Nasdaq-100 Peak · Bottom Valuation Dashboard

Q: Are the QQQ PE and the Nasdaq PE the same?

Effectively yes. The Nasdaq PE on this page is based on the Nasdaq-100 index, and QQQ holds that index as is, so both come from the same holdings at the same weights. It is a different number from the PE of the Nasdaq Composite, which holds more than 3,000 stocks.

Q: How is the Nasdaq-100 index PE calculated?

Not by averaging the PE of each holding, but as a harmonic mean that sums earnings first at official QQQ weights. A simple average is distorted when a single stock with tiny earnings drags the figure up; the harmonic method matches how official ETF PE figures are calculated.

Q: What is the average Nasdaq PE ratio?

This page takes the Nasdaq-100 historical average PE over roughly the last 20 years as about 24.5x and grades over- or undervaluation by how far the trailing PE and forward PE sit above or below it.

Q: Is QQQ undervalued or overvalued right now?

We score all 100 QQQ holdings on current PE, forward PE, earnings growth and forward PEG, weighted by market cap. The composite - not any single metric - classifies the index as undervalued, fair or overvalued; macro factors and rates need separate consideration.

The Nasdaq-100 index PE is 28.9x and its forward PE is 21.2x as of 2026-10-15.

As of: 2026-10-15 · Market-cap-weighted valuation of all 100 Nasdaq-100 holdings, for QQQ · QQQM · QLD buy/sell judgment

⚠ Please read before using
This analysis judges valuation from financial data only - PE, forward PE, earnings growth and PEG. Key variables like macro conditions, geopolitical risk, tariffs, rates, FX and liquidity are not reflected at all. Treat this as one indicator among many; actual investment decisions should weigh the macro economy, rate environment and market sentiment - made comprehensively and at your own responsibility. This is not investment advice.

Current PE (TTM)

28.9배

Trailing earnings

Forward PE

21.2배

Estimated EPS

Next-Year EPS Growth

31.2%

Analyst +1Y consensus

Forward PEG

0.68

<1 = cheap vs. growth

Top-10 Weight

47.1%

Concentration

Two valuation lenses - vs. the Nasdaq-100 historical average PE of 24.5x

① Trailing earnings (TTM PE)

28.9x Slightly Overvalued

+18.0% above historical avg (overvalued)

Based on earnings already delivered - nothing forward-looking.

② Forward basis (growth-adjusted Forward PE)

21.2x Fair-Undervalued

-13.5% below historical avg (undervalued) · Forward PEG 0.68

Based on next-12-month expected earnings, reflecting analyst growth forecasts.

The current PE (28.9x) sits above the forward PE (21.2x) because the market has already priced in roughly 31.2% earnings growth over the next year. If EPS grows as expected, earnings catch up and today's elevated PE normalizes toward the historical average (24.5x) - convergence through earnings growth. If EPS falls short, that pre-priced optimism unwinds and convergence happens through a price decline instead.

QQQ Price (5 Years)

Nasdaq-100 ETF closing price · click for range selection + technical analysis ▾

Verdict Distribution

Holdings by forward-PEG verdict

Top 10 Holdings

Actual QQQ weights (%)

Current vs. Forward PE

Top holdings compared

Sector Weights

QQQ sector composition

All Holdings - PE · Forward PE · Growth · PEG

Click a column to sort. Forward PE = price / estimated EPS. Growth% = analyst +1Y earnings-growth consensus

💡 Undervalued does not automatically mean the price will rise
A cheap valuation is no guarantee of rising prices. When pagers gave way to mobile phones, pager makers traded at a PE of 2 and a PBR of 0.2-0.5 - extreme value on paper. Yet as the market shifted to phones, most investors in those 'cheap' pager firms lost money. So never look at valuation alone: always check whether the company's sector is growing or declining (see the 'Sector Trend' column).

Ticker	Name	Weight%	10/15 Close $	PE	Fwd PE	Growth%	Sector Trend	ROE%	Fwd PEG	Mcap ($B)	Verdict

What is the Nasdaq PE ratio? How it relates to the QQQ PE and how to read it

PE (price-to-earnings ratio) is the share price divided by earnings per share (EPS) - the price as a multiple of one year of earnings. The Nasdaq PE on this page treats the whole Nasdaq-100 index that QQQ tracks as a single company, recalculated daily as a harmonic mean that sums the earnings of all 100 holdings at official QQQ weights first. A simple average of individual PEs would let a single stock with tiny earnings drag the figure far up.
QQQ holds the Nasdaq-100 index as is, so the QQQ PE is effectively the same number - unlike the PE of the Nasdaq Composite, which holds more than 3,000 stocks.
Current PE (TTM) uses the last 12 months of reported earnings and forward PE uses analyst estimates. A forward PE below the current PE means analysts expect earnings to grow.
We take the Nasdaq-100 historical average PE over roughly the last 20 years as about 24.5x and grade over- or undervaluation by how far the current and forward PE sit above or below it. A high PE does not mean prices fall right away, so read it together with interest rates and the earnings-growth outlook.

How to judge Nasdaq-100 peaks and bottoms

Price charts alone cannot tell you whether the Nasdaq-100 is peaking or bottoming. This page aggregates the forward PE and forward PEG of all 100 QQQ/QQQM holdings, market-cap weighted, to diagnose whether prices are rich (peak) or cheap (bottom) relative to earnings power. Use it as a reference when sizing QQQ positions or timing leveraged ETFs like QLD and TQQQ. Historical leveraged-ETF outcomes: Leveraged ETF Backtest; monetary-base bubble level: S&P 500 Bubble Gauge.

Methodology
- Forward PE = the average of the NTM (next 12 months) and next-fiscal-year (+1Y) estimates. They usually agree, but at semiconductor-cycle peaks NTM over-weights peak quarters and looks artificially cheap, so we buffer it with the fiscal-year basis. Hover a cell to see both values and the gap (warning if 80%+).
- Growth% = analyst +1Y earnings-growth consensus. This-year growth can spike hundreds of percent off cycle bottoms, so we use the normalized next-year figure.
- Forward PEG = forward PE / expected growth. Below 1 = cheap vs. growth; 1.5-2 is typical for growth stocks. (PEG assumes growth persists, so treat it as secondary for cyclicals.)
- Per-stock verdict: forward PEG first, then forward PE, then current PE.
- QQQ verdict: uses official index weights. PE/PBR use harmonic weighting (earnings summed first), matching official ETF figures.
- For reference only; not investment advice. Final decisions and responsibility are your own.

Nasdaq PE Ratio FAQ

What is the Nasdaq PE ratio right now?

The Nasdaq-100 index PE is 28.9x and its forward PE is 21.2x as of 2026-10-15. It is recalculated every day as a harmonic mean that sums the earnings of all 100 holdings at their QQQ weights first.

Are the QQQ PE and the Nasdaq PE the same?

Effectively yes. This page uses the Nasdaq-100; QQQ holds the same companies at the same weights. It is different from the Nasdaq Composite PE, which covers more than 3,000 stocks.

How is the Nasdaq-100 index PE calculated?

We use a harmonic mean that sums earnings first at official QQQ weights, rather than a simple average that can be distorted by one company with tiny earnings. This matches the standard ETF PE calculation.

What is the average Nasdaq PE ratio?

This page uses an approximate Nasdaq-100 historical average PE of 24.5x over roughly the past 20 years, and grades current and forward PE by their distance from that benchmark.

Is QQQ undervalued or overvalued right now?

We combine current PE, forward PE, earnings growth and forward PEG across all 100 QQQ holdings at market-cap weights. The result is a composite valuation grade; macro conditions and rates still need separate consideration.