ValueJuly 13, 2026

Buy the Dip Monday: Six-Handle P/Es and 88% Drawdowns While the Index Sits at 39× CAPE

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This Week's Setup

The value screener is pulling up 40% drawdowns and six-handle P/Es at exactly the moment Fear & Greed sits at 45, the middle ground where nobody's panicking but nobody's chasing either.

EQT and KLA are both down more than 29% from their 52-week highs, trading at single-digit P/Es, and generating FCF yields north of 9% while analysts still see 45–700% upside to target.

The S&P 500 CAPE sits at 38.9, near the top decile of all history, but these eight names trade at earnings yields between 6% and 17%, a spread that says cheap is still findable if you look below the index.

Quick Scan

#	Ticker	One-line thesis
1	EQT	Natural gas producer trading 9× earnings, 9% FCF yield
2	FSLR	Solar manufacturer, 15× earnings, 26% drawdown, 24% revenue growth
3	GDX	Gold miners ETF, 35% drawdown, earnings yield 5.9%
4	KLAC	Semiconductor capital equipment, 88% drawdown, 15% earnings yield
5	NEM	Gold miner, 29% drawdown, 12× earnings, 50% analyst upside
6	VSNT	Media group, 17% earnings yield, insiders buying 167,850 shares
7	AEO	Apparel retailer, 41% drawdown, 10× earnings, 3% dividend yield
8	GOLD	Gold producer, 39% drawdown, 13× earnings, 60% analyst upside

The 8 Names

1. EQT Corporation (EQT)

P/E: 9.14 | Earnings yield: 10.9% | 52w drawdown: -29.4%

EQT trades at 9.14× earnings with a 9.4% FCF yield, revenue up 60% year-over-year, and an EV/EBITDA of 5.7. The earnings yield of 10.9% is 4.5 percentage points above its 10-year normalized yield spread, a compression that often precedes a revaluation when cash flow holds.

Insiders John McCartney and Daniel J. Rice IV both filed Form 4 transactions on July 6, adding shares at current prices. The company reports earnings July 21 with consensus at $0.42 per share.

BMO Capital cut its price target from $70 to $65 last week, and EQT hit a 52-week low despite the Outperform rating. Short interest is light at 3.4%, so the downside is execution and gas price risk, not a crowded bet against it.

2. First Solar, Inc. (FSLR)

P/E: 14.89 | Earnings yield: 6.7% | 52w drawdown: -26.5%

First Solar trades at 14.9× earnings with a 16.7% ROIC, 24% revenue growth year-over-year, and a 4.8% FCF yield. The debt-to-equity sits at 0.06, leaving the balance sheet nearly unleveraged while gross margin holds above 40%.

Insiders sold 50,930 net shares in the past six months, including recent dispositions by Michael Sweeney, Paul Stebbins, and William Post on July 1. Short interest is 8.5% of float, the highest in this group.

Susquehanna raised its price target to $270 from $250, but the stock is still 26% below its 52-week high. The company reports earnings July 30 with estimates at $2.83 per share on $1.1 billion revenue.

3. VanEck Gold Miners ETF (GDX)

P/E: 17.02 | Earnings yield: 5.9% | 52w drawdown: -35.5%

GDX is down 35% from its 52-week high, the deepest drawdown in this group, while gold itself rallied over the past year. The earnings yield of 5.9% compares to a 10-year normalized spread of 1.3%, implying miners are still cheap relative to the metal even after a brutal quarter.

The ETF trades at 17× earnings, the highest multiple among the gold names here, and lacks the direct operating leverage of single-name miners. If gold reverses, GDX amplifies the move down.

News flow has centered on the bullion-versus-miners debate, with Goldman Sachs noting that miners offer 79% more upside if the rally continues but carry higher volatility.

4. KLA Corporation (KLAC)

P/E: 6.55 | Earnings yield: 15.3% | 52w drawdown: -88.8%

KLA trades at 6.5× earnings with a 15.3% earnings yield, a 12.4% FCF yield, and a 66.5% ROIC, the highest return on capital in this group. The stock is down 88% from its 52-week high, but the EV/EBITDA of 43.5 and normalized 10-year P/E of 101 suggest the market is pricing in a prolonged semiconductor capital equipment downturn that hasn't shown up in the 24% revenue growth.

Insiders Bren Higgins and Mary Beth Wilkinson both filed Form 4 buys in early July, adding shares at prices near $231. The analyst consensus target of $1,855 implies 702% upside, the widest gap in the screener.

The 88% drawdown is a structural reset, not a normal correction. Debt-to-equity is 1.31, and short interest is low at 2.6%, so the risk is that the capital equipment cycle stays depressed longer than the balance sheet and FCF can absorb.

5. Newmont Corporation (NEM)

P/E: 12.37 | Earnings yield: 8.1% | 52w drawdown: -29.3%

Newmont trades at 12.4× earnings with a 7.2% FCF yield, a 29.8% ROIC, and 21% revenue growth year-over-year. The company generated $6.4 billion in revenue last quarter, and the EV/EBITDA of 6.9 is the lowest among the gold names, even as the stock sits 29% below its 52-week high.

Insider Peter Toth sold shares on July 6, part of a broader six-month pattern in which insiders disposed of 18,394 net shares. The stock reports earnings July 23 with consensus at $2.13 per share.

The shareholder yield is 2%, but the dividend yield of 1.1% and FCF yield of 7.2% leave plenty of room for buybacks that haven't yet shown up in a sustained price recovery.

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6. Versant Media Group, Inc. (VSNT)

P/E: 5.87 | Earnings yield: 17.0% | 52w drawdown: -40.3%

Versant trades at 5.9× earnings with a 17% earnings yield, a 37% FCF yield, and a 0.49 price-to-book ratio, the deepest discount to book value in this group. The normalized 10-year P/E of 3.7 suggests the stock has spent most of the past decade even cheaper than it is now, but the current EV/EBITDA of 3.1 is half the level of comparable media companies.

Insiders bought 167,850 net shares in the past six months, with Michael Conway, Rebecca Campbell, and David Eun all adding on June 29. The company also announced an acquisition of sports technology platform Full Swing, expanding beyond its CNBC parent into direct-to-consumer verticals.

Revenue fell 5.3% year-over-year, the only negative growth rate in the screener, and the stock is down 40% from its high. Short interest is light at 1.9%, so the risk is operational rather than sentiment-driven.

7. American Eagle Outfitters, Inc. (AEO)

P/E: 10.51 | Earnings yield: 9.5% | 52w drawdown: -41.3%

American Eagle trades at 10.5× earnings with a 9.5% earnings yield, a 7% FCF yield, and a 9.5% shareholder yield that combines dividends and buybacks. The company grew revenue 4.1% year-over-year, and the EV/EBITDA of 7.1 is in line with apparel peers despite the 41% drawdown.

Insiders sold 1,058,145 net shares in the past six months, including recent dispositions by Cary McMillan, Noel Spiegel, and Deborah Henretta in early July. Short interest is 10.8% of float, the second-highest in this group, and BofA turned bearish on the sector last week citing competition.

The stock pays a 3% dividend yield and has outperformed the market year-to-date despite the drawdown, according to Zacks. Valuation looks cheap, but the insider selling and elevated short interest suggest caution.

8. Gold.com, Inc. (GOLD)

P/E: 13.17 | Earnings yield: 7.6% | 52w drawdown: -39.4%

Gold.com trades at 13.2× earnings with a 12.1% FCF yield, a 13% revenue growth rate, and an earnings yield of 7.6%. The normalized 10-year P/E of 10.6 is below the current multiple, suggesting the stock is slightly expensive relative to its own history, but the EV/EBITDA of 15.5 and 2% dividend yield keep the setup in value territory.

Insiders Rick Van Nieuwenhuyse, Stephen Gottesfeld, and Cassandra Joseph all filed Form 4 buys in late June, adding shares ahead of the July earnings cycle. Analysts see 60% upside to the $64.75 consensus target.

Debt-to-equity is 2.55, the highest leverage ratio in the screener, and short interest is 14.9% of float, the most crowded short position here. The stock just had its worst quarter in 13 years, and the risk is that the gold rally reverses before the company can deleverage.

What to Watch

July 21: EQT reports Q2 earnings with estimates at $0.42 per share; natural gas pricing and production guidance will set the tone for the rest of the year.
July 23: Newmont reports Q2 earnings with consensus at $2.13 per share; gold price assumptions and cost guidance matter more than the headline beat.
July 28: KLA reports Q2 earnings with estimates at $1.00 per share; semiconductor capital equipment orders and forward guidance will test the 702% analyst upside thesis.
July 30: First Solar reports Q2 earnings with estimates at $2.83 per share on $1.1 billion revenue; manufacturing capacity and module pricing trends are the key variables.

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