Undervalued on price-to-sales
Which altcoins look undervalued on price-to-sales in 2026?
Scoring pass 18 Sept 2026. Market snapshot 28 Sept 2026.
What this list asks
The rule
A token qualifies when its Price-to-Sales variable sits in the top quartile (75th percentile or above) of the universe, composite score is used as the ordering, and market capitalisation falls between $50M and $5B. Large enough to have auditable revenue, small enough that mispricing is plausible.
Every 'undervalued altcoins' list on the web is a momentum list in disguise. Price-to-sales against the same 251-token universe is a rule a reader can restate and check, and the size band keeps the comparison honest: a $300B network being 'cheap on P/S' and a $60M protocol being cheap are different claims.
The insight this dataset adds
Across the universe, the price-to-sales variable correlates −0.12 with log market capitalisation. The market pays slightly less for revenue the smaller the token, which is the precise sense in which small-cap revenue is systematically underpriced here. The catch is visible in the same data: low P/S clusters with tokens whose revenue trend is falling, so every row below needs its revenue-trend variable checked on the token page before the 'cheap' label means anything.
The 40 tokens
Ranked by composite score within the qualifying set. Every row links to the full token page, where the variable-by-variable scores behind the ranking are published.
| # | Token | P/S pct | Score | Verdict | Market cap | Dilution |
|---|---|---|---|---|---|---|
| 1 | GEODNET GEOD | 96.8 | 169/250 | HOLD | $118.2M | 2.16x |
| 2 | Maple Finance SYRUP | 96.8 | 168/250 | HOLD | $248.9M | 1.07x |
| 3 | CoW Protocol COW | 99.6 | 167/250 | HOLD | $89.1M | 1.74x |
| 4 | Ether.fi ETHFI | 99.6 | 162/250 | HOLD | $674.0M | 1.04x |
| 5 | Pendle Finance PENDLE | 85.3 | 160/250 | HOLD | $415.3M | 1.62x |
| 6 | Rocket Pool ETH RETH | 96.8 | 159/250 | HOLD | $992.1M | 1x |
| 7 | Coinbase Wrapped Staked ETH CBETH | 91.2 | 158/250 | HOLD | $508.2M | 2.25x |
| 8 | Aerodrome Finance AERO | 91.2 | 157/250 | HOLD | $801.1M | 2x |
| 9 | Morpho MORPHO | 85.3 | 157/250 | HOLD | $1.79B | 1.43x |
| 10 | Aave AAVE | 99.6 | 156/250 | HOLD | $2.27B | 1.04x |
| 11 | Jupiter JUP | 91.2 | 151/250 | HOLD | $1.09B | 3.01x |
| 12 | Virtuals Protocol VIRTUAL | 85.3 | 151/250 | CAUTIOUS HOLD | $534.4M | 1.52x |
| 13 | Sui SUI | 85.3 | 146/250 | HOLD | $4.74B | 2.44x |
| 14 | Lido DAO LDO | 85.3 | 146/250 | HOLD | $372.2M | 1.21x |
| 15 | Fluid (Instadapp) FLUID | 96.8 | 145/250 | CAUTIOUS HOLD | $118.5M | 1.19x |
| 16 | OKB OKB | 85.3 | 145/250 | HOLD | $2.48B | 1x |
| 17 | GMX GMX | 96.8 | 143/250 | HOLD | $82.2M | 1.27x |
| 18 | Sky (formerly Maker) SKY | 96.8 | 141/250 | CAUTIOUS HOLD | $1.84B | 1x |
| 19 | PAX Gold PAXG | 85.3 | 141/250 | HOLD | $1.80B | 1x |
| 20 | Curve Finance CRV | 85.3 | 140/250 | HOLD | $526.7M | 1.93x |
| 21 | Arweave AR | 85.3 | 140/250 | HOLD | $281.2M | 1.01x |
| 22 | Injective INJ | 85.3 | 139/250 | CAUTIOUS HOLD | $732.1M | 1x |
| 23 | Kamino Finance KMNO | 96.8 | 138/250 | CAUTIOUS HOLD | $251.2M | 1.77x |
| 24 | Ethereum Name Service ENS | 85.3 | 137/250 | CAUTIOUS HOLD | $282.0M | 2.37x |
| 25 | Bitget Token BGB | 85.3 | 135/250 | CAUTIOUS HOLD | $1.40B | 2.86x |
| 26 | Safe (formerly Gnosis Safe) SAFE | 85.3 | 132/250 | CAUTIOUS HOLD | $84.6M | 1.29x |
| 27 | Synthetix SNX | 96.8 | 130/250 | CAUTIOUS HOLD | $141.0M | 1x |
| 28 | Raydium RAY | 91.2 | 129/250 | CAUTIOUS HOLD | $527.8M | 2.06x |
| 29 | Akash Network AKT | 85.3 | 129/250 | CAUTIOUS HOLD | $196.0M | 1.3x |
| 30 | Berachain BERA | 91.2 | 127/250 | CAUTIOUS HOLD | $73.1M | 1.67x |
| 31 | Lighter LIT | 96.8 | 125/250 | WATCH | $1.09B | 4x |
| 32 | PancakeSwap CAKE | 85.3 | 123/250 | CAUTIOUS HOLD | $832.5M | 1.26x |
| 33 | Livepeer LPT | 85.3 | 123/250 | CAUTIOUS HOLD | $83.6M | 1x |
| 34 | Orca ORCA | 85.3 | 123/250 | CAUTIOUS HOLD | $103.3M | 1.64x |
| 35 | Ethena ENA | 85.3 | 120/250 | CAUTIOUS HOLD | $2.60B | 1.49x |
| 36 | Immutable X IMX | 85.3 | 117/250 | WATCH | $152.3M | 2.27x |
| 37 | Sonic (prev. Fantom) S | 85.3 | 115/250 | WATCH | $148.4M | 1x |
| 38 | Grass GRASS | 85.3 | 111/250 | WATCH | $403.9M | 1.43x |
| 39 | io.net IO | 91.2 | 108/250 | WATCH | $62.5M | 2.01x |
| 40 | Convex Finance CVX | 85.3 | 103/250 | WATCH | $194.9M | 1.07x |
Scores are from the research pass dated 18 Sept 2026 and do not move with price. Market caps are from the snapshot fetched 28 Sept 2026.
Common questions
- Which altcoins look undervalued on price-to-sales in 2026?
- 43 tokens qualify. GEODNET (GEOD), Maple Finance (SYRUP), CoW Protocol (COW), Ether.fi (ETHFI), Pendle Finance (PENDLE) lead the list.
- What is the rule?
- A token qualifies when its Price-to-Sales variable sits in the top quartile (75th percentile or above) of the universe, composite score is used as the ordering, and market capitalisation falls between $50M and $5B. Large enough to have auditable revenue, small enough that mispricing is plausible.
- Does appearing on this list mean a token is a buy?
- No. The list clears one stated rule as recorded at the scoring pass on 18 Sept 2026. Every row links to the full token page, where the weaknesses are listed next to the strengths.
Sources
- [CoinGecko /coins/markets] Market caps, snapshot fetched 28 Sept 2026.
- [Early Thunder scoring pass] All 25-variable scores and percentiles, pass dated 18 Sept 2026.
- Each token page carries its own claim-level source list, including sources whose links have gone dead (marked unverified, not dropped).