“Price to Earnings ratio”指的是本益比，也称“股价收益比率”或“市价盈利比率（简称市盈率）”。以下为Investopedia中对其的解释：

“The price-to-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS每股盈余). The price-to-earnings ratio is also sometimes known as the price multiple or the earnings multiple. P/E ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time.”

市盈率计算方法如下：

市盈率＝普通股每股市场价格÷普通股每股盈利

P/E Ratio= Market value per share/Earnings per share

市盈率是最常用来评估股价水平是否合理的指标之一，由股价除以年度每股盈余(EPS)得出(以公司市值除以年度股东应占溢利亦可得出相同结果)。计算时，股价通常取最新收盘价，而EPS方面，若按已公布的上年度EPS计算，称为历史市盈率(Historical P/E)，若是按市场对今年及明年EPS的预估值计算，则称为未来市盈率或预估市盈率(prospective/forward/forecast P/E)。计算预估市盈率所用的EPS预估值，一般采用市场平均预估(consensus estimates)，即追踪公司业绩的机构收集多位分析师的预测所得到的预估平均值或中值。

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一般来说，高市盈率意味着公司股票的价值被高估了，或者意味着投资者期待未来股票能有较高价格的增长率。（A high P/E ratio could mean that a company's stock is over-valued, or else that investors are expecting high growth rates in the future.）

没有收益或亏损的公司没有市盈率，因为并不存在可以计算的分母。（Companies that have no earnings or that are losing money do not have a P/E ratio since there is nothing to put in the denominator.）