Finance

Specialty Finance

81 investable US stocks · data to Saturday, October 24, 2026

Acquirer's Multiple percentile today38th percentile

Cheaper than in 86% of quarters since 1999Its usual range since 1999 is the 38th to 52nd percentile (the middle 80% of quarters), with a median of the 45th. Lower is cheaper: the 10th percentile is cheaper than 90% of the investable US market; the 50th is the middle.

Is it cheap because returns are depressed?

The industry is cheap against its own past, and returns on assets are in their usual range, so the discount isn't explained by weaker returns. Free cash flow yield is in its usual range. A low multiple can be warranted when returns on assets are low, and a high one when they are high, so the multiple reads best next to returns and free cash flow, each against the industry's own history.

For banks, insurers and other financials, operating income and cash flow aren't comparable with other companies. Read these percentiles against the industry's own history rather than against other industries.

Against its own history

Each chart is the industry's median stock as a percentile of all investable US stocks, quarterly since 1999. For the Acquirer's Multiple and debt to equity, lower is better. The shaded band is its usual range (the middle 80% of quarters); the dashed line is its long-run median; the dot is today. Green shading marks the better end of each scale and red the worse, and today's dot takes the colour of where it sits.

Acquirer's MultipleCheaper than usualPercentile of enterprise value ÷ operating income: lower is cheaper. Cheaper than in 86% of quarters since 1999.

Free cash flow yieldUsual rangePercentile of free cash flow yield: higher is a bigger yield. Lower than in 66% of quarters since 1999.

Shareholder yieldHigher than usualDividends plus buybacks, as a percentile: higher is a bigger yield. Higher than in 75% of quarters since 1999.

Dividend yieldUsual rangePercentile of dividend yield: higher is a bigger yield. Lower than in 62% of quarters since 1999.

Return on assets, 5-yrUsual rangePercentile of five-year return on assets: higher is better. Lower than in 52% of quarters since 1999.

Debt to equityUsual rangePercentile of debt to equity: lower is less debt. Less indebted than in 53% of quarters since 1999.

Company sizeSmaller than usualPercentile of market cap: higher is larger. Smaller than in 74% of quarters since 1999.

Specialty Finance stocks in the screens today

In today's screens, cheapest first. ● marks one of a screen's 30 tracked picks.

Stock	Screen	Acquirer's Multiple	FCF yield	Shareholder yield

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Other Finance industries

United States Banks cheaper than 86%Mortgage Banking cheaper than 84%Insurance cheaper than 75%Real Estate Investment Trusts (REITs) cheaper than 62%Real Estate Investment and Services dearer than 55%International Banks dearer than 61%Finance Software and Services dearer than 67%Investment Services dearer than 68%

Quarterly since 1999 from point-in-time data. Each quarter, every investable US stock (price above $3, market cap above $75M, average daily trading above $850,000, no OTC, ADRs or MLPs) is placed in a percentile (0-100) against all the others on each metric. An industry's value is the median percentile of its stocks. Industries follow FactSet's RBICS classification. Percentiles describe the past; they are not investment advice or a forecast.