Black Friday isn't just for doorbuster deals on electronics. Wall Street has its own version playing out right now, and it involves some surprisingly big names trading at what look like clearance prices.

A cluster of S&P 500 companies are currently trading at valuations that would make any bargain hunter do a double-take — forward price-to-earnings ratios so low they're practically begging for attention. And the kicker? Analysts see meaningful upside ahead for many of them, with some projections pointing to gains of 50% or more.

The Quick and Dirty on Forward P/E Ratios

If you're looking for undervalued stocks, the forward price-to-earnings ratio is about as straightforward as it gets. Take the current share price, divide it by what analysts expect the company to earn over the next 12 months, and you've got your number. The lower that number, the cheaper the stock looks relative to its expected earnings power.

Here's the pattern that tends to emerge: stocks with low forward P/E ratios often show bigger gaps between their current price and where analysts think they should be trading in a year. That gap represents potential upside, at least in theory.

But let's be clear about something — a low P/E ratio isn't an automatic buy signal. Companies can be cheap for perfectly good reasons. Sometimes it's because the stock just got hammered and is sitting in a deep drawdown. Other times, analysts might be underestimating future earnings relative to where the stock is priced today. Either way, the ratio tells you about valuation, not about certainty.

There's no guarantee a beaten-down stock will bounce back. It could keep falling. But when a company's earnings look stable and the long-term story still makes sense, a low forward P/E can point you toward names the broader market might be ignoring.

The Ten Cheapest Names in the S&P 500

As of this past Friday, these are the ten S&P 500 companies with the lowest forward P/E ratios. Most have taken serious hits this year, and every single one is trading below its median analyst price target — suggesting the Street sees room for recovery.

1. Viatris Inc. (VTRS)

• Industry: Pharmaceuticals
• Forward P/E: 4.5x
• YTD Return: -14.54%
• Median analyst price target vs. current price: +17.48%

Viatris is trading at just 4.5 times next year's earnings — the lowest valuation in the entire index. The stock has been moving backward all year, down nearly 15%, but analysts expect it to climb as the company wrings out efficiencies from its post-merger structure.

2. Charter Communications Inc. (CHTR)

• Industry: Media
• Forward P/E: 4.8x
• YTD Return: -41.71%
• Median analyst price target vs. current price: 50.14%

Charter has been absolutely crushed this year, losing more than 40% of its value. Despite that brutal drawdown, Wall Street analysts see the potential for a sharp reversal, projecting upside of roughly 50% from current levels.

3. Global Payments Inc. (GPN)

• Industry: Financial Services
• Forward P/E: 5.7x
• YTD Return: -33.10%
• Median analyst price target vs. current price: 26.72%

Global Payments has been wrestling with fintech competition and the messy work of integrating acquisitions, shedding about a third of its value year-to-date. Still, at less than 6x forward earnings, analysts believe there's meaningful upside left in the tank.

4. Everest Group Ltd. (EG)

• Industry: Insurance
• Forward P/E: 5.7x
• YTD Return: -13.91%
• Median analyst price target vs. current price: 14.25%

5. The AES Corporation (AES)

• Industry: Renewables & Utilities
• Forward P/E: 5.8x
• YTD Return: 8.08%
• Median analyst price target vs. current price: 11.43%

AES is one of the few names on this list actually up for the year, gaining about 8%. Yet the market still prices it like a distressed asset. Its exposure to renewable energy could be the catalyst for a future revaluation if sentiment shifts.

6. Comcast Corporation (CMCSA)

• Industry: Media
• Forward P/E: 6.5x
• YTD Return: -29.20%
• Median analyst price target vs. current price: 29.85%

Comcast has dropped nearly 30% this year, but with a forward P/E of just 6.5x, analysts see almost 30% upside from here. The cable and media giant has been out of favor, but the valuation suggests the market may be overly pessimistic.

7. General Motors Company (GM)

• Industry: Automobiles
• Forward P/E: 6.7x
• YTD Return: 36.68%
• Median analyst price target vs. current price: 5.07%

General Motors has bucked the trend entirely, racking up gains of nearly 37% in 2025. Yet even after that rally, it still trades at a forward P/E below 7x — a valuation that looks downright cheap for an automaker with a credible EV strategy.

8. Norwegian Cruise Line Holdings Ltd. (NCLH)

• Industry: Travel & Leisure
• Forward P/E: 7.1x
• YTD Return: -28.76%
• Median analyst price target vs. current price: 47.30%

Norwegian Cruise Line has lagged behind its peers in the post-pandemic recovery, sliding nearly 29% year-to-date. The low forward P/E leaves plenty of room for a rebound, and analysts are projecting upside close to 50% if the company can get back on track.

9. Prudential Financial Inc. (PRU)

• Industry: Insurance
• Forward P/E: 7.3x
• YTD Return: -8.91%
• Median analyst price target vs. current price: 9.29%

10. Fiserv Inc. (FI)

• Industry: Financial Services
• Forward P/E: 7.6x
• YTD Return: -70.40%
• Median analyst price target vs. current price: 34.87%

Fiserv has been an absolute disaster this year, losing more than 70% of its value. That's the kind of drawdown that makes you wonder what went wrong. But analysts haven't given up entirely, still seeing about 35% upside potential if the company can engineer a turnaround.

These ten stocks represent a mix of genuine distress and potential opportunity. Some are cheap because they're broken. Others might just be overlooked. The forward P/E ratio gives you a starting point, but the real work is figuring out which category each company falls into.