Yes, you are perfectly right! I confess I forgot about this point of the earnings. USA tax system is different of my country. Here, companies pay taxes about a

Yes, you are perfectly right! I confess I forgot about this point of the earnings. USA tax system is different of my country. Here, companies pay taxes about all the income, and on USA you have deductions when reinvest income in some kind of expenses. I believe this is why some companies spend it almost all, because the rules of the game are favoring to to this. So, the P/E ratio is almost irrelevant (or more complex to include on analysis) on USA than here.