I took every profitable US company over $10B, 486 of them, and compared earnings yield (earnings divided by price) with the 10-year at 5%.
335 of them, 69%, earn less per dollar of price than the Treasury pays. Among the 50 largest it's 44. The median P/E is 26.7, which works out to an earnings yield of 3.75%.
The obvious answer is that earnings grow and a coupon doesn't. Fair enough, that's the whole equity bet. But it does mean you're paying a real premium today for growth you still have to get.
Does the gap change anything for you, or has stocks-vs-bonds stopped being a comparison people actually make?