S&P 5007,659.44-1.09%Nasdaq26,140.03-2.15%Dow52,002.41-0.34%Nikkei 22565,324.29+1.39%Hang Seng24,186.83+0.52%EuroStoxx 506,204.23+0.58%Dollar (DXY)101.84-0.16%EUR/USD1.12-0.17%USD/JPY157.96-0.12%GBP/USD1.33+0.27%USD/CNY6.68-0.21%US 10Y yield5.10+1bpUS 5Y yield4.90+0bpGold4,181.10+0.26%Silver57.31+0.82%Copper6.57+0.95%Platinum1,633.10+1.39%Palladium1,118.60-0.21%WTI99.02+1.07%Brent109.86+3.72%Henry Hub3.12-3.71%Gasoline3.14-1.13%Heating oil4.72-2.53%Wheat660.50-1.42%Corn474.25-0.78%Soybeans1,261.25-0.14%Coffee305.55+3.65%Sugar20.85-1.33%Cocoa5,686.00-2.49%Cotton80.00-0.07%Lithium ETF64.05-2.32%Uranium ETF35.43-1.91%Rare Earths ETF54.23-2.71%Copper Miners ETF79.98-1.05%Bitcoin81,038.58-0.42%Ethereum2,363.30-1.52%Solana101.86-1.41%S&P 5007,659.44-1.09%Nasdaq26,140.03-2.15%Dow52,002.41-0.34%Nikkei 22565,324.29+1.39%Hang Seng24,186.83+0.52%EuroStoxx 506,204.23+0.58%Dollar (DXY)101.84-0.16%EUR/USD1.12-0.17%USD/JPY157.96-0.12%GBP/USD1.33+0.27%USD/CNY6.68-0.21%US 10Y yield5.10+1bpUS 5Y yield4.90+0bpGold4,181.10+0.26%Silver57.31+0.82%Copper6.57+0.95%Platinum1,633.10+1.39%Palladium1,118.60-0.21%WTI99.02+1.07%Brent109.86+3.72%Henry Hub3.12-3.71%Gasoline3.14-1.13%Heating oil4.72-2.53%Wheat660.50-1.42%Corn474.25-0.78%Soybeans1,261.25-0.14%Coffee305.55+3.65%Sugar20.85-1.33%Cocoa5,686.00-2.49%Cotton80.00-0.07%Lithium ETF64.05-2.32%Uranium ETF35.43-1.91%Rare Earths ETF54.23-2.71%Copper Miners ETF79.98-1.05%Bitcoin81,038.58-0.42%Ethereum2,363.30-1.52%Solana101.86-1.41%

Valuation Drivers Monthly

Universe SHAP importance, the names furthest above and below the model, desk drivers, and driver shifts against last month's snapshot.

data as of 2026-10-01 · published 2026-10-05 · next update first Monday of next month

TL;DR — the read in bullets

Across 106 covered companies the largest driver of the price-to-NOPAT multiple is revenue growth YoY % (mean |SHAP| 0.171), then operating margin % and beta; the model explains 46% out of sample and 91% in sample.
Furthest above the model: PLTR at 214x against 119x (+81%); furthest below: HON at 11x against 19x (-44%). 8 above and 8 below are tabled.

teaser chart

3 further findings, 1 chart and the rest of the analysis are in the full report.

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MacroTerminal Research is market commentary and data analysis. It is not investment advice, and nothing here is a recommendation to buy or sell anything.

MacroTerminal is a research publication and is not investment advice; nothing here is a recommendation to buy or sell anything.

MacroTerminal is a research publication and is not investment advice; nothing here is a recommendation to buy or sell anything.