Q-Ratio and Market Valuation: December 2025

Published on January 6, 2026

The Q Ratio is the total price of the market divided by the replacement cost of all its companies. The latest Q-ratio is at 1.96, up slightly from November.

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Minutes of the Board's discount rate meeting on December 10, 2025

January 6, 2026
Minutes of the Board's discount rate meeting on December 10, 2025

Crestmont P/E and Market Valuation: December 2025

January 6, 2026
Based on the December S&P 500 average of daily closes, the Crestmont P/E of 44.4 is 190% above its arithmetic mean, 218% above its geometric mean, and is in the 100th percentile of this 14-plus-decade series.