This article proposes a hierarchical framework for structural equity valuation that reorders the main components of modern financial theory. At the foundational level, the Arrow–Debreu framework — developed by Nobel Prize laureates Kenneth Arrow and Gérard Debreu — defines prices as time-dated and state-contingent objects expressed in a common numéraire. Building on this foundation, the PPP–SIRRIPA framework is introduced as the structural valuation layer for equities, in which the risk-free rate fixes the intertemporal numéraire and the market-implied shareholder return (SIRRIPA) is endogenously revealed from prices, cash-flow expectations, and time. Within this hierarchy, traditional asset-pricing models such as CAPM and Fama–French are reinterpreted as reduced empirical models whose role is to explain components of the structural risk premium ex post rather than to determine valuation ex ante. The paper complements this theoretical framework with empirical evidence across multiple time horizons. A short-horizon point-in-time analysis shows that SIRRIPA exhibits meaningful cross-sectional ordering power over a one-month period. This short-horizon evidence is further reinforced by independent empirical results over the 2024–2025 period, which demonstrate the persistence of the same ordering relationship across different market regimes. Taken together, the results indicate that SIRRIPA captures structural return gradients embedded in prices that can influence relative equity performance both immediately and over longer horizons.