Our Ratio of Ratios is back to its five-year “high” as Small Caps clawed back some of their September losses. Our estimated P/E multiple for Small Caps is virtually unchanged from the start of the year (20.0x to 19.8x), while our Large Cap projection has shrunk several points (27.5x to 24.4x).
Nov
06
2026
Valuations: Small Cap vs. Large Cap
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