Since Buckingham recommended making additional P/E calculations using estimates as far out as 2028, we did this using calendar-year estimates from analysts polled by FactSet. But estimates for 2028 weren’t available for every company. So the “further forward P/E” column uses Monday’s closing prices and consensus estimates for calendar 2028 for all of the companies except Bank OZK (OZK), Meritage Homes (MTH) and PNC Financial Services (PNC), for which 2027 EPS estimates have been used.
Click on the tickers for more about each company.
Read: Tomi Kilgore’s detailed guide to the information available on the MarketWatch quote page
How ‘the buzz’ can hurt investors and traders
The recent action for bitcoin (BTCUSD), with a 32% decline from the 2025 intraday high of $125,482 through Monday’s last quoted price of $85,468, provides an example of how a high concentration in an asset can backfire. As recently as Oct. 6, bitcoin’s price was up 35% for 2025. Through Monday, the price was down 9% year to date. Bitcoin prices for this article were provided by CoinDesk.
Strategy Inc. (MSTR) is the best-known among the companies whose main business strategies have been raising money to buy and hold bitcoin. As of June 30, the company reported bitcoin holdings that made up 99.4% of its total assets. So it is fair to say that the book value of Strategy is the market value of its bitcoin.
This is how investors and traders in the stock market valued Strategy, relative to its bitcoin holdings, based on the last-quoted bitcoin prices and the market capitalization of the company’s common stock at the close on these days:
— On July 31, when the company reported its second-quarter results, Strategy said it had expanded its holdings, “into July,” to 628,791 bitcoins. As of July 31, those bitcoins were worth $73.4 billion. Strategy’s market cap that day was $113.9 billion. The stock was trading at a 55% premium to the value of the company’s bitcoin.
— On Oct. 30, when Strategy reported its third-quarter results, the company specifically said it held 640,808 bitcoins as of Oct. 26. Strategy’s bitcoins were worth $72.8 billion that day, and the company’s market cap was $83 billion. So the stock was trading at a 14% premium to the company’s bitcoin.
— On Monday, Strategy lowered its operating guidance because of bitcoin’s price decline and announced it had set aside a $1.4 billion reserve in dollars to cover its next 21 months of dividend payments. The company also said it had increased its holdings to 650,000 bitcoins. At the end of the day, Strategy’s bitcoins were worth $55.6 billion and the company’s market cap was $49.3 billion. So the stock closed at an 11% discount to the value of the company’s bitcoin.
Tomi Kilgore: Strategy’s stock shows why it’s a trade, and not an investment
So Strategy’s stock has traded as a leveraged bet on bitcoin. And some investors or traders have juiced the bets even further with leveraged exchange-traded funds. For example, the T-Rex 2X Long MSTR Daily Target ETF MSTU was down 7.1%, while Strategy’s stock declined 3.3%. This type of leveraged ETF is designed to double the performance of the underlying stock on one day only. A leveraged ETF of this type, or a reverse leveraged ETF (designed to move in the opposite direction of the underlying stock’s price) is meant to be an intraday trading tool. But that hasn’t stopped some investors from loading up and staying in for longer periods. Year to date through Monday, MSTU was down 85.2%, while Strategy’s stock was down 40.8% for 2025.
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-Philip van Doorn
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12-02-25 1211ET
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