Summary

The table below includes price-to-earnings (P/E) ratios for the S&P 500 since 1871. A single value is provided for each year—the mean of the trailing 12 month P/E throughout that year.

The P/E is the ratio of market cap to earnings. If Apple had a market cap of 2 trillion USD and earned 100 billion USD last year, it's P/E would be 20 (2/.1). This is equivalent to the share price divided by the earnings per share (EPS).

Notable values for these P/E ratios follow.

Historical mean (since 1871): 16.04

Historical median (since 1871): 15.25

Historical min/max: 6.08/83.60

Last 25 years mean: 25.87

Last 10 years mean: 22.54

Last 5 years mean: 25.04

Table of mean annual P/E ratios of the S&P 500

Year P/E 2023 23.75 2022 21.02 2021 27.92 2020 30.92 2019 21.58 2018 22.33 2017 23.53 2016 23.61 2015 21.94 2014 18.76 2013 17.81 2012 15.79 2011 15.14 2010 17.13 2009 83.60 2008 28.39 2007 18.69 2006 17.29 2005 18.90 2004 20.50 2003 26.95 2002 37.28 2001 34.59 2000 27.72 1999 31.69 1998 28.01 1997 21.70 1996 18.88 1995 16.03 1994 18.09 1993 22.44 1992 24.05 1991 20.05 1990 15.47 1989 13.34 1988 12.65 1987 18.66 1986 16.13 1985 11.99 1984 10.08 1983 12.38 1982 8.60 1981 8.54 1980 7.97 1979 7.38 1978 8.43 1977 9.42 1976 11.14 1975 10.66 1974 9.52 1973 14.79 1972 18.13 1971 18.32 1970 15.25 1969 16.78 1968 17.70 1967 17.13 1966 15.71 1965 18.12 1964 18.76 1963 18.13 1962 18.04 1961 21.41 1960 16.89 1959 17.46 1958 15.50 1957 12.98 1956 13.12 1955 12.50 1954 11.31 1953 9.94 1952 10.30 1951 8.44 1950 7.16 1949 6.43 1948 8.14 1947 10.80 1946 18.84 1945 15.54 1944 13.54 1943 10.92 1942 8.62 1941 8.83 1940 10.78 1939 15.71 1938 15.31 1937 13.48 1936 17.50 1935 14.32 1934 21.14 1933 20.96 1932 13.96 1931 17.47 1930 16.70 1929 17.33 1928 15.86 1927 13.17 1926 10.11 1925 10.13 1924 9.50 1923 10.26 1922 17.26 1921 14.31 1920 9.28 1919 9.18 1918 6.77 1917 6.08 1916 7.84 1915 11.73 1914 13.94 1913 12.85 1912 14.70 1911 14.15 1910 12.57 1909 14.36 1908 12.67 1907 11.07 1906 13.40 1905 15.37 1904 13.90 1903 12.49 1902 14.81 1901 15.97 1900 12.81 1899 15.07 1898 15.23 1897 16.95 1896 18.57 1895 21.93 1894 21.72 1893 15.41 1892 15.59 1891 15.87 1890 17.88 1889 18.92 1888 17.18 1887 16.00 1886 17.76 1885 16.01 1884 13.51 1883 13.62 1882 13.58 1881 13.52 1880 11.89 1879 11.82 1878 11.08 1877 10.79 1876 12.81 1875 11.00 1874 9.94 1873 10.78 1872 12.09 1871 11.73

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