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Q-Ratio and Market Valuation: July 2026

Published on August 8, 2026

The Q Ratio is the total price of the market divided by the replacement cost of all its companies. As of July 2026, the latest Q-ratio is at 1.83.

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Crestmont P/E and Market Valuation: July 2026

Based on July's S&P 500 average of daily closes, the Crestmont P/E of 43.8 is 184% above its arithmetic mean, 212% above its geometric mean, and is in the 100th percentile of this 14-plus-decade series.

Market Valuation: Is the Market Still Overvalued?

Here is a summary of the four market valuation indicators we update on a monthly basis.The Crestmont Research P/E ratioThe cyclical P/E ratio using the trailing 10-year earnings as the divisorThe Q ratio, which is the total price of the market divided by its replacement costThe relationship of the S&P composite price to a regression trendline