S&P 500 Earnings Update: Earnings Yield Jumps Back Over 5%

Brian Gilmartin, CFA11.19K FollowersFollow5ShareSavePlay(5min)CommentsSummaryThe S&P 500 earnings yield (SP EY) jumped back over 5% on Friday, March 27, 2026 to end the week at 5.06%, the first time since early May ’25 that the S&P 500 earnings yield has been over 5%.Therefore, finally, the S&P 500 could be said to be getting back to a more reasonable valuation.A 5% EY could imply for some a 20x P/E for the S&P 500 benchmark, which again is more reasonable than January’s and February’s P/E valuation levels. Christoph Burgstedt/iStock via Getty Images The S&P 500 earnings yield (SP EY) jumped back over 5% on Friday, March 27, 2026 to end the week at 5.06%, the first time - per this blog’s internal spreadsheet - since early May ’25 that the S&P 500 earnings yield has been overThis article was written byBrian Gilmartin, CFA11.19K FollowersFollowBrian Gilmartin, is a portfolio manager at Trinity Asset Management, a firm he founded in May, 1995, catering to individual investors and institutions that werent getting the attention and service deserved, from larger firms. Brian started in the business as a fixed-income / credit analyst, with a Chicago broker-dealer, and then worked at Stein Roe & Farnham in Chicago, from 1992 - 1995, before striking out on his own and managing equity and balanced accounts for clients. Brian has a BSBA (Finance) from Xavier University, Cincinnati, Ohio, (1982) and an MBA (Finance) from Loyola University, Chicago, January, 1985. The CFA was awarded in 1994. Brian has been fortunate enough to write for the TheStreet.com from 2000 to 2012, and then the WallStreet AllStars from August 2011, to Spring, 2012. Brian also wrote for Minyanville.com, and has been quoted in numerous publications including the Wall Street Journal.