S&P 500 Utilities PE Ratio

The S&P 500 Utilities currently trades at a current P/E ratio of 22.47 as of October 24, 2025.

Over the past five years, the median P/E has been 19.65, putting today's valuation in the 96.7th percentile of that range. Looking at the longer 10-year period, where the median sits at 18.4, the current reading ranks in the 98.3th percentile - a level historically associated with Expensive pricing. The 20-year median of 16.02 provides additional context, with the current ratio at the highest level of that extended timeframe.

Since March 1996, the S&P 500 Utilities has recorded a median P/E ratio of 14.94 over 30 years. Against this full historical backdrop, the current valuation sits at the highest level 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 (22.47) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	20.85	100	Expensive
5 Year	19.65	96.7	Expensive
10 Year	18.4	98.3	Expensive
20 Year	16.02	99.2	Expensive
Since Mar 1996	14.94	99.4	Expensive

Forward P/E for S&P 500 Utilities

Returns vs P/E Ratio

Over the past decade, the PE rose from 14.6 (58.6th percentile) to 22.47 (98.3th percentile). Annualized total return over this period was 7.4%. 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	21.69	96.8	+11.2%	+11.2%
3 Year	18.09	80.9	+42.8%	+12.6%
5 Year	18.14	89.6	+40.8%	+7.1%
10 Year	14.62	58.6	+103.3%	+7.4%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	22.47
Sep 2025	21.45
Aug 2025	20.76
Jul 2025	21.30
Jun 2025	20.30
May 2025	20.71
Apr 2025	21.46
Mar 2025	20.67
Feb 2025	20.60
Jan 2025	20.24
Dec 2024	20.94
Nov 2024	22.39
Oct 2024	21.69
Sep 2024	21.37
Aug 2024	21.21
Jul 2024	19.52
Jun 2024	19.28
May 2024	19.55
Apr 2024	18.85
Mar 2024	17.40
Feb 2024	18.50
Jan 2024	17.76
Dec 2023	18.01
Nov 2023	18.05
Oct 2023	17.72
Sep 2023	17.67
Aug 2023	19.84
Jul 2023	21.01
Jun 2023	19.91
May 2023	21.47
Apr 2023	23.23
Mar 2023	22.75
Feb 2023	21.71
Jan 2023	19.12
Dec 2022	19.82
Nov 2022	19.05
Oct 2022	18.09
Sep 2022	20.68
Aug 2022	19.59
Jul 2022	18.45
Jun 2022	20.17
May 2022	21.55
Apr 2022	19.71
Mar 2022	19.20
Feb 2022	20.23
Jan 2022	20.23
Dec 2021	18.88
Nov 2021	19.14
Oct 2021	18.75
Sep 2021	19.87
Aug 2021	19.07
Jul 2021	18.70
Jun 2021	19.19
May 2021	19.19
Apr 2021	17.99
Mar 2021	17.22
Feb 2021	18.26
Jan 2021	18.49
Dec 2020	19.16
Nov 2020	18.51
Oct 2020	18.14
Sep 2020	18.41
Aug 2020	17.05
Jul 2020	17.05
Jun 2020	16.94
May 2020	16.60
Apr 2020	17.83
Mar 2020	19.10
Feb 2020	19.56
Jan 2020	19.56
Dec 2019	19.20
Nov 2019	19.70
Oct 2019	19.42
Sep 2019	18.96
Aug 2019	18.68
Jul 2019	18.51
Jun 2019	18.05
May 2019	18.33
Apr 2019	18.07
Mar 2019	17.69
Feb 2019	16.49
Jan 2019	15.73
Dec 2018	16.41
Nov 2018	15.89
Oct 2018	15.89
Sep 2018	16.30
Aug 2018	15.84
Jul 2018	15.84
Jun 2018	15.07
May 2018	15.77
Apr 2018	15.52
Mar 2018	15.52
Feb 2018	16.33
Jan 2018	16.60
Dec 2017	18.37
Nov 2017	17.61
Oct 2017	17.61
Sep 2017	17.94
Aug 2017	17.30
Jul 2017	17.30
Jun 2017	17.68
May 2017	17.69
Apr 2017	17.26
Mar 2017	17.26
Feb 2017	16.84
Jan 2017	16.21
Dec 2016	16.21
Nov 2016	16.83
Oct 2016	17.18
Sep 2016	17.52
Aug 2016	18.04
Jul 2016	18.38
Jun 2016	16.73
May 2016	17.22
Apr 2016	16.93
Mar 2016	16.57
Feb 2016	15.32
Jan 2016	14.84
Dec 2015	14.84
Nov 2015	15.47
Oct 2015	14.62
Sep 2015	14.62
Aug 2015	15.96
Jul 2015	15.28
Jun 2015	15.82
May 2015	15.95
Apr 2015	15.95
Mar 2015	17.06
Feb 2015	17.06
Jan 2015	16.85
Dec 2014	16.85
Nov 2014	16.15
Oct 2014	15.58
Sep 2014	15.64
Aug 2014	14.79
Jul 2014	16.04
Jun 2014	16.02
May 2014	16.02
Apr 2014	15.35
Mar 2014	15.35
Feb 2014	14.74
Jan 2014	14.74
Dec 2013	14.90
Nov 2013	14.90
Oct 2013	14.60
Sep 2013	14.77
Aug 2013	15.40
Jul 2013	14.76
Jun 2013	16.22
May 2013	16.22
Apr 2013	15.31
Mar 2013	14.99
Feb 2013	14.69
Jan 2013	13.91
Dec 2012	13.91
Nov 2012	14.52
Oct 2012	14.70
Sep 2012	14.92
Aug 2012	14.92
Jul 2012	14.70
Jun 2012	14.70
May 2012	13.99
Apr 2012	14.01
Mar 2012	14.16
Feb 2012	14.16
Jan 2012	14.16
Dec 2011	13.26
Nov 2011	13.44
Oct 2011	13.44
Sep 2011	12.19
Aug 2011	12.39
Jul 2011	13.33
Jun 2011	13.33
May 2011	12.60
Apr 2011	12.60
Mar 2011	12.26
Feb 2011	12.58
Jan 2011	12.29
Dec 2010	12.23
Nov 2010	12.23
Oct 2010	12.05
Sep 2010	12.05
Aug 2010	11.72
Jul 2010	11.29
Jun 2010	11.29
May 2010	11.82
Apr 2010	11.61
Mar 2010	11.61
Feb 2010	11.28
Jan 2010	11.87
Dec 2009	11.88
Nov 2009	11.42
Oct 2009	11.61
Sep 2009	11.46
Aug 2009	11.15
Jul 2009	11.15
Jun 2009	10.43
May 2009	10.43
Apr 2009	9.09
Mar 2009	9.09
Feb 2009	11.35
Jan 2009	10.84
Dec 2008	12.10
Nov 2008	12.10
Oct 2008	12.10
Sep 2008	13.03
Aug 2008	13.94
Jul 2008	14.39
Jun 2008	15.03
May 2008	15.03
Apr 2008	14.26
Mar 2008	14.89
Feb 2008	14.89
Jan 2008	16.15
Dec 2007	16.32
Nov 2007	15.57
Oct 2007	15.63
Sep 2007	14.78
Aug 2007	15.42
Jul 2007	15.69
Jun 2007	16.38
May 2007	16.66
Apr 2007	15.99
Mar 2007	15.33
Feb 2007	14.65
Jan 2007	15.05
Dec 2006	14.79
Nov 2006	14.79
Oct 2006	14.19
Sep 2006	14.27
Aug 2006	14.27
Jul 2006	13.85
Jun 2006	13.36
May 2006	13.28
Apr 2006	13.58
Mar 2006	13.86
Feb 2006	14.16
Jan 2006	14.27
Dec 2005	14.37
Nov 2005	14.68
Oct 2005	15.82
Sep 2005	15.83
Aug 2005	15.83
Jul 2005	15.13
Jun 2005	15.13
May 2005	15.13
Apr 2005	15.13
Mar 2005	14.80
Feb 2005	14.51
Jan 2005	14.51
Dec 2004	14.27
Nov 2004	13.98
Oct 2004	13.50
Sep 2004	13.50
Aug 2004	13.16
Jul 2004	12.62
Jun 2004	12.62
May 2004	13.17
Apr 2004	14.20
Mar 2004	13.78
Feb 2004	13.78
Jan 2004	13.22
Dec 2003	12.86
Nov 2003	12.66
Oct 2003	12.30
Sep 2003	11.99
Aug 2003	12.69
Jul 2003	12.69
Jun 2003	11.47
May 2003	11.17
Apr 2003	10.57
Mar 2003	10.19
Feb 2003	10.19
Jan 2003	9.66
Dec 2002	9.66
Nov 2002	7.92
Oct 2002	8.92
Sep 2002	9.32
Aug 2002	8.55
Jul 2002	9.84
Jun 2002	10.29
May 2002	11.27
Apr 2002	10.61
Mar 2002	10.61
Feb 2002	10.77
Jan 2002	10.77
Dec 2001	10.99
Nov 2001	11.41
Oct 2001	11.19
Sep 2001	11.76
Aug 2001	12.91
Jul 2001	13.58
Jun 2001	14.29
May 2001	15.10
Apr 2001	15.32
Mar 2001	15.96
Feb 2001	14.41
Jan 2001	16.12
Dec 2000	16.77
Nov 2000	16.77
Oct 2000	16.77
Sep 2000	15.88
Aug 2000	14.74
Jul 2000	14.14
Jun 2000	13.80
May 2000	13.80
Apr 2000	12.69
Mar 2000	13.42
Feb 2000	12.52
Jan 2000	12.52
Dec 1999	13.55
Nov 1999	13.55
Oct 1999	14.16
Sep 1999	14.68
Aug 1999	15.04
Jul 1999	15.53
Jun 1999	15.31
May 1999	14.71
Apr 1999	14.40
Mar 1999	14.66
Feb 1999	14.95
Jan 1999	15.64
Dec 1998	15.64
Nov 1998	15.55
Oct 1998	15.21
Sep 1998	14.54
Aug 1998	15.08
Jul 1998	15.08
Jun 1998	14.93
May 1998	14.93
Apr 1998	14.71
Mar 1998	14.44
Feb 1998	13.92
Jan 1998	13.57
Dec 1997	13.03
Nov 1997	12.47
Oct 1997	12.47
Sep 1997	12.16
Aug 1997	11.97
Jul 1997	11.97
Jun 1997	11.36
May 1997	11.36
Apr 1997	11.84
Mar 1997	11.95
Feb 1997	11.95
Jan 1997	12.30
Dec 1996	12.30
Nov 1996	11.82
Oct 1996	11.82
Sep 1996	11.78
Aug 1996	11.84
Jul 1996	11.84
Jun 1996	11.81
May 1996	11.81
Apr 1996	11.81
Mar 1996	12.19

Sector Comparison

The table below shows a comparison of the current P/E Ratio (22.47) with other sectors.

Sector	PE Ratio	Percentile Rank	Rating
S&P 500 Consumer Discretionary	29.74	85.80	Expensive
S&P 500 Consumer Staples	22.25	75	Overvalued
S&P 500 Health Care	24.51	80.80	Expensive
S&P 500 Industrials	26.90	97.50	Expensive
S&P 500 Information Technology	40.44	99.20	Expensive
S&P 500 Materials	26.32	98.30	Expensive
S&P 500 Real Estate	35.48	35	Undervalued
S&P 500 Communication Services	19.84	64.20	Overvalued
S&P 500 Financials	19.32	99.20	Expensive
S&P 500 Energy	16.98	58.30	Fair Value

Definition: Trailing P/E Ratio

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