Forward P/E: Cheapest & Most Expensive
What the market is paying up for — and what it's writing off
Updated October 23, 2026
Forward P/E — today’s price against next year’s expected earnings — is the market’s single clearest statement of expectation. A low multiple says the market doubts the future, demands a discount, or both; a high one says it’s willing to pay years ahead for growth it’s confident is coming. Neither is cheap or expensive in a vacuum — the question is always whether the implied growth shows up.
So each row pairs the multiple with the EPS growth the consensus expects next year. A high P/E backed by fast growth can be perfectly reasonable; a high one backed by little is priced for perfection. A low P/E on a still-growing business is where value hides; a low one on a shrinking one is a trap with a number on it.
Cheapest on forward earnings
The market’s skeptics — low multiples on next year’s profits. Some are bargains the market hasn’t noticed; others are cheap because the earnings are expected to fade.
| # | Stock | Forward P/E | Implied EPS growth |
|---|---|---|---|
| 1 | CHTRCharter Communications, Inc.Telecommunications Services | 2.7× | +5.4% |
| Telecommunications Services — at 2.7× forward earnings, the market is pricing in about +5.4% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 2 | SATSEchoStar CorporationCommunication Equipment | 5.0× | −86.6% |
| Communication Equipment — at 5.0× forward earnings, the market is pricing in about −86.6% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 3 | MUMicron Technology, Inc.Semiconductors | 5.0× | +19.9% |
| Semiconductors — at 5.0× forward earnings, the market is pricing in about +19.9% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 4 | GMGeneral Motors CompanyAuto - Manufacturers | 5.6× | +12.5% |
| Auto - Manufacturers — at 5.6× forward earnings, the market is pricing in about +12.5% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 5 | FISFidelity National Information Services, Inc.Information Technology Services | 6.1× | +7.8% |
| Information Technology Services — at 6.1× forward earnings, the market is pricing in about +7.8% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 6 | GPNGlobal Payments Inc.Financial - Credit Services | 6.1× | +17.9% |
| Financial - Credit Services — at 6.1× forward earnings, the market is pricing in about +17.9% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 7 | FFord Motor CompanyAuto - Manufacturers | 6.3× | +4.3% |
| Auto - Manufacturers — at 6.3× forward earnings, the market is pricing in about +4.3% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 8 | AESThe AES CorporationIndependent Power Producers | 6.5× | +6.8% |
| Independent Power Producers — at 6.5× forward earnings, the market is pricing in about +6.8% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 9 | CMCSAComcast CorporationTelecommunications Services | 6.6× | +3.3% |
| Telecommunications Services — at 6.6× forward earnings, the market is pricing in about +3.3% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 10 | FISVFiserv, Inc.Information Technology Services | 6.9× | +9.5% |
| Information Technology Services — at 6.9× forward earnings, the market is pricing in about +9.5% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 11 | ALLThe Allstate CorporationInsurance - Property & Casualty | 7.1× | −21.1% |
| Insurance - Property & Casualty — at 7.1× forward earnings, the market is pricing in about −21.1% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 12 | LYBLyondellBasell Industries N.V.Chemicals | 7.3× | −33.1% |
| Chemicals — at 7.3× forward earnings, the market is pricing in about −33.1% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 13 | EGEverest Re Group, Ltd.Insurance - Reinsurance | 7.4× | +11.8% |
| Insurance - Reinsurance — at 7.4× forward earnings, the market is pricing in about +11.8% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 14 | APTVAptiv PLCAuto - Parts | 7.4× | +13.3% |
| Auto - Parts — at 7.4× forward earnings, the market is pricing in about +13.3% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 15 | MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing | 7.5× | −16.4% |
| Oil & Gas Refining & Marketing — at 7.5× forward earnings, the market is pricing in about −16.4% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 16 | FOXFox CorporationEntertainment | 7.7× | −2.1% |
| Entertainment — at 7.7× forward earnings, the market is pricing in about −2.1% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 17 | CFCF Industries Holdings, Inc.Agricultural Inputs | 8.1× | −24.9% |
| Agricultural Inputs — at 8.1× forward earnings, the market is pricing in about −24.9% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 18 | APAAPA CorporationOil & Gas Exploration & Production | 8.3× | −26.7% |
| Oil & Gas Exploration & Production — at 8.3× forward earnings, the market is pricing in about −26.7% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 19 | ALBAlbemarle CorporationChemicals - Specialty | 8.3× | −11.4% |
| Chemicals - Specialty — at 8.3× forward earnings, the market is pricing in about −11.4% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 20 | GENGen Digital Inc.Software - Infrastructure | 8.5× | +12.9% |
| Software - Infrastructure — at 8.5× forward earnings, the market is pricing in about +12.9% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 21 | BMYBristol-Myers Squibb CompanyDrug Manufacturers - General | 8.8× | −5.3% |
| Drug Manufacturers - General — at 8.8× forward earnings, the market is pricing in about −5.3% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 22 | TAT&T Inc.Telecommunications Services | 8.9× | +9.6% |
| Telecommunications Services — at 8.9× forward earnings, the market is pricing in about +9.6% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 23 | EIXEdison InternationalRegulated Electric | 9.4× | +6.1% |
| Regulated Electric — at 9.4× forward earnings, the market is pricing in about +6.1% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 24 | EOGEOG Resources, Inc.Oil & Gas Exploration & Production | 9.4× | −12.5% |
| Oil & Gas Exploration & Production — at 9.4× forward earnings, the market is pricing in about −12.5% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
| 25 | DVNDevon Energy CorporationOil & Gas Exploration & Production | 9.7× | −3.5% |
| Oil & Gas Exploration & Production — at 9.7× forward earnings, the market is pricing in about −3.5% EPS growth next year. A low multiple sets a bar that’s easier to clear. | |||
Most expensive on forward earnings
The market’s favorites — the richest multiples in the index, where a great deal of future growth is already in the price.
| # | Stock | Forward P/E | Implied EPS growth |
|---|---|---|---|
| 1 | DDOGDatadog, Inc.Software - Application | 106.5× | +17.0% |
| Software - Application — at 106.5× forward earnings, the market is pricing in about +17.0% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 2 | CPTCamden Property TrustREIT - Residential | 89.5× | −0.7% |
| REIT - Residential — at 89.5× forward earnings, the market is pricing in about −0.7% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 3 | DASHDoorDash, Inc.Internet Content & Information | 68.8× | +80.6% |
| Internet Content & Information — at 68.8× forward earnings, the market is pricing in about +80.6% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 4 | AMDAdvanced Micro Devices, Inc.Semiconductors | 67.6× | +109.9% |
| Semiconductors — at 67.6× forward earnings, the market is pricing in about +109.9% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 5 | DLRDigital Realty Trust, Inc.REIT - Specialty | 62.8× | −6.2% |
| REIT - Specialty — at 62.8× forward earnings, the market is pricing in about −6.2% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 6 | INTCIntel CorporationSemiconductors | 56.2× | +38.5% |
| Semiconductors — at 56.2× forward earnings, the market is pricing in about +38.5% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 7 | EQIXEquinix, Inc.REIT - Specialty | 55.5× | +10.4% |
| REIT - Specialty — at 55.5× forward earnings, the market is pricing in about +10.4% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 8 | AXONAxon Enterprise, Inc.Aerospace & Defense | 54.7× | +37.8% |
| Aerospace & Defense — at 54.7× forward earnings, the market is pricing in about +37.8% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 9 | MRKMerck & Co., Inc.Drug Manufacturers - General | 54.2× | +247.9% |
| Drug Manufacturers - General — at 54.2× forward earnings, the market is pricing in about +247.9% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 10 | FTNTFortinet, Inc.Software - Infrastructure | 52.2× | +9.4% |
| Software - Infrastructure — at 52.2× forward earnings, the market is pricing in about +9.4% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 11 | ESSEssex Property Trust, Inc.REIT - Residential | 50.0× | +13.7% |
| REIT - Residential — at 50.0× forward earnings, the market is pricing in about +13.7% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 12 | HUMHumana Inc.Medical - Healthcare Plans | 46.1× | +86.9% |
| Medical - Healthcare Plans — at 46.1× forward earnings, the market is pricing in about +86.9% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 13 | CCICrown Castle Inc.REIT - Specialty | 44.7× | +46.8% |
| REIT - Specialty — at 44.7× forward earnings, the market is pricing in about +46.8% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 14 | CIENCiena CorporationCommunication Equipment | 44.7× | +64.9% |
| Communication Equipment — at 44.7× forward earnings, the market is pricing in about +64.9% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 15 | IRMIron Mountain IncorporatedREIT - Specialty | 44.2× | +11.5% |
| REIT - Specialty — at 44.2× forward earnings, the market is pricing in about +11.5% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 16 | COSTCostco Wholesale CorporationDiscount Stores | 44.0× | +9.9% |
| Discount Stores — at 44.0× forward earnings, the market is pricing in about +9.9% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 17 | EQREquity ResidentialREIT - Residential | 43.7× | +8.3% |
| REIT - Residential — at 43.7× forward earnings, the market is pricing in about +8.3% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 18 | ANETArista Networks, Inc.Computer Hardware | 41.9× | +27.8% |
| Computer Hardware — at 41.9× forward earnings, the market is pricing in about +27.8% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 19 | ISRGIntuitive Surgical, Inc.Medical - Devices | 41.9× | +12.0% |
| Medical - Devices — at 41.9× forward earnings, the market is pricing in about +12.0% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 20 | DOCHealthpeak Properties, Inc.REIT - Healthcare Facilities | 41.7× | −52.2% |
| REIT - Healthcare Facilities — at 41.7× forward earnings, the market is pricing in about −52.2% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 21 | FASTFastenal CompanyIndustrial - Distribution | 40.9× | +10.7% |
| Industrial - Distribution — at 40.9× forward earnings, the market is pricing in about +10.7% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 22 | CTASCintas CorporationSpecialty Business Services | 40.4× | +11.4% |
| Specialty Business Services — at 40.4× forward earnings, the market is pricing in about +11.4% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 23 | CDNSCadence Design Systems, Inc.Software - Application | 38.9× | +17.2% |
| Software - Application — at 38.9× forward earnings, the market is pricing in about +17.2% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 24 | HLTHilton Worldwide Holdings Inc.Travel Lodging | 38.7× | +15.0% |
| Travel Lodging — at 38.7× forward earnings, the market is pricing in about +15.0% EPS growth next year. A rich multiple leaves little room for disappointment. | |||
| 25 | IDXXIDEXX Laboratories, Inc.Medical - Diagnostics & Research | 38.0× | +13.7% |
| Medical - Diagnostics & Research — at 38.0× forward earnings, the market is pricing in about +13.7% EPS growth next year. A rich multiple leaves little room for disappointment. | |||