Dow Jones PE Ratio

The Dow Jones currently trades at a current P/E ratio of 22.95 as of October 24, 2025.

Over the past five years, the median P/E has been 22.98, putting today's valuation close to the median of that range. Looking at the longer 10-year period, where the median sits at 21.37, the current reading ranks in the 65th percentile - a level historically associated with Overvalued pricing. The 20-year median of 17.32 provides additional context, with the current ratio in the 78.3th percentile of that extended timeframe.

Since May 1993, the Dow Jones has recorded a median P/E ratio of 14.21 over 32 years. Against this full historical backdrop, the current valuation sits in the 86.7th percentile of all recorded readings, indicating that the market is trading well above its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (22.95) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	22.98	50	Fair Value
5 Year	22.98	50	Fair Value
10 Year	21.37	65	Overvalued
20 Year	17.32	78.3	Overvalued
Since May 1993	14.21	86.7	Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 16.8 (91.1th percentile) to 22.95 (65th percentile). Annualized total return over this period was 10.4%. Percentile rank indicates position within the historical distribution. Elevated valuations do not necessarily imply immediate low returns; markets can remain richly valued for extended periods, but this warrants caution for longer-horizon return assumptions.

Time Period	Starting PE Ratio	Starting Percentile	Total Return	Annualized Return
1 Year	24.06	89.4	+11%	+11%
3 Year	20.36	87.3	+50%	+14.5%
5 Year	25.78	96.4	+66.2%	+10.7%
10 Year	16.82	91.1	+168.1%	+10.4%

Historical Data (1993-2025)

Date	Current PE Ratio
Oct 2025	22.95
Sep 2025	23.38
Aug 2025	22.91
Jul 2025	22.41
Jun 2025	22.68
May 2025	21.82
Apr 2025	21.33
Mar 2025	23
Feb 2025	24
Jan 2025	25.37
Dec 2024	24.82
Nov 2024	26.33
Oct 2024	24.06
Sep 2024	24.89
Aug 2024	24.44
Jul 2024	24.01
Jun 2024	25.55
May 2024	25.27
Apr 2024	24.70
Mar 2024	25.30
Feb 2024	24.78
Jan 2024	24.24
Dec 2023	26.09
Nov 2023	24.89
Oct 2023	22.89
Sep 2023	23.98
Aug 2023	24.85
Jul 2023	25.45
Jun 2023	24.63
May 2023	21.50
Apr 2023	22.29
Mar 2023	21.75
Feb 2023	21.40
Jan 2023	22.34
Dec 2022	20.62
Nov 2022	21.52
Oct 2022	20.36
Sep 2022	17.88
Aug 2022	18.60
Jul 2022	19.39
Jun 2022	18.17
May 2022	18.77
Apr 2022	18.76
Mar 2022	19.72
Feb 2022	18.55
Jan 2022	19.23
Dec 2021	19.90
Nov 2021	20.95
Oct 2021	21.77
Sep 2021	20.57
Aug 2021	23.21
Jul 2021	22.93
Jun 2021	22.65
May 2021	29.16
Apr 2021	28.60
Mar 2021	27.85
Feb 2021	30.99
Jan 2021	30.05
Dec 2020	30.68
Nov 2020	28.83
Oct 2020	25.78
Sep 2020	27.03
Aug 2020	28.01
Jul 2020	26.04
Jun 2020	25.43
May 2020	21.28
Apr 2020	20.41
Mar 2020	18.37
Feb 2020	19.18
Jan 2020	21.34
Dec 2019	21.55
Nov 2019	19.83
Oct 2019	19.12
Sep 2019	19.03
Aug 2019	18.26
Jul 2019	18.58
Jun 2019	17.41
May 2019	16.24
Apr 2019	17.40
Mar 2019	17.73
Feb 2019	17.72
Jan 2019	17.09
Dec 2018	15.95
Nov 2018	20.44
Oct 2018	20.10
Sep 2018	23.13
Aug 2018	22.70
Jul 2018	22.22
Jun 2018	25.05
May 2018	25.20
Apr 2018	24.94
Mar 2018	25.34
Feb 2018	26.31
Jan 2018	27.49
Dec 2017	20.95
Nov 2017	20.58
Oct 2017	19.82
Sep 2017	19.18
Aug 2017	18.80
Jul 2017	18.75
Jun 2017	18.28
May 2017	18.39
Apr 2017	18.33
Mar 2017	18.09
Feb 2017	19.41
Jan 2017	18.53
Dec 2016	17.81
Nov 2016	17.24
Oct 2016	16.35
Sep 2016	16.50
Aug 2016	16.78
Jul 2016	16.81
Jun 2016	16.35
May 2016	16.72
Apr 2016	16.71
Mar 2016	16.62
Feb 2016	15.72
Jan 2016	15.67
Dec 2015	16.59
Nov 2015	16.88
Oct 2015	16.82
Sep 2015	15.52
Aug 2015	15.69
Jul 2015	16.79
Jun 2015	16.73
May 2015	15.72
Apr 2015	15.57
Mar 2015	15.52
Feb 2015	14.86
Jan 2015	14.07
Dec 2014	14.60
Nov 2014	14.63
Oct 2014	14.27
Sep 2014	13.99
Aug 2014	14.43
Jul 2014	13.99
Jun 2014	14.21
May 2014	14.05
Apr 2014	13.94
Mar 2014	13.83
Feb 2014	13.72
Jan 2014	13.19
Dec 2013	13.93
Nov 2013	14.51
Oct 2013	14.02
Sep 2013	13.65
Aug 2013	14.22
Jul 2013	14.89
Jun 2013	14.78
May 2013	14.98
Apr 2013	14.71
Mar 2013	14.90
Feb 2013	14.37
Jan 2013	14.16
Dec 2012	13.39
Nov 2012	12.98
Oct 2012	13.05
Sep 2012	13.05
Aug 2012	12.71
Jul 2012	12.63
Jun 2012	12.84
May 2012	12.35
Apr 2012	13.17
Mar 2012	13.04
Feb 2012	12.79
Jan 2012	12.47
Dec 2011	10.98
Nov 2011	10.82
Oct 2011	10.75
Sep 2011	9.81
Aug 2011	11.01
Jul 2011	11.51
Jun 2011	11.77
May 2011	12.40
Apr 2011	12.64
Mar 2011	12.16
Feb 2011	12.92
Jan 2011	12.58
Dec 2010	12.25
Nov 2010	13.39
Oct 2010	13.52
Sep 2010	13.13
Aug 2010	12.71
Jul 2010	13.28
Jun 2010	12.41
May 2010	14.04
Apr 2010	15.25
Mar 2010	15.04
Feb 2010	15.38
Jan 2010	15
Dec 2009	15.54
Nov 2009	19.36
Oct 2009	18.18
Sep 2009	18.18
Aug 2009	15.73
Jul 2009	15.20
Jun 2009	13.99
May 2009	26.41
Apr 2009	25.38
Mar 2009	23.64
Feb 2009	19.77
Jan 2009	22.40
Dec 2008	24.57
Nov 2008	15.80
Oct 2008	16.69
Sep 2008	19.42
Aug 2008	40.99
Jul 2008	40.41
Jun 2008	40.30
May 2008	44.88
Apr 2008	45.52
Mar 2008	43.54
Feb 2008	15.58
Jan 2008	16.07
Dec 2007	16.85
Nov 2007	11.44
Oct 2007	11.92
Sep 2007	11.79
Aug 2007	11.34
Jul 2007	11.21
Jun 2007	12.25
May 2007	12.44
Apr 2007	11.93
Mar 2007	11.97
Feb 2007	11.89
Jan 2007	12.23
Dec 2006	13.28
Nov 2006	13.03
Oct 2006	12.88
Sep 2006	13.33
Aug 2006	12.98
Jul 2006	12.76
Jun 2006	12.72
May 2006	12.93
Apr 2006	13.17
Mar 2006	12.87
Feb 2006	13.25
Jan 2006	13.10
Dec 2005	12.54
Nov 2005	12.09
Oct 2005	11.83
Sep 2005	11.92
Aug 2005	11.92
Jul 2005	11.92
Jun 2005	11.43
May 2005	11.21
Apr 2005	11.57
Mar 2005	11.79
Feb 2005	11.47
Jan 2005	11.74
Dec 2004	11.38
Nov 2004	11.17
Oct 2004	10.75
Sep 2004	11.51
Aug 2004	10.99
Jul 2004	11.75
Jun 2004	12.16
May 2004	12.33
Apr 2004	12.18
Mar 2004	12.34
Feb 2004	12.72
Jan 2004	12.66
Dec 2003	12.30
Nov 2003	12.36
Oct 2003	11.64
Sep 2003	12.52
Aug 2003	12.16
Jul 2003	12.27
Jun 2003	12.27
May 2003	11.41
Apr 2003	11.02
Mar 2003	11.89
Feb 2003	11.10
Jan 2003	11.85
Dec 2002	12.63
Nov 2002	13.02
Oct 2002	11.06
Sep 2002	13.44
Aug 2002	12.23
Jul 2002	11.75
Jun 2002	15.53
May 2002	15.86
Apr 2002	15.85
Mar 2002	15.85
Feb 2002	15.09
Jan 2002	15.88
Dec 2001	14.91
Nov 2001	14.19
Oct 2001	14.25
Sep 2001	11.35
Aug 2001	14.10
Jul 2001	13.31
Jun 2001	14.21
May 2001	14.56
Apr 2001	13
Mar 2001	11.62
Feb 2001	12.97
Jan 2001	13.21
Dec 2000	12.44
Nov 2000	12.44
Oct 2000	12.11
Sep 2000	13.57
Aug 2000	13.19
Jul 2000	13.54
Jun 2000	14.56
May 2000	14.54
Apr 2000	15.36
Mar 2000	14.44
Feb 2000	15.81
Jan 2000	17.18
Dec 1999	17.27
Nov 1999	15.95
Oct 1999	15.49
Sep 1999	17.47
Aug 1999	17.36
Jul 1999	17.25
Jun 1999	18.39
May 1999	17.67
Apr 1999	16.61
Mar 1999	14.39
Feb 1999	13.51
Jan 1999	13.73
Dec 1998	14.35
Nov 1998	13.62
Oct 1998	12.05
Sep 1998	11.60
Aug 1998	13.51
Jul 1998	13.93
Jun 1998	13.05
May 1998	13.74
Apr 1998	13.33
Mar 1998	12.79
Feb 1998	12.07
Jan 1998	10.99
Dec 1997	11.59
Nov 1997	10.30
Oct 1997	11.13
Sep 1997	11.25
Aug 1997	11.25
Jul 1997	10.28
Jun 1997	9.86
May 1997	8.02
Apr 1997	7.27
Mar 1997	7.30
Feb 1997	7.54
Jan 1997	7.54
Dec 1996	7.07
Nov 1996	6.66
Oct 1996	6.57
Sep 1996	6.39
Aug 1996	6.39
Jul 1996	6.16
Jun 1996	6.54
May 1996	6.16
Apr 1996	6.27
Mar 1996	6.20
Feb 1996	6.20
Jan 1996	5.69
Dec 1995	6.30
Nov 1995	5.86
Oct 1995	5.86
Sep 1995	5.66
Aug 1995	5.79
Jul 1995	6.02
Jun 1995	6.02
May 1995	5.28
Apr 1995	5.28
Mar 1995	5.26
Feb 1995	5.49
Jan 1995	5.69
Dec 1994	5.48
Nov 1994	5.80
Oct 1994	6.15
Sep 1994	6.15
Aug 1994	7.36
Jul 1994	7.36
Jun 1994	6.96
May 1994	7.04
Apr 1994	6.61
Mar 1994	7.01
Feb 1994	7
Jan 1994	7
Dec 1993	9.64
Nov 1993	9.66
Oct 1993	9.66
Sep 1993	10.11
Aug 1993	11.77
Jul 1993	11.77
Jun 1993	9.27
May 1993	8.38

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (22.95) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
Canada	19.45	95	Expensive
Brazil	10.30	50.80	Fair Value
Mexico	13.60	57.50	Fair Value
Argentina	12.67	58.30	Fair Value
Colombia	10.15	51.70	Fair Value

Definition: Trailing P/E Ratio

The trailing P/E ratio for Dow Jones shows how much investors are paying for one unit of the index's past earnings.
It is calculated as : P/E = Index level / Aggregated EPS
Aggregated EPS means the index's total earnings per share after weighting each stock in the index (usually by its market capitalization): Aggregated EPS = sum(weight_i * EPS_i). For trailing P/E, the EPS_i values are the actual earnings from the past 12 months.