Forward P/E: Cheapest & Most Expensive

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

Updated June 20, 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	3.1×	+10.0%
	Telecommunications Services — at 3.1× 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.
2	GPNGlobal Payments Inc.Financial - Credit Services	4.8×	+15.9%
	Financial - Credit Services — at 4.8× forward earnings, the market is pricing in about +15.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
3	APAAPA CorporationOil & Gas Exploration & Production	5.1×	−34.0%
	Oil & Gas Exploration & Production — at 5.1× forward earnings, the market is pricing in about −34.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
4	FISVFiserv, Inc.Information Technology Services	5.9×	+10.0%
	Information Technology Services — at 5.9× 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	CFCF Industries Holdings, Inc.Agricultural Inputs	6.0×	−33.1%
	Agricultural Inputs — at 6.0× 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.
6	UHSUniversal Health Services, Inc.Medical - Care Facilities	6.0×	+8.2%
	Medical - Care Facilities — at 6.0× 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.
7	FISFidelity National Information Services, Inc.Information Technology Services	6.1×	+9.1%
	Information Technology Services — at 6.1× 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.
8	GMGeneral Motors CompanyAuto - Manufacturers	6.2×	+11.4%
	Auto - Manufacturers — at 6.2× 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.
9	VTRSViatris Inc.Drug Manufacturers - Specialty & Generic	6.2×	+8.2%
	Drug Manufacturers - Specialty & Generic — at 6.2× 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.
10	AESThe AES CorporationIndependent Power Producers	6.3×	+4.9%
	Independent Power Producers — at 6.3× forward earnings, the market is pricing in about +4.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
11	LYBLyondellBasell Industries N.V.Chemicals	6.4×	−19.5%
	Chemicals — at 6.4× forward earnings, the market is pricing in about −19.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
12	CMCSAComcast CorporationTelecommunications Services	6.4×	+7.9%
	Telecommunications Services — at 6.4× forward earnings, the market is pricing in about +7.9% EPS growth next year. A low multiple sets a bar that’s easier to clear.
13	EGEverest Re Group, Ltd.Insurance - Reinsurance	6.4×	+16.4%
	Insurance - Reinsurance — at 6.4× 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.
14	OMCOmnicom Group Inc.Advertising Agencies	6.8×	+14.7%
	Advertising Agencies — at 6.8× 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.
15	ALLThe Allstate CorporationInsurance - Property & Casualty	7.4×	−12.1%
	Insurance - Property & Casualty — at 7.4× 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.
16	DVNDevon Energy CorporationOil & Gas Exploration & Production	7.5×	−3.0%
	Oil & Gas Exploration & Production — at 7.5× forward earnings, the market is pricing in about −3.0% EPS growth next year. A low multiple sets a bar that’s easier to clear.
17	EOGEOG Resources, Inc.Oil & Gas Exploration & Production	7.5×	−14.0%
	Oil & Gas Exploration & Production — at 7.5× 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.
18	CTSHCognizant Technology Solutions CorporationInformation Technology Services	7.6×	+8.3%
	Information Technology Services — at 7.6× forward earnings, the market is pricing in about +8.3% EPS growth next year. A low multiple sets a bar that’s easier to clear.
19	PRUPrudential Financial, Inc.Insurance - Life	7.8×	+6.0%
	Insurance - Life — at 7.8× 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.
20	HPQHP Inc.Computer Hardware	7.8×	+0.0%
	Computer Hardware — at 7.8× 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.
21	PYPLPayPal Holdings, Inc.Financial - Credit Services	8.0×	+8.5%
	Financial - Credit Services — at 8.0× forward earnings, the market is pricing in about +8.5% EPS growth next year. A low multiple sets a bar that’s easier to clear.
22	ADBEAdobe Inc.Software - Application	8.0×	+12.7%
	Software - Application — at 8.0× forward earnings, the market is pricing in about +12.7% EPS growth next year. A low multiple sets a bar that’s easier to clear.
23	SYFSynchrony FinancialFinancial - Credit Services	8.1×	+12.9%
	Financial - Credit Services — at 8.1× 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.
24	MPCMarathon Petroleum CorporationOil & Gas Refining & Marketing	8.2×	−17.6%
	Oil & Gas Refining & Marketing — at 8.2× forward earnings, the market is pricing in about −17.6% EPS growth next year. A low multiple sets a bar that’s easier to clear.
25	CAGConagra Brands, Inc.Packaged Foods	8.3×	+4.3%
	Packaged Foods — at 8.3× 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.

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	138.7×	+26.3%
	Software - Infrastructure — at 138.7× forward earnings, the market is pricing in about +26.3% EPS growth next year. A rich multiple leaves little room for disappointment.
2	VTRVentas, Inc.REIT - Healthcare Facilities	130.8×	+64.0%
	REIT - Healthcare Facilities — at 130.8× forward earnings, the market is pricing in about +64.0% EPS growth next year. A rich multiple leaves little room for disappointment.
3	INTCIntel CorporationSemiconductors	123.6×	+42.5%
	Semiconductors — at 123.6× forward earnings, the market is pricing in about +42.5% EPS growth next year. A rich multiple leaves little room for disappointment.
4	LITELumentum Holdings Inc.Communication Equipment	103.7×	+125.9%
	Communication Equipment — at 103.7× forward earnings, the market is pricing in about +125.9% EPS growth next year. A rich multiple leaves little room for disappointment.
5	DDOGDatadog, Inc.Software - Application	91.9×	+17.5%
	Software - Application — at 91.9× forward earnings, the market is pricing in about +17.5% EPS growth next year. A rich multiple leaves little room for disappointment.
6	DLRDigital Realty Trust, Inc.REIT - Specialty	91.3×	+7.7%
	REIT - Specialty — at 91.3× forward earnings, the market is pricing in about +7.7% EPS growth next year. A rich multiple leaves little room for disappointment.
7	PLTRPalantir Technologies Inc.Software - Infrastructure	88.1×	+42.7%
	Software - Infrastructure — at 88.1× forward earnings, the market is pricing in about +42.7% EPS growth next year. A rich multiple leaves little room for disappointment.
8	PANWPalo Alto Networks, Inc.Software - Infrastructure	76.3×	+8.3%
	Software - Infrastructure — at 76.3× forward earnings, the market is pricing in about +8.3% EPS growth next year. A rich multiple leaves little room for disappointment.
9	WDCWestern Digital CorporationComputer Hardware	74.7×	+78.2%
	Computer Hardware — at 74.7× forward earnings, the market is pricing in about +78.2% EPS growth next year. A rich multiple leaves little room for disappointment.
10	WYWeyerhaeuser CompanyPaper, Lumber & Forest Products	72.4×	+107.4%
	Paper, Lumber & Forest Products — at 72.4× forward earnings, the market is pricing in about +107.4% EPS growth next year. A rich multiple leaves little room for disappointment.
11	AMDAdvanced Micro Devices, Inc.Semiconductors	72.0×	+77.7%
	Semiconductors — at 72.0× forward earnings, the market is pricing in about +77.7% EPS growth next year. A rich multiple leaves little room for disappointment.
12	STXSeagate Technology Holdings plcComputer Hardware	71.8×	+83.0%
	Computer Hardware — at 71.8× forward earnings, the market is pricing in about +83.0% EPS growth next year. A rich multiple leaves little room for disappointment.
13	COHRCoherent, Inc.Hardware, Equipment & Parts	71.4×	+52.1%
	Hardware, Equipment & Parts — at 71.4× forward earnings, the market is pricing in about +52.1% EPS growth next year. A rich multiple leaves little room for disappointment.
14	WELLWelltower Inc.REIT - Healthcare Facilities	71.3×	+12.5%
	REIT - Healthcare Facilities — at 71.3× forward earnings, the market is pricing in about +12.5% EPS growth next year. A rich multiple leaves little room for disappointment.
15	KLACKLA CorporationSemiconductors	70.0×	+37.5%
	Semiconductors — at 70.0× forward earnings, the market is pricing in about +37.5% EPS growth next year. A rich multiple leaves little room for disappointment.
16	LRCXLam Research CorporationSemiconductors	68.5×	+41.2%
	Semiconductors — at 68.5× forward earnings, the market is pricing in about +41.2% EPS growth next year. A rich multiple leaves little room for disappointment.
17	DASHDoorDash, Inc.Internet Content & Information	68.3×	+75.9%
	Internet Content & Information — at 68.3× forward earnings, the market is pricing in about +75.9% EPS growth next year. A rich multiple leaves little room for disappointment.
18	CPTCamden Property TrustREIT - Residential	66.6×	−29.1%
	REIT - Residential — at 66.6× forward earnings, the market is pricing in about −29.1% EPS growth next year. A rich multiple leaves little room for disappointment.
19	CIENCiena CorporationCommunication Equipment	65.6×	+47.4%
	Communication Equipment — at 65.6× forward earnings, the market is pricing in about +47.4% EPS growth next year. A rich multiple leaves little room for disappointment.
20	DOCHealthpeak Properties, Inc.REIT - Healthcare Facilities	65.5×	−54.0%
	REIT - Healthcare Facilities — at 65.5× forward earnings, the market is pricing in about −54.0% EPS growth next year. A rich multiple leaves little room for disappointment.
21	MPWRMonolithic Power Systems, Inc.Semiconductors	65.2×	+25.2%
	Semiconductors — at 65.2× forward earnings, the market is pricing in about +25.2% EPS growth next year. A rich multiple leaves little room for disappointment.
22	EQIXEquinix, Inc.REIT - Specialty	63.6×	+9.7%
	REIT - Specialty — at 63.6× forward earnings, the market is pricing in about +9.7% EPS growth next year. A rich multiple leaves little room for disappointment.
23	GLWCorning IncorporatedHardware, Equipment & Parts	61.2×	+31.5%
	Hardware, Equipment & Parts — at 61.2× forward earnings, the market is pricing in about +31.5% EPS growth next year. A rich multiple leaves little room for disappointment.
24	TERTeradyne, Inc.Semiconductors	59.4×	+35.2%
	Semiconductors — at 59.4× forward earnings, the market is pricing in about +35.2% EPS growth next year. A rich multiple leaves little room for disappointment.
25	HOODRobinhood Markets, Inc.Financial - Capital Markets	58.5×	+38.1%
	Financial - Capital Markets — at 58.5× forward earnings, the market is pricing in about +38.1% EPS growth next year. A rich multiple leaves little room for disappointment.