We examine Q1 median price-to-Ebitda ratios for cheap stocks (Q1 value), high-quality stocks (Q1 quality), small stocks (Q1 size) and low-volatility stocks (Q1 volatility). Note that high-momentum shares are significantly more expensive compared with the other Q1 factors, sitting at a price/Ebitda ratio of 18.62x vs. 15.09x for high quality, 14.12x for low volatility, 7.27x for small and 5.2x for high value.