Thirty companies.One valuation.
The Dow Jones Valuation Tracker measures the aggregate valuation of the 30 companies in the Dow Jones Industrial Average using the equally weighted geometric mean of their individual Valuation (P/IVP) ratios.
Each company's Valuation is calculated by comparing its market price with its independently estimated Intrinsic Value (IVP).
100% represents fundamental valuation equilibrium. Values above 100% indicate aggregate overvaluation, while values below 100% indicate aggregate undervaluation.
Index valuation
The tracker shows the equal-weighted geometric mean of the 30 Dow Jones companies’ price-to-estimated-intrinsic-value ratios (P/IVP). A reading of 100% represents the model’s valuation equilibrium for the group. Readings above 100% indicate that the market is paying a premium over underlying earning power, compressing forward return potential and elevating sensitivity to valuation contraction. Readings below 100% offer a collective margin of safety, where corporate earning power is acquired at a discount.
Historical quarterly data: Q4/1997 – Q2/2026 · Q3/2026 updated weekly
Last updated
How the Tracker Works
Weekly updates
The latest observation is updated weekly using the latest available share prices and Intrinsic Values (IVP). As companies release new financial results, their updated IVP replaces the previous value in the calculation.
Quarterly locking
Historical observations are finalized quarterly. On March 30, June 30, September 30, and December 30, the preceding quarter's Valuation is locked and remains unchanged.
This approach preserves a consistent historical record while allowing the latest Valuation to reflect current market prices and newly reported financial information.
See how the model works for individual companies.
The tracker measures the Dow Jones companies as a whole. Our company reports apply the same valuation model to individual businesses — estimating Intrinsic Value (IVP), Valuation, Margin of Safety and long-term return potential.