its shares cost a little less than similar power companies, and its sales are growing a little faster than theirs. Even so, expected profit growth is slow, so the price looks fair rather than a clear bargain.
Consolidated Edison (ED)
Consolidated Edison sells electricity and natural gas to homes and businesses. Its shares cost almost exactly what similar utility companies cost per dollar of expected earnings, and its sales are growing a bit faster than theirs. That combination makes the price look fair.
Edison International (EIX)
Edison International generates and sells electricity. Its shares cost far less per dollar of earnings than similar power companies — roughly half the usual price — while its sales keep growing at a steady pace. On those numbers the shares look undervalued, with the market pricing in problems the sales figures do not yet show.
Eversource Energy (ES)
Eversource Energy sells electricity to homes and businesses. Its shares cost a bit less than similar power companies, but its sales are growing much more slowly than theirs. The shares screen as slightly undervalued, though the slow growth means the discount could prove justified if sales weaken further.
Entergy (ETR)
Entergy generates and sells electricity to homes and businesses. Its shares cost about 41% more per dollar of expected earnings than similar power companies, while its sales grow only somewhat faster than theirs. The price runs ahead of what the company has delivered, so the shares look overvalued.
Evergy (EVRG)
Evergy generates and sells electricity to homes and businesses. Its shares cost about 30% more per dollar of expected earnings than similar power companies, even though its sales are growing more slowly than theirs. Paying a premium for slower growth makes the shares look overvalued.
Exelon (EXC)
Exelon delivers electricity to millions of homes and businesses. Its shares trade a little below similar utilities, at about 15 times expected earnings, while sales grew about 8%. That looks fairly priced — a small discount, but not cheap enough to call a bargain.
FirstEnergy (FE)
FirstEnergy delivers electricity across the Midwest and Mid-Atlantic. Its shares trade near the top of the fair range for similar utilities, at about 16 times expected earnings, while sales grew about 12%. That growth supports the price, so the shares look fairly priced, not cheap and not stretched.
Alliant Energy (LNT)
Alliant Energy supplies electricity and gas in Iowa and Wisconsin. Its shares cost about twice as much, per dollar of expected earnings, as similar utilities, even though its sales grew more slowly than theirs. That premium is not supported by the growth delivered, so the shares look overvalued.
NextEra Energy (NEE)
NextEra runs a large Florida electricity utility and a big wind and solar business. Its shares trade a little above similar utilities, at about 20 times expected earnings, while sales grew under 2%. That is near the top of fair value — fairly priced overall, with no bargain on offer.
NiSource (NI)
NiSource delivers gas and electricity across six states. Its shares trade almost exactly in line with similar utilities, at about 20 times expected earnings, while sales grew about 5%. That looks fairly priced — in line with peers, neither cheap nor expensive.
NRG Energy (NRG)
NRG generates and sells electricity across the United States. Its shares trade at only about 10 times expected earnings, a little over half the level of similar companies, while sales grew about 10%. On those numbers the shares look undervalued, though past earnings were much weaker than the earnings expected ahead.
PG&E (PCG)
PG&E delivers electricity and gas in northern and central California. Its shares trade at only about 8 times expected earnings, far below similar utilities at about 20 times, while sales were almost flat. That very low price screens as undervalued on earnings, even though growth itself is weak.
Public Service Enterprise Group (PEG)
Public Service Enterprise Group delivers electricity and gas in New Jersey. Its shares cost about the same as similar utilities, at about 16 times expected earnings, but its sales fell about 9% while theirs grew. Paying a full price for a shrinking business makes the shares look overvalued.
Pinnacle West Capital (PNW)
Pinnacle West supplies electricity in Arizona. Its shares cost about the same as similar utility companies, and its sales are growing a bit faster than those companies. The price looks broadly fair — neither a bargain nor clearly too expensive.
PPL (PPL)
PPL delivers electricity and gas to homes and businesses. Its shares cost more than similar utility companies, even though its sales are growing at roughly the same speed. You are paying a premium without getting much extra growth for it.
Southern Company (SO)
Southern Company sells electricity and gas across the southern United States. Its shares cost about the same as similar utility companies, and its sales are growing at about the same speed. The price looks fair for what the company is delivering.
Sempra (SRE)
Sempra delivers gas and electricity and builds energy infrastructure. Its shares look cheaper than similar companies on next year's expected earnings, but its sales shrank in the latest quarter, which may be exactly why they are cheaper. Until sales start growing again, the price looks fair rather than a bargain.
Vistra (VST)
Vistra generates electricity and sells power and gas, mainly in Texas. Its shares cost much less than similar power companies, even though its sales are growing much faster than theirs. On the numbers delivered so far, the shares look cheap.
WEC Energy Group (WEC)
WEC Energy delivers electricity and gas in Wisconsin and the upper Midwest. Its shares cost notably more than similar utility companies, even though its sales are growing much more slowly than theirs. The price looks ahead of what the company has delivered.
Xcel Energy (XEL)
Xcel Energy delivers electricity and gas across eight states. Its shares cost about the same as similar utility companies, but its sales fell in the latest quarter while most similar companies grew. Paying a full price for shrinking sales makes the shares look expensive for now.
American Tower (AMT)
American Tower rents space on mobile phone towers to the big wireless carriers, a steady business growing sales by about 2.5%. Its shares cost about 26 times expected earnings, far less than similar companies at about 44 times. On that comparison the shares look undervalued, even though profit growth itself is slow.
Alexandria Real Estate Equities (ARE)
Alexandria rents laboratory space to drug and biotech companies, and it is currently posting losses, so it has no profit-based price ratios. Its shares cost 2.58 times sales, less than similar companies at 3.35 times sales, but its sales fell about 11% in the latest quarter. Cheap on sales but shrinking, so the shares look provisionally fairly priced rather than a clear bargain.
BXP (BXP)
BXP owns high-end office buildings in cities like New York and Boston, and its sales grew about 3%. Its shares cost about 33 times expected earnings, well below similar companies at about 50 times, and only about 19 times past earnings. On that comparison the shares look undervalued, though profit growth is slow.
CBRE Group (CBRE)
CBRE is the world's largest commercial property services firm — it brokers sales, arranges leases and manages buildings for owners — and its sales grew about 13%. Its shares cost about 15 times expected earnings, far less than similar companies at about 45 times. On that comparison the shares look undervalued.
Crown Castle (CCI)
Crown Castle rents space on mobile phone towers, like its larger rival American Tower, but its sales fell about 5% in the latest quarter. Its shares cost about 30 times expected earnings, less than similar companies at about 42 times. Cheap-looking but shrinking, so the shares look fairly priced rather than a clear bargain.
Camden Property Trust (CPT)
Camden owns apartment communities across the southern United States, a steady rental business whose sales slipped about 1% in the latest quarter. Its shares cost about 68 times expected earnings, nearly double similar companies at about 37 times. That is a high price for a business that is not growing, so the shares look overvalued.
CoStar Group (CSGP)
CoStar sells property data and runs home and commercial listing websites, and its sales grew about 18%. Its shares cost about 17 times expected earnings, far less than similar companies at about 54 times, even though past earnings make the shares look pricey on older numbers. On expected earnings and growth, the shares look undervalued.
Digital Realty (DLR)
Digital Realty owns data centres — the buildings full of servers behind cloud computing and AI — and its sales grew a strong 16%. Even so, its shares cost about 75 times expected earnings, more than two and a half times similar companies at about 28 times. The price assumes flawless, accelerating growth for years, which is bubble territory.
Healthpeak Properties (DOC)
Healthpeak rents out medical offices, senior housing and life-science buildings. Its shares cost about 82 times next year's expected earnings, nearly three times the price of similar companies, even though its sales grew at the same pace as those companies. That price only works if growth speeds up a lot — as things stand, it looks like a bubble.
Equinix (EQIX)
Equinix runs data centres where big companies keep their servers and connect to each other. Its shares cost about 58 times next year's expected earnings, roughly double similar companies, even though sales grew a strong 16%. That price needs demand to speed up even further — as things stand, it looks like a bubble.
Essex Property Trust (ESS)
Essex owns apartment buildings on the West Coast of the United States. Its shares cost about 41 times next year's expected earnings, a little more than similar landlords, and its sales grew a little faster than theirs. The price looks broadly fair for what the business has delivered.
Extra Space Storage (EXR)
Extra Space rents out self-storage units to households and small businesses. Its shares cost about 31 times next year's expected earnings, less than similar companies at about 37 times, while its sales grew slightly faster than theirs. On those numbers the shares look undervalued, though expected profit growth is thin.
Federal Realty Investment Trust (FRT)
Federal Realty owns open-air shopping centres in busy U.S. suburbs. Its shares cost about 36 times next year's expected earnings, a little more than similar landlords, and its sales grew a little faster than theirs at about 10%. The price looks broadly fair, if slightly full.
Host Hotels & Resorts (HST)
Host owns large hotels and resorts that well-known hotel brands run for it. Its shares cost about 25 times next year's expected earnings, well below similar companies at about 33 times, but its sales grew much more slowly than theirs. The shares look undervalued on price, with slow growth as the catch.
Invitation Homes (INVH)
Invitation Homes rents out single-family houses across the United States. Its shares cost about 36 times next year's expected earnings, less than similar landlords at about 41 times, while its sales grew much faster than theirs. On those numbers the shares look undervalued.
Iron Mountain (IRM)
Iron Mountain stores paper records and digital data for companies and keeps them safe. Its shares cost about 45 times next year's expected earnings, well above similar companies at about 25 times, even though its sales grew a fast 19%. The growth is real, but the price pays too much for it — the shares look overvalued.
Kimco Realty (KIM)
Kimco owns open-air shopping centres anchored by grocery stores and everyday services. Its shares trade at about 28 times expected earnings, clearly below similar property companies at about 34 times, even though its rents are growing more slowly. On that comparison the shares look undervalued — cheaper than peers, but not growing fast.
Mid-America Apartment Communities (MAA)
Mid-America owns and rents apartment communities. Its shares trade at about 37 times expected earnings, a little below similar apartment owners at about 41 times, but its rental income is barely growing. The small discount makes the shares look undervalued on the peer comparison alone, though the slow growth leaves little room for disappointment.
Realty Income (O)
Realty Income owns shops and other properties let to single tenants on long leases. Its shares trade at about 34 times expected earnings, a little above similar property companies at about 32 times, while its income grows at about the group pace. That balance makes the shares look fairly priced — neither a bargain nor clearly expensive.
Prologis (PLD)
Prologis owns warehouses and logistics buildings rented to companies that store and move goods. Its shares trade at about 38 times expected earnings, well above similar property companies at about 32 times, while its rental income grows a little more slowly than the group. That premium makes the shares look overvalued.
Public Storage (PSA)
Public Storage owns self-storage sites and rents small units to people and businesses who need extra space. Its shares trade at about 34 times expected earnings, a little below similar companies at about 37 times, and its income is growing much faster than the group. Even so, the price already reflects much of that strength, so the shares look fairly priced.
Regency Centers (REG)
Regency Centers owns neighbourhood shopping centres with grocery stores and everyday shops as tenants. Its shares trade at about 29 times expected earnings, below similar property companies at about 34 times, while its rental income grows at close to the group pace. On that comparison the shares look undervalued.
SBA Communications (SBAC)
SBA Communications owns mobile-phone masts and leases space on them to wireless networks. Its shares trade at about 23 times expected earnings, roughly half the level of the comparison group at about 44 times, while its income grows at about the group pace. On that comparison the shares look undervalued, though the group includes data-centre companies that usually trade higher.
Simon Property Group (SPG)
Simon owns large shopping malls and outlet centres and collects rent from the shops inside them. Its shares trade at about 32 times expected earnings, slightly less than similar property companies at about 34 times, while its revenue grew about 20%. That makes the shares look fairly priced — strong growth, but no clear bargain either.
UDR (UDR)
UDR owns apartment buildings across the United States and collects rent from residents. Its shares trade at about 34 times expected earnings, noticeably less than similar apartment companies at about 41 times, even though its revenue is growing only slowly at about 1%. That makes the shares look undervalued — cheaper than its peers, with slow growth already reflected in the price.
Vici Properties (VICI)
Vici owns casino and entertainment properties and collects rent from the companies that operate them. Its shares trade at only about 8 times expected earnings, far less than similar property companies at about 45 times, while revenue grew about 6%. That makes the shares look undervalued, though its growth is slower than that of its wider group.
Vivmark Residential (VMRK)
Vivmark, formed in August 2026 from the former Equity Residential and AvalonBay, owns apartment communities and collects rent from residents. Its shares trade at about 47 times expected earnings, well above similar apartment companies at about 36 times, while revenue grew only about 2%. That makes the shares look overvalued — a premium price without faster growth to support it.
Ventas (VTR)
Ventas owns senior housing and medical properties and collects rent from the companies that run them. Its shares trade at about 101 times expected earnings, roughly four times what similar property companies cost, even though revenue grew a strong 22%. That price only works if growth speeds up far beyond what has been delivered, which makes it a bubble label.
Welltower (WELL)
Welltower owns senior housing and health care properties and collects rent from the companies that run them. Its shares trade at about 77 times expected earnings, about three times what similar property companies cost, even though revenue grew a very strong 38%. That price only works if growth speeds up even further from here, which makes it a bubble label.
Weyerhaeuser (WY)
Weyerhaeuser owns forests and sells timber and wood products. Its shares trade at about 75 times expected earnings, about two and a half times what similar companies cost, while its revenue shrank slightly. That price only works if business speeds up sharply from here, which makes it a bubble label.
Albemarle (ALB)
Albemarle makes lithium and specialty chemicals, mainly for batteries. Its shares trade at about 9 times expected earnings, well below similar companies at about 16 times, even though its sales grew about 31% in the latest quarter. On the numbers delivered, the shares look undervalued.
Amcor (AMCR)
Amcor makes packaging for food, drinks and everyday household products. Its shares trade at about 11 times expected earnings, below similar packaging companies at about 15 times, even though its sales grew about 26% in the latest quarter. On the numbers delivered, the shares look undervalued.
Air Products (APD)
Air Products sells industrial gases that factories and refiners use every day. Its shares trade at about 22 times expected earnings, a little below similar companies at about 25 times, while its sales grew about 5%. On the peer comparison the shares look undervalued, though the growth is slow for the price.
Avery Dennison (AVY)
Avery Dennison makes the labels and tags found on clothes and packaged goods. Its shares trade at about 17 times expected earnings, well above similar companies at about 12 times, even though its sales grew about 11%, a little slower than its group. The price asks for more growth than the company has delivered, so the shares look overvalued.
Ball (BALL)
Ball makes aluminium cans for drinks companies. Its shares trade at about 15 times expected earnings, above similar companies at about 12 times, but its sales grew about 20%, faster than its group, which helps justify the higher price. On balance the shares look fairly priced.
CF Industries (CF)
CF Industries makes fertiliser that farmers use to grow crops. Its shares trade at about 9 times expected earnings, far below the companies it is grouped with at about 28 times, and its sales grew about 18% in the latest quarter. Fertiliser profits move up and down with crop and gas prices, but on the numbers delivered the shares look undervalued.
CRH plc (CRH)
CRH sells cement, concrete and stone used in roads and buildings. Its shares trade at about 15 times expected earnings, a little below similar companies at about 17 times, while its sales grew about 6%. That small discount fits its slightly slower growth, so the shares look fairly priced.
Dow (DOW)
Dow makes basic chemicals and plastics used in packaging, paints and many everyday products. Its shares trade at about 16 times expected earnings, a little above similar companies at about 14 times, while its sales grew about 12%, only a little faster than its group. That makes the shares look slightly overvalued.
Ecolab (ECL)
Ecolab sells cleaning, sanitation and water-treatment products and services that businesses need every day. Its sales are growing at a healthy pace, about the same as similar companies. The shares, though, cost far more than those similar companies, so the price looks ahead of what the business has delivered.
Freeport-McMoRan (FCX)
Freeport-McMoRan mines copper, a metal needed for power grids and electric vehicles, plus some gold. Its sales fell in the latest quarter while similar companies grew. The shares still cost noticeably more than those similar companies, so the price looks ahead of what has been delivered.
International Flavors & Fragrances (IFF)
This company makes the flavours in foods and drinks and the scents in soaps, detergents and perfumes. Part of the business was separated in 2025, so the reported sales drop is about a smaller company boundary, not collapsing demand. Even judging only on price ratios, the shares cost close to twice what similar companies cost per dollar of expected profit, which looks expensive.
International Paper (IP)
International Paper makes cardboard boxes and packaging that online shopping and food deliveries rely on. It combined with DS Smith and sold a fibers business, so the reported sales fall reflects a changed company boundary, not a clean demand read. On price alone, the shares are cheaper than similar packaging companies, which looks like good value if the cleaner comparisons hold up.
Linde plc (LIN)
Linde sells industrial gases — oxygen, nitrogen, hydrogen and others — that factories, hospitals and chip makers use every day. It is a steady, high-quality business growing at the same pace as its group. The shares cost more than similar companies without faster growth to show for it, so they look somewhat expensive.
LyondellBasell (LYB)
LyondellBasell makes the basic plastics and chemicals used in packaging, cars and everyday goods. Its sales grew strongly in the latest quarter, faster than similar companies. Yet its shares cost barely half the peer price per dollar of expected profit, which looks cheap — with the usual warning that chemical profits swing with the cycle.
Martin Marietta Materials (MLM)
Martin Marietta sells crushed stone, sand and gravel — the basic materials under roads, bridges and buildings. Demand is healthy and its sales grew at the same pace as similar companies. The shares, though, cost close to twice the peer price per dollar of expected profit, which looks expensive for the growth on offer.
Mosaic Company (The) (MOS)
Mosaic mines potash and makes phosphate fertilisers that farmers spread on fields to grow food. Its sales fell in the latest quarter while similar companies grew. The shares still cost almost twice the peer price per dollar of expected profit, so buyers are paying today for a recovery that has not yet arrived.
Newmont (NEM)
Newmont digs gold out of mines around the world and sells the metal. Its shares cost about 12 times next year's expected earnings, less than similar materials companies at about 15 times, even though its sales grew about 15%. On those numbers the shares look undervalued.
Nucor (NUE)
Nucor melts scrap metal and makes steel for buildings, cars and factories. Its shares cost about 12 times next year's expected earnings, well under similar companies at about 17 times, while its sales grew about 23%. On those numbers the shares look undervalued.
Packaging Corporation of America (PKG)
Packaging Corporation of America makes the cardboard used to make shipping boxes. Its shares cost about 18 times next year's expected earnings, well above similar packaging companies at about 12 times, while its sales grew about 15% — only a little faster than its group. On those numbers the shares look overvalued.
PPG Industries (PPG)
PPG makes paints and coatings used on buildings, cars and industrial equipment. Its shares cost about 14 times next year's expected earnings, less than similar chemical companies at about 16 times, and its sales grew about 7%. On those numbers the shares look undervalued, though its growth is slower than its group's.
Sherwin-Williams (SHW)
Sherwin-Williams makes paint and sells it through its own chain of stores. Its shares cost about 25 times next year's expected earnings, near the top of what similar companies cost, and its sales grew about 8%. On those numbers the shares look fairly priced — full, but not clearly over the line.
Steel Dynamics (STLD)
Steel Dynamics melts scrap and makes steel products for construction and industry. Its shares cost about 11 times next year's expected earnings, well under similar companies at about 15 times, while its sales grew about 35%. On those numbers the shares look undervalued.
Smurfit Westrock (SW)
Smurfit Westrock makes cardboard packaging and paperboard used for boxes and displays. Its shares cost about 12 times next year's expected earnings, less than similar packaging companies at about 15 times, though its sales grew only about 1%. On those numbers the shares look undervalued, with the slow growth as the main caution.
Vulcan Materials Company (VMC)
Vulcan Materials quarries crushed stone, sand and gravel used to build roads and buildings. Its shares cost about 29 times next year's expected earnings — more than double similar companies at about 12 times — while its sales grew about 7%, the same pace as its group. The price assumes much faster growth than the company has delivered, which is why it earns the bubble label.
No X-Rays match those filters.
500 of the 503 S&P 500 companies now have a published X-Ray. The cards sit sector by sector so peer comparisons stay inside each sector. Every page passed the programme’s pre-publication audit before being placed here.