Stock Market Briefing: Selected P/E Ratios
Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
February 8, 2022
Dr. Edward Yardeni
516-972-7683 eyardeni@
Joe Abbott
732-497-5306 jabbott@
Mali Quintana
480-664-1333 aquintana@
Please visit our sites at blog.
thinking outside the box
Table Of Contents Table Of Contents
Median Forward P/E: S&P 500 Forward P/E: Russell 2000 P/E & PEG: S&P 500 Trailing P/E P/E Forward P/E: Growth vs Value Miscellaneous
4 5 6 7 8-9 10-11 12-16
February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
Figure 1.
30
30
28 FORWARD P/E RATIOS FOR S&P INDEXES*
28
(daily)
26
26
24
24
22
S&P 500 LargeCap (19.7)
22
20
2/7
20
18
18
16
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 (14.5)
20
18
18
16
16
2/7
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
28
28
26
26
24
24
S&P 600 SmallCap (13.6)
22
22
20
20
18
18
16
16
14
2/7
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
* 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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
Figure 2.
32
32
FORWARD P/E RATIOS FOR S&P 500 INDEXES*
(weekly)
28
28
24
24
S&P 500 LargeCap (19.8)
20
2/4
20
16
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 (14.5)
20
16
16
2/4
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 (13.6)
20
20
16
16
2/4
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
* 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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
Figure 3.
28
28
FORWARD P/E RATIOS FOR S&P STOCK PRICE INDEXES*
26
(daily)
26
24
S&P Forward P/Es
22
S&P 500 (19.9)
S&P 400 (14.8)
20
S&P 600 (13.8)
24
22
2/8
20
18
18
16
16
14
14
12
12
10
10
8
8
2004 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. 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
24
24
22
22
20
2/4
20
18
18
16
16
14
14
12
S&P 500 LargeCap (19.8)
12
S&P 400 MidCap (14.5)
10
S&P 600 SmallCap (13.6)
10
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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
Median Forward P/E: S&P 500
Figure 5.
24
24
FORWARD P/E RATIO FOR S&P 500 (MEDIAN)
22
22
20
20
Jan
18
18
16
16
14
14
12
12
10
10
S&P 500 Median Forward P/E (18.9)
8
8
6
6
82 84 86 88 90 92 94 96 98 00 02 04 06 08 10 12 14 16 18 20 22 24
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
Jan
20
15
15
10
10
S&P 500 Forward P/E Ratio* (20.2)
S&P 500 Median Forward P/E (18.9)
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
* 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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
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 (22.3)
Russell 2000 Growth (37.2)
Russell 2000 Value (16.3)
50
50
40
40
30
30
1/27
20
20
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
FORWARD P/E RATIOS FOR US SMALLCAP* (weekly)
35
40
P/E capped at 35 due to extreme values.
35
Russell 2000 (22.3)
S&P 600 SmallCap (13.6)
30
30
25
25
1/27
20
20
15
15
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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
P/E & PEG: S&P 500
Figure 9.
30
S&P 500 P/E
28
(using reported trailing earnings 1960-1978 forward earnings* 1979-present)
26
30 Latest (20.2) 28
26
24
24
22
22
20
2/3
20
18
18
16
16
14
14
12
12
10
10
8
8
6
6
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* (1.0)
1.75
1.75
1.50
1.50
1.25
Dec
1.25
1.00
1/27
1.00
.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 / February 8, 2022 / Stock Market Briefing: Selected P/E Ratios
Yardeni Research, Inc.
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