Buffett Indicator

The Buffett Indicator currently trades at a current ratio of 220.77 as of October 24, 2025.

Over the past five years, the median has been 182.11, putting today's valuation at the highest level of that range. Looking at the longer 10-year period, where the median sits at 151.67, the current reading ranks among the highest historically - a level historically associated with Expensive pricing. The 20-year median of 118.49 provides additional context, with the current ratio at the highest level of that extended timeframe.

Since April 1972, the Buffett Indicator has recorded a median ratio of 95.4 over 54 years. Against this full historical backdrop, the current valuation sits at the highest level of all recorded readings, indicating that the market is trading well above its long-term median.

Historical Buffett Indicator Comparison

The table below compares the current value (220.77) with its historical median and percentile rankings.

Time Period	Median Value	Percentile Rank	Valuation
1 Year	201.18	100	Expensive
5 Year	182.11	100	Expensive
10 Year	151.67	100	Expensive
20 Year	118.49	100	Expensive
Since Apr 1972	95.4	100	Expensive

S&P 500 Returns vs Buffett Indicator

Over the past decade, the Buffett Indicator rose from 117 (95.4th percentile) to 220.77 (100th percentile). Annualized total return over this period was 12.6%. Percentile rank indicates position within the historical distribution. Elevated valuations do not necessarily imply immediate low returns; markets can remain richly valued for extended periods, but this warrants caution for longer-horizon return assumptions.

Time Period	Starting Value	Starting Percentile	Total Return	Annualized Return
1 Year	190.64	99.1	+16.7%	+16.7%
3 Year	146.7	97.1	+78.8%	+21.4%
5 Year	155.61	99.5	+96%	+14.4%
10 Year	117.03	95.4	+228.3%	+12.6%

Historical Data (1972-2025)

Date	Current Value
Oct 2025	220.77
Sep 2025	217.31
Aug 2025	210.27
Jul 2025	205.74
Jun 2025	201.35
May 2025	191.78
Apr 2025	181.26
Mar 2025	185
Feb 2025	196.88
Jan 2025	201.01
Dec 2024	196.60
Nov 2024	202.98
Oct 2024	190.64
Sep 2024	194.44
Aug 2024	190.80
Jul 2024	187
Jun 2024	186.03
May 2024	180.58
Apr 2024	174.91
Mar 2024	185.51
Feb 2024	179.91
Jan 2024	171.05
Dec 2023	171.20
Nov 2023	162.70
Oct 2023	149.16
Sep 2023	155.23
Aug 2023	163.20
Jul 2023	166.52
Jun 2023	164.36
May 2023	153.99
Apr 2023	151.85
Mar 2023	152.06
Feb 2023	148.31
Jan 2023	152.38
Dec 2022	144.36
Nov 2022	153.75
Oct 2022	146.70
Sep 2022	138.06
Aug 2022	152.41
Jul 2022	158.56
Jun 2022	147.44
May 2022	161.26
Apr 2022	164.65
Mar 2022	185.33
Feb 2022	179.86
Jan 2022	184.55
Dec 2021	200.08
Nov 2021	193.78
Oct 2021	197.33
Sep 2021	191.56
Aug 2021	200.66
Jul 2021	195.23
Jun 2021	196.59
May 2021	191.60
Apr 2021	191.17
Mar 2021	187.71
Feb 2021	182.16
Jan 2021	177.15
Dec 2020	182.06
Nov 2020	174.59
Oct 2020	155.61
Sep 2020	161.65
Aug 2020	167.87
Jul 2020	156.55
Jun 2020	160.94
May 2020	157.35
Apr 2020	149.41
Mar 2020	119.48
Feb 2020	138.98
Jan 2020	151.49
Dec 2019	150.23
Nov 2019	146.29
Oct 2019	141.36
Sep 2019	139.87
Aug 2019	137.91
Jul 2019	141.41
Jun 2019	140.90
May 2019	132.06
Apr 2019	141.55
Mar 2019	138.11
Feb 2019	136.38
Jan 2019	132.09
Dec 2018	122.61
Nov 2018	135.46
Oct 2018	133.23
Sep 2018	145.15
Aug 2018	145.22
Jul 2018	140.53
Jun 2018	137.31
May 2018	136.46
Apr 2018	133.09
Mar 2018	134.86
Feb 2018	138.32
Jan 2018	143.83
Dec 2017	138.53
Nov 2017	137.04
Oct 2017	133.38
Sep 2017	132.92
Aug 2017	130
Jul 2017	130.14
Jun 2017	129.39
May 2017	128.42
Apr 2017	127.59
Mar 2017	127.40
Feb 2017	127.32
Jan 2017	123.38
Dec 2016	122.39
Nov 2016	120.12
Oct 2016	115.32
Sep 2016	119.17
Aug 2016	119.08
Jul 2016	119.01
Jun 2016	115.60
May 2016	115.55
Apr 2016	113.83
Mar 2016	114.15
Feb 2016	106.84
Jan 2016	107.18
Dec 2015	114.43
Nov 2015	117.09
Oct 2015	117.03
Sep 2015	108.91
Aug 2015	112.61
Jul 2015	120.07
Jun 2015	118.97
May 2015	121.25
Apr 2015	120.02
Mar 2015	120.89
Feb 2015	122.35
Jan 2015	116.01
Dec 2014	120.29
Nov 2014	120.63
Oct 2014	118
Sep 2014	115.95
Aug 2014	118.59
Jul 2014	113.99
Jun 2014	118.39
May 2014	115.47
Apr 2014	113.27
Mar 2014	115.58
Feb 2014	115.30
Jan 2014	110.44
Dec 2013	113.98
Nov 2013	111.07
Oct 2013	108.23
Sep 2013	105.38
Aug 2013	101.69
Jul 2013	104.84
Jun 2013	100.83
May 2013	102.14
Apr 2013	100.08
Mar 2013	98.91
Feb 2013	95.31
Jan 2013	94.30
Dec 2012	90.50
Nov 2012	89.61
Oct 2012	89.16
Sep 2012	91.36
Aug 2012	89.15
Jul 2012	87.27
Jun 2012	87.19
May 2012	84.02
Apr 2012	89.82
Mar 2012	91.31
Feb 2012	88.81
Jan 2012	85.34
Dec 2011	82.51
Nov 2011	81.96
Oct 2011	82.52
Sep 2011	75
Aug 2011	81.42
Jul 2011	86.77
Jun 2011	89.33
May 2011	91.01
Apr 2011	92.33
Mar 2011	91.03
Feb 2011	90.84
Jan 2011	87.91
Dec 2010	86.48
Nov 2010	81.18
Oct 2010	80.85
Sep 2010	78.68
Aug 2010	72
Jul 2010	75.71
Jun 2010	71.60
May 2010	75.85
Apr 2010	82.54
Mar 2010	82.03
Feb 2010	77.27
Jan 2010	74.85
Dec 2009	78.20
Nov 2009	76.09
Oct 2009	72.08
Sep 2009	75.07
Aug 2009	72.11
Jul 2009	69.68
Jun 2009	64.97
May 2009	64.83
Apr 2009	61.76
Mar 2009	55.71
Feb 2009	51.32
Jan 2009	57.24
Dec 2008	61.65
Nov 2008	60.68
Oct 2008	66.27
Sep 2008	78.99
Aug 2008	87.30
Jul 2008	86.12
Jun 2008	87.15
May 2008	95.07
Apr 2008	93.27
Mar 2008	89.83
Feb 2008	90.68
Jan 2008	93.64
Dec 2007	99.80
Nov 2007	100.57
Oct 2007	105.55
Sep 2007	104.53
Aug 2007	101.03
Jul 2007	99.90
Jun 2007	104.66
May 2007	106.39
Apr 2007	102.89
Mar 2007	100.45
Feb 2007	99.49
Jan 2007	101.30
Dec 2006	100.64
Nov 2006	99.65
Oct 2006	97.61
Sep 2006	95.35
Aug 2006	93.33
Jul 2006	91.38
Jun 2006	92.59
May 2006	92.53
Apr 2006	95.69
Mar 2006	95.87
Feb 2006	94.16
Jan 2006	94.39
Dec 2005	93.10
Nov 2005	93.13
Oct 2005	89.73
Sep 2005	92.67
Aug 2005	92.12
Jul 2005	93.20
Jun 2005	91.08
May 2005	90.40
Apr 2005	87.14
Mar 2005	90.34
Feb 2005	92.08
Jan 2005	90.37
Dec 2004	94.70
Nov 2004	91.52
Oct 2004	87.56
Sep 2004	87.74
Aug 2004	86.33
Jul 2004	86.19
Jun 2004	91.13
May 2004	89.39
Apr 2004	88.31
Mar 2004	91.76
Feb 2004	92.87
Jan 2004	91.67
Dec 2003	90.91
Nov 2003	87.15
Oct 2003	86.07
Sep 2003	82.68
Aug 2003	83.71
Jul 2003	81.87
Jun 2003	81.84
May 2003	80.76
Apr 2003	76.23
Mar 2003	71.41
Feb 2003	70.71
Jan 2003	72.06
Dec 2002	74.75
Nov 2002	79.26
Oct 2002	74.87
Sep 2002	70.13
Aug 2002	78.08
Jul 2002	77.74
Jun 2002	85.41
May 2002	91.99
Apr 2002	93.21
Mar 2002	99.03
Feb 2002	94.96
Jan 2002	97.09
Dec 2001	99.54
Nov 2001	97.90
Oct 2001	91.07
Sep 2001	89.42
Aug 2001	98.33
Jul 2001	104.81
Jun 2001	106.65
May 2001	108.55
Apr 2001	107.64
Mar 2001	100.76
Feb 2001	108.14
Jan 2001	119.55
Dec 2000	115.62
Nov 2000	113.73
Oct 2000	126.44
Sep 2000	130.75
Aug 2000	137.15
Jul 2000	128.03
Jun 2000	131.69
May 2000	126.22
Apr 2000	130.95
Mar 2000	141.64
Feb 2000	133.86
Jan 2000	131.09
Dec 1999	138.26
Nov 1999	128.65
Oct 1999	124.62
Sep 1999	119.84
Aug 1999	123.20
Jul 1999	124.71
Jun 1999	130.90
May 1999	124.59
Apr 1999	127.53
Mar 1999	123.28
Feb 1999	118.84
Jan 1999	123.46
Dec 1998	120.67
Nov 1998	113.56
Oct 1998	106.97
Sep 1998	101.55
Aug 1998	95.45
Jul 1998	113.21
Jun 1998	117.81
May 1998	113.96
Apr 1998	117.22
Mar 1998	117.29
Feb 1998	111.84
Jan 1998	104.40
Dec 1997	105.12
Nov 1997	103.36
Oct 1997	100.22
Sep 1997	105.02
Aug 1997	99.30
Jul 1997	103.32
Jun 1997	97.68
May 1997	93.51
Apr 1997	87.48
Mar 1997	85.48
Feb 1997	89.58
Jan 1997	89.77
Dec 1996	86.37
Nov 1996	87.50
Oct 1996	82.20
Sep 1996	82.45
Aug 1996	78.42
Jul 1996	76.14
Jun 1996	81.58
May 1996	82.38
Apr 1996	80.37
Mar 1996	80.17
Feb 1996	79.44
Jan 1996	78.24
Dec 1995	77.23
Nov 1995	76.12
Oct 1995	73.20
Sep 1995	74.90
Aug 1995	72.26
Jul 1995	71.74
Jun 1995	69.92
May 1995	67.88
Apr 1995	65.83
Mar 1995	64.82
Feb 1995	63.29
Jan 1995	61.02
Dec 1994	60.35
Nov 1994	59.69
Oct 1994	62.14
Sep 1994	62.26
Aug 1994	63.61
Jul 1994	61.10
Jun 1994	60.10
May 1994	61.89
Apr 1994	61.46
Mar 1994	62.09
Feb 1994	65.16
Jan 1994	66.82
Dec 1993	65.81
Nov 1993	64.76
Oct 1993	66.02
Sep 1993	66.27
Aug 1993	66.26
Jul 1993	63.98
Jun 1993	64.76
May 1993	64.60
Apr 1993	62.82
Mar 1993	65.45
Feb 1993	63.96
Jan 1993	63.87
Dec 1992	63.63
Nov 1992	62.65
Oct 1992	60.34
Sep 1992	60.73
Aug 1992	60.14
Jul 1992	61.63
Jun 1992	60.19
May 1992	61.59
Apr 1992	61.39
Mar 1992	61.70
Feb 1992	63.40
Jan 1992	62.73
Dec 1991	63.93
Nov 1991	57.74
Oct 1991	60.22
Sep 1991	59.79
Aug 1991	60.60
Jul 1991	59.18
Jun 1991	57.35
May 1991	60.15
Apr 1991	58.03
Mar 1991	58.85
Feb 1991	57.22
Jan 1991	53.29
Dec 1990	51.19
Nov 1990	49.76
Oct 1990	46.78
Sep 1990	47.44
Aug 1990	50.31
Jul 1990	55.75
Jun 1990	56.94
May 1990	57.34
Apr 1990	52.75
Mar 1990	55.24
Feb 1990	54.02
Jan 1990	53.38
Jan 1989	58.96
Jan 1988	50.26
Jan 1987	47.84
Jan 1986	51.81
Jan 1985	48.27
Jan 1984	40.66
Jan 1983	45.01
Jan 1982	42.28
Jan 1981	38.85
Jan 1980	46.63
Jan 1979	40.05
Jan 1978	36.91
Jan 1977	40.64
Jan 1976	48.89
Jan 1975	44.11
Jan 1974	36.57
Jan 1973	57.84
Apr 1972	81.31

Definition: Buffett Indicator

The Buffett Indicator is total stock market value divided by GDP. A higher value means the market looks expensive relative to the economy; a lower value means it looks cheaper.