S&P 500 PE Ratio, 1920–2026

Monthly trailing-twelve-month price-to-earnings ratio · Jan 1920 – Sep 2026 · 1281 observations

Generated September 7, 2026 from multpl.com. All figures below are reproducible from the complete monthly table at the end of this report.

Where valuations stand today

1920–2026, with the central 80% band

Logarithmic vertical axis — without it the 2008–09 spike (peaking at 123.73 in May 2009) compresses the rest of a century of history into a narrow band. The dashed tail marks months multpl.com flags as estimates. Hover or tap the chart for individual months.

Summary statistics

Observations	1281 months (Jan 1920 – Sep 2026)
80th percentile (P80)	22.12
Median (P50)	16.52
20th percentile (P20)	10.42
Mean	17.36
Maximum	123.73 (May 2009)
Minimum	5.82 (Jun 1949)
Months above P80	256 (20.0% of history; most recently Sep 2026)
Months below P20	256 (20.0% of history; most recently Jan 1985)
Latest full month	26.04 (Sep 2026)
Current reading	26.36 (estimated, as of Sep 4, 2026)
Percentile rank of current reading	90.7th

Complete monthly data

Every observation used above. † marks an estimate.

Monthly PE ratio, 1920–2026 (1281 values)

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
1920	9.61	8.92	9.66	9.70	9.20	9.16	9.26	9.01	9.45	9.59	9.23	8.51
1921	9.39	9.87	10.23	10.97	12.12	12.02	13.00	14.02	15.83	17.87	21.23	25.21
1922	22.58	20.91	19.85	19.40	18.68	17.24	16.26	15.86	15.36	14.86	13.40	12.72
1923	12.46	12.57	12.37	11.57	10.69	9.99	9.38	9.17	8.98	8.62	8.65	8.72
1924	9.05	9.13	8.99	8.82	8.83	9.04	9.50	9.87	9.81	9.73	10.32	10.92
1925	11.06	10.85	10.29	9.91	9.98	9.91	9.94	9.84	9.84	9.93	10.02	9.97
1926	10.13	10.15	9.46	9.21	9.28	9.73	10.14	10.56	10.72	10.48	10.63	10.88
1927	10.90	11.22	11.48	11.87	12.39	12.67	13.08	13.90	14.82	14.73	15.22	15.73
1928	15.47	15.00	15.51	16.17	16.37	15.28	15.11	15.33	16.14	16.18	16.99	16.78
1929	17.77	17.62	17.68	17.35	17.38	17.49	18.81	19.63	20.17	17.81	12.94	13.29
1930	13.94	15.35	16.51	18.22	17.83	16.68	17.03	17.57	18.39	16.64	16.25	15.99
1931	17.00	18.90	19.92	18.66	17.48	17.56	18.86	19.04	16.90	15.30	16.23	13.84
1932	13.99	14.27	14.75	11.56	10.46	9.35	10.16	15.80	17.96	16.06	16.52	16.63
1933	17.19	15.06	14.92	16.40	20.99	24.45	26.27	24.81	24.46	21.95	22.35	22.66
1934	23.73	25.25	23.73	23.91	21.29	21.38	20.18	19.23	18.60	18.58	18.94	18.90
1935	16.25	13.82	11.52	11.95	12.45	12.49	13.42	14.64	15.28	15.68	17.16	17.16
1936	17.87	18.65	18.81	18.15	16.58	16.69	17.29	17.25	17.07	17.47	17.48	16.73
1937	16.75	16.77	16.30	15.05	14.13	13.37	13.96	13.91	11.78	10.32	9.66	9.75
1938	10.50	10.79	10.63	10.95	11.93	13.26	17.00	18.37	18.95	20.84	20.64	19.83
1939	18.84	18.06	17.45	14.90	15.11	15.04	15.08	14.55	15.77	15.36	14.56	13.74
1940	13.23	12.73	12.27	12.19	10.34	9.30	9.48	9.56	9.84	10.03	10.36	10.03
1941	10.02	9.36	9.39	9.01	8.73	8.95	9.13	8.83	8.61	8.33	8.01	7.55
1942	7.97	8.01	7.87	7.69	7.93	8.50	8.94	9.01	9.23	9.61	9.47	9.24
1943	9.67	10.12	10.35	10.59	10.91	11.00	11.30	10.80	11.10	11.50	11.48	12.21
1944	12.65	12.61	13.01	12.83	13.10	13.77	14.23	14.13	14.00	14.19	13.93	14.09
1945	14.35	14.67	14.51	14.67	15.02	15.09	14.83	14.93	16.00	16.84	17.57	18.05
1946	19.17	19.64	19.48	21.20	21.74	22.12	21.07	20.27	16.96	15.58	14.64	14.27
1947	13.46	13.17	11.94	11.00	10.37	10.31	10.68	10.22	9.72	9.84	9.60	9.34
1948	9.02	8.41	8.36	8.75	8.92	9.04	8.51	7.97	7.61	7.55	6.90	6.63
1949	6.62	6.29	6.26	6.24	6.18	5.82	6.16	6.39	6.48	6.71	6.87	7.13
1950	7.22	7.31	7.32	7.35	7.43	7.38	6.68	6.93	7.01	7.20	7.08	6.95
1951	7.48	7.76	7.64	7.85	7.96	7.92	8.28	8.87	9.35	9.39	9.22	9.59
1952	9.97	9.84	9.92	9.97	10.06	10.42	10.69	10.70	10.50	10.22	10.49	10.85
1953	10.86	10.69	10.70	10.06	10.00	9.54	9.63	9.61	9.13	9.45	9.71	9.89
1954	10.09	10.26	10.42	10.74	11.06	11.05	11.49	11.70	11.96	12.02	12.28	12.62
1955	12.56	12.70	12.33	12.39	12.00	12.35	12.96	12.60	12.89	12.03	12.63	12.53
1956	12.12	12.12	12.87	13.13	12.82	12.85	13.73	13.83	13.54	13.43	13.35	13.62
1957	13.34	12.77	12.95	13.22	13.71	13.90	14.12	13.27	12.67	12.00	11.86	11.97
1958	12.49	12.83	13.41	13.79	14.57	15.27	15.78	16.47	17.00	17.67	18.19	18.51
1959	18.77	18.04	18.06	17.81	17.55	16.90	17.52	17.37	16.63	16.68	16.82	17.42
1960	17.12	16.45	16.23	16.65	16.72	17.56	17.11	17.30	16.76	16.43	16.96	17.37
1961	18.60	19.74	20.75	21.44	21.80	21.66	21.55	22.27	22.05	21.96	22.61	22.49
1962	21.25	21.21	20.86	20.00	18.33	16.03	16.32	16.67	16.43	15.70	16.57	17.07
1963	17.66	17.83	17.70	18.32	18.47	18.26	17.80	18.11	18.40	18.35	18.16	18.45
1964	18.77	18.75	18.85	18.90	18.86	18.53	19.01	18.54	18.66	18.87	18.89	18.45
1965	18.75	18.71	18.55	18.59	18.65	17.57	17.38	17.53	17.95	18.10	18.00	17.67
1966	17.81	17.52	16.64	17.03	16.01	15.76	15.67	14.68	14.12	13.96	14.63	14.65
1967	15.31	15.93	16.41	16.81	17.24	17.15	17.48	17.79	18.08	18.02	17.42	17.88
1968	17.71	16.80	16.38	17.45	17.71	18.04	17.91	17.43	17.90	18.23	18.41	18.49
1969	17.65	17.50	17.06	17.39	17.93	16.98	16.17	16.04	16.05	16.32	16.54	15.76
1970	15.76	15.35	15.75	15.37	13.69	13.69	13.85	14.39	15.41	15.97	16.19	17.55
1971	18.12	18.71	19.08	19.61	19.22	18.74	18.48	18.03	18.31	17.62	16.54	17.40
1972	18.01	18.22	18.54	18.56	18.20	18.09	17.79	18.25	17.82	17.58	18.19	18.30
1973	18.09	17.11	16.53	15.89	15.13	14.50	14.33	13.77	13.73	13.99	12.74	11.62
1974	11.68	11.27	11.66	10.89	10.41	10.27	8.95	8.46	7.48	7.68	8.00	7.54
1975	8.30	9.32	9.91	10.22	11.09	11.61	11.72	10.95	10.91	11.32	11.41	11.14
1976	11.82	11.94	11.67	11.51	11.18	11.01	11.14	10.93	11.05	10.54	10.34	10.57
1977	10.41	10.08	9.98	9.72	9.58	9.53	9.53	9.21	8.99	8.70	8.71	8.62
1978	8.28	8.16	8.13	8.41	8.75	8.70	8.57	9.07	8.98	8.51	7.84	7.79
1979	7.88	7.57	7.53	7.55	7.25	7.27	7.23	7.45	7.42	7.11	7.01	7.25
1980	7.39	7.61	6.85	6.79	7.15	7.67	8.07	8.38	8.64	8.86	9.19	9.01
1981	9.02	8.76	9.14	9.13	8.86	8.81	8.55	8.54	7.75	7.83	8.02	8.06
1982	7.73	7.64	7.48	7.97	8.09	7.74	7.83	7.97	9.03	10.01	10.67	11.03
1983	11.48	11.75	12.23	12.64	13.09	13.22	13.02	12.43	12.57	12.38	11.98	11.72
1984	11.52	10.59	10.31	10.12	9.86	9.45	9.26	10.00	10.03	9.94	10.01	9.89
1985	10.36	10.98	10.95	11.20	11.65	12.10	12.43	12.26	12.09	12.39	13.33	14.19
1986	14.28	15.08	16.00	16.32	16.28	16.68	16.28	16.55	16.05	16.12	16.78	17.17
1987	18.01	18.86	19.37	19.45	19.74	20.90	20.81	21.42	20.09	17.08	14.45	13.77
1988	14.02	14.16	14.29	13.39	12.41	12.49	12.22	11.78	11.79	12.02	11.57	11.64
1989	11.82	11.97	11.73	12.07	12.49	12.84	13.43	14.32	14.66	14.84	14.70	15.24
1990	15.13	14.97	15.62	15.70	16.37	16.95	16.81	15.33	14.51	14.21	14.68	15.41
1991	15.35	17.19	17.78	18.58	18.98	19.49	20.14	21.22	21.73	22.49	23.27	24.33
1992	25.93	25.60	25.16	24.73	24.75	23.95	23.88	23.60	23.20	22.43	22.56	22.82
1993	22.50	22.55	22.69	22.53	22.83	23.18	22.72	22.65	22.50	22.19	21.63	21.29
1994	21.34	21.02	20.42	19.00	18.50	18.05	17.42	17.44	17.09	16.32	15.62	14.88
1995	14.89	15.11	15.15	15.31	15.50	15.67	16.07	16.01	16.45	16.76	17.33	18.10
1996	18.08	19.10	19.01	18.85	19.10	19.15	18.26	18.60	18.75	19.00	19.45	19.19
1997	19.53	20.09	19.69	18.94	20.60	21.61	22.80	22.83	23.06	23.58	23.46	24.23
1998	24.29	25.85	27.23	28.26	28.30	28.44	29.90	28.00	26.80	27.20	30.25	31.56
1999	32.92	32.67	33.39	34.00	33.19	32.24	32.88	30.89	29.99	28.66	29.74	29.66
2000	29.04	27.76	28.31	28.50	27.49	28.16	28.05	27.97	27.34	26.50	26.90	26.62
2001	27.55	27.81	26.10	27.96	32.02	33.67	35.46	37.85	36.90	39.72	43.62	46.37
2002	46.17	44.57	46.71	43.81	41.41	37.92	32.46	31.53	28.89	29.24	32.03	32.59
2003	31.43	28.46	27.92	28.05	28.24	28.60	27.65	26.57	26.42	24.75	23.15	22.17
2004	22.73	22.46	21.61	21.23	20.14	20.17	19.51	19.03	19.35	19.25	20.05	20.48
2005	19.99	20.11	19.84	19.02	18.93	19.00	19.00	18.72	18.44	17.64	18.01	18.07
2006	18.07	17.80	17.80	17.77	17.46	16.82	16.61	16.67	16.77	17.14	17.24	17.38
2007	17.36	17.49	16.92	17.48	17.92	17.83	18.36	18.02	19.05	20.68	20.81	22.35
2008	21.46	21.74	21.81	23.88	25.81	26.11	25.37	26.83	26.48	27.22	34.99	58.98
2009	70.91	84.46	110.37	119.85	123.73	123.32	101.87	92.95	83.30	42.12	28.51	21.78
2010	20.70	18.91	18.91	19.01	17.30	16.15	15.72	15.47	15.61	15.90	15.88	16.05
2011	16.30	16.52	16.04	16.21	16.12	15.35	15.61	13.79	13.50	13.88	14.10	14.30
2012	14.87	15.37	15.69	15.70	15.22	15.05	15.55	16.14	16.69	16.62	16.12	16.44
2013	17.03	17.32	17.68	17.69	18.25	17.80	18.12	17.91	17.88	17.86	18.15	18.04
2014	18.15	18.06	18.48	18.35	18.46	18.88	18.96	18.68	18.81	18.50	19.75	20.08
2015	20.02	20.77	20.96	21.42	21.92	22.12	22.40	22.15	21.45	22.68	23.67	23.74
2016	22.18	22.02	23.39	23.97	23.81	23.97	24.52	24.57	24.22	23.57	23.35	23.76
2017	23.59	23.68	23.60	23.24	23.31	23.40	23.36	23.16	23.28	23.67	23.81	24.25
2018	24.97	23.82	23.41	22.53	22.49	22.49	22.33	22.37	22.25	21.25	20.67	19.39
2019	19.60	20.60	20.86	21.56	21.15	21.37	22.28	21.67	22.44	22.04	22.62	22.78
2020	24.88	26.42	22.80	24.97	27.82	31.29	32.44	34.41	34.27	35.30	37.16	39.26
2021	35.96	33.24	30.50	29.92	28.05	26.70	26.56	26.23	25.35	24.39	24.52	23.63
2022	23.11	22.42	22.19	22.40	20.81	20.28	20.53	22.03	20.58	20.44	22.07	22.65
2023	22.82	23.40	22.66	23.27	23.15	24.01	24.76	24.16	23.93	22.78	23.51	24.35
2024	25.01	26.14	27.02	26.41	26.93	27.64	28.08	27.67	28.09	28.45	28.66	28.60
2025	28.16	28.15	26.23	24.56	26.34	27.10	27.81	27.84	28.13	28.42	28.22	28.48
2026	27.98	27.07	25.43	25.49	26.09	25.22	25.33†	26.11†	26.04†