MarketXLS

SLB +52% YTD is the services-sector recovery in the tape. Oilfield services have a different beta to crude than the producers — they ride rig count, frac intensity, and IOC capex guidance, not the spot. Catch-up move off the 2025 trough on a multi-quarter capex re-rate.

OXY at 79.5x trailing PE looks broken until you check forward PE: 16.3x. Trailing earnings include a heavier hedge-book drag and one-time items; forward strips most of that out. When trailing and forward multiples disagree by 5x, the trailing number is usually noise.

CVX 3.72% dividend yield vs XOM 2.66% is the integrated split. Both have long capital-return histories, but the implied payout-vs-buyback mix sits differently. The yield premium is a clue about how the market reads the next few years of capital allocation policy.

EOG at 13.9x trailing PE / 9.8x forward, +36% YTD. Pure-play E&Ps trade at a structural discount to integrateds — reinvestment risk and crude beta are the usual explanations. EOG's 18% ROE is roughly double XOM's 10%, and the multiple gap reflects how that return gets discounted.

Refiner cohort doing the heavy lifting in energy YTD: MPC +56%, VLO +51%, PSX +39%. Crack spreads — the gap between refined product and crude — widened with summer driving demand and a constrained 3-2-1 in the Gulf. Refiner economics decouple from crude when product spreads run.

US energy at Fri close. Trail PE runs from EOG 13.9x to OXY 79.5x. Whole sector +27 to +55% YTD — refiners (MPC, VLO) leading on crack spreads, integrateds (XOM, CVX) lagging. OXY 79x is an earnings-trough artifact, not a valuation read. Formula: =PERatio().

Template of the day: DCF model. Discount future free cash flows by WACC to land on a per-share intrinsic value. Classic fundamental anchoring exercise — useful when a research note needs to start from first principles instead of relative multiples. marketxls.com/marketxls-temp…

AMD at 19.6x P/S and 8% ROE is the cleanest example of paying for growth ahead of returns. The market is pricing data-center revenue mix shift over the next 4-6 quarters, not the current return-on-capital math. Either ROE compounds to mid-teens or the multiple compresses.

Equipment cluster running tight: ASML +49.9% YTD, AMAT +62.9%, LRCX +72.1%. Same wafer-fab capex cycle, three different positions in the value chain. Lithography is the bottleneck monopoly, deposition/etch the high-volume tools. Demand signal tracks the foundry capex guides.

MU at 7.4x forward PE after +159% YTD is the memory cycle in two numbers. Spot price recovery, HBM allocation to AI accelerators, and tight DRAM supply pushing the trailing earnings figure higher. The forward multiple is what happens when the analyst tape catches up to a turn.

Cleanest read on the semis table: P/S divided by ROE. NVDA 21x / 114% = 0.18. AVGO 28.7x / 33% = 0.87. AMD 19.6x / 8% = 2.45. Same valuation multiple translates to wildly different price per unit of return. P/S alone misses where the return is actually compounding.

NVDA +16.6% YTD looks underwhelming next to MU +159%, INTC +223%, AMD +108%. Mega-cap weight is the constraint — once a sleeve is led by a $5T name, the index-tracking flows that anchor it cap the slope. The smaller-cap semis are doing the running this year.

US semis at Thu close. P/S dispersion runs from AVGO 28.7x down to QCOM 5.1x. NVDA 21x P/S with 114% ROE versus AMD 19.6x P/S on 8% ROE — same multiple band, different return on capital. MU +159% YTD on 7.4x fwd PE is the memory-cycle leader. Formula: =PriceToSales().

Template of the day: Intra Sector View. Pick a sector ETF, the workbook pulls the constituent names and lays them out by market cap and fundamentals. Cleanest way to see where the dispersion lives inside one sleeve. marketxls.com/marketxls-temp…

Pulling REIT FFO and yields into Excel: Bloomberg Terminal ~$24K/yr per seat. MarketXLS $300/yr. The price gap explains the data tooling decisions at most sub-$500M AUM RIAs. Not the same product. Not pretending to be. Different price point for a different workflow.

AVB +1.5% YTD is the apartment-laggard story. Multifamily supply pipeline still digesting 2022-23 starts, and the 3.81% yield has to hold against the 10Y. Residential REITs are the rate-sensitive sleeve when forward yields move.

PLD +12.6% YTD vs AMT +4.7% is the industrial-vs-tower capex cycle in one spread. Logistics REITs riding e-commerce and reshoring; tower REITs absorbing carrier capex maturation. Same 'critical infrastructure' label, different growth slopes.

WELL at 65.6x fwd PE and 1.35% yield reads more like a growth stock than a senior-living REIT. Market is pricing the aging-boomer occupancy tailwind plus assisted-living rate pricing power. Yield is incidental at that multiple — total return is what's modeled.

EQIX trades at 7.35x book vs DLR at 2.94x — same data-center sleeve, 2.5x premium. The spread tracks interconnection density and tenant mix: EQIX leaning cloud hyperscalers, DLR enterprise wholesale. Two flavors of the AI-infra trade priced very differently.

P/Book in REITs is largely an artifact — real estate sits on the balance sheet at historical cost minus accumulated depreciation. SPG 12.84x and AMT 24.34x screen 'expensive' on book but the metric doesn't translate from non-real-asset comp sets. NAV is the standard.