S&P 500 Forward P/E Drops to 19.6, Below 5-Year Average

FactSet's July 30, 2026 Earnings Insight put the S&P 500's forward 12-month P/E — what investors pay per dollar of expected earnings — at 19.6, down from 21.1 on June 5. The ratio now sits below its 5-year average of 19.9 but above the 10-year average of 18.9. Two months erased a premium that had pushed valuations above both benchmarks.