{"id":7040607,"date":"2026-08-17T10:26:13","date_gmt":"2026-08-17T10:26:13","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/small-caps-are-still-in-an-undemanding-valuation-investment-moats\/"},"modified":"2026-08-17T10:26:13","modified_gmt":"2026-08-17T10:26:13","slug":"small-caps-are-still-in-an-undemanding-valuation-investment-moats","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7040607","title":{"rendered":"Small Caps are Still in an Undemanding Valuation \u2013 Investment Moats"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47--><\/p>\n<p>The Small Cap stocks of the US, represented by the S&amp;P 600 has been on a good run. This year, they notched a return of 22.8%. This is compared to the S&amp;P 500 return of about 12.5%. The S&amp;P 600 requires at least positive trailing earnings for the past 12 months to qualify so they remove the non-profitable companies. <\/p>\n<p>I said before that you are going to get your <span style=\"text-decoration: underline;\">long term<\/span> returns based on the starting earnings yield or the earnings growth. For a low dividend payout portfolio of securities (which the Small Cap index is), there will be a lot of reinvested earnings per share growth. <\/p>\n<p>Prices are backed by fundamentals.  <\/p>\n<p>We plotted the price chart of the ETF IJR below:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11.png\" data-slb-active=\"1\" data-slb-asset=\"1604942284\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1024x682.png\" alt=\"\" class=\"wp-image-24619\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11.png 1440w\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\"\/><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" alt=\"\" class=\"wp-image-24619 eager-load\" sizes=\"(max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11.png\" id=\"mv-trellis-img-1\" loading=\"eager\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1024x682.png\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1024x682.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-300x200.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-768x511.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-960x639.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1080x719.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11-1200x799.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/IJR_2026-08-13_07-43-11.png 1440w\" data-svg=\"1\" data-trellis-processed=\"1\"\/><\/a><figcaption class=\"wp-element-caption\">iShares Core S&amp;P Small-Cap ETF<\/figcaption><\/figure>\n<p>I marked certain pivotal dates. You can see that the small caps went through about 4 years of funk where the total return value went nowhere.<\/p>\n<p>Here is the S&amp;P 600 forward operating earnings per share since 1999:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1.png\" data-slb-active=\"1\" data-slb-asset=\"550252095\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1024x561.png\" alt=\"\" class=\"wp-image-24620\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1024x561.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-300x164.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-768x421.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-960x526.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1080x592.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1200x658.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1.png 1425w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1024x561.png\" alt=\"\" class=\"wp-image-24620 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1024x561.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-300x164.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-768x421.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-960x526.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1080x592.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1-1200x658.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1.png 1425w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-1.png\" id=\"mv-trellis-img-2\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>You would notice that the EPS is upward trajectory with dips during the recession. Then it recovers. Now each mini bar in the chart is about 1 year, and you can see the decline in EPS and stagnation starts somewhere in mid 2021 and ends probably at first half of 2025. <\/p>\n<p>It largely mirrors the total return chart. The 3 red lines show the forecast of where EPS changes for 2024,25, and 26. Noticed that the forecast were too optimistic\u2026. then recently the were too pessimistic. This should teach you a thing or two about forecasts. They give you a true north but they are not always right. <\/p>\n<p>When EPS surprises to the downside\u2026 market adjust pricing down. When EPS surprises to the upside, market adjust the value up.<\/p>\n<p>But 4 years is a fxxking long time. You can compare how long were the previous dips. It is like a lot of us don\u2019t believe that small caps can have growing earnings.<\/p>\n<p>And\u2026. interest rates have not come down (which is what people say must happen for small caps to do well).<\/p>\n<p>Next, this is a short 3-year chart of the S&amp;P 600 price index plotted against the forward earnings and the forward PE:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5.png\" data-slb-active=\"1\" data-slb-asset=\"498173489\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1024x571.png\" alt=\"\" class=\"wp-image-24621\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1024x571.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-300x167.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-768x428.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-960x535.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1080x602.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1200x669.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5.png 1412w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1024x571.png\" alt=\"\" class=\"wp-image-24621 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1024x571.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-300x167.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-768x428.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-960x535.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1080x602.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5-1200x669.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5.png 1412w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-5.png\" id=\"mv-trellis-img-3\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>Notice that this chat shows how well the price and earnings track each other. <\/p>\n<p>But also notice that from time to time, the prices diverges from the earnings. That is when the opportunity presents itself for investors to take advantage. <\/p>\n<p>The next chart shows the S&amp;P 600 together with 3 band of PE value (10 times, 15 times and 20 times):<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2.png\" data-slb-active=\"1\" data-slb-asset=\"1246056887\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1024x576.png\" alt=\"\" class=\"wp-image-24623\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1024x576.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-300x169.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-768x432.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-728x410.png 728w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-480x270.png 480w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-960x540.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1080x607.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1200x675.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2.png 1398w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1024x576.png\" alt=\"\" class=\"wp-image-24623 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1024x576.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-300x169.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-768x432.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-728x410.png 728w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-480x270.png 480w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-960x540.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1080x607.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2-1200x675.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2.png 1398w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-2.png\" id=\"mv-trellis-img-4\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>This shows you if the prices are running ahead of earnings. Notice it is quite common for the S&amp;P 600 to trade above 15 times PE. But up till now, they valuation remain at 15 times during this whole recovery.<\/p>\n<p>This recovery is very earnings led.<\/p>\n<p>Here is another view:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4.png\" data-slb-active=\"1\" data-slb-asset=\"1113454833\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1024x572.png\" alt=\"\" class=\"wp-image-24622\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1024x572.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-300x168.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-768x429.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-960x536.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1080x603.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1200x670.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4.png 1402w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"572\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1024x572.png\" alt=\"\" class=\"wp-image-24622 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1024x572.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-300x168.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-768x429.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-960x536.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1080x603.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4-1200x670.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4.png 1402w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-4.png\" id=\"mv-trellis-img-5\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>It helps to show we are pretty mid here. Not really demanding.<\/p>\n<p>Finally, the last chart shows how analysts are forecasting earnings growth to be:<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3.png\" data-slb-active=\"1\" data-slb-asset=\"56962215\" data-slb-internal=\"0\" data-slb-group=\"24618\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1024x576.png\" alt=\"\" class=\"wp-image-24624\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1024x576.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-300x169.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-768x432.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-728x410.png 728w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-480x270.png 480w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-960x540.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1080x608.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1200x676.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3.png 1398w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1024x576.png\" alt=\"\" class=\"wp-image-24624 lazyload\" srcset=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1024x576.png 1024w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-300x169.png 300w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-768x432.png 768w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-728x410.png 728w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-480x270.png 480w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-320x180.png 320w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-960x540.png 960w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1080x608.png 1080w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3-1200x676.png 1200w, https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3.png 1398w\" sizes=\"auto, (max-width: 760px) calc(100vw - 24px), 720px\" data-pin-media=\"https:\/\/investmentmoats.com\/wp-content\/uploads\/2026\/08\/2026.08.13-Small-Caps-3.png\" id=\"mv-trellis-img-6\" data-trellis-processed=\"1\"\/><\/a><\/figure>\n<p>Red line is 2025, green is this year, purple is next year.<\/p>\n<p>Like we say, earnings can outrun or do worse than forecasts huh\u2026.<\/p>\n<p>And so you can see in 2025, earnings growth starts at 20% before ending close to 6%. That big growth didn\u2019t come. Looking at the 2025 line gives you an idea that your starting growth forecast can be high 20% which is what we are seeing for 2027. <\/p>\n<p>You can see for 2026, we start off closer to 17% and then it dip to 13% but held steady at 15%.<\/p>\n<p>So will 2027 forecast hold or disappoint? How would I know\u2026<\/p>\n<div class=\"abh_box abh_box_down abh_box_business\">\n<div class=\"abh_tab_content\">\n<section class=\"vcard author abh_about_tab abh_tab\" itemscope=\"\" itemprop=\"author\" itemtype=\"https:\/\/schema.org\/Person\" style=\"display:block\">\n<div class=\"abh_image\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/ImageObject\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"> <img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a> <\/div>\n<div class=\"abh_text\">\n<div class=\"description note abh_description\" itemprop=\"description\">\n<p>Kyith is the Owner and Sole Writer behind Investment Moats. Readers tune in to Investment Moats to learn and build stronger, firmer wealth foundations, how to have a Passive investment strategy, know more about investing in REITs and the nuts and bolts of Active Investing.<\/p>\n<p>Readers also follow Kyith to learn how to plan well for Financial Security and Financial Independence.<\/p>\n<p>Kyith worked as an IT operations engineer from 2004 to 2019. Currently, he works as a Senior Solutions Specialist in Fee-only Wealth Advisory Firm Providend. All opinions on Investment Moats are his own and does not represent the views of Providend.<\/p>\n<p>You can view <a href=\"https:\/\/investmentmoats.com\/StockPortfolioTracker\/stockportfolioinvestmenttracker.php\"><b>Kyith&#8217;s current portfolio here<\/b><\/a>, which uses his <a href=\"https:\/\/investmentmoats.com\/stock-market-commentary\/portfolio-management\/introducing-our-free-stock-portfolio-tracker-spreadsheet\/\"><b>Free Google Stock Portfolio Tracker<\/b><\/a>. <\/p>\n<p>His investment broker of choice is <a href=\"https:\/\/www.interactivebrokers.com.sg\/mkt\/?src=imoats3\"><b>Interactive Brokers<\/b><\/a>, which allows him to invest in securities from different exchanges all over the world, at very low commission rates, without custodian fees, near spot currency rates.<\/p>\n<p>You can read more <a href=\"https:\/\/investmentmoats.com\/about\/\">about Kyith here<\/a>.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"abh_posts_tab abh_tab\">\n<div class=\"abh_image\"><a href=\"https:\/\/investmentmoats.com\" class=\"url\" target=\"_blank\" title=\"Kyith\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo\" height=\"250\" width=\"250\"\/><img decoding=\"async\" alt=\"Kyith\" src=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=250&amp;r=g\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/890153f982ca7f3ebad7a6aae66e6a7e1aff9c4e4039389840653b8ae2b775a7?s=500&amp;r=g 2x\" class=\"avatar avatar-250 photo lazyload\" height=\"250\" width=\"250\" loading=\"lazy\" data-trellis-processed=\"1\"\/><\/a><\/div>\n<\/section>\n<\/div><\/div>\n<aside class=\"mashsb-container mashsb-main mashsb-stretched\">\n                <\/aside>\n<p>            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\t\t\t<\/div>\n<p><script>(function(d, s, id) {\n  var js, fjs = d.getElementsByTagName(s)[0];\n  if (d.getElementById(id)) return;\n  js = d.createElement(s); js.id = id;\n  js.src = \\\"\/\/connect.facebook.net\/en_US\/all.js#xfbml=1&amp;appId=138893592824587\\\";\n  fjs.parentNode.insertBefore(js, fjs);\n}(document, \\'script\\', \\'facebook-jssdk\\'));<\/script><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Small Cap stocks of the US, represented by the S&amp;P 600 has been on a good run. This year, they notched a return of 22.8%. This is compared to the S&amp;P 500 return of about 12.5%. The S&amp;P 600 requires at least positive trailing earnings for the past 12 months to qualify so they [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7040608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[5279,10910,37679,709,203027,11441],"dealstore":[],"offerexpiration":[],"class_list":["post-7040607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-caps","tag-investment","tag-moats","tag-small","tag-undemanding","tag-valuation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small Caps are Still in an Undemanding Valuation \u2013 Investment Moats - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7040607\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Caps are Still in an Undemanding Valuation \u2013 Investment Moats - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"The Small Cap stocks of the US, represented by the S&amp;P 600 has been on a good run. 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