S&P 500 P/E Ratio
S&P 500 Trailing P/E Ratio — 150-Year Historical Chart
32.7x
▲ 14.34% YoYOct 2026
All-Time High
81.7x
All-Time Low
0.2x
Data Since
1871
Source: Robert Shiller / Yale University (shillerdata.com)Shaded = NBER recessions
The trailing price-to-earnings ratio of the S&P 500, computed as the index price divided by trailing 12-month earnings per share. Unlike the Shiller CAPE (which smooths earnings over 10 years), this reflects current earnings power. The historical median is ~16x; readings above 25x have historically preceded weaker forward returns. Earnings data from Robert Shiller's Yale dataset; recent months use the last available quarterly figure.