What this market has paid for the company before — seven valuation multiples measured against the company’s own history, each read as a percentile of it, blended into one figure with the spread in plain sight.
Every quote page in the world prints a P/E and leaves you to decide whether it is a lot. Against the market it tells you nothing — some businesses have never traded cheaply and some have never traded dearly. Against the sector it tells you less, because the sector is an average of companies you would not buy. The comparison that means something is the company against itself: what has this market paid for a dollar of these earnings, over years, and where does today sit in that range?
Seven multiples — P/E, Yield, P/FCF, P/OCF, P/S, EV/EBITDA and P/B — each drawn over this company’s own history, so today’s reading is a percentile of what the market has actually paid for it rather than a comparison with a sector average.
Share price divided by earnings per share over the last twelve months.
What the market pays for a dollar of profit. The oldest reading of a share price, and the one most disturbed by a single bad quarter, since it is measured after every cost.
Dividend per share over the last twelve months divided by the share price.
What the shares pay out as a share of what they cost. Read the other way up from the other six: a high yield is cheap, and it says nothing about whether the dividend is safe.
Share price divided by free cash flow per share over the last twelve months.
What the market pays for a dollar of the cash left after the business has paid for itself. Harder to flatter than profit, and lumpy where capital spending comes in waves.
Share price divided by operating cash flow per share over the last twelve months.
What the market pays for a dollar of cash from running the business, before the cost of keeping it running. Steadier than free cash flow, and blind to capital spending.
Share price divided by revenue per share over the last twelve months.
What the market pays for a dollar of sales. The multiple of last resort: it works on a company that earns nothing yet, and ignores whether the sales earn anything at all.
Share price plus net debt per share, divided by EBITDA per share; the fair value comes back through the balance sheet.
What the market pays for the whole company, debt included, against its cash earnings before interest, tax and depreciation. The one lens that is not a price multiple.
Share price divided by the net assets on the balance sheet, per share.
What the market pays for a dollar of the net assets on the books. Says a great deal about a bank and very little about a business whose value is people and brands.
Each lens is drawn over the window you chose and today’s reading is placed inside that distribution. The word it earns is a percentile, never a distance from fair value — a share a quarter below fair value sounds merely cheap, while the percentile says how rarely it has been cheaper. Every verdict is labelled with the window it was judged over, because the same company scores differently over one year and over ten.
Today's multiple sits below the 10th percentile of this window — cheaper than on more than nine days in ten of its own history.
Between the 10th and 30th percentile of this window: cheaper than most of its own history without being at an extreme of it.
Between the 30th and 70th percentile — priced about where this company has usually been priced over this window.
Between the 70th and 90th percentile of this window: dearer than most of its own history, short of the extreme.
Above the 90th percentile of this window — dearer than on more than nine days in ten of its own history.
The blend is the median of the lenses that apply, at equal weights — not their average. A mean is dragged by whichever lens stands furthest from the rest, and on a seven-lens spread that is routinely the one that suits the company least. The spread itself is printed beside the median, because the distance between the cheapest and dearest reading is the thing a single figure hides.
A lens that does not describe the business can be unticked, and the median moves with no request and no reload. A lens the company cannot be judged on at all — no dividend, no positive earnings, a balance sheet with more cash than the market pays for the whole company — is set aside for you with the reason beside it, and is left out of the blend rather than counted as a zero.
Intrinsic Value asks what the business is worth on its own cash, earnings and dividends; Fair Value asks what the market has historically paid for them. They are two questions rather than two halves of one, so nothing anywhere averages the two tabs together — you read them side by side and notice where they disagree.
The other half is the intrinsic value calculator — what the business is worth on its own cash, earnings and dividends.
Fair Value is a tab on every company page, beside Intrinsic Value. It opens on the answer rather than on a lens: the median across everything that applies, the spread around it, and the upside against today’s price.
A verdict is where today’s multiple sits inside the window you chose — not how far the price is from fair value. It is never drawn without its window beside it, because the same company scores differently over one year and over ten.
Untick it and the median moves with no request and no reload. A lens the company cannot be judged on — no dividend, no positive earnings — is set aside for you with the reason beside it, and has no checkbox at all.
Every lens has its own page: the multiple over time against the price, the gap shaded both ways, the distribution it sits in, and how the figure underneath it has been growing. Type a multiple you think is right and the whole history redraws around it.
The lenses you excluded, the window and any multiple you typed all live in the address, so the link is the reading rather than the defaults — or write the valuation straight onto a watchlist and let it watch the price against it.
A fair-value estimate from somebody else is one model with its assumptions hidden. Here the question is asked several ways at once, and where the readings disagree is the argument about the company.
The hardest question about a share you already own is whether it is still worth what it costs. Its own history answers that better than a sector average ever will.
The dividend lens is read the other way up — a high yield is cheap — so a company can be judged on the payout that is the reason you hold it.
A lens is one multiple drawn over time against the share price. Its fair value is the figure per share today multiplied by the median multiple over the window you chose — this company judged against its own history, never against a sector or a peer. The dividend lens is read the other way up, since a high yield is cheap, and the EBITDA one prices the whole company and comes back to a share price through the balance sheet.
The verdict is where today’s multiple sits inside that window, not how far the price is from the fair value. The two disagree, and the percentile is the more honest of them: a share 29% below fair value sounds merely cheap, while the percentile says cheaper happened on fewer than one day in ten of its own history.
The window is part of the claim, so a verdict is always labelled with it. The same company scores differently over one year and over ten, and a window is offered only where the data carries it: four years of history never produces a ten-year median. A day whose figure per share was not above zero is a gap in the series rather than a zero in it.
None of this says where the share goes next. A multiple can sit above its own median for years, and a fundamental that is shrinking pulls the fair value down with it — which is why the growth of the denominator is drawn beside the multiple rather than left for the reader to assume.
The full walkthrough is in the help centre: how to tell if a stock is overvalued.
Compare what it costs today against what it has usually cost — not against the market or a sector average. Seven multiples — P/E, Yield, P/FCF, P/OCF, P/S, EV/EBITDA and P/B — each drawn over this company’s own history, so today’s reading is a percentile of what the market has actually paid for it rather than a comparison with a sector average. A reading above the 90th percentile of its own window means the shares are dearer than on more than nine days in ten of their own history, which is a measurement rather than an opinion.
A fair value calculator estimates what a share should cost. This one does it by relative valuation: seven valuation multiples measured against the company’s own history, each turned into an implied value by multiplying today’s figure per share by the median multiple over the window you chose. The blend across them is the headline, and every lens behind it can be opened, excluded or overridden.
No, and that is the point of measuring a company against itself. Some businesses have never traded cheaply and some have never traded dearly, so the same P/E means opposite things on two companies. What the verdict reports is the percentile — where today’s multiple sits inside this company’s own range — rather than the number on its own.
On the earnings lens. Each lens has a page of its own: the multiple drawn over time against the share price with the gap shaded both ways, the distribution it sits in with today’s bucket marked, a quantile table, and how the figure underneath it has been growing. Earnings can be read on an adjusted or a filed basis, which are two different numbers and are labelled as such.
Intrinsic Value asks what the business is worth on its own cash, earnings and dividends; Fair Value asks what the market has historically paid for them. They are two questions rather than two halves of one, so nothing anywhere averages the two tabs together — you read them side by side and notice where they disagree.
Yes. Type the multiple you think is right and the whole history redraws around it, with no request and no reload — and the blend above follows, for every lens the override can reach. The verdict goes dark while it is in force: a verdict is a percentile of this company’s own past, and one computed against a number you chose would be a compliment rather than a measurement.
The Fair Value tab is part of Ultimate, and every new account gets it for seven days: create an account, confirm your email, and the trial starts without a card. What you changed stays yours either way — an excluded lens, a window, a multiple you typed in yourself all live in the address, so the link you saved opens on the same reading the day you subscribe.
Part of Ultimate · 7-day free trial included · No credit card to start