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Is the Stock Market Overvalued?

Live valuation · as of Sep 24, 2026

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Global stock market vs fair value
+14.1 %
overvalued

Cap-weighted across 25,521 valued stocks, cross-listings deduplicated. "+14.1 %" means the market trades above its aggregate fair value.

World map of stock market valuation

Each area is coloured by its cap-weighted gap to fair value: green trades below, red above the computed value. Click a continent for size classes and sectors.

Major indices: expensive or cheap?

Nasdaq 100+42.2 % vs fair value
S&P 500+33.3 % vs fair value
MSCI World+31.8 % vs fair value
DAX+28.7 % vs fair value
Eurozone+23.8 % vs fair value
Emerging Markets+7.9 % vs fair value

The same figures as a dated, citable edition with a dataset to download: Stock market valuation statistics.

Sectors: where is the over- and undervaluation?

more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)

Utilities+34.4 % Materials+27.9 % Energy+27.4 % Industrials+21.7 % Information Technology+20.2 % Consumer Staples+19.7 % Consumer Discretionary+12.1 % Financials+9.5 % Real Estate+7.5 % Health Care+6.0 % Communication Services−12.7 %
Other−26.0 %

The cheapest and most expensive stock markets in the world

Cap-weighted gap to fair value per country (min. 100 valued stocks): larger companies carry more weight than smaller ones.

Cheapest
Brazil−31.3 %
Hong Kong−27.7 %
Philippines−19.6 %
Denmark−7.7 %
Indonesia−4.3 %
Most expensive
Finland+42.4 %
Italy+39.8 %
Switzerland+37.2 %
India+36.5 %
Israel+34.8 %
Use this data

Journalists and bloggers: free to cite with a link back. Updated daily, free to use with attribution.

Fair Value Calculator, "Is the Stock Market Overvalued?", as of Sep 24, 2026. https://www.fairvalue-calculator.com/market-valuation/

Top rated stocks below fair value, today

Exelixis +89% below fair value · quality 94/100 Incyte Corporation +64% below fair value · quality 91/100 Endeavour Mining +54% below fair value · quality 87/100 Lundin Gold +39% below fair value · quality 85/100 Gilead Sciences +31% below fair value · quality 83/100

See all undervalued stocks →

How much cash does our model keep?

Cash share in our model

The more expensive the market looks, the more cash our model keeps. You also see how your own watchlist sits versus fair value and which of your positions stand out. A description of the market, not financial advice.

🔒 Model cash share
Try free for 14 days and see the cash share

Methodology

For over 35,000 stocks we compute a fundamental fair value from multiple models and aggregate the over/undervaluation cap-weighted into a market figure. Cross-listings are deduplicated, outliers capped. Index valuations use look-through: the weighted fair value of the constituent stocks. One source, updated daily.

Model-based estimate. This valuation does not account for your personal situation, risk tolerance or investment horizon. As of Sep 24, 2026.