Valuation Terminal View
Equity Valuation
The multiple on the mega-cap growth complex — the index where a handful of names carry most of the weight, and most of the expectations.
Core print
Current reading
Nasdaq-100 is at 21.51×, near the bottom of its own five-year range (14th percentile). That is 13.2% below its five-year median of 24.77×. Over the past twelve months the multiple has compressed by 5.21 points. A multiple is only readable next to what moved it: check whether estimates are rising or falling before calling this expansion or growth.
Interactive chart
Nasdaq-100 trades at a blended forward 12-month P/E of 21.51× as of August 22, 2026, an earnings yield of 4.65%. Change from the previous session: −0.26. That is the 14th percentile of the trailing five years. Against every observation since 2006 it is the 65th percentile, across 5,245 daily readings. Recorded once a day and kept permanently — consensus estimates carry no vintages, so this history cannot be rebuilt after the fact.
Concentration is the whole story here. Because index weight is capped rather than purely proportional, and because a few companies dominate both the weight and the earnings, the Nasdaq-100 multiple can move sharply on a single revision cycle. It is the cleanest read on what the market is willing to pay for growth, and the first place a change in that willingness shows up.
Each index is priced as a whole rather than as an average of its members: every constituent contributes its own expected earnings and its own market value, and the index multiple is the ratio of the two, weighted the way the index itself weights them. Expected earnings blend the next two fiscal years in proportion to how much of the coming twelve months falls in each, so the number does not jump when a company rolls its fiscal year. Companies that report in a currency other than the dollar are converted before aggregation, not after.
Values through the launch date come from a terminal-data archive of daily closes; every value after it is computed on this site from consensus earnings estimates and the tracking ETF’s published weights. The two agree to within 1% on the overlap for the S&P 500, Nasdaq-100 and technology.
Nasdaq-100 Forward P/E: 21.51× (4.65% Earnings yield), As of August 22, 2026.
Composition, not mispricing. The Nasdaq-100 excludes financials and holds a much larger weight in companies expected to grow earnings quickly, and a faster expected growth rate mathematically supports a higher multiple on the same discount rate. The premium is normal; what is informative is whether it is wide or narrow relative to its own history — which is what the comparison selector on this page is for.
It divides the current price by the profit a company or index is expected to earn over a future period, rather than the profit it has already reported. A blended forward 12-month P/E uses the next twelve months specifically, drawing on both of the next two fiscal years in proportion.
Prices reflect what investors expect, not what already happened. A trailing multiple can look cheap at the top of an earnings cycle and expensive at the bottom, because the denominator is describing a period the market has already moved past.
Because the denominator moves too. In deeply cyclical sectors the multiple is lowest when earnings are at their peak — which is usually late in a cycle, not early. Semiconductors are the clearest case of this inversion.
It is the P/E turned upside down — expected earnings divided by price, expressed as a percentage. It stays meaningful when earnings approach zero, where the P/E ratio runs away to infinity, and it can be compared directly against a bond yield.
Once every day. Each reading is kept permanently, which is what turns a current number into a history.