Valuation models for publicly-traded companies do not use current earnings, they use forward looking indicators based on analysts' estimates like earnings forec

Valuation models for publicly-traded companies do not use current earnings, they use forward looking indicators based on analysts' estimates like earnings forecast, earnings growth and target price. This is why companies like Amazon, Tesla or Linkedin have such high current price to current earnings ratios. The difference with startups is that future earnings are harder to predict. However, the valuation models should be the same once you've predicted future earnings.