Forward P/E: Cheapest & Most Expensive

What the market is paying up for — and what it's writing off

Updated July 24, 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	3.0×	+9.7%
	Telecommunications Services — at 3.0× forward earnings, the market is pricing in about +9.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
2	GPNGlobal Payments Inc.Financial - Credit Services	5.9×	+16.0%
	Financial - Credit Services — at 5.9× forward earnings, the market is pricing in about +16.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
3	APAAPA CorporationOil & Gas Exploration & Production	6.2×	−32.2%
	Oil & Gas Exploration & Production — at 6.2× forward earnings, the market is pricing in about −32.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
4	FISVFiserv, Inc.Information Technology Services	6.3×	+10.0%
	Information Technology Services — at 6.3× forward earnings, the market is pricing in about +10.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
5	GMGeneral Motors CompanyAuto - Manufacturers	6.4×	+11.7%
	Auto - Manufacturers — at 6.4× forward earnings, the market is pricing in about +11.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
6	CMCSAComcast CorporationTelecommunications Services	6.4×	+6.0%
	Telecommunications Services — at 6.4× forward earnings, the market is pricing in about +6.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
7	AESThe AES CorporationIndependent Power Producers	6.4×	+7.3%
	Independent Power Producers — at 6.4× forward earnings, the market is pricing in about +7.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
8	FISFidelity National Information Services, Inc.Information Technology Services	6.6×	+9.1%
	Information Technology Services — at 6.6× forward earnings, the market is pricing in about +9.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
9	CFCF Industries Holdings, Inc.Agricultural Inputs	7.3×	−34.1%
	Agricultural Inputs — at 7.3× forward earnings, the market is pricing in about −34.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
10	EGEverest Re Group, Ltd.Insurance - Reinsurance	7.3×	+14.7%
	Insurance - Reinsurance — at 7.3× forward earnings, the market is pricing in about +14.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
11	CTSHCognizant Technology Solutions CorporationInformation Technology Services	8.0×	+8.4%
	Information Technology Services — at 8.0× forward earnings, the market is pricing in about +8.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
12	ALLThe Allstate CorporationInsurance - Property & Casualty	8.4×	−15.3%
	Insurance - Property & Casualty — at 8.4× forward earnings, the market is pricing in about −15.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
13	HPQHP Inc.Computer Hardware	8.5×	+0.0%
	Computer Hardware — at 8.5× forward earnings, the market is pricing in about +0.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
14	FFord Motor CompanyAuto - Manufacturers	8.6×	+9.4%
	Auto - Manufacturers — at 8.6× forward earnings, the market is pricing in about +9.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
15	EOGEOG Resources, Inc.Oil & Gas Exploration & Production	8.8×	−13.1%
	Oil & Gas Exploration & Production — at 8.8× forward earnings, the market is pricing in about −13.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
16	GENGen Digital Inc.Software - Infrastructure	8.9×	+13.4%
	Software - Infrastructure — at 8.9× forward earnings, the market is pricing in about +13.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
17	DVNDevon Energy CorporationOil & Gas Exploration & Production	9.2×	+6.0%
	Oil & Gas Exploration & Production — at 9.2× forward earnings, the market is pricing in about +6.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
18	ALBAlbemarle CorporationChemicals - Specialty	9.2×	−5.2%
	Chemicals - Specialty — at 9.2× forward earnings, the market is pricing in about −5.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
19	ADBEAdobe Inc.Software - Application	9.2×	+12.8%
	Software - Application — at 9.2× forward earnings, the market is pricing in about +12.8% EPS growth next year. A low multiple sets a bar that’s easier to clear.
20	CICigna CorporationMedical - Healthcare Plans	9.5×	+9.9%
	Medical - Healthcare Plans — at 9.5× forward earnings, the market is pricing in about +9.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
21	FOXAFox CorporationEntertainment	9.5×	−0.6%
	Entertainment — at 9.5× forward earnings, the market is pricing in about −0.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
22	APTVAptiv PLCAuto - Parts	9.6×	+14.5%
	Auto - Parts — at 9.6× forward earnings, the market is pricing in about +14.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
23	BMYBristol-Myers Squibb CompanyDrug Manufacturers - General	9.8×	−2.5%
	Drug Manufacturers - General — at 9.8× forward earnings, the market is pricing in about −2.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
24	AIGAmerican International Group, Inc.Insurance - Diversified	9.8×	+10.4%
	Insurance - Diversified — at 9.8× forward earnings, the market is pricing in about +10.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
25	CPBCampbell Soup CompanyPackaged Foods	10.0×	−10.5%
	Packaged Foods — at 10.0× forward earnings, the market is pricing in about −10.5% 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	CRWDCrowdStrike Holdings, Inc.Software - Infrastructure	148.8×	+26.4%
	Software - Infrastructure — at 148.8× forward earnings, the market is pricing in about +26.4% EPS growth next year. A rich multiple leaves little room for disappointment.
2	DDOGDatadog, Inc.Software - Application	102.0×	+17.6%
	Software - Application — at 102.0× forward earnings, the market is pricing in about +17.6% EPS growth next year. A rich multiple leaves little room for disappointment.
3	CPTCamden Property TrustREIT - Residential	101.3×	+7.7%
	REIT - Residential — at 101.3× forward earnings, the market is pricing in about +7.7% EPS growth next year. A rich multiple leaves little room for disappointment.
4	DLRDigital Realty Trust, Inc.REIT - Specialty	95.2×	+12.2%
	REIT - Specialty — at 95.2× forward earnings, the market is pricing in about +12.2% EPS growth next year. A rich multiple leaves little room for disappointment.
5	INTCIntel CorporationSemiconductors	84.5×	+48.3%
	Semiconductors — at 84.5× forward earnings, the market is pricing in about +48.3% EPS growth next year. A rich multiple leaves little room for disappointment.
6	AMDAdvanced Micro Devices, Inc.Semiconductors	69.7×	+80.6%
	Semiconductors — at 69.7× forward earnings, the market is pricing in about +80.6% EPS growth next year. A rich multiple leaves little room for disappointment.
7	DASHDoorDash, Inc.Internet Content & Information	68.6×	+77.3%
	Internet Content & Information — at 68.6× forward earnings, the market is pricing in about +77.3% EPS growth next year. A rich multiple leaves little room for disappointment.
8	DOCHealthpeak Properties, Inc.REIT - Healthcare Facilities	67.6×	−71.5%
	REIT - Healthcare Facilities — at 67.6× forward earnings, the market is pricing in about −71.5% EPS growth next year. A rich multiple leaves little room for disappointment.
9	AXONAxon Enterprise, Inc.Aerospace & Defense	65.3×	+38.4%
	Aerospace & Defense — at 65.3× forward earnings, the market is pricing in about +38.4% EPS growth next year. A rich multiple leaves little room for disappointment.
10	EQIXEquinix, Inc.REIT - Specialty	62.9×	+10.4%
	REIT - Specialty — at 62.9× forward earnings, the market is pricing in about +10.4% EPS growth next year. A rich multiple leaves little room for disappointment.
11	CIENCiena CorporationCommunication Equipment	59.8×	+47.6%
	Communication Equipment — at 59.8× forward earnings, the market is pricing in about +47.6% EPS growth next year. A rich multiple leaves little room for disappointment.
12	HWMHowmet Aerospace Inc.Aerospace & Defense	57.1×	+19.7%
	Aerospace & Defense — at 57.1× forward earnings, the market is pricing in about +19.7% EPS growth next year. A rich multiple leaves little room for disappointment.
13	IRMIron Mountain IncorporatedREIT - Specialty	54.1×	+9.6%
	REIT - Specialty — at 54.1× forward earnings, the market is pricing in about +9.6% EPS growth next year. A rich multiple leaves little room for disappointment.
14	ESSEssex Property Trust, Inc.REIT - Residential	49.4×	+3.2%
	REIT - Residential — at 49.4× forward earnings, the market is pricing in about +3.2% EPS growth next year. A rich multiple leaves little room for disappointment.
15	FTNTFortinet, Inc.Software - Infrastructure	48.3×	+8.5%
	Software - Infrastructure — at 48.3× forward earnings, the market is pricing in about +8.5% EPS growth next year. A rich multiple leaves little room for disappointment.
16	ANETArista Networks, Inc.Computer Hardware	47.8×	+22.7%
	Computer Hardware — at 47.8× forward earnings, the market is pricing in about +22.7% EPS growth next year. A rich multiple leaves little room for disappointment.
17	EQREquity ResidentialREIT - Residential	46.1×	+6.0%
	REIT - Residential — at 46.1× forward earnings, the market is pricing in about +6.0% EPS growth next year. A rich multiple leaves little room for disappointment.
18	GLWCorning IncorporatedHardware, Equipment & Parts	45.9×	+33.3%
	Hardware, Equipment & Parts — at 45.9× forward earnings, the market is pricing in about +33.3% EPS growth next year. A rich multiple leaves little room for disappointment.
19	GEGE AerospaceAerospace & Defense	45.7×	+14.1%
	Aerospace & Defense — at 45.7× forward earnings, the market is pricing in about +14.1% EPS growth next year. A rich multiple leaves little room for disappointment.
20	COSTCostco Wholesale CorporationDiscount Stores	45.5×	+10.4%
	Discount Stores — at 45.5× forward earnings, the market is pricing in about +10.4% EPS growth next year. A rich multiple leaves little room for disappointment.
21	AMATApplied Materials, Inc.Semiconductors	43.7×	+37.5%
	Semiconductors — at 43.7× forward earnings, the market is pricing in about +37.5% EPS growth next year. A rich multiple leaves little room for disappointment.
22	HUMHumana Inc.Medical - Healthcare Plans	43.5×	+80.1%
	Medical - Healthcare Plans — at 43.5× forward earnings, the market is pricing in about +80.1% EPS growth next year. A rich multiple leaves little room for disappointment.
23	CDNSCadence Design Systems, Inc.Software - Application	41.1×	+18.1%
	Software - Application — at 41.1× forward earnings, the market is pricing in about +18.1% EPS growth next year. A rich multiple leaves little room for disappointment.
24	CASYCasey's General Stores, Inc.Specialty Retail	40.5×	+10.8%
	Specialty Retail — at 40.5× forward earnings, the market is pricing in about +10.8% EPS growth next year. A rich multiple leaves little room for disappointment.
25	FIXComfort Systems USA, Inc.Engineering & Construction	39.7×	+24.2%
	Engineering & Construction — at 39.7× forward earnings, the market is pricing in about +24.2% EPS growth next year. A rich multiple leaves little room for disappointment.