S&P 500 Price-to-Earnings Ratio — All Earners (TTM)

Live value temporarily unavailable.

Source: Company filings (aggregated)

Data updated daily

What it measures

The S&P 500 P/E ratio (all earners, TTM) measures the aggregate price of the index relative to the trailing-twelve-month net income of all constituents, including those reporting losses. It is the broadest earnings-based valuation multiple: a P/E of 24 means investors are paying $24 of market price for every $1 of trailing aggregate net income across the entire index.

Why it matters

Including negative earners in the denominator captures the full earnings reality of the index, but at the cost of a ratio that can spike to extreme or meaningless levels during recessions when a large cohort of companies posts losses. It is most useful during periods of broad profitability when the all-earners and excl.-negative-earners series converge. The spread between the two series is itself an analytical signal: a widening gap indicates a rising share of loss-making constituents, which tends to accompany late-cycle stress or sector-specific distress. For a cleaner valuation signal across economic cycles, the excl.-negative-earners variant is generally preferred.

How it is calculated

P/E (TTM, all earners) = Σ Market Cap ÷ Σ TTM Net Income (all constituents)

LENSE computes the S&P 500 P/E (all earners) as a market-capitalization-weighted aggregate — total index market cap divided by total trailing-twelve-month net income including loss-making constituents — not a simple average of per-company ratios. Trailing-twelve-month net income is constructed by summing the four most recently reported fiscal quarters per constituent using as-reported figures. No exclusions are applied to the denominator; loss-making constituents reduce the aggregate net income, which can push the ratio to extreme levels in downturns. Market capitalization is computed daily from constituent share counts and closing prices. Index constituency is resolved point-in-time using point-in-time index constituency.

Recent (monthly)

Recent data unavailable.

Data source: Company filings (aggregated). Computed and published by LENSE Analytics.