P/E全称price-to-earnings，指市盈率。

市盈率亦称本益比，是股票价格除以每股盈利的比率。市场广泛谈及市盈率通常指的是静态市盈率，通常用来作为比较不同价格的股票是否被高估或者低估的指标。

市盈率反映了在每股盈利不变的情况下，当派息率为100%，并且所得股息没有进行再投资的条件下，经过多少年投资可以通过股息全部收回。一般情况下，一只股票市盈率越低，市价相对于股票的盈利能力越低，表明投资回收期越短，投资风险就越小，股票的投资价值就越大；反之则结论相反。

Trailing P/E指历史市盈率。

历史市盈率也是投资者了解股票投资价值的重要指标，它表示一定期间内公司股票的平均价格与这段时间内盈利的比值，如果当前市盈率高于历史平均水平，可以看成股票相对贵，投资者可以留意抛售；而如果当前市盈率低于历史平均水平，可以认为股票相对便宜，投资者可以考虑投资。

Trailing price-to-earnings (P/E) is a relative valuation multiple that is based on the last 12 months of actual earnings. It is calculated by taking the current stock price and dividing it by the trailing earnings per share (EPS) for the past 12 months.

Forward P/E指远期市盈率。

远期市盈率是投资者评估股票投资价值的重要指标，它是市盈率的一个特殊形式，以预测的未来一年的盈利与股票的价格比，反映出投资者对公司未来盈利能力的信心程度。远期市盈率越低，表示投资者对公司前景越看好，当远期市盈率低于历史平均水平，可以作为购买股票的信号。

Forward price-to-earnings (forward P/E) is a version of the ratio of price-to-earnings (P/E) that uses forecasted earnings for the P/E calculation. While the earnings used in this formula are just an estimate and not as reliable as current or historical earnings data, there are still benefits to estimated P/E analysis.

远期市盈率和历史市盈率是决定投资者估算市盈率的关键指标，它不仅可以帮助投资者了解公司的市场表现，还能分析市场情绪，作为投资者正确识别低估和高估股票的重要参考指标。

以下为相关双语示例，供参考：

For example, a company with a stock price of $50 and 12 month trailing EPS of $2, thus has a trailing P/E ratio of 25x (read 25 times). This means that the company's stock is trading at 25x its trailing 12 month earnings.Using the same example, if the company's stock price falls to $40 midway through the year, the new P/E ratio is 20x, which means the stock's price is now trading at only 20x its earnings. Earnings have not changed, but the stock's price has dropped.

例如，一家公司的股价为50美元，12个月历史每股收益为2美元，因此其历史市盈率应为25倍。这意味着公司股票的交易价格是其过去12个月收益的25倍。在同样的情况下，如果公司的股票在年中跌至40美元，新的市盈率应为20倍，这意味着当前的股价仅为其收益的20倍。收益没有变化，但股票价格有所下跌。

Earnings for the last two quarters may have also dropped. In this case, analysts can substitute the first two-quarters of the fiscal year calculation with the most recent two quarters for a trailing P/E ratio.

过去两个季度的收益也可能有所下跌。在此情况下，分析师可以用最近两个季度来代替财年前两个季度的计算，以得出历史市盈率。