S&P 500 vs STOXX 600 - Trailing P/E

How US and European valuations have diverged over 10 years.

P/E Over Time⬇ PNG

Forward P/E Distribution #⬇ PNG

Distribution of individual stock forward P/E ratios across each index. Trimmed to the 1st-95th percentile to suppress extreme outliers.

Sector P/E - Deviation from 10Y Mean #⬇ PNG

Standard deviations above (+) or below (-) each sector's own 10-year trailing P/E average. Dashed lines at ±1σ, dotted at ±2σ.

Per-Sector Comparison #

Sortable. Sparklines show 10-year trajectory of the spread (S&P 500 P/E minus STOXX 600 P/E). Above the dashed zero line means US premium; below means European premium.

US Real Estate P/E is structurally elevated: US REITs must distribute 90%+ of earnings, and depreciation on appreciated property suppresses reported net income.

See also: European Screener for per-company P/E · European Sector Fundamentals for EV/EBITDA, margins, and growth by sector · S&P 500 Fwd P/E Treemap · STOXX 600 Fwd P/E Treemap