Ranked on enterprise value over the median operating profit of up to 15 fiscal years — a full cycle, not the last twelve months. Because the denominator is a mid-cycle profit, these multiples run higher than the trailing ones you see elsewhere: the median S&P 500 name sits at 38x here. That is the point — a company at 12x its best year can be at 40x its normal one. A low multiple is a place to start looking, not a verdict: run the board on a name before concluding anything.