Forward P/E: Cheapest & Most Expensive

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

Updated August 17, 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	3.7×	+9.2%
	Telecommunications Services — at 3.7× forward earnings, the market is pricing in about +9.2% 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	AESThe AES CorporationIndependent Power Producers	6.4×	+7.1%
	Independent Power Producers — at 6.4× forward earnings, the market is pricing in about +7.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
4	GMGeneral Motors CompanyAuto - Manufacturers	6.5×	+11.9%
	Auto - Manufacturers — at 6.5× forward earnings, the market is pricing in about +11.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
5	VTRSViatris Inc.Drug Manufacturers - Specialty & Generic	6.6×	+7.4%
	Drug Manufacturers - Specialty & Generic — at 6.6× forward earnings, the market is pricing in about +7.4% EPS growth next year. A low multiple sets a bar that’s easier to clear.
6	FISVFiserv, Inc.Information Technology Services	6.7×	+9.9%
	Information Technology Services — at 6.7× 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.
7	GPNGlobal Payments Inc.Financial - Credit Services	6.8×	+16.5%
	Financial - Credit Services — at 6.8× forward earnings, the market is pricing in about +16.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
8	FISFidelity National Information Services, Inc.Information Technology Services	6.9×	+8.2%
	Information Technology Services — at 6.9× forward earnings, the market is pricing in about +8.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
9	EGEverest Re Group, Ltd.Insurance - Reinsurance	7.0×	+13.6%
	Insurance - Reinsurance — at 7.0× 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.
10	CFCF Industries Holdings, Inc.Agricultural Inputs	7.1×	−34.1%
	Agricultural Inputs — at 7.1× 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.
11	APAAPA CorporationOil & Gas Exploration & Production	7.2×	−31.1%
	Oil & Gas Exploration & Production — at 7.2× forward earnings, the market is pricing in about −31.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
12	LYBLyondellBasell Industries N.V.Chemicals	7.3×	−25.3%
	Chemicals — at 7.3× forward earnings, the market is pricing in about −25.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
13	CMCSAComcast CorporationTelecommunications Services	7.5×	+3.3%
	Telecommunications Services — at 7.5× 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.
14	UHSUniversal Health Services, Inc.Medical - Care Facilities	7.5×	+6.9%
	Medical - Care Facilities — at 7.5× 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.
15	MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing	7.7×	−32.9%
	Oil & Gas Refining & Marketing — at 7.7× forward earnings, the market is pricing in about −32.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
16	SNDKSandisk CorporationHardware, Equipment & Parts	7.8×	+24.2%
	Hardware, Equipment & Parts — at 7.8× forward earnings, the market is pricing in about +24.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
17	FFord Motor CompanyAuto - Manufacturers	7.8×	+5.6%
	Auto - Manufacturers — at 7.8× forward earnings, the market is pricing in about +5.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
18	ALLThe Allstate CorporationInsurance - Property & Casualty	8.2×	−17.2%
	Insurance - Property & Casualty — at 8.2× forward earnings, the market is pricing in about −17.2% EPS growth next year. A low multiple sets a bar that’s easier to clear.
19	OMCOmnicom Group Inc.Advertising Agencies	8.4×	+14.1%
	Advertising Agencies — at 8.4× forward earnings, the market is pricing in about +14.1% EPS growth next year. A low multiple sets a bar that’s easier to clear.
20	EOGEOG Resources, Inc.Oil & Gas Exploration & Production	8.6×	−13.4%
	Oil & Gas Exploration & Production — at 8.6× 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.
21	APTVAptiv PLCAuto - Parts	8.6×	+14.0%
	Auto - Parts — at 8.6× forward earnings, the market is pricing in about +14.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
22	SYFSynchrony FinancialFinancial - Credit Services	8.7×	+11.6%
	Financial - Credit Services — at 8.7× 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.
23	PRUPrudential Financial, Inc.Insurance - Life	9.0×	+5.3%
	Insurance - Life — at 9.0× 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.
24	VICIVICI Properties Inc.REIT - Specialty	9.0×	+0.9%
	REIT - Specialty — at 9.0× forward earnings, the market is pricing in about +0.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
25	PFEPfizer Inc.Drug Manufacturers - General	9.0×	−3.5%
	Drug Manufacturers - General — at 9.0× 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	VTRVentas, Inc.REIT - Healthcare Facilities	149.8×	+65.3%
	REIT - Healthcare Facilities — at 149.8× forward earnings, the market is pricing in about +65.3% EPS growth next year. A rich multiple leaves little room for disappointment.
2	PLTRPalantir Technologies Inc.Software - Infrastructure	109.5×	+42.4%
	Software - Infrastructure — at 109.5× forward earnings, the market is pricing in about +42.4% EPS growth next year. A rich multiple leaves little room for disappointment.
3	DDOGDatadog, Inc.Software - Application	104.6×	+17.3%
	Software - Application — at 104.6× forward earnings, the market is pricing in about +17.3% EPS growth next year. A rich multiple leaves little room for disappointment.
4	CPTCamden Property TrustREIT - Residential	98.3×	+7.6%
	REIT - Residential — at 98.3× forward earnings, the market is pricing in about +7.6% EPS growth next year. A rich multiple leaves little room for disappointment.
5	PANWPalo Alto Networks, Inc.Software - Infrastructure	93.4×	+17.6%
	Software - Infrastructure — at 93.4× forward earnings, the market is pricing in about +17.6% EPS growth next year. A rich multiple leaves little room for disappointment.
6	DASHDoorDash, Inc.Internet Content & Information	83.2×	+74.1%
	Internet Content & Information — at 83.2× forward earnings, the market is pricing in about +74.1% EPS growth next year. A rich multiple leaves little room for disappointment.
7	WELLWelltower Inc.REIT - Healthcare Facilities	82.6×	+12.3%
	REIT - Healthcare Facilities — at 82.6× forward earnings, the market is pricing in about +12.3% EPS growth next year. A rich multiple leaves little room for disappointment.
8	AXONAxon Enterprise, Inc.Aerospace & Defense	79.4×	+37.9%
	Aerospace & Defense — at 79.4× forward earnings, the market is pricing in about +37.9% EPS growth next year. A rich multiple leaves little room for disappointment.
9	DLRDigital Realty Trust, Inc.REIT - Specialty	76.5×	−3.7%
	REIT - Specialty — at 76.5× forward earnings, the market is pricing in about −3.7% EPS growth next year. A rich multiple leaves little room for disappointment.
10	WYWeyerhaeuser CompanyPaper, Lumber & Forest Products	73.9×	+116.5%
	Paper, Lumber & Forest Products — at 73.9× forward earnings, the market is pricing in about +116.5% EPS growth next year. A rich multiple leaves little room for disappointment.
11	INTCIntel CorporationSemiconductors	69.0×	+36.4%
	Semiconductors — at 69.0× forward earnings, the market is pricing in about +36.4% EPS growth next year. A rich multiple leaves little room for disappointment.
12	AMDAdvanced Micro Devices, Inc.Semiconductors	67.7×	+98.7%
	Semiconductors — at 67.7× forward earnings, the market is pricing in about +98.7% EPS growth next year. A rich multiple leaves little room for disappointment.
13	CIENCiena CorporationCommunication Equipment	65.6×	+47.6%
	Communication Equipment — at 65.6× forward earnings, the market is pricing in about +47.6% EPS growth next year. A rich multiple leaves little room for disappointment.
14	EQIXEquinix, Inc.REIT - Specialty	64.1×	+9.5%
	REIT - Specialty — at 64.1× forward earnings, the market is pricing in about +9.5% EPS growth next year. A rich multiple leaves little room for disappointment.
15	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.
16	DOCHealthpeak Properties, Inc.REIT - Healthcare Facilities	57.0×	−66.7%
	REIT - Healthcare Facilities — at 57.0× forward earnings, the market is pricing in about −66.7% EPS growth next year. A rich multiple leaves little room for disappointment.
17	IRMIron Mountain IncorporatedREIT - Specialty	53.8×	+9.3%
	REIT - Specialty — at 53.8× forward earnings, the market is pricing in about +9.3% EPS growth next year. A rich multiple leaves little room for disappointment.
18	MPWRMonolithic Power Systems, Inc.Semiconductors	51.6×	+28.2%
	Semiconductors — at 51.6× forward earnings, the market is pricing in about +28.2% EPS growth next year. A rich multiple leaves little room for disappointment.
19	GLWCorning IncorporatedHardware, Equipment & Parts	50.8×	+31.7%
	Hardware, Equipment & Parts — at 50.8× forward earnings, the market is pricing in about +31.7% EPS growth next year. A rich multiple leaves little room for disappointment.
20	LITELumentum Holdings Inc.Communication Equipment	49.8×	+58.9%
	Communication Equipment — at 49.8× forward earnings, the market is pricing in about +58.9% EPS growth next year. A rich multiple leaves little room for disappointment.
21	ANETArista Networks, Inc.Computer Hardware	49.4×	+25.5%
	Computer Hardware — at 49.4× forward earnings, the market is pricing in about +25.5% EPS growth next year. A rich multiple leaves little room for disappointment.
22	MRKMerck & Co., Inc.Drug Manufacturers - General	48.9×	+245.5%
	Drug Manufacturers - General — at 48.9× forward earnings, the market is pricing in about +245.5% EPS growth next year. A rich multiple leaves little room for disappointment.
23	ESSEssex Property Trust, Inc.REIT - Residential	48.6×	+5.1%
	REIT - Residential — at 48.6× forward earnings, the market is pricing in about +5.1% EPS growth next year. A rich multiple leaves little room for disappointment.
24	CVNACarvana Co.Auto - Dealerships	46.9×	+36.3%
	Auto - Dealerships — at 46.9× forward earnings, the market is pricing in about +36.3% EPS growth next year. A rich multiple leaves little room for disappointment.
25	COSTCostco Wholesale CorporationDiscount Stores	46.8×	+10.4%
	Discount Stores — at 46.8× forward earnings, the market is pricing in about +10.4% EPS growth next year. A rich multiple leaves little room for disappointment.