Is the stock market overvalued on sales?
The price-to-sales ratio compares the S&P 500 with the revenue of its companies. See where it stands today against every quarter since 2000.
Strongly overvalued
The S&P 500 trades at 3.82× sales, +3.6σ from its 2000–2025 mean of 1.80×. No quarter on record was higher.
- Strongly undervalued
- Undervalued
- Fairly valued
- Overvalued
- Strongly overvalued
Fairly valued is within one standard deviation (σ = 0.57) of the mean; overvalued or undervalued is one to two away; strongly is two or more.
Since Q4 2000
Price-to-sales ratio by quarter
The S&P 500’s price-to-sales ratio at the end of each quarter, with its mean and the lines one and two standard deviations either side. Between the ±1σ lines is fair value. Choose a line’s name under the chart to show or hide it.
| Quarter | Price-to-sales | From the mean | S&P 500 | Sales per share |
|---|---|---|---|---|
| Q4 2000 | 1.77 | −0.0σ | 1,320.28 | 745.70 |
| Q1 2001 | 1.54 | −0.4σ | 1,160.33 | 751.27 |
| Q2 2001 | 1.64 | −0.3σ | 1,224.38 | 748.23 |
| Q3 2001 | 1.41 | −0.7σ | 1,040.94 | 738.81 |
| Q4 2001 | 1.56 | −0.4σ | 1,148.08 | 736.88 |
| Q1 2002 | 1.60 | −0.3σ | 1,147.39 | 718.01 |
| Q2 2002 | 1.39 | −0.7σ | 989.82 | 710.31 |
| Q3 2002 | 1.17 | −1.1σ | 815.28 | 697.75 |
| Q4 2002 | 1.30 | −0.9σ | 879.82 | 674.59 |
| Q1 2003 | 1.25 | −1.0σ | 848.18 | 678.60 |
| Q2 2003 | 1.42 | −0.7σ | 974.50 | 684.42 |
| Q3 2003 | 1.43 | −0.6σ | 995.97 | 697.90 |
| Q4 2003 | 1.56 | −0.4σ | 1,111.92 | 710.81 |
| Q1 2004 | 1.55 | −0.4σ | 1,126.21 | 726.93 |
| Q2 2004 | 1.54 | −0.4σ | 1,140.84 | 739.42 |
| Q3 2004 | 1.47 | −0.6σ | 1,114.58 | 756.88 |
| Q4 2004 | 1.54 | −0.5σ | 1,211.92 | 788.17 |
| Q1 2005 | 1.46 | −0.6σ | 1,180.59 | 806.94 |
| Q2 2005 | 1.44 | −0.6σ | 1,191.33 | 828.10 |
| Q3 2005 | 1.44 | −0.6σ | 1,228.81 | 851.94 |
| Q4 2005 | 1.43 | −0.6σ | 1,248.29 | 874.32 |
| Q1 2006 | 1.44 | −0.6σ | 1,294.87 | 898.02 |
| Q2 2006 | 1.38 | −0.7σ | 1,270.20 | 917.93 |
| Q3 2006 | 1.43 | −0.7σ | 1,335.85 | 936.83 |
| Q4 2006 | 1.49 | −0.5σ | 1,418.30 | 952.51 |
| Q1 2007 | 1.47 | −0.6σ | 1,420.86 | 965.19 |
| Q2 2007 | 1.52 | −0.5σ | 1,503.35 | 986.11 |
| Q3 2007 | 1.52 | −0.5σ | 1,526.75 | 1,005.12 |
| Q4 2007 | 1.43 | −0.6σ | 1,468.36 | 1,025.08 |
| Q1 2008 | 1.26 | −0.9σ | 1,322.70 | 1,048.32 |
| Q2 2008 | 1.19 | −1.1σ | 1,280.00 | 1,071.22 |
| Q3 2008 | 1.08 | −1.3σ | 1,166.36 | 1,080.41 |
| Q4 2008 | 0.87 | −1.6σ | 903.25 | 1,042.46 |
| Q1 2009 | 0.80 | −1.8σ | 797.87 | 998.54 |
| Q2 2009 | 0.97 | −1.4σ | 919.32 | 943.25 |
| Q3 2009 | 1.17 | −1.1σ | 1,057.08 | 902.59 |
| Q4 2009 | 1.23 | −1.0σ | 1,115.10 | 908.40 |
| Q1 2010 | 1.27 | −0.9σ | 1,169.43 | 918.98 |
| Q2 2010 | 1.11 | −1.2σ | 1,030.71 | 932.49 |
| Q3 2010 | 1.21 | −1.0σ | 1,141.20 | 945.99 |
| Q4 2010 | 1.31 | −0.9σ | 1,257.64 | 962.71 |
| Q1 2011 | 1.35 | −0.8σ | 1,325.83 | 981.21 |
| Q2 2011 | 1.31 | −0.9σ | 1,320.64 | 1,007.77 |
| Q3 2011 | 1.10 | −1.2σ | 1,131.42 | 1,032.93 |
| Q4 2011 | 1.19 | −1.1σ | 1,257.60 | 1,052.83 |
| Q1 2012 | 1.32 | −0.8σ | 1,408.47 | 1,069.27 |
| Q2 2012 | 1.27 | −0.9σ | 1,362.16 | 1,073.99 |
| Q3 2012 | 1.34 | −0.8σ | 1,440.67 | 1,076.99 |
| Q4 2012 | 1.31 | −0.9σ | 1,426.19 | 1,092.37 |
| Q1 2013 | 1.43 | −0.6σ | 1,569.19 | 1,095.81 |
| Q2 2013 | 1.45 | −0.6σ | 1,606.28 | 1,104.96 |
| Q3 2013 | 1.51 | −0.5σ | 1,681.55 | 1,115.38 |
| Q4 2013 | 1.66 | −0.2σ | 1,848.36 | 1,116.81 |
| Q1 2014 | 1.66 | −0.2σ | 1,872.34 | 1,126.00 |
| Q2 2014 | 1.72 | −0.1σ | 1,960.23 | 1,141.19 |
| Q3 2014 | 1.71 | −0.2σ | 1,972.29 | 1,154.86 |
| Q4 2014 | 1.77 | −0.0σ | 2,058.90 | 1,163.32 |
| Q1 2015 | 1.79 | −0.0σ | 2,067.89 | 1,156.54 |
| Q2 2015 | 1.80 | +0.0σ | 2,063.11 | 1,145.54 |
| Q3 2015 | 1.69 | −0.2σ | 1,920.03 | 1,136.16 |
| Q4 2015 | 1.81 | +0.0σ | 2,043.94 | 1,127.13 |
| Q1 2016 | 1.83 | +0.1σ | 2,059.74 | 1,127.97 |
| Q2 2016 | 1.86 | +0.1σ | 2,098.86 | 1,131.21 |
| Q3 2016 | 1.90 | +0.2σ | 2,168.27 | 1,138.43 |
| Q4 2016 | 1.95 | +0.3σ | 2,238.83 | 1,150.68 |
| Q1 2017 | 2.02 | +0.4σ | 2,362.72 | 1,169.42 |
| Q2 2017 | 2.04 | +0.4σ | 2,423.41 | 1,185.81 |
| Q3 2017 | 2.09 | +0.5σ | 2,519.36 | 1,203.10 |
| Q4 2017 | 2.17 | +0.7σ | 2,673.61 | 1,231.57 |
| Q1 2018 | 2.10 | +0.5σ | 2,640.87 | 1,259.18 |
| Q2 2018 | 2.10 | +0.5σ | 2,718.37 | 1,292.84 |
| Q3 2018 | 2.20 | +0.7σ | 2,913.98 | 1,325.89 |
| Q4 2018 | 1.87 | +0.1σ | 2,506.85 | 1,343.01 |
| Q1 2019 | 2.08 | +0.5σ | 2,834.40 | 1,361.47 |
| Q2 2019 | 2.13 | +0.6σ | 2,941.76 | 1,378.74 |
| Q3 2019 | 2.14 | +0.6σ | 2,976.74 | 1,392.48 |
| Q4 2019 | 2.28 | +0.9σ | 3,230.78 | 1,415.01 |
| Q1 2020 | 1.83 | +0.1σ | 2,584.59 | 1,408.74 |
| Q2 2020 | 2.26 | +0.8σ | 3,100.29 | 1,372.44 |
| Q3 2020 | 2.47 | +1.2σ | 3,363.00 | 1,364.13 |
| Q4 2020 | 2.76 | +1.7σ | 3,756.07 | 1,362.39 |
| Q1 2021 | 2.85 | +1.8σ | 3,972.89 | 1,393.85 |
| Q2 2021 | 2.94 | +2.0σ | 4,297.50 | 1,462.75 |
| Q3 2021 | 2.85 | +1.8σ | 4,307.54 | 1,511.10 |
| Q4 2021 | 3.04 | +2.2σ | 4,766.18 | 1,566.80 |
| Q1 2022 | 2.80 | +1.8σ | 4,530.41 | 1,616.48 |
| Q2 2022 | 2.28 | +0.8σ | 3,785.38 | 1,663.36 |
| Q3 2022 | 2.09 | +0.5σ | 3,585.62 | 1,714.63 |
| Q4 2022 | 2.19 | +0.7σ | 3,839.50 | 1,752.90 |
| Q1 2023 | 2.29 | +0.9σ | 4,109.31 | 1,790.60 |
| Q2 2023 | 2.44 | +1.1σ | 4,450.38 | 1,821.35 |
| Q3 2023 | 2.33 | +0.9σ | 4,288.05 | 1,843.54 |
| Q4 2023 | 2.55 | +1.3σ | 4,769.83 | 1,872.30 |
| Q1 2024 | 2.78 | +1.7σ | 5,254.35 | 1,892.81 |
| Q2 2024 | 2.84 | +1.8σ | 5,460.48 | 1,919.38 |
| Q3 2024 | 2.95 | +2.0σ | 5,762.48 | 1,952.21 |
| Q4 2024 | 2.98 | +2.1σ | 5,881.63 | 1,970.60 |
| Q1 2025 | 2.82 | +1.8σ | 5,611.85 | 1,987.07 |
| Q2 2025 | 3.08 | +2.3σ | 6,204.95 | 2,012.05 |
| Q3 2025 | 3.28 | +2.6σ | 6,688.46 | 2,042.16 |
Standard deviations from the mean
How far each quarter’s ratio sat from the mean, measured in standard deviations. Above +1 reads as overvalued and below −1 as undervalued.
| Quarter | Price-to-sales | From the mean | S&P 500 | Sales per share |
|---|---|---|---|---|
| Q4 2000 | 1.77 | −0.0σ | 1,320.28 | 745.70 |
| Q1 2001 | 1.54 | −0.4σ | 1,160.33 | 751.27 |
| Q2 2001 | 1.64 | −0.3σ | 1,224.38 | 748.23 |
| Q3 2001 | 1.41 | −0.7σ | 1,040.94 | 738.81 |
| Q4 2001 | 1.56 | −0.4σ | 1,148.08 | 736.88 |
| Q1 2002 | 1.60 | −0.3σ | 1,147.39 | 718.01 |
| Q2 2002 | 1.39 | −0.7σ | 989.82 | 710.31 |
| Q3 2002 | 1.17 | −1.1σ | 815.28 | 697.75 |
| Q4 2002 | 1.30 | −0.9σ | 879.82 | 674.59 |
| Q1 2003 | 1.25 | −1.0σ | 848.18 | 678.60 |
| Q2 2003 | 1.42 | −0.7σ | 974.50 | 684.42 |
| Q3 2003 | 1.43 | −0.6σ | 995.97 | 697.90 |
| Q4 2003 | 1.56 | −0.4σ | 1,111.92 | 710.81 |
| Q1 2004 | 1.55 | −0.4σ | 1,126.21 | 726.93 |
| Q2 2004 | 1.54 | −0.4σ | 1,140.84 | 739.42 |
| Q3 2004 | 1.47 | −0.6σ | 1,114.58 | 756.88 |
| Q4 2004 | 1.54 | −0.5σ | 1,211.92 | 788.17 |
| Q1 2005 | 1.46 | −0.6σ | 1,180.59 | 806.94 |
| Q2 2005 | 1.44 | −0.6σ | 1,191.33 | 828.10 |
| Q3 2005 | 1.44 | −0.6σ | 1,228.81 | 851.94 |
| Q4 2005 | 1.43 | −0.6σ | 1,248.29 | 874.32 |
| Q1 2006 | 1.44 | −0.6σ | 1,294.87 | 898.02 |
| Q2 2006 | 1.38 | −0.7σ | 1,270.20 | 917.93 |
| Q3 2006 | 1.43 | −0.7σ | 1,335.85 | 936.83 |
| Q4 2006 | 1.49 | −0.5σ | 1,418.30 | 952.51 |
| Q1 2007 | 1.47 | −0.6σ | 1,420.86 | 965.19 |
| Q2 2007 | 1.52 | −0.5σ | 1,503.35 | 986.11 |
| Q3 2007 | 1.52 | −0.5σ | 1,526.75 | 1,005.12 |
| Q4 2007 | 1.43 | −0.6σ | 1,468.36 | 1,025.08 |
| Q1 2008 | 1.26 | −0.9σ | 1,322.70 | 1,048.32 |
| Q2 2008 | 1.19 | −1.1σ | 1,280.00 | 1,071.22 |
| Q3 2008 | 1.08 | −1.3σ | 1,166.36 | 1,080.41 |
| Q4 2008 | 0.87 | −1.6σ | 903.25 | 1,042.46 |
| Q1 2009 | 0.80 | −1.8σ | 797.87 | 998.54 |
| Q2 2009 | 0.97 | −1.4σ | 919.32 | 943.25 |
| Q3 2009 | 1.17 | −1.1σ | 1,057.08 | 902.59 |
| Q4 2009 | 1.23 | −1.0σ | 1,115.10 | 908.40 |
| Q1 2010 | 1.27 | −0.9σ | 1,169.43 | 918.98 |
| Q2 2010 | 1.11 | −1.2σ | 1,030.71 | 932.49 |
| Q3 2010 | 1.21 | −1.0σ | 1,141.20 | 945.99 |
| Q4 2010 | 1.31 | −0.9σ | 1,257.64 | 962.71 |
| Q1 2011 | 1.35 | −0.8σ | 1,325.83 | 981.21 |
| Q2 2011 | 1.31 | −0.9σ | 1,320.64 | 1,007.77 |
| Q3 2011 | 1.10 | −1.2σ | 1,131.42 | 1,032.93 |
| Q4 2011 | 1.19 | −1.1σ | 1,257.60 | 1,052.83 |
| Q1 2012 | 1.32 | −0.8σ | 1,408.47 | 1,069.27 |
| Q2 2012 | 1.27 | −0.9σ | 1,362.16 | 1,073.99 |
| Q3 2012 | 1.34 | −0.8σ | 1,440.67 | 1,076.99 |
| Q4 2012 | 1.31 | −0.9σ | 1,426.19 | 1,092.37 |
| Q1 2013 | 1.43 | −0.6σ | 1,569.19 | 1,095.81 |
| Q2 2013 | 1.45 | −0.6σ | 1,606.28 | 1,104.96 |
| Q3 2013 | 1.51 | −0.5σ | 1,681.55 | 1,115.38 |
| Q4 2013 | 1.66 | −0.2σ | 1,848.36 | 1,116.81 |
| Q1 2014 | 1.66 | −0.2σ | 1,872.34 | 1,126.00 |
| Q2 2014 | 1.72 | −0.1σ | 1,960.23 | 1,141.19 |
| Q3 2014 | 1.71 | −0.2σ | 1,972.29 | 1,154.86 |
| Q4 2014 | 1.77 | −0.0σ | 2,058.90 | 1,163.32 |
| Q1 2015 | 1.79 | −0.0σ | 2,067.89 | 1,156.54 |
| Q2 2015 | 1.80 | +0.0σ | 2,063.11 | 1,145.54 |
| Q3 2015 | 1.69 | −0.2σ | 1,920.03 | 1,136.16 |
| Q4 2015 | 1.81 | +0.0σ | 2,043.94 | 1,127.13 |
| Q1 2016 | 1.83 | +0.1σ | 2,059.74 | 1,127.97 |
| Q2 2016 | 1.86 | +0.1σ | 2,098.86 | 1,131.21 |
| Q3 2016 | 1.90 | +0.2σ | 2,168.27 | 1,138.43 |
| Q4 2016 | 1.95 | +0.3σ | 2,238.83 | 1,150.68 |
| Q1 2017 | 2.02 | +0.4σ | 2,362.72 | 1,169.42 |
| Q2 2017 | 2.04 | +0.4σ | 2,423.41 | 1,185.81 |
| Q3 2017 | 2.09 | +0.5σ | 2,519.36 | 1,203.10 |
| Q4 2017 | 2.17 | +0.7σ | 2,673.61 | 1,231.57 |
| Q1 2018 | 2.10 | +0.5σ | 2,640.87 | 1,259.18 |
| Q2 2018 | 2.10 | +0.5σ | 2,718.37 | 1,292.84 |
| Q3 2018 | 2.20 | +0.7σ | 2,913.98 | 1,325.89 |
| Q4 2018 | 1.87 | +0.1σ | 2,506.85 | 1,343.01 |
| Q1 2019 | 2.08 | +0.5σ | 2,834.40 | 1,361.47 |
| Q2 2019 | 2.13 | +0.6σ | 2,941.76 | 1,378.74 |
| Q3 2019 | 2.14 | +0.6σ | 2,976.74 | 1,392.48 |
| Q4 2019 | 2.28 | +0.9σ | 3,230.78 | 1,415.01 |
| Q1 2020 | 1.83 | +0.1σ | 2,584.59 | 1,408.74 |
| Q2 2020 | 2.26 | +0.8σ | 3,100.29 | 1,372.44 |
| Q3 2020 | 2.47 | +1.2σ | 3,363.00 | 1,364.13 |
| Q4 2020 | 2.76 | +1.7σ | 3,756.07 | 1,362.39 |
| Q1 2021 | 2.85 | +1.8σ | 3,972.89 | 1,393.85 |
| Q2 2021 | 2.94 | +2.0σ | 4,297.50 | 1,462.75 |
| Q3 2021 | 2.85 | +1.8σ | 4,307.54 | 1,511.10 |
| Q4 2021 | 3.04 | +2.2σ | 4,766.18 | 1,566.80 |
| Q1 2022 | 2.80 | +1.8σ | 4,530.41 | 1,616.48 |
| Q2 2022 | 2.28 | +0.8σ | 3,785.38 | 1,663.36 |
| Q3 2022 | 2.09 | +0.5σ | 3,585.62 | 1,714.63 |
| Q4 2022 | 2.19 | +0.7σ | 3,839.50 | 1,752.90 |
| Q1 2023 | 2.29 | +0.9σ | 4,109.31 | 1,790.60 |
| Q2 2023 | 2.44 | +1.1σ | 4,450.38 | 1,821.35 |
| Q3 2023 | 2.33 | +0.9σ | 4,288.05 | 1,843.54 |
| Q4 2023 | 2.55 | +1.3σ | 4,769.83 | 1,872.30 |
| Q1 2024 | 2.78 | +1.7σ | 5,254.35 | 1,892.81 |
| Q2 2024 | 2.84 | +1.8σ | 5,460.48 | 1,919.38 |
| Q3 2024 | 2.95 | +2.0σ | 5,762.48 | 1,952.21 |
| Q4 2024 | 2.98 | +2.1σ | 5,881.63 | 1,970.60 |
| Q1 2025 | 2.82 | +1.8σ | 5,611.85 | 1,987.07 |
| Q2 2025 | 3.08 | +2.3σ | 6,204.95 | 2,012.05 |
| Q3 2025 | 3.28 | +2.6σ | 6,688.46 | 2,042.16 |
S&P 500 and sales per share
The index level against the trailing twelve months of sales per index share, both in index points. When price climbs faster than sales, the ratio rises. On the log scale equal percentage moves have equal heights.
| Quarter | Price-to-sales | From the mean | S&P 500 | Sales per share |
|---|---|---|---|---|
| Q4 2000 | 1.77 | −0.0σ | 1,320.28 | 745.70 |
| Q1 2001 | 1.54 | −0.4σ | 1,160.33 | 751.27 |
| Q2 2001 | 1.64 | −0.3σ | 1,224.38 | 748.23 |
| Q3 2001 | 1.41 | −0.7σ | 1,040.94 | 738.81 |
| Q4 2001 | 1.56 | −0.4σ | 1,148.08 | 736.88 |
| Q1 2002 | 1.60 | −0.3σ | 1,147.39 | 718.01 |
| Q2 2002 | 1.39 | −0.7σ | 989.82 | 710.31 |
| Q3 2002 | 1.17 | −1.1σ | 815.28 | 697.75 |
| Q4 2002 | 1.30 | −0.9σ | 879.82 | 674.59 |
| Q1 2003 | 1.25 | −1.0σ | 848.18 | 678.60 |
| Q2 2003 | 1.42 | −0.7σ | 974.50 | 684.42 |
| Q3 2003 | 1.43 | −0.6σ | 995.97 | 697.90 |
| Q4 2003 | 1.56 | −0.4σ | 1,111.92 | 710.81 |
| Q1 2004 | 1.55 | −0.4σ | 1,126.21 | 726.93 |
| Q2 2004 | 1.54 | −0.4σ | 1,140.84 | 739.42 |
| Q3 2004 | 1.47 | −0.6σ | 1,114.58 | 756.88 |
| Q4 2004 | 1.54 | −0.5σ | 1,211.92 | 788.17 |
| Q1 2005 | 1.46 | −0.6σ | 1,180.59 | 806.94 |
| Q2 2005 | 1.44 | −0.6σ | 1,191.33 | 828.10 |
| Q3 2005 | 1.44 | −0.6σ | 1,228.81 | 851.94 |
| Q4 2005 | 1.43 | −0.6σ | 1,248.29 | 874.32 |
| Q1 2006 | 1.44 | −0.6σ | 1,294.87 | 898.02 |
| Q2 2006 | 1.38 | −0.7σ | 1,270.20 | 917.93 |
| Q3 2006 | 1.43 | −0.7σ | 1,335.85 | 936.83 |
| Q4 2006 | 1.49 | −0.5σ | 1,418.30 | 952.51 |
| Q1 2007 | 1.47 | −0.6σ | 1,420.86 | 965.19 |
| Q2 2007 | 1.52 | −0.5σ | 1,503.35 | 986.11 |
| Q3 2007 | 1.52 | −0.5σ | 1,526.75 | 1,005.12 |
| Q4 2007 | 1.43 | −0.6σ | 1,468.36 | 1,025.08 |
| Q1 2008 | 1.26 | −0.9σ | 1,322.70 | 1,048.32 |
| Q2 2008 | 1.19 | −1.1σ | 1,280.00 | 1,071.22 |
| Q3 2008 | 1.08 | −1.3σ | 1,166.36 | 1,080.41 |
| Q4 2008 | 0.87 | −1.6σ | 903.25 | 1,042.46 |
| Q1 2009 | 0.80 | −1.8σ | 797.87 | 998.54 |
| Q2 2009 | 0.97 | −1.4σ | 919.32 | 943.25 |
| Q3 2009 | 1.17 | −1.1σ | 1,057.08 | 902.59 |
| Q4 2009 | 1.23 | −1.0σ | 1,115.10 | 908.40 |
| Q1 2010 | 1.27 | −0.9σ | 1,169.43 | 918.98 |
| Q2 2010 | 1.11 | −1.2σ | 1,030.71 | 932.49 |
| Q3 2010 | 1.21 | −1.0σ | 1,141.20 | 945.99 |
| Q4 2010 | 1.31 | −0.9σ | 1,257.64 | 962.71 |
| Q1 2011 | 1.35 | −0.8σ | 1,325.83 | 981.21 |
| Q2 2011 | 1.31 | −0.9σ | 1,320.64 | 1,007.77 |
| Q3 2011 | 1.10 | −1.2σ | 1,131.42 | 1,032.93 |
| Q4 2011 | 1.19 | −1.1σ | 1,257.60 | 1,052.83 |
| Q1 2012 | 1.32 | −0.8σ | 1,408.47 | 1,069.27 |
| Q2 2012 | 1.27 | −0.9σ | 1,362.16 | 1,073.99 |
| Q3 2012 | 1.34 | −0.8σ | 1,440.67 | 1,076.99 |
| Q4 2012 | 1.31 | −0.9σ | 1,426.19 | 1,092.37 |
| Q1 2013 | 1.43 | −0.6σ | 1,569.19 | 1,095.81 |
| Q2 2013 | 1.45 | −0.6σ | 1,606.28 | 1,104.96 |
| Q3 2013 | 1.51 | −0.5σ | 1,681.55 | 1,115.38 |
| Q4 2013 | 1.66 | −0.2σ | 1,848.36 | 1,116.81 |
| Q1 2014 | 1.66 | −0.2σ | 1,872.34 | 1,126.00 |
| Q2 2014 | 1.72 | −0.1σ | 1,960.23 | 1,141.19 |
| Q3 2014 | 1.71 | −0.2σ | 1,972.29 | 1,154.86 |
| Q4 2014 | 1.77 | −0.0σ | 2,058.90 | 1,163.32 |
| Q1 2015 | 1.79 | −0.0σ | 2,067.89 | 1,156.54 |
| Q2 2015 | 1.80 | +0.0σ | 2,063.11 | 1,145.54 |
| Q3 2015 | 1.69 | −0.2σ | 1,920.03 | 1,136.16 |
| Q4 2015 | 1.81 | +0.0σ | 2,043.94 | 1,127.13 |
| Q1 2016 | 1.83 | +0.1σ | 2,059.74 | 1,127.97 |
| Q2 2016 | 1.86 | +0.1σ | 2,098.86 | 1,131.21 |
| Q3 2016 | 1.90 | +0.2σ | 2,168.27 | 1,138.43 |
| Q4 2016 | 1.95 | +0.3σ | 2,238.83 | 1,150.68 |
| Q1 2017 | 2.02 | +0.4σ | 2,362.72 | 1,169.42 |
| Q2 2017 | 2.04 | +0.4σ | 2,423.41 | 1,185.81 |
| Q3 2017 | 2.09 | +0.5σ | 2,519.36 | 1,203.10 |
| Q4 2017 | 2.17 | +0.7σ | 2,673.61 | 1,231.57 |
| Q1 2018 | 2.10 | +0.5σ | 2,640.87 | 1,259.18 |
| Q2 2018 | 2.10 | +0.5σ | 2,718.37 | 1,292.84 |
| Q3 2018 | 2.20 | +0.7σ | 2,913.98 | 1,325.89 |
| Q4 2018 | 1.87 | +0.1σ | 2,506.85 | 1,343.01 |
| Q1 2019 | 2.08 | +0.5σ | 2,834.40 | 1,361.47 |
| Q2 2019 | 2.13 | +0.6σ | 2,941.76 | 1,378.74 |
| Q3 2019 | 2.14 | +0.6σ | 2,976.74 | 1,392.48 |
| Q4 2019 | 2.28 | +0.9σ | 3,230.78 | 1,415.01 |
| Q1 2020 | 1.83 | +0.1σ | 2,584.59 | 1,408.74 |
| Q2 2020 | 2.26 | +0.8σ | 3,100.29 | 1,372.44 |
| Q3 2020 | 2.47 | +1.2σ | 3,363.00 | 1,364.13 |
| Q4 2020 | 2.76 | +1.7σ | 3,756.07 | 1,362.39 |
| Q1 2021 | 2.85 | +1.8σ | 3,972.89 | 1,393.85 |
| Q2 2021 | 2.94 | +2.0σ | 4,297.50 | 1,462.75 |
| Q3 2021 | 2.85 | +1.8σ | 4,307.54 | 1,511.10 |
| Q4 2021 | 3.04 | +2.2σ | 4,766.18 | 1,566.80 |
| Q1 2022 | 2.80 | +1.8σ | 4,530.41 | 1,616.48 |
| Q2 2022 | 2.28 | +0.8σ | 3,785.38 | 1,663.36 |
| Q3 2022 | 2.09 | +0.5σ | 3,585.62 | 1,714.63 |
| Q4 2022 | 2.19 | +0.7σ | 3,839.50 | 1,752.90 |
| Q1 2023 | 2.29 | +0.9σ | 4,109.31 | 1,790.60 |
| Q2 2023 | 2.44 | +1.1σ | 4,450.38 | 1,821.35 |
| Q3 2023 | 2.33 | +0.9σ | 4,288.05 | 1,843.54 |
| Q4 2023 | 2.55 | +1.3σ | 4,769.83 | 1,872.30 |
| Q1 2024 | 2.78 | +1.7σ | 5,254.35 | 1,892.81 |
| Q2 2024 | 2.84 | +1.8σ | 5,460.48 | 1,919.38 |
| Q3 2024 | 2.95 | +2.0σ | 5,762.48 | 1,952.21 |
| Q4 2024 | 2.98 | +2.1σ | 5,881.63 | 1,970.60 |
| Q1 2025 | 2.82 | +1.8σ | 5,611.85 | 1,987.07 |
| Q2 2025 | 3.08 | +2.3σ | 6,204.95 | 2,012.05 |
| Q3 2025 | 3.28 | +2.6σ | 6,688.46 | 2,042.16 |
What the price-to-sales ratio measures
The price-to-sales ratio compares what investors pay for the S&P 500 with the revenue its companies bring in. A ratio of 3 means paying $3 for every $1 of yearly sales.
Price-to-sales = S&P 500 index level ÷ sales per index share over the last twelve months.
Sales are steadier than profits: they do not swing with one-off charges, tax changes or profit margins, so the ratio is a useful second opinion beside price-to-earnings measures like the Shiller PE. Its weakness is the same thing: it ignores margins. Today’s index is weighted towards software and technology companies that keep more of each dollar of sales, which by itself pushes the ratio up over time. That is why this page measures against the history since 2000 only, as other price-to-sales models do, rather than against earlier decades. A high reading has been followed by lower average returns over the long run, but says little about the next month or year.
Sources & update policy
Sales per share are S&P Dow Jones Indices’ trailing twelve-month sales per index share, read from multpl.com’s quarterly table, which republishes them; quarters multpl marks as estimates are left out. S&P’s own spreadsheet no longer loads from its public address, and these figures stop at Sep 30, 2025. Until newer quarters are published, today’s ratio divides today’s price by that quarter’s sales; sales have grown about 4.6% a year recently, so the ratio reads somewhat high until they catch up.
Quarter-end closes and today’s level are the S&P 500 index from Yahoo Finance’s public delayed data, as of when this page was loaded. Each quarter’s ratio is that close ÷ that quarter’s sales; it matches multpl’s published ratios to two decimals. Mean and standard deviation cover every quarter shown. The page follows the approach of Current Market Valuation’s price-to-sales model; its thresholds and estimates can differ from these.
Not investment advice
Historical valuation data for education only. It may be delayed or incomplete, and a valuation reading is not a forecast.