S&P 500 PE Ratio

The S&P 500 currently trades at a current P/E ratio of 26.43 as of October 24, 2025.

Over the past five years, the median P/E has been 22.95, putting today's valuation in the 90th percentile of that range. Looking at the longer 10-year period, where the median sits at 20.76, the current reading ranks in the 90.8th percentile - a level historically associated with Expensive pricing. The 20-year median of 19.44 provides additional context, with the current ratio in the 90.8th percentile of that extended timeframe.

Since January 1871, the S&P 500 has recorded a median P/E ratio of 17.82 over 155 years. Against this full historical backdrop, the current valuation sits in the 90.5th 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 (26.43) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	25.34	91.7	Expensive
5 Year	22.95	90	Expensive
10 Year	20.76	90.8	Expensive
20 Year	19.44	90.8	Expensive
Since Jan 1871	17.82	90.5	Expensive

Forward P/E for S&P 500

Returns vs P/E Ratio

Over the past decade, the PE fell from 117 (95.4th percentile) to 26.43 (90.8th percentile). Annualized total return over this period was 12.6%. 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	190.64	99.1	+16.8%	+16.8%
3 Year	146.7	97.1	+78.8%	+21.4%
5 Year	155.61	99.5	+96.1%	+14.4%
10 Year	117.03	95.4	+228.5%	+12.6%

Historical Data (1871-2025)

Date	Current PE Ratio
Oct 2025	26.43
Sep 2025	26.33
Aug 2025	26.03
Jul 2025	25.50
Jun 2025	25.39
May 2025	24.93
Apr 2025	23.59
Mar 2025	23.82
Feb 2025	24.75
Jan 2025	25.29
Dec 2024	24.88
Nov 2024	26.80
Oct 2024	25.38
Sep 2024	25.45
Aug 2024	24.95
Jul 2024	24.39
Jun 2024	24.34
May 2024	23.52
Apr 2024	22.65
Mar 2024	23.81
Feb 2024	23.10
Jan 2024	21.92
Dec 2023	21.85
Nov 2023	20.92
Oct 2023	19.49
Sep 2023	20.34
Aug 2023	21.38
Jul 2023	21.90
Jun 2023	21.36
May 2023	20.28
Apr 2023	20.68
Mar 2023	20.39
Feb 2023	19.79
Jan 2023	20.41
Dec 2022	18.79
Nov 2022	19.97
Oct 2022	18.45
Sep 2022	16.64
Aug 2022	18.19
Jul 2022	18.67
Jun 2022	17.11
May 2022	18.50
Apr 2022	18.14
Mar 2022	19.89
Feb 2022	19.21
Jan 2022	19.83
Dec 2021	20.93
Nov 2021	20.84
Oct 2021	22.81
Sep 2021	21.34
Aug 2021	23.14
Jul 2021	24.06
Jun 2021	23.52
May 2021	26.40
Apr 2021	26.25
Mar 2021	26.93
Feb 2021	31.39
Jan 2021	34.29
Dec 2020	34.67
Nov 2020	32.96
Oct 2020	28.93
Sep 2020	29.75
Aug 2020	30.86
Jul 2020	28.74
Jun 2020	27.15
May 2020	23.91
Apr 2020	22.88
Mar 2020	19.31
Feb 2020	19.48
Jan 2020	21.27
Dec 2019	20.13
Nov 2019	20.20
Oct 2019	19.54
Sep 2019	19.46
Aug 2019	18.91
Jul 2019	19.26
Jun 2019	18.94
May 2019	17.72
Apr 2019	19.01
Mar 2019	18.42
Feb 2019	18.09
Jan 2019	17.66
Dec 2018	16.45
Nov 2018	18.21
Oct 2018	17.98
Sep 2018	19.82
Aug 2018	19.74
Jul 2018	19.56
Jun 2018	19.66
May 2018	19.57
Apr 2018	19.54
Mar 2018	20.20
Feb 2018	20.76
Jan 2018	21.96
Dec 2017	21.32
Nov 2017	21.12
Oct 2017	20.72
Sep 2017	20.64
Aug 2017	20.25
Jul 2017	20.44
Jun 2017	20.25
May 2017	20.39
Apr 2017	20.66
Mar 2017	20.47
Feb 2017	20.88
Jan 2017	20.53
Dec 2016	20.98
Nov 2016	20.61
Oct 2016	20.32
Sep 2016	21.15
Aug 2016	21.35
Jul 2016	21.73
Jun 2016	20.98
May 2016	21
Apr 2016	20.76
Mar 2016	20.71
Feb 2016	19.42
Jan 2016	19.48
Dec 2015	20.53
Nov 2015	20.56
Oct 2015	19.93
Sep 2015	18.40
Aug 2015	18.61
Jul 2015	19.55
Jun 2015	18.89
May 2015	18.72
Apr 2015	18.53
Mar 2015	18.10
Feb 2015	18.05
Jan 2015	16.94
Dec 2014	17.49
Nov 2014	17.15
Oct 2014	16.74
Sep 2014	16.18
Aug 2014	16.73
Jul 2014	16.12
Jun 2014	16.52
May 2014	16.45
Apr 2014	16.11
Mar 2014	16.13
Feb 2014	16.06
Jan 2014	15.43
Dec 2013	16.03
Nov 2013	16.29
Oct 2013	15.85
Sep 2013	15.48
Aug 2013	15.41
Jul 2013	15.91
Jun 2013	15.53
May 2013	15.77
Apr 2013	15.64
Mar 2013	15.62
Feb 2013	15.08
Jan 2013	14.98
Dec 2012	14.33
Nov 2012	14.23
Oct 2012	14.19
Sep 2012	14.39
Aug 2012	14.05
Jul 2012	13.71
Jun 2012	13.43
May 2012	12.92
Apr 2012	13.75
Mar 2012	13.91
Feb 2012	13.48
Jan 2012	13.04
Dec 2011	12.57
Nov 2011	12.46
Oct 2011	12.52
Sep 2011	11.30
Aug 2011	12.32
Jul 2011	13.39
Jun 2011	13.68
May 2011	14.08
Apr 2011	14.57
Mar 2011	14.17
Feb 2011	14.42
Jan 2011	14.21
Dec 2010	14.13
Nov 2010	13.58
Oct 2010	14.31
Sep 2010	13.80
Aug 2010	12.98
Jul 2010	14.27
Jun 2010	13.35
May 2010	15.03
Apr 2010	16.37
Mar 2010	16.68
Feb 2010	17.68
Jan 2010	18.31
Dec 2009	19.01
Nov 2009	24.95
Oct 2009	71.80
Sep 2009	73.25
Aug 2009	81.67
Jul 2009	93.37
Jun 2009	106.37
May 2009	112.81
Apr 2009	107.12
Mar 2009	101.07
Feb 2009	52.32
Jan 2009	48.23
Dec 2008	52.75
Nov 2008	21.88
Oct 2008	23.65
Sep 2008	22.06
Aug 2008	22.49
Jul 2008	22.22
Jun 2008	21.65
May 2008	21.21
Apr 2008	20.98
Mar 2008	19.03
Feb 2008	18.55
Jan 2008	18.64
Dec 2007	19.28
Nov 2007	18.30
Oct 2007	18.08
Sep 2007	16.44
Aug 2007	15.87
Jul 2007	15.27
Jun 2007	15.49
May 2007	15.77
Apr 2007	15.38
Mar 2007	14.95
Feb 2007	14.80
Jan 2007	15.23
Dec 2006	15.30
Nov 2006	15.11
Oct 2006	15.05
Sep 2006	15.03
Aug 2006	14.67
Jul 2006	14.63
Jun 2006	14.82
May 2006	14.94
Apr 2006	15.67
Mar 2006	15.48
Feb 2006	15.52
Jan 2006	15.72
Dec 2005	15.79
Nov 2005	15.80
Oct 2005	15.52
Sep 2005	16.06
Aug 2005	16.21
Jul 2005	16.95
Jun 2005	16.36
May 2005	16.63
Apr 2005	16.69
Mar 2005	17.04
Feb 2005	17.53
Jan 2005	17.37
Dec 2004	17.99
Nov 2004	17.50
Oct 2004	17
Sep 2004	16.77
Aug 2004	16.77
Jul 2004	17.05
Jun 2004	17.66
May 2004	18.24
Apr 2004	18.03
Mar 2004	18.82
Feb 2004	19.97
Jan 2004	20.17
Dec 2003	19.82
Nov 2003	21.91
Oct 2003	21.75
Sep 2003	22.43
Aug 2003	24.41
Jul 2003	23.98
Jun 2003	24.51
May 2003	26.39
Apr 2003	25.11
Mar 2003	24.31
Feb 2003	24.85
Jan 2003	26.09
Dec 2002	27.71
Nov 2002	27.84
Oct 2002	26.34
Sep 2002	23.58
Aug 2002	28.59
Jul 2002	28.45
Jun 2002	33.01
May 2002	35.58
Apr 2002	36.87
Mar 2002	40.37
Feb 2002	38.94
Jan 2002	39.78
Dec 2001	40.41
Nov 2001	38.23
Oct 2001	33.98
Sep 2001	29.05
Aug 2001	31.63
Jul 2001	30.99
Jun 2001	26.82
May 2001	27.51
Apr 2001	25.51
Mar 2001	21.47
Feb 2001	22.94
Jan 2001	24.48
Dec 2000	22.40
Nov 2000	22.30
Oct 2000	23.67
Sep 2000	23.50
Aug 2000	24.83
Jul 2000	23.68
Jun 2000	24.35
May 2000	23.92
Apr 2000	24.77
Mar 2000	25.56
Feb 2000	23.74
Jan 2000	24.68
Dec 1999	26.50
Nov 1999	25.81
Oct 1999	26.94
Sep 1999	25.36
Aug 1999	26.70
Jul 1999	28.15
Jun 1999	29.08
May 1999	28.81
Apr 1999	29.55
Mar 1999	29.13
Feb 1999	28.37
Jan 1999	29.49
Dec 1998	28.33
Nov 1998	26.72
Oct 1998	25.06
Sep 1998	23.20
Aug 1998	21.67
Jul 1998	25.18
Jun 1998	25.28
May 1998	24.09
Apr 1998	24.55
Mar 1998	24.21
Feb 1998	22.99
Jan 1998	21.45
Dec 1997	21.23
Nov 1997	20.59
Oct 1997	19.71
Sep 1997	20.25
Aug 1997	19.26
Jul 1997	20.43
Jun 1997	18.97
May 1997	18.27
Apr 1997	17.26
Mar 1997	16.35
Feb 1997	17.29
Jan 1997	17.41
Dec 1996	16.62
Nov 1996	17.82
Oct 1996	16.60
Sep 1996	16.59
Aug 1996	16.06
Jul 1996	15.77
Jun 1996	16.83
May 1996	16.80
Apr 1996	16.56
Mar 1996	16.49
Feb 1996	16.36
Jan 1996	16.26
Dec 1995	15.57
Nov 1995	15.31
Oct 1995	14.53
Sep 1995	14.54
Aug 1995	13.98
Jul 1995	14.08
Jun 1995	13.75
May 1995	13.71
Apr 1995	13.74
Mar 1995	13.37
Feb 1995	13.28
Jan 1995	13.08
Dec 1994	13.52
Nov 1994	13.36
Oct 1994	14.44
Sep 1994	14.71
Aug 1994	15.52
Jul 1994	15.80
Jun 1994	15.32
May 1994	16.28
Apr 1994	17.25
Mar 1994	17.06
Feb 1994	18.10
Jan 1994	18.89
Dec 1993	18.52
Nov 1993	18.76
Oct 1993	19.92
Sep 1993	19.54
Aug 1993	20.09
Jul 1993	20.15
Jun 1993	20.25
May 1993	19.89
Apr 1993	19.45
Mar 1993	19.78
Feb 1993	19.92
Jan 1993	19.97
Dec 1992	19.83
Nov 1992	20
Oct 1992	20.17
Sep 1992	20.13
Aug 1992	20.31
Jul 1992	21.21
Jun 1992	20.80
May 1992	21.90
Apr 1992	21.88
Mar 1992	21.67
Feb 1992	22.34
Jan 1992	22.13
Dec 1991	22.69
Nov 1991	18.96
Oct 1991	19.83
Sep 1991	18.91
Aug 1991	18.24
Jul 1991	17.89
Jun 1991	16.24
May 1991	17.06
Apr 1991	16.02
Mar 1991	15.50
Feb 1991	15.17
Jan 1991	14.11
Dec 1990	13.45
Nov 1990	13.04
Oct 1990	12.22
Sep 1990	12.32
Aug 1990	12.99
Jul 1990	14.45
Jun 1990	14.54
May 1990	14.67
Apr 1990	13.35
Mar 1990	13.38
Feb 1990	13.06
Jan 1990	12.71
Jan 1989	13.26
Jan 1988	10.30
Jan 1987	12.27
Jan 1986	14.53
Jan 1985	12.57
Jan 1984	8.73
Jan 1983	10.39
Jan 1982	9.67
Jan 1981	6.93
Jan 1980	7.96
Jan 1979	6.31
Jan 1978	6.91
Jan 1977	7.63
Jan 1976	9.42
Jan 1975	9.85
Jan 1974	6.70
Jan 1973	10.39
Jan 1972	16.21
Jan 1971	15.56
Jan 1970	15.61
Jan 1969	13.84
Jan 1968	15.67
Jan 1967	15.76
Jan 1966	12.60
Jan 1965	15.48
Jan 1964	16.19
Jan 1963	16.22
Jan 1962	14.94
Jan 1961	19.80
Jan 1960	15.44
Jan 1959	15.35
Jan 1958	16.60
Jan 1957	10.31
Jan 1956	11.84
Jan 1955	10.89
Jan 1954	10.97
Jan 1953	8.59
Jan 1952	9.43
Jan 1951	8.33
Jan 1950	6.04
Jan 1949	6.20
Jan 1948	5.76
Jan 1947	8.12
Jan 1946	12.40
Jan 1945	15.68
Jan 1944	12.24
Jan 1943	10.61
Jan 1942	8.03
Jan 1941	6.56
Jan 1940	8.72
Jan 1939	11.94
Jan 1938	17.23
Jan 1937	8.47
Jan 1936	14.54
Jan 1935	14.91
Jan 1934	16.42
Jan 1933	19.69
Jan 1932	14.45
Jan 1931	12.03
Jan 1930	13.89
Jan 1929	11.55
Jan 1928	14.58
Jan 1927	13.67
Jan 1926	9.45
Jan 1925	8.66
Jan 1924	9.49
Jan 1923	7.58
Jan 1922	11.05
Jan 1921	21.91
Jan 1920	7.39
Jan 1919	8.33
Jan 1918	6.93
Jan 1917	4.61
Jan 1916	5.57
Jan 1915	9.36
Jan 1914	12.28
Jan 1913	11.09
Jan 1912	11.64
Jan 1911	13.42
Jan 1910	10.78
Jan 1909	11.77
Jan 1908	13.53
Jan 1907	8.65
Jan 1906	11.25
Jan 1905	12.37
Jan 1904	14.63
Jan 1903	10.78
Jan 1902	11.11
Jan 1901	13.82
Jan 1900	12.43
Jan 1899	10.90
Jan 1898	14.03
Jan 1897	13.31
Jan 1896	17.47
Jan 1895	15.02
Jan 1894	23.36
Jan 1893	14.74
Jan 1892	12.94
Jan 1891	13.83
Jan 1890	13.78
Jan 1889	15.41
Jan 1888	17.18
Jan 1887	12.72
Jan 1886	14.85
Jan 1885	16.74
Jan 1884	12.17
Jan 1883	11.60
Jan 1882	11.80
Jan 1881	11.87
Jan 1880	10.36
Jan 1879	11.25
Jan 1878	9.67
Jan 1877	9.41
Jan 1876	11.11
Jan 1875	10.55
Jan 1874	8.58
Jan 1873	8.35
Jan 1872	10.25
Jan 1871	10.30

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (26.43) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
Canada	19.39	95	Expensive
Brazil	10.37	51.70	Fair Value
Mexico	13.72	57.50	Fair Value
Argentina	12.79	73.30	Overvalued
Colombia	10.08	51.70	Fair Value

Definition: Trailing P/E Ratio

The trailing P/E ratio for S&P 500 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.