Tobin's Q

1.777 for Q2 2021

Level Chart

Basic Info

Tobin's Q is the market value of all public companies in the US divided by their replacement cost. Many macroeconomists consider the market overvalued when Tobin's Q is above its long term mean and undervalued when it is below the long-term mean.

Tobin's Q is at a current level of 1.777, up from 1.706 last quarter and up from 1.363 one year ago. This is a change of 4.15% from last quarter and 30.40% from one year ago.
Report Z.1 Financial Accounts of the United States
Category Market Indices and Statistics
Region United States
Source Federal Reserve

Stats

Last Value 1.777
Latest Period Jun 2021
Last Updated Sep 23 2021, 12:32 EDT
Next Release
Average Growth Rate 3.52%
Value from 1 Year Ago 1.363
Change from 1 Year Ago 30.40%
Frequency Quarterly
Adjustment Not Seasonally Adjusted
Notes The ratio is calculated using the Z.1 Flow of Funds Report. It is B.102 Line 35 (Market Value of Equities Outstanding - Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business) divided by Line 32 (Total Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business).
Formula US Market Value of Equities Outstanding - Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business / US Total Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business

Historical Data

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Date Value
June 30, 2021 1.777
March 31, 2021 1.706
December 31, 2020 1.624
September 30, 2020 1.478
June 30, 2020 1.363
March 31, 2020 1.120
December 31, 2019 1.380
September 30, 2019 1.293
June 30, 2019 1.327
March 31, 2019 1.356
December 31, 2018 1.206
September 30, 2018 1.429
June 30, 2018 1.338
March 31, 2018 1.339
December 31, 2017 1.350
September 30, 2017 1.320
June 30, 2017 1.314
March 31, 2017 1.330
December 31, 2016 1.269
September 30, 2016 1.274
June 30, 2016 1.290
March 31, 2016 1.295
December 31, 2015 1.254
September 30, 2015 1.197
June 30, 2015 1.310
Date Value
March 31, 2015 1.342
December 31, 2014 1.785
September 30, 2014 1.726
June 30, 2014 1.768
March 31, 2014 1.695
December 31, 2013 1.645
September 30, 2013 1.532
June 30, 2013 1.498
March 31, 2013 1.524
December 31, 2012 1.362
September 30, 2012 1.363
June 30, 2012 1.309
March 31, 2012 1.378
December 31, 2011 1.232
September 30, 2011 1.106
June 30, 2011 1.314
March 31, 2011 1.357
December 31, 2010 1.298
September 30, 2010 1.014
June 30, 2010 0.9061
March 31, 2010 1.095
December 31, 2009 1.046
September 30, 2009 0.9983
June 30, 2009 0.8185
March 31, 2009 0.6534

Basic Info

Tobin's Q is the market value of all public companies in the US divided by their replacement cost. Many macroeconomists consider the market overvalued when Tobin's Q is above its long term mean and undervalued when it is below the long-term mean.

Tobin's Q is at a current level of 1.777, up from 1.706 last quarter and up from 1.363 one year ago. This is a change of 4.15% from last quarter and 30.40% from one year ago.
Report Z.1 Financial Accounts of the United States
Category Market Indices and Statistics
Region United States
Source Federal Reserve

Stats

Last Value 1.777
Latest Period Jun 2021
Last Updated Sep 23 2021, 12:32 EDT
Next Release
Average Growth Rate 3.52%
Value from 1 Year Ago 1.363
Change from 1 Year Ago 30.40%
Frequency Quarterly
Adjustment Not Seasonally Adjusted
Notes The ratio is calculated using the Z.1 Flow of Funds Report. It is B.102 Line 35 (Market Value of Equities Outstanding - Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business) divided by Line 32 (Total Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business).
Formula US Market Value of Equities Outstanding - Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business / US Total Net Worth (Market Value) - Balance Sheet of Nonfarm Nonfinancial Corporate Business