ACCE Research · Data as of August 17, 2026
56.7% of the US market trades above its fair value
We value 2,674 US-listed companies with six independent models every day. As of August 17, 2026, 56.7% of them trade above the consensus of those models, with a median gap of -7.6%. Among the names still trading below fair value, the median discount implies +32.4% of upside.
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 |
|---|---|---|---|
| Healthcare | 254 | -20.3% | 64.2% |
| Real Estate | 140 | -18.1% | 67.1% |
| Industrials | 394 | -17.5% | 62.7% |
| Technology | 395 | -15.8% | 61% |
| Utilities | 69 | -14.5% | 73.9% |
| Basic Materials | 129 | -12.0% | 65.1% |
| Consumer Cyclical | 334 | -8.4% | 59.9% |
| Energy | 149 | -3.3% | 51% |
| Communication Services | 106 | -2.8% | 52.8% |
| Consumer Defensive | 129 | +0.7% | 48.8% |
| Financial Services | 574 | +6.1% | 42.2% |
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 all six models and the assumptions behind them.
| Company | Price | Fair value | Gap | Models |
|---|---|---|---|---|
| ALABAstera Labs Inc. | $314.83 | $24.36 | -92.3% | 3 |
| TSLATesla Inc. | $341.70 | $29.86 | -91.3% | 4 |
| CORTCorcept Therapeutics Incorpora | $114.83 | $10.62 | -90.7% | 3 |
| VIAVViavi Solutions Inc. | $42.40 | $4.63 | -89.1% | 3 |
| GEVGE Vernova Inc. | $1055.82 | $128.54 | -87.8% | 3 |
| LLYEli Lilly and Company | $1184.36 | $146.74 | -87.6% | 3 |
| ONTOOnto Innovation Inc. | $334.61 | $63.74 | -81.0% | 3 |
| SHOPShopify Inc. | $154.85 | $31.35 | -79.8% | 4 |
| PANWPalo Alto Networks Inc. | $385.09 | $85.06 | -77.9% | 3 |
| WATWaters Corporation | $412.65 | $93.87 | -77.3% | 3 |
| Company | Price | Fair value | Gap | Models |
|---|---|---|---|---|
| CMCSAComcast Corporation | $26.26 | $64.70 | +146.4% | 3 |
| IAGIamgold Corporation | $18.33 | $42.54 | +132.1% | 3 |
| CTSHCognizant Technology Solutions | $59.02 | $121.02 | +105.1% | 4 |
| DVADaVita Inc. | $180.85 | $362.34 | +100.4% | 3 |
| VICIVICI Properties Inc. | $26.37 | $51.11 | +93.8% | 3 |
| CFCF Industries Holdings Inc. | $118.47 | $225.21 | +90.1% | 3 |
| ADBEAdobe Inc. | $265.07 | $501.18 | +89.1% | 3 |
| ALLAllstate Corporation (The) | $260.54 | $484.95 | +86.1% | 4 |
| DBDeutsche Bank AG | $38.50 | $70.30 | +82.6% | 3 |
| CRMSalesforce Inc. | $196.95 | $353.28 | +79.4% | 3 |
Method, and what is excluded
Each company is valued by up to six independent models (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: US-listed common equity, 2,674 companies from 3,506 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. Non-US listings are excluded for now as well: their financials are reported in one currency and their shares priced in another, and we would rather narrow the claim than publish a figure we cannot stand behind.
Not investment advice. A model is an argument, not a fact. See the full disclaimer.
Free to cite
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