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P/E Ratio

Price-to-earnings ratio, a stock's price divided by its earnings per share, used to gauge how expensive it is.

The P/E ratio compares a company's share price to how much it earns per share, giving a rough sense of how much investors pay for each unit of profit. A high P/E can signal strong growth expectations or an overvalued stock, while a low P/E may indicate a bargain or a struggling business. P/E is most useful when comparing similar companies in the same industry, not across very different sectors. It is one input among many, not a standalone buy or sell signal. Index investing sidesteps the need to judge individual P/E ratios.

Example

A stock trading at $100 with earnings of $5 per share has a P/E of 20, meaning investors pay $20 for every $1 of annual profit.

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