History of Market · The Chronicle of the U.S. Stock Market S&P 500
Gathering I · leaf 12 of 27
S&P 500 · TTM PE × Forward PE

S&P 500 · TTM PE × Forward PE — S&P 500 Trailing vs. Forward P/E Multiples

Trailing vs Forward P/E — Historical trailing TTM and forward consensus P/E multiples, evaluating modern valuation levels against historical benchmarks.

Comparing cap-weighted trailing TTM P/E with terminal forward P/E based on blended 12-month analyst consensus. The spread between the two curves reflects aggregate market expectations regarding future corporate earnings momentum.

View the interactive chart Download raw JSON

What this page answers

The S&P 500 currently trades at approximately 27.2× trailing twelve-month earnings and 20.1× consensus forward earnings. A forward multiple below the trailing metric indicates market expectations of corporate profit growth over the coming twelve months; the spread between the two serves as a barometer of macroeconomic growth expectations.

Comparing cap-weighted trailing TTM P/E with terminal forward P/E based on blended 12-month analyst consensus. The spread between the two curves reflects aggregate market expectations regarding future corporate earnings momentum. The data is refreshed by the History of Market pipeline and published as a stable JSON endpoint for research, citation, and AI-agent use.

The plate

S&P 500 · TTM PE × Forward PE — S&P 500 Trailing vs. Forward P/E Multiples10×20×30×40×200020102020TTMFWD
Plate I.12 Comparing cap-weighted trailing TTM P/E with terminal forward P/E based on blended 12-month analyst consensus. The spread between the two curves reflects aggregate market expectations regarding future corporate earnings momentum. 2026-09-08

Latest Snapshot

Updated
2026-09-08

S&P 500 — trailing vs consensus forward PE multiples (year-end observations)

S&P 500 — trailing vs consensus forward PE multiples (year-end observations)
DateTTM PEForward PE
2026-08-0527.2×20.1×
2025-12-2629.3×22.3×
2024-12-2728.6×21.9×
2023-12-2924.4×19.7×
2022-12-3022.7×16.8×
2021-12-3123.6×21.4×
2020-12-2539.3×22.4×
2019-12-2722.8×18.5×
2018-12-2819.4×14.5×
2017-12-2924.3×18.2×
2016-12-3023.8×17.2×
2015-12-25—16.4×
2014-12-26—16.6×
2013-12-27—15.3×
2012-12-28—12.4×
2011-12-30—11.8×
2010-12-31—13.1×
2009-12-25—14.4×
2008-12-26—11.3×
2007-12-28—14.5×
2006-12-29—14.9×
2005-12-30—14.5×
2004-12-31—15.8×
2003-12-26—17.5×
2002-12-27—15.6×
2001-12-28—21.3×
2000-12-29—21.6×
1999-12-31—25.1×
1998-12-25—24.2×
1997-12-31—19.9×
1996-12-31—16.7×
1995-12-29—17.0×
1994-12-30—15.4×
1993-12-31—17.5×
1992-12-31—18.2×
1991-12-31—19.0×
1990-12-31—13.9×

Displaying the 37 most recent of 1703 observations — complete series in JSON: https://historyofmarket.com/api/sp500/forward-pe.json

Data & Source

GET /api/sp500/forward-pe.json — Canonical dataset endpoint.

Exchange closing prices · Company filings · Robert Shiller · FRED · NBER.

FAQ

What is the current valuation multiple of the S&P 500?

Approximately 27.2× trailing P/E and 20.1× forward P/E (next-twelve-months consensus), updated as of 2026-09-08.

Where does this data come from?

History of Market combines public market and macro datasets — exchange closing prices, company filings, Robert Shiller, FRED, NBER, and the UBS Global Investment Returns Yearbook (Dimson–Marsh–Staunton). The exact endpoint for this panel is linked below.

How often is it updated?

Daily-tier datasets refresh after the U.S. market close, with a broader weekly refresh on Sunday. The timestamp shown on this page comes from the JSON payload.

Can I use the data?

Yes, for research and education with attribution to History of Market. Upstream data sources retain their own terms.