The devaluation of the US dollar and the inflation environment are reshaping the growth logic of publicly listed companies.

The latest data reveals a harsh reality — the nominal sales growth of S&P 500 components in Q4 2025 looks decent at 5.7%, but after stripping out inflation and exchange rate changes, real sales growth is only 1%. This is a new low within the observation period.

What does this mean? Simply put, corporate growth is becoming increasingly虚. Actual sales volume is shrinking, and the impressive numbers are due to price hikes.

Even more concerning is the surge in inflation's contribution. Last year, inflation contributed 2.5% to sales growth, which jumped to 3.5% in the second half of this year, far exceeding the Federal Reserve's 2% target. In other words, companies are desperately raising prices to maintain seemingly acceptable performance figures.

How long can this模式 last? As consumer pressure increases and market competition intensifies, the growth model relying on price hikes is facing tests. For investors, this means a more cautious approach to companies with seemingly strong surface growth — because true business growth may be far less optimistic.