ACCE Research · Data as of October 25, 2026
58.8% of the US market trades above its fair value
We value 4,301 listed companies across the US, Europe, Canada and Asia-Pacific every day with the independent models that suit each company. As of October 25, 2026, 58.8% of them trade above the consensus of those models, with a median gap of -9.0%. Among the names still trading below fair value, the median discount implies +30.2% of upside.
Every figure here comes from the same valuation engine that runs on each company page. How we value stocks sets out each model, the formula behind it, and where it stops working — including which businesses it refuses to value and why.
Where the market is most stretched
Median gap to fair value by sector. Negative means the typical company in that sector trades above what the models say it is worth.
| Sector | Companies | Median gap | Above fair value |
|---|---|---|---|
| Energy | 205 | -18.0% | 70.7% |
| Healthcare | 337 | -15.7% | 65.9% |
| Technology | 523 | -12.9% | 62.3% |
| Industrials | 770 | -10.3% | 59.1% |
| Financial Services | 875 | -8.5% | 61.7% |
| Consumer Defensive | 244 | -6.4% | 53.7% |
| Basic Materials | 297 | -6.2% | 52.9% |
| Real Estate | 214 | -5.5% | 53.3% |
| Consumer Cyclical | 509 | -4.1% | 54% |
| Utilities | 119 | -4.0% | 52.9% |
| Communication Services | 207 | +0.4% | 49.3% |
Where the market is most stretched, by country
Median gap to fair value by listing country, for markets with at least 20 valued companies. Every listing is valued in the currency its accounts are reported in and compared against its own local price, so these are comparable across markets rather than distorted by exchange rates.
| Country | Companies | Median gap | Above fair value |
|---|---|---|---|
| Switzerland | 141 | -23.7% | 79.4% |
| Canada | 161 | -21.0% | 72.7% |
| Australia | 158 | -14.5% | 58.9% |
| India | 36 | -13.7% | 61.1% |
| Japan | 69 | -13.6% | 58% |
| Italy | 33 | -12.9% | 69.7% |
| United States | 2,340 | -11.5% | 62.7% |
| Sweden | 304 | -11.3% | 58.6% |
| United Kingdom | 266 | -0.8% | 51.5% |
| Spain | 102 | +0.2% | 49% |
| Netherlands | 59 | +3.3% | 47.5% |
| Germany | 232 | +6.8% | 43.1% |
| Mexico | 33 | +12.8% | 45.5% |
| France | 211 | +18.6% | 37.9% |
| Hong Kong | 69 | +39.9% | 24.6% |
By exchange
The same figures by listing venue. Useful where one country hosts several markets, or where a venue's composition differs from the country's economy.
| Exchange | Companies | Median gap | Above fair value |
|---|---|---|---|
| SIX | 140 | -23.7% | 80% |
| TSX | 161 | -21.0% | 72.7% |
| ASX | 158 | -14.5% | 58.9% |
| NSE | 36 | -13.7% | 61.1% |
| TSE | 69 | -13.6% | 58% |
| Borsa Italiana | 35 | -12.9% | 68.6% |
| NYSE | 1,247 | -12.0% | 62.6% |
| Nasdaq Stockholm | 304 | -11.3% | 58.6% |
| NASDAQ | 1,082 | -10.7% | 62.6% |
| LSE | 266 | -0.8% | 51.5% |
| BME | 102 | +0.2% | 49% |
| Euronext Amsterdam | 60 | +2.4% | 48.3% |
| XETRA | 232 | +6.8% | 43.1% |
| BMV | 33 | +12.8% | 45.5% |
| Euronext Paris | 211 | +18.6% | 37.9% |
| HKEX | 69 | +39.9% | 24.6% |
Where the models disagree most with the market
Companies above $10bn where at least three models agree. These are not forecasts. They are the widest gaps between price and a mechanical valuation, which is often a statement about how hard a business is to model rather than a view on the business. Click any ticker to see every model that applies to it and the assumptions behind them.
| Company | Price | Fair value | Gap | Models |
|---|---|---|---|---|
| ECLEcolab Inc. | $288.53 | $93.16 | -67.7% | 4 |
| DSFIR.ASDSM-Firmenich AG | €108.90 | €35.88 | -67.1% | 3 |
| RBCRBC Bearings Incorporated | $471.98 | $158.10 | -66.5% | 4 |
| VLOValero Energy Corporation | $419.28 | $141.20 | -66.3% | 3 |
| ATZ.TOAritzia Inc. | C$155.15 | C$52.53 | -66.1% | 3 |
| SIEMENS.NSSiemens Limited | ₹3,245.20 | ₹1,147.25 | -64.6% | 3 |
| BURLBurlington Stores Inc. | $247.63 | $89.50 | -63.9% | 3 |
| WMBWilliams Companies Inc. (The) | $71.70 | $27.15 | -62.1% | 4 |
| ILMNIllumina Inc. | $269.42 | $102.24 | -62.1% | 3 |
| PSXPhillips 66 | $283.18 | $108.53 | -61.7% | 3 |
| Company | Price | Fair value | Gap | Models |
|---|---|---|---|---|
| FMG.AXFortescue | A$14.27 | A$38.19 | +167.6% | 4 |
| MAERSK-B.COA P Moller-Maersk B | kr 22,870.00 | kr 59,654.43 | +160.8% | 4 |
| HLAG.DEHapag-Lloyd Aktiengesellschaft | €128.40 | €304.13 | +136.9% | 4 |
| LULUlululemon athletica inc. | $99.01 | $233.08 | +135.4% | 3 |
| CMCSAComcast Corporation | $22.69 | $49.65 | +118.8% | 4 |
| CA.PACarrefour | €13.84 | €28.29 | +104.4% | 5 |
| BMW.DEBayerische Motoren Werke (BMW) | €57.42 | €116.61 | +103.1% | 4 |
| RCI-B.TORogers Communications B | C$45.36 | C$91.54 | +101.8% | 4 |
| MBG.DEMercedes-Benz Group | €40.74 | €81.47 | +100.0% | 3 |
| 1024.HKKuaishou Technology | HK$27.90 | HK$53.47 | +91.6% | 3 |
Method, and what is excluded
Each company is valued by the independent models that suit its type (two-stage DCF, multiples, asset and income approaches among them). The headline figure per company is a confidence-weighted blend with outlier rejection, and a company needs at least two surviving models to be counted at all. It is the same calculation shown on every ticker page, so any figure here can be checked against its own page.
Scope: common equity listed in the US, Europe, Canada and Asia-Pacific, 4,301 companies from 7,376 covered. ETFs, closed-end funds, trusts, preferred shares and depositary receipts are excluded, because a discounted cash flow model applied to a portfolio or a coupon produces a number without producing a meaning. For listings priced in a different currency from the one they report in, the price is converted into the reporting currency before any model runs; where we cannot establish that exchange rate, the stock is left out rather than valued on a guess.
Not investment advice. A model is an argument, not a fact. See the full disclaimer.
Free to cite
Journalists and writers are welcome to use these figures with attribution to ACCE Investments and a link to this page. Figures update daily, so please cite the date. If you need a cut we do not publish — a specific sector, a market-cap band, a longer history — write to [email protected] and we will run it, usually the same day.