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Apr 08 2026

Valuations: Small Cap Vs. Large Cap

  • Apr 8, 2026

March’s downdraft shaved a point off of our median Small Cap P/E multiple and about a point-and-a-half off the Large Cap measure. The Ratio of Ratios thus moved a tick closer to its long-term average but remains in the tight range of contemporary results.

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About The Author

Phil Segner / Sr. Research Analyst & Co-Portfolio Manager

Phil Segner Sr. Research Analyst & Co-Portfolio Manager

Phil is a Co-Portfolio Manager and Sr. Research Analyst at The Leuthold Group, LLC. He is a member of the asset allocation and investment committees and is a major contributor to the firm's research publications.

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