United States
17.6→37.1
- Total change
- +19.4 P/E ratio (CAPE)
- Period
- 1881–2025
United States: 17.6 (1881) → 37.1 (2025). Difference: +19.4 P/E ratio (CAPE). Peak value of 42.1 in 1999; lowest value of 5.3 in 1920.
CAPE ratio, cyclically adjusted P/E (Shiller)
Stock price divided by ten years of average inflation-adjusted earnings, annual average, from 1881, Robert Shiller (Yale).
37.1United States · 2025
Robert J. Shiller, Online Data (shillerdata.com)Retrieved: 2026-11-05
Saved data version: retrieved 2026-11-05, ID 8954f5b49675Warehouse version at build: v45
Data coverage
- United States: 1881–2025; observations: 145; missing years: 0
Missing years are counted between the first and last observations. A missing value is not zero.
United States
145 rows for United States
Time range:
Year
Tap the chart or pick a year to read the values.
Period statistics
Calculated from the values shown in this view for the selected period. Statistics follow the active display mode.
Format:
| Year | Country | Value |
|---|---|---|
| 2025 | United States | 37.1 |
| 2024 | United States | 34.9 |
| 2023 | United States | 29.5 |
| 2022 | United States | 31 |
| 2021 | United States | 36.8 |
| 2020 | United States | 29.8 |
| 2019 | United States | 29.4 |
| 2018 | United States | 31.5 |
| 2017 | United States | 29.9 |
| 2016 | United States | 26.1 |
| 2015 | United States | 26.2 |
| 2014 | United States | 25.5 |
| 2013 | United States | 23.2 |
| 2012 | United States | 21.4 |
| 2011 | United States | 21.8 |
| 2010 | United States | 20.7 |
| 2009 | United States | 16.9 |
| 2008 | United States | 20.8 |
| 2007 | United States | 26.8 |
| 2006 | United States | 26 |
- Licence
- Free use with attribution
- Published by source
- —
- Retrieved
- 2026-11-05
- Indicator code in source
- CAPE
- Unit of measure
- P/E ratio (CAPE)
- Data version
- v45
Cite
Longseries, “CAPE ratio, cyclically adjusted P/E (Shiller)”. Robert J. Shiller, Online Data (shillerdata.com) (CAPE), 1881–2025, United States. Retrieved 2026-11-05. Free use with attribution. Data version v45. Data SHA-256: 8954f5b496756a423cad4157548b432d10f48eaf759360eba7dc6f4fc1876db0. https://longseries.com/en/d/shiller-cape/Embed chart
<iframe src="https://longseries.com/en/d/shiller-cape/?embed=1" width="100%" height="480" style="border:0;max-width:100%" loading="lazy" title="CAPE ratio, cyclically adjusted P/E (Shiller) — Longseries"></iframe>No source revisions recorded yet — revisions are logged when an official source updates historical values.
Latest values
| Country | ||
|---|---|---|
| United States | 2025 | 37.137.1↑+2.2 (+6.3%) |
About this series
Cyclically adjusted price-earnings ratio (CAPE, Shiller’s P/E10): the S&P Composite price divided by the average of ten years of inflation-adjusted earnings. Annual average of monthly values, 1881–. Only complete years.
Indicator definition
How many years of average real earnings an index of US stocks costs. A higher reading means stocks are dearer relative to past earnings. It is a historical valuation measure, not a forecast of returns.
How to read the data
The highest readings came before the 1929 crash and the 2000 dot-com peak; the lows came after the 1920s and in the early 1980s. Judge a reading against the long average since 1881, not against a single fixed number. Compare with the price series Real US stock prices, S&P Composite (Shiller).