Forward P/E: Cheapest & Most Expensive

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

Updated September 8, 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	3.5×	+9.6%
	Telecommunications Services — at 3.5× 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.
2	SATSEchoStar CorporationCommunication Equipment	4.6×	−86.6%
	Communication Equipment — at 4.6× 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	FISFidelity National Information Services, Inc.Information Technology Services	6.4×	+8.0%
	Information Technology Services — at 6.4× forward earnings, the market is pricing in about +8.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
4	GMGeneral Motors CompanyAuto - Manufacturers	6.4×	+12.1%
	Auto - Manufacturers — at 6.4× forward earnings, the market is pricing in about +12.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
5	MUMicron Technology, Inc.Semiconductors	6.4×	+9.3%
	Semiconductors — at 6.4× forward earnings, the market is pricing in about +9.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
6	AESThe AES CorporationIndependent Power Producers	6.5×	+5.7%
	Independent Power Producers — at 6.5× forward earnings, the market is pricing in about +5.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
7	GPNGlobal Payments Inc.Financial - Credit Services	6.6×	+17.4%
	Financial - Credit Services — at 6.6× forward earnings, the market is pricing in about +17.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
8	LYBLyondellBasell Industries N.V.Chemicals	6.9×	−30.0%
	Chemicals — at 6.9× forward earnings, the market is pricing in about −30.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
9	EGEverest Re Group, Ltd.Insurance - Reinsurance	6.9×	+12.1%
	Insurance - Reinsurance — at 6.9× forward earnings, the market is pricing in about +12.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
10	FISVFiserv, Inc.Information Technology Services	7.0×	+9.8%
	Information Technology Services — at 7.0× forward earnings, the market is pricing in about +9.8% EPS growth next year. A low multiple sets a bar that’s easier to clear.
11	ALLThe Allstate CorporationInsurance - Property & Casualty	7.2×	−22.2%
	Insurance - Property & Casualty — at 7.2× forward earnings, the market is pricing in about −22.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
12	CMCSAComcast CorporationTelecommunications Services	7.5×	+3.2%
	Telecommunications Services — at 7.5× forward earnings, the market is pricing in about +3.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
13	APAAPA CorporationOil & Gas Exploration & Production	7.5×	−28.9%
	Oil & Gas Exploration & Production — at 7.5× forward earnings, the market is pricing in about −28.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
14	FFord Motor CompanyAuto - Manufacturers	7.6×	+5.8%
	Auto - Manufacturers — at 7.6× forward earnings, the market is pricing in about +5.8% EPS growth next year. A low multiple sets a bar that’s easier to clear.
15	UHSUniversal Health Services, Inc.Medical - Care Facilities	7.6×	+6.9%
	Medical - Care Facilities — at 7.6× forward earnings, the market is pricing in about +6.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
16	FOXFox CorporationEntertainment	7.7×	−1.3%
	Entertainment — at 7.7× forward earnings, the market is pricing in about −1.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
17	OMCOmnicom Group Inc.Advertising Agencies	7.8×	+13.5%
	Advertising Agencies — at 7.8× forward earnings, the market is pricing in about +13.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
18	APTVAptiv PLCAuto - Parts	8.0×	+13.6%
	Auto - Parts — at 8.0× forward earnings, the market is pricing in about +13.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
19	MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing	8.0×	−30.3%
	Oil & Gas Refining & Marketing — at 8.0× forward earnings, the market is pricing in about −30.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
20	TAPMolson Coors Beverage CompanyBeverages - Alcoholic	8.2×	+3.2%
	Beverages - Alcoholic — at 8.2× forward earnings, the market is pricing in about +3.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
21	SNDKSandisk CorporationHardware, Equipment & Parts	8.2×	+22.6%
	Hardware, Equipment & Parts — at 8.2× forward earnings, the market is pricing in about +22.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
22	PRUPrudential Financial, Inc.Insurance - Life	8.3×	+3.7%
	Insurance - Life — at 8.3× forward earnings, the market is pricing in about +3.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
23	SYFSynchrony FinancialFinancial - Credit Services	8.4×	+11.6%
	Financial - Credit Services — at 8.4× forward earnings, the market is pricing in about +11.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
24	EOGEOG Resources, Inc.Oil & Gas Exploration & Production	8.8×	−13.5%
	Oil & Gas Exploration & Production — at 8.8× forward earnings, the market is pricing in about −13.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
25	CFCF Industries Holdings, Inc.Agricultural Inputs	8.9×	−30.7%
	Agricultural Inputs — at 8.9× forward earnings, the market is pricing in about −30.7% 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	PLTRPalantir Technologies Inc.Software - Infrastructure	106.8×	+43.1%
	Software - Infrastructure — at 106.8× forward earnings, the market is pricing in about +43.1% EPS growth next year. A rich multiple leaves little room for disappointment.
2	CPTCamden Property TrustREIT - Residential	96.1×	+5.9%
	REIT - Residential — at 96.1× forward earnings, the market is pricing in about +5.9% EPS growth next year. A rich multiple leaves little room for disappointment.
3	DDOGDatadog, Inc.Software - Application	83.1×	+17.0%
	Software - Application — at 83.1× forward earnings, the market is pricing in about +17.0% EPS growth next year. A rich multiple leaves little room for disappointment.
4	PANWPalo Alto Networks, Inc.Software - Infrastructure	82.3×	+17.5%
	Software - Infrastructure — at 82.3× forward earnings, the market is pricing in about +17.5% EPS growth next year. A rich multiple leaves little room for disappointment.
5	DASHDoorDash, Inc.Internet Content & Information	76.6×	+79.6%
	Internet Content & Information — at 76.6× forward earnings, the market is pricing in about +79.6% EPS growth next year. A rich multiple leaves little room for disappointment.
6	DLRDigital Realty Trust, Inc.REIT - Specialty	70.0×	−4.6%
	REIT - Specialty — at 70.0× forward earnings, the market is pricing in about −4.6% EPS growth next year. A rich multiple leaves little room for disappointment.
7	INTCIntel CorporationSemiconductors	69.7×	+38.1%
	Semiconductors — at 69.7× forward earnings, the market is pricing in about +38.1% EPS growth next year. A rich multiple leaves little room for disappointment.
8	AMDAdvanced Micro Devices, Inc.Semiconductors	66.3×	+106.2%
	Semiconductors — at 66.3× forward earnings, the market is pricing in about +106.2% EPS growth next year. A rich multiple leaves little room for disappointment.
9	AXONAxon Enterprise, Inc.Aerospace & Defense	65.6×	+38.5%
	Aerospace & Defense — at 65.6× forward earnings, the market is pricing in about +38.5% EPS growth next year. A rich multiple leaves little room for disappointment.
10	EQIXEquinix, Inc.REIT - Specialty	60.4×	+9.3%
	REIT - Specialty — at 60.4× forward earnings, the market is pricing in about +9.3% EPS growth next year. A rich multiple leaves little room for disappointment.
11	HOODRobinhood Markets, Inc.Financial - Capital Markets	56.0×	+34.1%
	Financial - Capital Markets — at 56.0× forward earnings, the market is pricing in about +34.1% EPS growth next year. A rich multiple leaves little room for disappointment.
12	MRKMerck & Co., Inc.Drug Manufacturers - General	54.0×	+247.2%
	Drug Manufacturers - General — at 54.0× forward earnings, the market is pricing in about +247.2% EPS growth next year. A rich multiple leaves little room for disappointment.
13	CIENCiena CorporationCommunication Equipment	52.1×	+47.8%
	Communication Equipment — at 52.1× forward earnings, the market is pricing in about +47.8% EPS growth next year. A rich multiple leaves little room for disappointment.
14	GLWCorning IncorporatedHardware, Equipment & Parts	50.7×	+31.8%
	Hardware, Equipment & Parts — at 50.7× forward earnings, the market is pricing in about +31.8% EPS growth next year. A rich multiple leaves little room for disappointment.
15	DOCHealthpeak Properties, Inc.REIT - Healthcare Facilities	49.6×	−59.1%
	REIT - Healthcare Facilities — at 49.6× forward earnings, the market is pricing in about −59.1% EPS growth next year. A rich multiple leaves little room for disappointment.
16	ESSEssex Property Trust, Inc.REIT - Residential	48.8×	+9.8%
	REIT - Residential — at 48.8× forward earnings, the market is pricing in about +9.8% EPS growth next year. A rich multiple leaves little room for disappointment.
17	ANETArista Networks, Inc.Computer Hardware	47.5×	+27.2%
	Computer Hardware — at 47.5× forward earnings, the market is pricing in about +27.2% EPS growth next year. A rich multiple leaves little room for disappointment.
18	IRMIron Mountain IncorporatedREIT - Specialty	46.8×	+10.0%
	REIT - Specialty — at 46.8× forward earnings, the market is pricing in about +10.0% EPS growth next year. A rich multiple leaves little room for disappointment.
19	CVNACarvana Co.Auto - Dealerships	46.1×	+36.4%
	Auto - Dealerships — at 46.1× forward earnings, the market is pricing in about +36.4% EPS growth next year. A rich multiple leaves little room for disappointment.
20	FTNTFortinet, Inc.Software - Infrastructure	45.6×	+9.4%
	Software - Infrastructure — at 45.6× forward earnings, the market is pricing in about +9.4% EPS growth next year. A rich multiple leaves little room for disappointment.
21	LITELumentum Holdings Inc.Communication Equipment	45.5×	+54.6%
	Communication Equipment — at 45.5× forward earnings, the market is pricing in about +54.6% EPS growth next year. A rich multiple leaves little room for disappointment.
22	MPWRMonolithic Power Systems, Inc.Semiconductors	44.4×	+31.0%
	Semiconductors — at 44.4× forward earnings, the market is pricing in about +31.0% EPS growth next year. A rich multiple leaves little room for disappointment.
23	COSTCostco Wholesale CorporationDiscount Stores	44.3×	+10.5%
	Discount Stores — at 44.3× forward earnings, the market is pricing in about +10.5% EPS growth next year. A rich multiple leaves little room for disappointment.
24	HUMHumana Inc.Medical - Healthcare Plans	44.0×	+82.6%
	Medical - Healthcare Plans — at 44.0× forward earnings, the market is pricing in about +82.6% EPS growth next year. A rich multiple leaves little room for disappointment.
25	MOSThe Mosaic CompanyAgricultural Inputs	43.8×	+155.3%
	Agricultural Inputs — at 43.8× forward earnings, the market is pricing in about +155.3% EPS growth next year. A rich multiple leaves little room for disappointment.