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Financial Select Sector Index trades at roughly 15.5 times forward earnings, a turn and a quarter off 2024 levels, as bank reporting season arrives

7/21/2026

With bank earnings season arriving, a valuation anomaly has emerged in the Financial Select Sector Index.

The index trades at roughly 15.5 times forward earnings, about a turn and a quarter below the multiple it carried in 2024. That gap is what is in focus as the print approaches.

The numbers behind the gap The 15.5 times forward earnings figure is the current read on the Financial Select Sector Index. Against 2024 levels, the index is cheaper by about a turn and a quarter.

One turn, in forward earnings multiple terms, equals one full multiple point. The gap is meaningful enough in valuation terms to be flagged as an anomaly heading into a reporting period.