Median price-to-Ebitda ratios for equities in the first quintile (Q1; high momentum) and fifth quintile (Q5; low momentum) continue to diverge, pushing the valuation spread to extremes not seen in 10 years. High-momentum shares trade at a median price/Ebitda of 18.62x, significantly more expensive than the 5.42x of low-momentum companies. This valuation spread is in the 99th percentile of all observations since 2010, putting momentum at its most expensive valuation reading in a decade.