Forward P/E by S&P 500 cohort

March 31, 2024 compared with June 30, 2026.

Published September 21, 2026Data through June 30, 2026Next-12-month forward P/ESource study v1.0

Line chart comparing forward P/E for the S&P 500 top 10, remaining companies, and full index in March 2024 and June 2026.

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Figure provenance

Canonical study: S&P 500 Valuation Concentration: What Does the Index Cost Without the Top 10?
Research data date: June 30, 2026
Primary evidence: J.P. Morgan Asset Management Guide to the Markets; FactSet and Standard & Poor's cited by the source

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Lee Bailey. “Forward P/E by S&P 500 cohort.” Figure from S&P 500 Valuation Concentration: What Does the Index Cost Without the Top 10?. Grizzly Bulls, September 21, 2026. Data snapshot June 30, 2026. https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026

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<figure>
  <a href="https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026" rel="nofollow">
    <img src="https://grizzlybulls.com/research/figures/sp500-forward-pe-top10-remaining-2024-2026.svg" alt="Line chart comparing forward P/E for the S&amp;P 500 top 10, remaining companies, and full index in March 2024 and June 2026." loading="lazy" />
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  <figcaption>Source: <a href="https://grizzlybulls.com/research/sp500-valuation-concentration" rel="nofollow">Grizzly Bulls Research</a></figcaption>
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