Stats Valuation P/E ratio

The S&P 500 is 76% or 6% above average, both correct

Trail now: 28.6328.63TrailnowTrail mean: 16.2316.23TrailmeanFwd now: 20.120.1FwdnowFwd 10yr: 1919Fwd10yrCAPE now: 40.6240.62CAPEnowCAPE mean: 17.417.4CAPEmean

Forward P/E is the only measure close to its own average, and that average is drawn from the last ten years rather than the last century. Sources: multpl.com and FactSet.

A price to earnings ratio divides price by profits, and which profits is a choice. The S&P 500 trades at 28.63 times reported earnings, 76% above its long run mean, and 20.1 times forecast earnings, 6% above its ten year average. Both are correctly calculated.

28.63Trailing P/E
16.23Long run mean
20.1Forward P/E
19.0Ten year average

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