Large-cap drawdown value
Query: US large-cap stocks down more than 20% from 52-week high with positive earnings growth and forward P/E under 20 · data as of 2026-10-21
Beaten-down value screen: 135 US large caps (>$10B) at least 20% off their 52-week high with positive earnings growth and forward P/E under 20. Content includes a narrative on reading drawdown vs. de-rating traps, a 45-row table sorted by deepest drawdown (TME, APP, FISV, MTZ, STRL, BSX...), a sector profile showing IT accounts for 30 of the matches, and a valuation-sorted table of the cheapest multiples (KEP, TPL, HMY, FISV, MU).
135 US large caps (>$10B) sit at least 20% below their 52-week high while still growing earnings and trading under 20x forward EPS — 30 of them in Information Technology. Ranked by drawdown depth, with a valuation-sorted view for the cheapest growth stories.
The Setup: Beaten-Down Value in Large Caps
What this screen is. A classic beaten-down value cut applied only to large caps: a name has to be at least 20% off its 52-week high, still be growing earnings year over year, and be valued under 20x forward EPS. 135 US companies clear all three hurdles — a small fraction of the >$10B universe. The point of the combination is to separate de-rating from deterioration: when the multiple has collapsed but earnings are still expanding, the market is paying less for more, which is the definition of a value setup rather than a value trap candidate.
How to read the two tables. The main table is sorted deepest drawdown first — these are the consensus broken stories, and the comments flag which ones have a genuine catalyst versus a structural problem. The second table re-sorts the same screen by forward multiple and keeps only names with positive revenue growth, which is where the mechanical, cash-secured cheapness sits: utilities, telecoms, miners, airlines, insurers and REITs whose earnings are bond-proxy or commodity-proxy cash flows.
The regime matters. Market breadth is thin — only a small share of US stocks sit near 52-week highs and more names are in defined downtrends than uptrends, so 20% drawdowns are common rather than special. Leadership has concentrated in energy, healthcare services and enterprise software, while prior high-beta leaders in memory, solar, crypto-adjacent, and datacenter hardware are being actively sold. That mix explains why roughly half of the matches are semis, hardware and miners that ran up violently and then round-tripped.
Three traps to watch. (1) Off-a-trough earnings growth. Many EPS growth figures in this cohort are measured against a depressed prior-year base — a chip downcycle, a commodity trough, a litigation year — so a triple-digit growth rate is often mean reversion, not durable compounding. (2) Calendar risk. Earnings season is front-loaded; a deep drawdown plus a cheap forward multiple is exactly the profile that gaps on guidance. (3) Balance-sheet sensitivity. With the 10-year near 4.6% and long duration bonds still bleeding, refinancing-dependent names — leveraged telcos, mortgage-linked financials, unprofitable duration — keep getting repriced regardless of earnings.
Practical use. Treat the deepest-drawdown list as a watchlist of narratives under pressure and the cheapest-multiple list as a source of cash-flow-secured optionality. Cross-check the 50/150-day trend and the distance from the 150-day average before acting: names reclaiming that line with positive revisions are the ones where the de-rating has likely overshot.
Beaten-Down Large Caps with Growth and a Low Forward Multiple
| Symbol | Company | Sector | Industry | Market Cap ($B) | % From 52W High | Forward P/E | Trailing P/E | EPS Growth YoY (%) | Revenue Growth YoY (%) | 1M Return | 3M Return | 6M Return | % Above 150D SMA | Dividend Yield (%) | RSI (14) | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TME | Tencent Music Entertainment Gro | Communication Services | Internet Content & Information | 13.7552 | -64.40% | 8.43 | 9.93 | 36.19% | 2.34% | 1.93% | -3.65% | -11.90% | -4.92% | 2.84% | 53.9531 | Music streaming/entertainment platform in China; the drawdown reflects a broad de-rating of Chinese consumer internet plus regulatory and competitive noise rather than a business collapse. Catalyst path runs through paid-user conversion and margin expansion from social entertainment; risk is that Beijing policy or a slowing domestic consumer keeps the multiple compressed regardless of earnings. |
| APP | Applovin Corporation | Communication Services | Advertising Agencies | 89.9982 | -63.48% | 12.76 | 20.61 | 111.03% | 69.99% | -18.50% | -32.83% | -44.62% | -34.50% | 0.00% | 38.7648 | Mobile ad-tech platform that compounded violently on gaming advertising and then round-tripped. Earnings remain explosive but the debate is durability of ad demand and the concentration of revenue in a few large advertisers — a high-beta name where the cheap forward multiple may be a fair price for cyclicality rather than a discount. |
| FISV | Fiserv, Inc. | Unclassified | — | 25.6365 | -61.90% | 5.9 | 9.24 | 9.75% | 3.60% | 4.58% | -3.52% | -23.79% | -8.93% | 0.00% | 55.2643 | Payments and banking-software processor hit by a reset in merchant pricing and growth expectations. Deepest software drawdown in the cohort with a very low forward multiple — the setup is a re-rating if merchant volumes and pricing hold, the risk is structural share loss to newer payment rails and a value-management narrative that has lost credibility. |
| MTZ | MasTec, Inc. | Industrials | Engineering & Construction | 14.532 | -58.64% | 14.49 | 28.86 | 111.62% | 16.22% | -18.37% | -49.57% | -51.94% | -42.97% | 0.00% | 26.1744 | Infrastructure and power-delivery contractor. The drawdown is a margin/execution scare in a business with a record backlog tied to grid hardening and data-center buildout — if project margins normalize the recovery can be sharp because revenue visibility is contract-based. |
| STRL | Sterling Infrastructure, Inc. | Industrials | Engineering & Construction | 12.6318 | -58.44% | 16.34 | 29.77 | 14.32% | 17.69% | -20.06% | -42.43% | -15.35% | -31.61% | 0.00% | 31.0934 | Site-work and e-infrastructure contractor levered to data-center and power construction. Earnings growth has held up while the stock de-rated hard, so the gap between backlog conversion and the multiple is the entire thesis; watch project-level margin disclosure and any slowdown in hyperscaler capex. |
| BSX | Boston Scientific Corporation | Health Care | Medical Devices | 64.5052 | -57.60% | 12.94 | 18.02 | 56.66% | 19.87% | -0.91% | 2.13% | -31.39% | -12.06% | 0.00% | 51.8636 | Medical device large cap whose de-rating looks sentiment-driven around growth durability in electrophysiology and watchman-style franchises. Health care is the sector quietly making highs, which makes a device leader near a 52-week low a relative-value catch-up candidate rather than a sector bet. |
| FICO | Fair Isaac Corporation | Information Technology | Software - Application | 17.1747 | -56.90% | 14.99 | 23.05 | 27.13% | 15.91% | -13.04% | -34.07% | -18.03% | -25.40% | 0.00% | 48.9235 | Scores-and-analytics franchise whose multiple has compressed on fears of mortgage-origination volumes and pricing scrutiny. The economic moat is unusually durable and revenue is recurring, so the drawdown is more about end-market cyclicality and pricing politics than franchise erosion. |
| ALB | Albemarle Corporation | Materials | Specialty Chemicals | 11.1479 | -56.19% | 8.21 | — | 59.03% | -4.37% | -19.12% | -18.92% | -51.07% | -35.12% | 1.29% | 27.3245 | Lithium producer still working through the post-spike commodity bust. Earnings growth off a trough base flatters the picture; the real question is whether lithium pricing has bottomed and whether new capacity can be absorbed without further price erosion. |
| ORCL | Oracle Corporation | Information Technology | Software - Infrastructure | 391.4577 | -54.42% | 11.83 | 22.15 | 37.08% | 17.35% | -13.13% | 7.97% | -30.64% | -17.59% | 1.16% | 41.0719 | The single largest company in this screen. Cloud backlog and AI-datacenter demand are still growing fast, so the drawdown is a leverage/financing and capex-return debate — the market questioning how much debt-funded infrastructure converts into free cash. Any evidence of backlog conversion with improving margins would re-rate it quickly. |
| HSAI | Hesai Group | Consumer Discretionary | Auto Parts | 16.5816 | -54.19% | 14.26 | 26.38 | 544.42% | 52.14% | -22.87% | -10.64% | -39.02% | -28.38% | 0.00% | 36.5093 | Chinese lidar supplier caught in the broader de-rating of lidar and China ADRs. Growth is real but the sector is being funded by selling right now, so the multiple can stay cheap until design wins convert into automotive volume visibility. |
| TTMI | TTM Technologies, Inc. | Information Technology | Electronic Components | 10.7614 | -53.88% | 14.82 | 46.01 | 215.19% | 18.98% | -19.86% | -29.48% | -19.38% | -26.38% | 0.00% | 40.5124 | Printed-circuit-board and RF components supplier tied to defense and networking demand. De-rated alongside datacenter-networking hardware even though its backlog is defense-skewed; the mix is more resilient than the price action implies. |
| KEP | Korea Electric Power Corporatio | Utilities | Utilities - Regulated Electric | 16.6911 | -53.87% | 3.81 | 2.49 | 176.80% | 5.83% | -5.04% | -11.10% | -29.78% | -15.72% | 0.70% | 42.7628 | Korean regulated utility whose earnings swing on fuel-cost pass-through and tariff policy. A single-digit forward multiple with large state ownership is the classic policy-put setup, but the catalyst is regulatory (tariff normalization) rather than operational — Korea's equity market itself has been volatile. |
| ALNY | Alnylam Pharmaceuticals, Inc. | Health Care | Biotechnology | 30.1204 | -53.26% | 17.88 | 39.22 | 212.79% | 65.19% | -10.55% | -16.24% | -27.52% | -18.15% | 0.00% | 42.0551 | RNA-interference drug developer with commercial franchises. Biotech beta has fallen out of favor as leadership rotated from biotech to healthcare services and distributors, so the drawdown is sector-driven; label expansion and pipeline readouts are the re-rating levers. |
| AMKR | Amkor Technology, Inc. | Information Technology | Semiconductor Equipment & Materials | 10.8648 | -53.25% | 15.5 | 19.61 | 5.79% | 6.18% | -19.89% | -32.94% | -39.29% | -27.95% | 0.58% | 37.125 | Semiconductor packaging and test house. Advanced packaging is a structural AI beneficiary, but the stock trades with the memory and semicap tape — a leverage play on the packaging bottleneck that gets punished hard whenever AI hardware expectations reset. |
| SE | Sea Limited | Consumer Discretionary | Internet Retail | 47.737 | -52.65% | 15.17 | 30.09 | 259.71% | 36.38% | -24.82% | -21.67% | -9.68% | -19.83% | 0.00% | 20.1224 | Southeast Asian e-commerce and fintech platform. Growth is intact across commerce and digital lending; the drawdown reflects a de-rating of high-growth EM consumer platforms and rising funding costs in its lending book — the loan book's credit quality is the swing factor. |
| HL | Hecla Mining Company | Materials | Other Precious Metals & Mining | 10.7046 | -52.40% | 14.23 | 18.24 | 798.59% | 53.03% | -20.44% | -1.16% | -20.11% | -13.18% | 0.08% | 35.0669 | Silver and gold miner that ran with the precious-metals complex and then round-tripped as gold miners sold off broadly. Mining margins are levered to metal prices and cost inflation; earnings growth here is largely a price-taking outcome, not company-specific execution. |
| FN | Fabrinet | Information Technology | Electronic Components | 12.7594 | -52.30% | 16.34 | 27.33 | 12.27% | 18.60% | -11.82% | -31.23% | -48.40% | -33.80% | 0.00% | 32.8549 | Optical-manufacturing partner for hyperscale networking. Demand is strong but the stock de-rated with the optical and data-center-networking complex; contract-manufacturing economics mean profit upside depends on mix rather than volume alone. |
| MKSI | MKS Inc. | Information Technology | Scientific & Technical Instruments | 14.6122 | -51.42% | 12.35 | 34.41 | 55.26% | 9.62% | -17.00% | -37.36% | -22.26% | -26.44% | 0.33% | 31.0336 | Semiconductor-process and photonics equipment supplier. Exposed to capex cycles in both semis and advanced packaging; the drawdown tracks the semis-capital-equipment pullback, so order commentary from foundry customers is the key read-through. |
| AA | Alcoa Corporation | Materials | Aluminum | 10.749 | -51.39% | 7.02 | 8.47 | 1828.33% | 7.87% | -8.90% | -9.85% | -40.36% | -26.81% | 0.98% | 35.9797 | Aluminum producer whose earnings are a pure function of LME prices, alumina spreads and energy costs. Growth off a cyclical trough; a cheap multiple on trough earnings is only attractive if aluminum supply stays disciplined — tariffs and smelter restarts are the wildcards. |
| INTU | Intuit Inc. | Information Technology | Software - Application | 89.6871 | -50.89% | 12.3 | 20.46 | 30.58% | 15.63% | 15.33% | 19.77% | -17.13% | 0.89% | 1.07% | 65.2954 | Consumer and SMB tax/accounting software leader. De-rated with application software and on AI-disruption fears around its core franchise. Recurring revenue and pricing power are intact, making this the rare case of a wide-moat compounder available at a discount — but the AI narrative overhang can persist. |
| TCOM | Trip.com Group Limited | Consumer Discretionary | Travel Services | 25.1945 | -50.22% | 9.29 | 5.86 | 102.33% | 22.23% | -3.77% | -8.62% | -27.14% | -14.18% | 0.76% | 46.3337 | China online travel platform. Travel demand has been resilient; the discount reflects China consumer sentiment and ADR geopolitics more than travel volumes, so any stabilization in Chinese consumption would be the trigger. |
| HUBS | HubSpot, Inc. | Information Technology | Software - Application | 12.7926 | -49.47% | 15.08 | 88.93 | 892.03% | 19.17% | 14.70% | 31.52% | 7.37% | 13.47% | 0.00% | 61.3735 | SMB marketing-automation software. Growth has decelerated from peak rates and the market is questioning seat-based pricing in an AI-agent world; the drawdown is a growth-quality debate rather than a solvency one. |
| WDC | Western Digital Corporation | Information Technology | Computer Hardware | 141.6851 | -49.28% | 11.92 | 14.05 | 336.72% | 50.70% | -18.53% | -32.18% | -2.67% | -18.49% | 0.11% | 42.6053 | Storage vendor that has been a direct casualty of the sharp memory and storage selloff despite a genuine structural shift toward higher-value HDD and flash mix. Hardware pricing cycles dominate — earnings are extremely sensitive to a few quarters of NAND/HDD pricing. |
| NXT | Nextpower Inc. | Information Technology | Solar | 12.563 | -47.72% | 14.15 | 21.13 | 15.07% | 20.28% | -0.91% | -21.74% | -29.62% | -23.24% | 0.00% | 47.2117 | Solar equipment and tracker manufacturer hurt by the solar-complex unwind. Earnings are supported by a large contracted backlog, but policy (domestic-content credits, tariffs) determines whether that backlog converts profitably. |
| NFLX | Netflix, Inc. | Communication Services | Entertainment | 270.8226 | -47.61% | 17.01 | 20.45 | 26.05% | 15.85% | -9.87% | -5.59% | -30.24% | -19.68% | 0.00% | 32.6116 | Streaming leader that de-rated hard as growth expectations reset and the market worried about ad-tier ramp, content spend and engagement saturation. A pullback of this size in a franchise with pricing power is unusual and hinges on whether subscriber and ad monetization guidance holds. |
| FTAI | FTAI Aviation Ltd. | Industrials | Aerospace & Defense | 16.7947 | -47.26% | 13.61 | 35.63 | 5671.30% | 44.53% | -13.82% | -26.34% | -36.20% | -26.46% | 1.04% | 41.5091 | Aviation-leasing and aftermarket engine specialist. The drawdown is about leverage and accounting complexity rather than demand — the aerospace aftermarket is structurally tight, so the setup is a de-leveraging/re-rating trade contingent on disclosure quality. |
| FUTU | Futu Holdings Limited | Financials | Capital Markets | 14.7246 | -47.23% | 8.6 | 11.62 | 107.88% | 67.78% | -8.13% | 6.13% | -34.68% | -11.04% | 2.48% | 41.7271 | Hong Kong online brokerage levered to Chinese retail trading activity. Earnings surge when cross-border trading volumes rise, which is exactly what's being priced out; the multiple is cyclical rather than structural, and regulatory access to mainland clients is the key risk. |
| GFS | GlobalFoundries Inc. | Information Technology | Semiconductors | 26.5889 | -46.98% | 18.16 | 37.27 | 438.93% | 0.61% | -0.27% | -15.97% | -20.70% | -18.30% | 0.25% | 49.6419 | Foundry with a legacy-node franchise and a US-government-anchored capacity story. Cheap versus semis peers, but the debate is utilization of mature nodes against Chinese capacity additions and how much of the onshoring subsidy shows up in margins. |
| FLEX | Flex Ltd. | Information Technology | Electronic Components | 31.866 | -46.78% | 12.13 | 33.43 | 5.01% | 8.14% | -24.64% | -32.59% | 0.97% | -25.15% | 0.00% | 27.2719 | Contract manufacturer with growing data-center power and AI-server exposure. Sold with the hardware layer as capital rotates from capex receivers to software beneficiaries; EMS margins are thin, so revenue mix toward higher-value power/content is what actually moves earnings. |
| ZTS | Zoetis Inc. | Health Care | Drug Manufacturers - Specialty & Generic | 32.9009 | -46.03% | 11.97 | 12.99 | 7.52% | 2.28% | 9.28% | 6.77% | -31.78% | -6.13% | 2.62% | 68.5828 | Animal-health leader down on soft companion-animal clinic traffic and vet-channel inventory normalization. A defensible, cash-generative franchise with a growth scare rather than a demand collapse — pipeline launches are the catalyst. |
| LVS | Las Vegas Sands Corp. | Consumer Discretionary | Resorts & Casinos | 24.2953 | -46.02% | 10.65 | 14.54 | 6.51% | 15.22% | -5.52% | -17.99% | -33.21% | -20.35% | 3.07% | 40.5338 | Macau and Singapore casino operator. The drawdown tracks China/Asia gaming sentiment and capex intensity in Macau; earnings growth is real but the stock is a China-consumer proxy first and a casino operator second. |
| FSLR | First Solar, Inc. | Information Technology | Solar | 18.7879 | -45.07% | 7.57 | 17.86 | 18.28% | 24.09% | -12.93% | -15.10% | -7.36% | -19.22% | 0.00% | 41.008 | US thin-film solar manufacturer. Deeply tied to domestic-content incentives, tariffs and booked capacity; the sector is being sold indiscriminately, so the discount is policy-option value rather than near-term earnings quality. |
| COHR | Coherent Corp. | Information Technology | Scientific & Technical Instruments | 46.7771 | -44.36% | 17.03 | 57.79 | 1530.74% | 22.51% | -23.47% | -24.17% | -32.23% | -25.34% | 0.00% | 35.5131 | Photonics and laser supplier to datacom and industrial markets. The datacom ramp is real but the stock has been de-rated in the optics unwind; earnings sensitivity to transceiver demand from a couple of hyperscalers is extreme. |
| CDE | Coeur Mining, Inc. | Materials | Gold | 15.5527 | -44.27% | 7.34 | 12.71 | 894.69% | 96.41% | -26.16% | -0.72% | -21.64% | -15.76% | 0.13% | 31.3938 | Silver-focused miner with operational leverage to metal prices. Like its peers, the drawdown is a metals-price and cost-inflation story; mine-specific execution and reserve quality separate the names that recover from those that don't. |
| DKNG | DraftKings Inc. | Consumer Discretionary | Gambling | 10.1922 | -43.35% | 12.65 | — | 100.73% | 26.99% | -5.83% | -10.00% | -8.63% | -13.71% | 0.00% | 49.2417 | Digital sportsbook operator pressured by promotional spending, state tax increases and the expectation of a rational duopoly that keeps getting less rational. Growth in earnings depends on holding marketing spend while expanding into new states and prediction-market competition. |
| AGI | Alamos Gold Inc. | Materials | Gold | 15.2615 | -42.67% | 10.38 | 11.37 | 211.57% | 34.29% | -12.59% | 8.08% | -29.60% | -12.91% | 0.25% | 42.839 | Canadian gold miner with low-cost Island Gold and a growing production base. Cheap on forward cash flow but the multiple is a metal-price derivative; cost guidance and mine ramp-ups are the company-specific variables. |
| RDDT | Reddit, Inc. | Communication Services | Internet Content & Information | 29.4905 | -40.80% | 15.92 | 35.65 | 209.38% | 69.40% | -1.54% | -9.18% | -6.71% | -4.27% | 0.00% | 49.1474 | Social platform whose ad business is improving while user growth plateaus. Deep drawdown reflects a structurally lower engagement multiple and heavy investment in AI and hardware moonshots; advertising yield per user is the swing factor. |
| GFI | Gold Fields Limited | Materials | Gold | 32.785 | -40.17% | 6.85 | 9.34 | 77.68% | 15.57% | -14.34% | 16.59% | -17.27% | -6.54% | 3.92% | 44.445 | South African gold miner with the highest operating leverage in the group. Earnings are extremely sensitive to the rand gold price, so the cheap multiple reflects both metal and country risk (power, labor, mining charter). |
| CRDO | Credo Technology Group Holding | Information Technology | Semiconductors | 34.2599 | -39.75% | 19.99 | 72.62 | 805.04% | 205.68% | -5.34% | -22.93% | -3.80% | -8.52% | 0.00% | 44.7167 | High-speed connectivity supplier for AI clusters. Growth is still triple-digit, which is why a drawdown this deep is notable — the risk is customer concentration and the possibility that the interconnect boom is fully priced into peers' guidance rather than its own. |
| CPRT | Copart, Inc. | Industrials | Specialty Business Services | 25.5528 | -39.72% | 16.39 | 17.13 | 13.90% | 9.68% | -4.22% | 1.42% | -18.10% | -10.54% | 0.00% | 45.711 | Vehicle auction and remarketing platform. A long-duration compounder whose growth normalized as used-car pricing cooled; the de-rating is about the durability of its take-rate and volume growth rather than any balance-sheet issue. |
| HII | Huntington Ingalls Industries, | Industrials | Aerospace & Defense | 10.7949 | -39.62% | 13.15 | 16.31 | 10.00% | 8.23% | 1.11% | -4.13% | -24.66% | -12.00% | 1.51% | 52.9333 | Defense shipbuilder with sole-source programs but chronic margin and labor execution problems. The drawdown is operational credibility, not demand — the backlog is years long, so any cost-containment progress would re-rate the stock sharply. |
| RTO | Rentokil Initial plc | Industrials | Specialty Business Services | 14.3325 | -39.05% | 13.57 | 33.4 | 19.90% | — | -1.54% | -28.90% | -37.65% | -23.68% | 3.02% | 48.7961 | Pest-control and hygiene services roll-up whose integration of a large European acquisition has disappointed. Organic growth and margin recovery in North America are the levers; the business is defensive but the acquisition overhang keeps the multiple depressed. |
| HDB | HDFC Bank Limited | Financials | Banks - Regional | 116.5123 | -39.03% | 15.9 | 15.74 | 6.70% | 15.25% | -3.16% | -1.99% | -13.14% | -6.63% | 2.04% | 48.1767 | India's largest private bank. The drawdown is a valuation and foreign-flow story — Indian equities have been among the weakest major markets, and HDFC's post-merger deposit costs and margin trajectory are the operational debate rather than asset quality. |
| NVO | Novo Nordisk A/S | Health Care | Drug Manufacturers - General | 206.6878 | -38.95% | 11.46 | 9.62 | 1.43% | 6.43% | -0.86% | -17.89% | 1.05% | -9.17% | 3.26% | 45.438 | GLP-1 leader that lost its premium as obesity competition intensified and pipeline expectations reset. Earnings are still growing but the market is now pricing a duopoly with pricing pressure; the catalyst is any evidence of volume durability and next-gen obesity data. |
| KGC | Kinross Gold Corporation | Materials | Gold | 31.8469 | -37.43% | 7.78 | 9.06 | 148.49% | — | -17.00% | 0.77% | -26.71% | -13.62% | 0.34% | 42.4933 | Senior gold producer with a strong margin structure and buyback capacity. Deep drawdown despite growing free cash flow — a pure gold-beta name where the metal, not the mine plan, sets the price. |
Where the Drawdowns Cluster — Sector Profile of the 135 Matches
| Sector | Names | Avg % From 52W High | Deepest Drawdown | Avg Forward P/E | Avg Revenue Growth YoY (%) | Avg 6M Return | Combined Market Cap ($B) | Comments |
|---|---|---|---|---|---|---|---|---|
| Information Technology | 30 | -38.60% | -56.90% | 14.2 | 23.30% | -7.40% | 4,393 | By far the largest cluster: hardware, semis, semicap and software all sold off together. Capital is rotating from capex-receiving hardware toward software beneficiaries of deployed AI, so the deepest drawdowns here are hardware names with the best reported growth. |
| Industrials | 18 | -34.80% | -58.60% | 14.4 | 10.20% | -19.50% | 414 | Contractors, aerospace and business services — the 'build the infrastructure' trade unwinding. Many of these are order-book businesses where revenue visibility is high but project margin execution is being questioned. |
| Materials | 18 | -35.00% | -56.20% | 10.4 | 25.00% | -17.40% | 496 | Cheapest average multiple and strongest average revenue growth, but the growth is commodity-trough recovery in miners and chemicals rather than durable compounding — the sector's low multiples are a fair discount for price-taking economics. |
| Consumer Discretionary | 14 | -35.50% | -54.20% | 13.8 | 20.00% | -17.60% | 532 | Mining and consumer discretionary reflect different problems: mining is metals-price beta, discretionary is the consumer and China travel/gaming complex. Both are cyclical rather than structural drawdowns. |
| Financials | 14 | -28.10% | -47.20% | 11.4 | 14.60% | -7.10% | 1,354 | Shallowest average drawdown of the large clusters — bank and capital-markets names have only dipped 20-30%, which is consistent with financials being one of the better-behaved sectors in the current tape. |
| Communication Services | 12 | -35.60% | -64.40% | 11.1 | 16.40% | -15.00% | 733 | Deepest worst-case drawdown in the screen, driven by China internet and ad-tech names. Multiple compression here is partly geopolitical and partly policy, which is hard to resolve with earnings alone. |
| Health Care | 12 | -31.20% | -57.60% | 12 | 13.00% | -9.60% | 658 | — |
| Real Estate | 6 | -24.50% | -27.90% | 9.4 | 8.30% | -13.70% | 114 | The cheapest cluster by multiple and the shallowest drawdown — REITs and property names already price in elevated rates. With long bonds still under pressure, the catalyst is a rate move rather than fundamentals. |
| Energy | 4 | -26.90% | -36.20% | 10.5 | 110.10% | -6.70% | 111 | Only a handful of energy names qualify because energy is the strongest sector in the market right now — the sector's own momentum has pulled most E&P names away from deep drawdowns. Those that remain are specific stories rather than sector casualties. |
| Consumer Staples | 3 | -28.80% | -33.30% | 11.1 | 0.40% | -16.30% | 46 | — |
| Utilities | 3 | -38.00% | -53.90% | 6.6 | 5.90% | -22.20% | 78 | Utilities and telecom-adjacent names with the lowest multiples in the screen. These are bond proxies: cheap because rates are high and refinancing is expensive, not because earnings are deteriorating. |
| — | 1 | -61.90% | -61.90% | 5.9 | 3.60% | -23.80% | 26 | — |
Cheapest Forward Multiples — Same Screen Sorted by Valuation
| Symbol | Company | Market Cap ($B) | % From 52W High | Forward P/E | Trailing P/E | EPS Growth YoY (%) | Revenue Growth YoY (%) | Dividend Yield (%) | Comments |
|---|---|---|---|---|---|---|---|---|---|
| KEP | Korea Electric Power Corporatio | 16.6911 | -53.87% | 3.81 | — | 176.80% | — | — | State-controlled Korean utility trading at a mid-single-digit multiple. The discount is a governance and tariff-policy discount as much as a valuation one; reform in Korea's capital markets or a tariff reset would be the catalyst. |
| TPL | Texas Pacific Land Corporation | 23.7487 | -36.21% | 4.71 | — | 6.04% | — | — | Royalty owner on Permian land with no operating costs and a history of aggressive capital returns. Cheap forward multiple is unusual for a royalty model — likely reflects commodity-price expectations rather than operational risk. |
| HMY | Harmony Gold Mining Company Lim | 10.7399 | -35.29% | 5.04 | — | 67.45% | — | — | High-cost South African gold miner trading at very low earnings multiples. Deep-value in the mining sense: the multiple is only cheap if the gold price holds and cost inflation stays contained. |
| FISV | Fiserv, Inc. | 25.6365 | -61.90% | 5.9 | — | 9.75% | — | — | Appears in both tables — deepest drawdown and low forward multiple in payments software. The market is treating pricing pressure as structural; a stabilization in merchant volumes would make the valuation look obviously cheap. |
| MU | Micron Technology, Inc. | 1,034 | -24.71% | 5.9 | — | 997.56% | — | — | Memory giant at a mid-single-digit forward multiple despite enormous earnings growth. The classic cycle argument: the market refuses to capitalize peak-cycle memory earnings, so the discount is a bet on the cycle not rolling over. |
| FMS | Fresenius Medical Care AG | 12.6709 | -21.23% | 5.92 | — | 60.79% | — | — | — |
| UAL | United Airlines Holdings, Inc. | 33.0004 | -25.30% | 6.58 | — | 6.48% | — | — | Airline trading near six times forward earnings. Airlines always screen cheap on forward EPS because of fuel, labor and capacity risk — the question is whether pricing power has structurally improved enough to deserve a higher multiple. |
| GFI | Gold Fields Limited | 32.785 | -40.17% | 6.85 | — | 77.68% | — | — | — |
| AA | Alcoa Corporation | 10.749 | -51.39% | 7.02 | — | 1828.33% | — | — | Aluminum producer at a low forward multiple on trough-base earnings growth. Value here is entirely a call on the metal; earnings quality is inherently cyclical. |
| PCG | Pacific Gas & Electric Co. | 39.4811 | -31.19% | 7.3 | — | 7.60% | — | — | Regulated California utility with a single-digit multiple. Cheap for reasons that include wildfire liability and regulatory capital structure — a rate-case outcome rather than earnings is what moves the stock. |
| GEN | Gen Digital Inc. | 14.4379 | -23.21% | 7.31 | — | 51.32% | — | — | Consumer security software with subscription revenue and heavy capital returns. Low multiple with stable cash flow makes it a genuine value-plus-yield name rather than a falling knife. |
| CDE | Coeur Mining, Inc. | 15.5527 | -44.27% | 7.34 | — | 894.69% | — | — | — |
| FSLR | First Solar, Inc. | 18.7879 | -45.07% | 7.57 | — | 18.28% | — | — | US solar manufacturer at roughly seven times forward earnings. The cheap multiple is policy risk in price form — domestic-content credits and tariffs determine whether those earnings materialize. |
| UHS | Universal Health Services, Inc. | 10.7777 | -25.11% | 7.59 | — | 29.93% | — | — | Hospital operator trading at a low multiple despite real earnings growth. Managed-care reimbursement and Medicaid supplemental payment policy are the persistent overhangs — cheap for a reason but with genuine cash generation. |
| LTM | LATAM Airlines Group S.A. | 16.3497 | -29.75% | 7.61 | — | 49.73% | — | — | — |
| VICI | VICI Properties Inc. | 25.4899 | -26.32% | 7.74 | — | 3.58% | — | — | Experiential net-lease REIT with contractual escalators. Yield-driven name whose drawdown reflects financing costs; rate relief, not earnings, is the catalyst. |
| SNAP | Snap Inc. | 10.7391 | -30.14% | 8.19 | — | 34.01% | — | — | Social platform at roughly eight times forward earnings. Structural engagement risk plus heavy AI spend keeps the multiple low; the setup is ad-platform improvement outpacing spending growth. |
| TME | Tencent Music Entertainment Gro | 13.7552 | -64.40% | 8.43 | — | 36.19% | — | — | — |
| T | AT&T Inc. | 150.1358 | -24.71% | 8.55 | — | 90.86% | — | — | Telecom large cap with a large dividend and fiber investment cycle. Cheap on forward earnings but the market discounts secular subscriber losses in legacy lines and the cost of network buildout. |
| FUTU | Futu Holdings Limited | 14.7246 | -47.23% | 8.6 | — | 107.88% | — | — | Chinese retail brokerage at a low forward multiple. Earnings are a direct function of trading volumes and cross-border flows — the highest-beta way to express a Chinese equity recovery. |
| EIX | Edison International | 22.0075 | -28.85% | 8.79 | — | 204.08% | — | — | California utility at roughly nine times forward earnings with a large dividend. Wildfire liability and rate-case outcomes dominate the equity story far more than the earnings multiple. |
| ZTO | ZTO Express (Cayman) Inc. | 15.0832 | -23.22% | 8.79 | — | 8.47% | — | — | Chinese express-delivery network trading in single digits. Volume growth is intact but price competition among the majors compresses per-parcel economics — the discount reflects a structurally competitive industry. |
| RCI | Rogers Communication, Inc. | 19.594 | -22.50% | 9.06 | — | 298.27% | — | — | Canadian telecom with a high dividend and a deep discount. Leverage and regulatory/pricing pressure in wireless are the persistent drags; balance-sheet deleveraging is the re-rating trigger. |
| JBS | JBS N.V. | 13.3543 | -32.30% | 9.22 | — | 13.32% | — | — | Global protein processor at a low forward multiple. Earnings are tied to beef and chicken margin spreads rather than a structural growth story — a spread-cycle value name. |
| B | Barrick Mining Corporation | 67.7526 | -23.07% | 9.26 | — | 131.67% | — | — | Gold major at roughly nine times forward earnings. The cheapest large-cap gold exposure with operational momentum; a pure metal-price derivative with capital-return support. |
| PAAS | Pan American Silver Corp. | 20.6461 | -36.46% | 9.27 | — | 767.26% | — | — | — |
| ADBE | Adobe Inc. | 99.2694 | -29.13% | 9.28 | — | 28.24% | — | — | Application software leader at a single-digit forward multiple — rare for a franchise with this pricing power. The market is pricing AI disruption to creative and document workflows; any evidence of net-new ARR durability would re-rate it fast. |
| TCOM | Trip.com Group Limited | 25.1945 | -50.22% | 9.29 | — | 102.33% | — | — | China travel platform at a low forward multiple with real revenue growth. The valuation is a China-consumer discount rather than a company-specific one. |
| BAC | Bank of America Corporation | 355.0918 | -21.65% | 9.59 | — | 13.11% | — | — | Money-center bank below ten times forward earnings with strong revenue growth. Rate sensitivity and credit costs are the cycle variables; bank multiples rarely expand much above this absent a rate-cut cycle. |
| PYPL | PayPal Holdings, Inc. | 48.9324 | -21.67% | 9.87 | — | 26.19% | — | — | Payments platform at a single-digit forward multiple. Branded-checkout growth is decelerating as wallets and card-linked rails take share — the cheap multiple is a share-loss discount, and that is the debate to resolve. |
| LDOS | Leidos Holdings, Inc. | 16.2174 | -35.24% | 10.11 | — | 16.87% | — | — | Government services and defense IT contractor. Earnings are backlog-secured but procurement timing and protest risk create lumpy growth; cheap versus peers with a similar revenue mix. |
| DECK | Deckers Outdoor Corporation | 11.6422 | -29.31% | 10.22 | — | 6.00% | — | — | Footwear brand whose HOKA-led growth profile is intact but decelerating from extraordinary levels. Cheap on forward earnings because the market expects the growth curve to flatten — DTC mix is the margin lever. |
| AGI | Alamos Gold Inc. | 15.2615 | -42.67% | 10.38 | — | 211.57% | — | — | — |
| BCE | BCE, Inc. | 22.1102 | -24.46% | 10.41 | — | 1637.07% | — | — | — |
| EXE | Expand Energy Corporation | 21.4905 | -24.46% | 10.45 | — | 354.76% | — | — | Natural gas producer with a low forward multiple and commodity-price leverage. Earnings are a function of Henry Hub pricing, which has been the weakest major commodity — a call option on gas demand from power and data centers. |
| LVS | Las Vegas Sands Corp. | 24.2953 | -46.02% | 10.65 | — | 6.51% | — | — | — |
| TXT | Textron Inc. | 13.2911 | -23.31% | 10.69 | — | 11.77% | — | — | — |
| JLL | Jones Lang LaSalle Incorporated | 14.0807 | -22.08% | 10.83 | — | 44.88% | — | — | Commercial real estate services firm with cyclically depressed transaction revenue. At roughly eleven times forward earnings it is cheap versus its own history; a recovery in transaction volumes and leasing is the operating leverage. |
| NVO | Novo Nordisk A/S | 206.6878 | -38.95% | 11.46 | — | 1.43% | — | — | Obesity drug leader at a low-teens forward multiple — historically a rare valuation. The market is pricing competition and pricing pressure into the franchise; next-generation data is the binary catalyst. |
| GLPI | Gaming and Leisure Properties, | 11.4859 | -23.02% | 11.61 | — | 5.29% | — | — | — |
| NBIX | Neurocrine Biosciences, Inc. | 14.364 | -23.82% | 11.82 | — | 40.23% | — | — | CNS-focused biopharma with a commercial franchise. Multiple reflects pipeline concentration and single-product risk rather than balance-sheet stress. |
| ORCL | Oracle Corporation | 391.4577 | -54.42% | 11.83 | — | 37.08% | — | — | Cloud and AI-datacenter backlog story now valued in the low teens — a dramatic reset for this franchise. The market is questioning the return on debt-funded infrastructure and the AI backlog's timing; the drawdown is a credibility gap, not a demand one. |
| SKM | SK Telecom Co., Ltd. | 13.9006 | -30.30% | 11.91 | — | 21.04% | — | — | — |
| WDC | Western Digital Corporation | 141.6851 | -49.28% | 11.92 | — | 336.72% | — | — | Storage/hardware name that is both a deep drawdown and a low-multiple growth story. The valuation is a bet that memory and storage pricing has troughed while AI storage demand structurally raises the base. |
| TIGO | Millicom International Cellular | 13.6935 | -21.72% | 11.95 | — | 408.21% | — | — | Latin American telecom with real subscriber growth and a low forward multiple. The discount reflects EM currency and country risk plus leverage; local-currency margin expansion is the value lever. |
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