That's a 12-month trailing PE though, which has only a small amount of the covid disruption baked into it so far. The (unknowable) PE ratio calculated based on

That's a 12-month trailing PE though, which has only a small amount of the covid disruption baked into it so far. The (unknowable) PE ratio calculated based on forward earnings might in reality be a lot higher if the "E" part is tanking (it did in 2008: 2008 S&P earnings were down 75% on 2007). Analyst estimates for what earnings will look like this year are all over the place, predicting anything from a 5% to a 40% drop in S&P earnings per share. If you side with a 5% drop, then the forward PE only rises to about 22. If you think a 40% drop is a good prediction though, that's looking like a forward PE of 35.