Stock Market Briefing: Selected P/E Ratios - Yardeni Research

Stock Market Briefing: Selected P/E Ratios

Yardeni Research, Inc.

December 7, 2023

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 12-19

December 7, 2023 / 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 (18.8)

22

20

20

12/7

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 25

24

24

22

22

20

S&P 400 MidCap (13.8)

20

18

18

16

16

14

12/7

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 25

28

28

26

26

24

24

S&P 600 SmallCap (13.3)

22

22

20

20

18

18

16

16

14

14

12/7

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 25

* 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 / December 7, 2023 / 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 (18.8)

20

20

12/1

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 2025

24

24

20

S&P 400 MidCap (13.9)

20

16

16

12/1

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 2025

28

28

24

24

S&P 600 SmallCap (13.2)

20

20

16

16

12/1

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 2025

* 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 / December 7, 2023 / 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 (18.8)

S&P 400 (13.8)

20

S&P 600 (13.3)

18

24

22

20 12/7

18

16

16

14

14

12

12

10

10



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 (18.8)

24

S&P 400 MidCap (13.9)

22

S&P 600 SmallCap (13.2)

22

20

20

12/1

18

18

16

16

14

14

12

12

10

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 2025

* 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 / December 7, 2023 / Stock Market Briefing: Selected P/E Ratios

Yardeni Research, Inc.



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