Stock Market Briefing:

Selected P/E Ratios

Yardeni Research, Inc.

November 7, 2022

Dr. Edward Yardeni

516-972-7683
eyardeni@yardeni.com

Joe Abbott
732-497-5306
jabbott@yardeni.com

Mali Quintana
480-664-1333
aquintana@yardeni.com

Please visit our sites at

www.yardeni.com
blog.yardeni.com

thinking outside the box

Table Of Contents Table Of Contents
Median Forward P/E: S&P 500 4
Forward P/E: Russell 2000 5
P/E & PEG: S&P 500 6
Trailing P/E 7
P/E 8-9
Forward P/E: Growth vs Value 10-11
Miscellaneous 12-18

November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
www.yardeni.com
 Figure 1.
30 30

28 FORWARD P/E RATIOS FOR S&P INDEXES* 28

(daily)
26 26

24 24

22 S&P 500 LargeCap (16.3) 22

20 20

18 18

16 11/4 16

14 14

12 12

10 10

8 8
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

24 24

22 22

20 S&P 400 MidCap (12.6) 20

18 18

16 16

14 14
11/4
12 12

10 10

8 8
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

28 28

26 26

24 24
S&P 600 SmallCap (11.9)
22 22

20 20

18 18

16 16

14 14

12 11/4 12

10 10
yardeni.com
8 8
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Blue shaded areas are correction declines of 10% to less than 20%.
Yellow areas are bull markets.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Page 1 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Figure 2.
32 32
FORWARD P/E RATIOS FOR S&P 500 INDEXES*
(weekly)
28 28

24 24

S&P 500 LargeCap (16.3)

20 20

16 11/4 16

12 12

8 8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

24 24

20 S&P 400 MidCap (12.6) 20

16 16

11/4
12 12

8 8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

28 28

24 24
S&P 600 SmallCap (11.9)

20 20

16 16

12 11/4 12

yardeni.com
8 8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
* Weekly stock price index divided by 52-week forward consensus expected operating earnings per share
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Page 2 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Figure 3.
28 28
FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*
26 (daily) 26

24 24
S&P Forward P/Es
22 S&P 500 (16.3) 22
S&P 400 (12.6)
20 S&P 600 (11.9) 20

18 18

16 11/4 16

14 14

12 12

10 10

yardeni.com
8 8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Daily stock price index divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Blue shaded areas are correction declines of 10% to less than 20%.
Yellow areas are bull markets.
Source: Standard & Poor’s and I/B/E/S data by Refinitiv.

Figure 4.
30 30
FORWARD P/E RATIOS FOR S&P INDEXES*
28 (weekly) 28

26 26
Foward P/E Ratios
24 S&P 500 LargeCap (16.3) 24
S&P 400 MidCap (12.6)
S&P 600 SmallCap (11.9)
22 22

20 20

18 18

16 11/4 16

14 14

12 12

10 10

yardeni.com
8 8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Page 3 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Median Forward P/E: S&P 500
Figure 5.
24 24
FORWARD P/E RATIO FOR S&P 500 (MEDIAN)
22 22

20 20

18 18

16 16
Sep

14 14

12 12

10 10
S&P 500 Median Forward P/E (15.6)
8 8

yardeni.com
6 6
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Figure 6.
30 30
FORWARD P/E RATIOS FOR S&P 500 (ACTUAL & MEDIAN)

25 25

20 20

15 Sep 15

10 10
S&P 500 Forward P/E Ratio* (15.1)
S&P 500 Median Forward P/E (15.6)

5 5
78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Page 4 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Forward P/E: Russell 2000
Figure 7.
70 70
FORWARD P/E RATIOS FOR RUSSELL 2000*
(weekly)
P/E capped at 60 due to extreme values.
60 60
Russell 2000 (20.2)
Russell 2000 Growth (25.6)
Russell 2000 Value (16.6)
50 50

40 40

30 30

20 10/27 20

yardeni.com
10 10
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Source: I/B/E/S data by Refinitiv.

Figure 8.
40 40
FORWARD P/E RATIOS FOR US SMALLCAP*
(weekly) P/E capped at 35
due to extreme values.
35 35

Russell 2000 (20.2)

S&P 600 SmallCap (11.9)
30 30

25 25

20 10/27 20

15 15

yardeni.com
10 10
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Source: I/B/E/S data by Refinitiv.

Page 5 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 P/E & PEG: S&P 500
Figure 9.
30 30
S&P 500 P/E Latest (16.2)
28 (using reported trailing earnings 1960-1978 forward earnings* 1979-present) 28

26 26

24 24

22 22

20 20

18 18

16 11/3 16

14 14

12 12

10 10

8 8

6 6
yardeni.com
4 4
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

* Time-weighted average of consensus estimates of S&P 500 operating earnings per share for current year and next year. Monthly from January 1979
through April 1994, then weekly.
Note: Shaded areas are recessions according to the National Bureau of Economic Research.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Figure 10.
2.50 2.50
S&P 500 VALUATION: PEG RATIO

2.25 2.25

2.00 2.00

PEG Ratio* (1.4)

1.75 1.75

1.50 1.50
10/27

1.25 Dec 1.25

1.00 1.00

yardeni.com
.75 .75
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Forward P/E divided by LTEG, which is 5-year forward consensus expected annual earnings growth. Monthly through 2005, then weekly.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv .

Page 6 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Trailing P/E
Figure 11.
50 50
P/E RATIO FOR S&P 500 Capped at 45 due to extreme values
(Using Trailing Reported Earnings)*

40 40

30 30

Q2
20 20

10 10

0 0
35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 27

* Using 4-quarter trailing reported earnings.

Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: Standard & Poor’s.

Figure 12.
32 32
S&P 500 P/E RATIOS
S&P 500 P/Es
Trailing (using operating earnings)* (20.1)
28 28
Forward** (16.8)

24 24

20 Q2 20

Sep
16 16

12 12

yardeni.com
8 8
89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Using quarterly average of daily data for S&P 500 price index, and 4-quarter trailing operating earnings (I/B/E/S data).
** S&P 500 stock price index divided by S&P 500 12-month forward analysts’ consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Page 7 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 P/E
Figure 13.
60 60
US EQUITY MARKET CAPITALIZATION: NONFINANCIAL CORPORATIONS
(as a ratio of NFC after-tax profits from current production*)
50 50

40 40

30 30

Q2
20 20

10 10

0 0
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

* Including IVA and CCadj. These two adjustments restate the historical cost basis used in profits tax accounting for inventory withdrawals and
depreciation to the current cost measures used in GDP.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: Haver Analytics.

Figure 14.
40 40
US EQUITY MARKET CAPITALIZATION EXCLUDING FOREIGN ISSUES
(as a ratio of NFC after-tax profits from current production*)
35 35

30 30
As a ratio of:
After-Tax Profits from Current Production* (Avg = 13.8)
25 Corporate Cash Flow** (Avg = 9.1) 25

Q2
20 20

Q2
15 15

10 10

5 5

0 0
60 62 64 66 68 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24 26

* Including IVA and CCadj. These two adjustments restate the historical cost basis used in profits tax accounting for inventory withdrawals and
depreciation to the current cost measures used in GDP.
** After-tax operating retained earnings plus tax-return-based depreciation.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv, Bureau of Economic Analysis, Federal Reserve Board Flow of Funds Accounts, and Standard & Poor’s.

Page 8 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 P/E
Figure 15.
55 55
FORWARD P/E RATIOS FOR S&P 500 STOCK PRICE INDEX*
(weekly)

45 45

S&P 500 (16.7)

35 S&P 500 Technology (20.0) 35

25 25

10/27
15 15

yardeni.com
5 5
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Stock price index divided by forward consensus expected operating earnings per share. Monthly through December 2005, then weekly.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: Standard & Poor’s.

Figure 16.
30 30
FORWARD P/E RATIOS FOR S&P 500*

25 25

S&P 500 (16.7)

20 S&P 500 Ex Technology (15.7) 20

10/27

15 15

10 10

yardeni.com
5 5
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Stock price index divided by forward consensus expected operating earnings per share. Monthly through December 2005, then weekly.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv .

Page 9 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Forward P/E: Growth vs Value
Figure 17.
50 50
S&P 500 FORWARD P/E RATIOS FOR GROWTH & VALUE*
45
(weekly) 45

40 40

35 Forward P/E Ratios 35

Growth (20.2)
30 Value (14.4) 30

25 25

20 10/27 20

15 15

10 10

yardeni.com
5 5
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas are bull markets.
Source: I/B/E/S data by Refinitiv .

Figure 18.
4.00 4.00

3.75
PEG RATIOS FOR S&P 500 CITIGROUP GROWTH vs VALUE* 3.75

3.50 3.50

3.25 3.25

3.00 Growth (1.54) 3.00

Value (1.40)
2.75 2.75

2.50 2.50

2.25 2.25

2.00 2.00

1.75 1.75

1.50 10/27 1.50

1.25 1.25

1.00 1.00

.75 .75
yardeni.com
.50 .50
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Using 5-year forward consensus expected earnings growth and price divided by 12-month (52-week) forward consensus expected operating earnings per share.
Monthly data through December 2005, weekly thereafter.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas are bull markets.
Source: I/B/E/S data by Refinitiv.

Page 10 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Forward P/E: Growth vs Value
Figure 19.
65 65
S&P 500 FORWARD P/E: PERCENTAGE OF COMPANIES ABOVE 20 AND BELOW 10
60 (weekly) 60

55 55

50 50

45 % above 20 P/E (36.1) 45

% below 10 P/E (18.1)
40 40
11/4
35 35

30 30

25 25

20 20

15 15

10 10

5 5
yardeni.com
0 0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas are bull markets.
Source: Yardeni Research using I/B/E/S data by Refinitiv.

Page 11 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 20.
10 10
FORWARD P/E RATIOS FOR S&P INDEXES*
(weekly)

5 5

S&P 500 LargeCap Minus 11/4

S&P 400 MidCap (3.7)
S&P 600 SmallCap (4.4)

0 0

yardeni.com
-5 -5
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Figure 21.
30 30
S&P 500 FORWARD P/E RATIOS FOR GROWTH & VALUE*
(weekly)
25 25

20 20

Growth Minus Value (5.9)

15 15

10 10

10/27
5 5

0 0

yardeni.com
-5 -5
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas are bull markets.
Source: I/B/E/S data by Refinitiv .

Page 12 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 22.
28 28
FORWARD P/E RATIOS FOR US LARGECAP*
26 (weekly) 26

24 24
Russell 1000 (16.8)
22 S&P 500 (16.3) 22

20 20

18 18
10/27
16 16

14 14

12 12

10 10

yardeni.com
8 8
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Figure 23.
1.02 1.02
US LARGECAP FORWARD EARNINGS*
1.01 1.01

1.00 1.00
Forward Earnings Ratio
S&P 500 LargeCap/Russell 1000 (0.97)
.99 .99

.98 .98

.97 10/27 .97

.96 .96

.95 .95

.94 .94

yardeni.com
.93 .93
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month forward consensus expected operating earnings per share.
Source: I/B/E/S data by Refinitiv.

Page 13 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 24.
40 40
FORWARD P/E RATIOS FOR US SMALLCAP*
P/E capped at 35
due to extreme values.
35 35

Russell 2000 (20.2)

S&P 600 SmallCap (11.9)
30 30

25 25

20 10/27 20

15 15

yardeni.com
10 10
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Figure 25.
22 22
P/E spread capped at 20
SPREAD IN FORWARD P/E RATIOS: due to extreme values.
20 RUSSELL 2000 MINUS S&P 600* 20

18 18

16 16

14 14

12 12
Russell 2000 minus
10 S&P 600 SmallCap (7.7) 10

8 10/27 8

6 6

4 4

2 2

yardeni.com
0 0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month (52-week) forward consensus expected operating earnings per share. Monthly data through December 2005, weekly thereafter.
Source: I/B/E/S data by Refinitiv.

Page 14 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 26.
.50 .50
US SMALLCAP FORWARD EARNINGS*

.45 10/27 .45

Forward Earnings Ratio

S&P 600 SmallCap/Russell 2000 (0.45)
.40 .40

.35 .35

.30 .30

.25 .25

yardeni.com
.20 .20
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month forward consensus expected operating earnings per share.
Source: I/B/E/S data by Refinitiv.

Figure 27.
26 26
FORWARD P/E RATIOS FOR US MIDCAP*
24 24

22 22
Russell MidCap (15.7)
S&P 400 MidCap (12.6)
20 20

18 18

16 16
10/27

14 14

12 12

10 10

yardeni.com
8 8
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Yellow areas show bull markets.
Source: I/B/E/S data by Refinitiv.

Page 15 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 28.
.48 .48
US MIDCAP FORWARD EARNINGS*
.46 .46

10/27
.44 Forward Earnings Ratio .44
S&P 400 MidCap/Russell MidCap (0.44)

.42 .42

.40 .40

.38 .38

.36 .36

.34 .34

yardeni.com
.32 .32
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 12-month forward consensus expected operating earnings per share.
Source: I/B/E/S data by Refinitiv.

Figure 29.
24 24
S&P 500 FORWARD P/E RATIO* Latest (16.3)
(daily)
22 22

20 20

18 18

11/4
16 16

14 14

12 12

10 10

8 8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

* Price divided by 52-week forward consensus expected operating earnings per share.
Note: Shaded red areas are S&P 500 bear market declines of 20% or more. Blue shaded areas are correction declines of 10% to less than 20%.
Yellow areas are bull markets.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Page 16 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 30.
30 30
FORWARD P/E RATIOS FOR S&P 500 (ACTUAL & MEDIAN)

25 25

20 20

15 Sep 15

S&P 500 Forward P/E Ratio* (15.1)

10 Average since 1982 = 15.13 10
S&P 500 Median Forward P/E (15.6)
Average since 1982 = 15.43

5 5
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Source: I/B/E/S data by Refinitiv.

Figure 31.
30 30
S&P 500 FORWARD P/E RATIOS ACTUAL & MEDIAN

25 25

20 20

15 Sep 15

S&P 500 Forward P/E

10 Market-Cap Weighted* (15.1) 10
Median (15.6)

5 5
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

* Average weekly price divided by 52-week forward consensus expected operating earnings per share.
Note: Corrections are declines of 10% or more, while minor ones are 5%-10% (all in blues shades). Bear markets are declines of 20% or more (in red
shades).
Source: I/B/E/S data by Refinitiv.

Page 17 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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 Miscellaneous
Figure 32.
30 30
S&P 500 P/E RATIO
28 (using reported earnings 1935-1978, forward earnings* 1979-present) 28

26 26

24 24

22 22

20 20

18 18

16 Sep 16

14 14

12 12

10 10

8 8

6 6
yardeni.com
4 4
35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23 25 27

* Four-quarter trailing sum of reported earnings through 1978, then time-weighted average of analysts’ consensus estimates for S&P 500 operating
earnings per share for current year and next year. Monthly from January 1979.
Note: Shaded areas are recessions according to the National Bureau of Economic Research.
Source: I/B/E/S data by Refinitiv and Standard & Poor’s.

Page 18 / November 7, 2022 / Stock Market Briefing: Selected P/E Ratios Yardeni Research, Inc.
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