{ "schema_version": "core-reviewed-term-ai-handoff-v2", "version": "core-reviewed-term-ai-handoff-v2", "compat": { "backward_compatible_schema_versions": [ "core-reviewed-term-ai-handoff-v1" ], "v1_fields_preserved": true }, "contract_status": "preview", "distribution": "per_term_read_only_ai_handoff", "no_write_operations": true, "content_tier": "db_backed", "canonical": { "url": "https://core.yogoq.com/en-US/core/price-earnings-ratio", "slug": "price-earnings-ratio", "locale": "en-US" }, "summary": { "schema_version": "core-reviewed-term-summary-v1", "term_id": "968aa374-f5a6-509d-a439-94157762cbf2", "canonical_slug": "price-earnings-ratio", "canonical_url": "https://core.yogoq.com/en-US/core/price-earnings-ratio", "locale": "en-US", "display_name": "Price-to-Earnings Ratio (P/E)", "english_name": null, "abbreviation": "P/E", "short_definition": "The P/E ratio shows how much investors pay per unit of earnings.", "content_tier": "db_backed", "quality": "reviewed", "publication_status": "published_reviewed", "version": "core-reviewed-term-summary-v1", "last_reviewed_at": "2026-05-14T00:00:00.000Z", "sources_count": 3, "limitations_key": "core-trust-policy-v1-2026-06-22" }, "aliases": [ { "text": "Price-to-Earnings Ratio (P/E)", "type": "display_name", "locale": "en-US" }, { "text": "P/E", "type": "abbreviation", "locale": null }, { "text": "プライス・トゥー・アーニングス・レシオ", "type": "katakana", "locale": "en-US" }, { "text": "株価収益率(PER)", "type": "localized_title", "locale": "ja-JP" }, { "text": "Price-to-Earnings Ratio (P/E)", "type": "english_name", "locale": "en-US" } ], "content": { "definition": { "key": "definition", "title": "一言でいうと", "text": "The P/E ratio shows how much investors pay per unit of earnings.", "items": [] }, "formula": { "key": "formula", "title": "計算の考え方", "text": "Price-to-Earnings Ratio (P/E) should be calculated with a stable numerator, denominator, and time window. Formula | P/E Ratio = Market Price per Share / Earnings per Share | Use it to compare market valuation against reported earnings. Time window | Use the same period for every comparison | Prevents artificial movement Segment | Calculate by plan, market, cohort, or owner when useful | Reveals where the change came from", "items": [ "Formula | P/E Ratio = Market Price per Share / Earnings per Share | Use it to compare market valuation against reported earnings.", "Time window | Use the same period for every comparison | Prevents artificial movement", "Segment | Calculate by plan, market, cohort, or owner when useful | Reveals where the change came from" ] }, "boundary": { "key": "boundary", "title": "含めるもの / 含めないもの", "text": "The boundary of Price-to-Earnings Ratio (P/E) must be written before it is used as a KPI. Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible", "items": [ "Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable", "Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement", "Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible" ] }, "usage": [ { "key": "meaning", "title": "意味", "text": "The Price-to-Earnings (P/E) ratio is share price divided by earnings per share, reflecting market expectations about growth and profitability.Because it embeds market expectations, P/E must be evaluated with growth and risk assumptions.", "items": [] }, { "key": "usage", "title": "役立つ場面", "text": "It links market expectations to earnings, improving valuation decisions. Trend tracking shows how expectations shift over time. Peer comparison helps form over/undervaluation hypotheses.", "items": [ "It links market expectations to earnings, improving valuation decisions.", "Trend tracking shows how expectations shift over time.", "Peer comparison helps form over/undervaluation hypotheses." ] }, { "key": "usage", "title": "使い方のポイント", "text": null, "items": [ "Confirm the EPS definition and time period used.", "Adjust for one-time earnings effects to read sustainability.", "Interpret alongside growth and margin indicators.", "Account for capital structure and accounting differences.", "Make valuation assumptions explicit before decisions." ] }, { "key": "drivers", "title": "何が数字を動かすか", "text": "Price-to-Earnings Ratio (P/E) changes because the underlying operating drivers change. Volume | More or fewer units, users, customers, or transactions | Explains scale effects Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement", "items": [ "Volume | More or fewer units, users, customers, or transactions | Explains scale effects", "Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline", "Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement" ] } ], "misunderstandings": [ { "key": "misunderstandings", "title": "判断するときの注意点", "text": "Do not read Price-to-Earnings Ratio (P/E) alone. Compare with companion metrics before changing budget or targets. Check whether the movement came from real performance or definition drift. Avoid optimizing the metric in a way that harms customer quality or long-term value.", "items": [ "Compare with companion metrics before changing budget or targets.", "Check whether the movement came from real performance or definition drift.", "Avoid optimizing the metric in a way that harms customer quality or long-term value." ] }, { "key": "misunderstandings", "title": "よくある誤解 / 落とし穴", "text": null, "items": [ "A low P/E is not always a bargain without quality checks.", "Growth assumptions can make P/E misleading if wrong.", "It should not be used as the only decision metric." ] } ], "examples": [ { "key": "examples", "title": "最小例", "text": "Example: Compare a company's P/E to peers to assess whether growth expectations are high or low.Compute P/E using adjusted EPS and show growth and risk assumptions alongside it.Avoid simplistic comparisons across very different industries.Use multi-year averages if earnings are volatile.", "items": [] } ], "comparisons": [ { "key": "comparisons", "title": "似ている言葉との違い", "text": "Compare Price-to-Earnings Ratio (P/E) with adjacent concepts before deciding. 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Growth metric | Shows direction | Explains whether the trend is improving Efficiency metric | Shows cost or effort | Explains whether the result is economical Risk metric | Shows volatility or concentration | Explains whether the result is durable", "items": [ "Growth metric | Shows direction | Explains whether the trend is improving", "Efficiency metric | Shows cost or effort | Explains whether the result is economical", "Risk metric | Shows volatility or concentration | Explains whether the result is durable" ] } ], "faq": [ { "question": "When should I use Price-to-Earnings Ratio (P/E)?", "answer": "Use it when the team needs to decide scope, priority, owner, or trade-off, not when it only needs a short definition." }, { "question": "What makes Price-to-Earnings Ratio (P/E) useful in practice?", "answer": "It becomes useful when it is tied to evidence, a decision owner, and a concrete next operating choice." }, { "question": "What should I avoid?", "answer": "Avoid using the term as 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Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible Include | Recurring and comparable inputs that match the definition | Keeps trend analysis reliable Exclude | One-off, unmatched, or non-comparable items | Avoids inflated or misleading movement Document | Data source, owner, refresh timing, and exception rules | Makes reviews reproducible", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "5258d8088ea1e98a821f569a9fdafc38c5e95e09e3929ef461ae25bccdb0ec61" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:meaning:ce5e8aadb8b371d2", "section_key": "meaning", "heading": "意味", "text": "The Price-to-Earnings (P/E) ratio is share price divided by earnings per share, reflecting market expectations about growth and profitability.Because it embeds market expectations, P/E must be evaluated with growth and risk assumptions.", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "ce5e8aadb8b371d20e90f616e78bedf8535957f6554abc256a6a3d166b80c42d" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:usage:d7fc0ec02442e142", "section_key": "usage", "heading": "役立つ場面", "text": "It links market expectations to earnings, improving valuation decisions. 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Make valuation assumptions explicit before decisions.", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "1aae094679de9cc8d85bd7f866db9754ef6e2cd84c354ae5486b7e15b9a9aee2" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:drivers:98e74b73013cec39", "section_key": "drivers", "heading": "何が数字を動かすか", "text": "Price-to-Earnings Ratio (P/E) changes because the underlying operating drivers change. Volume | More or fewer units, users, customers, or transactions | Explains scale effects Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement Volume | More or fewer units, users, customers, or transactions | Explains scale effects Mix | Change in segment, plan, product, or channel composition | Explains quality of growth or decline Efficiency | Better conversion, retention, cost control, or process discipline | Explains operating improvement", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "98e74b73013cec39efc0aa9617e314b8959943a8c4f0781dcfd78bf5141a58a3" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:misunderstandings:29683548a196dd66", "section_key": "misunderstandings", "heading": "判断するときの注意点", "text": "Do not read Price-to-Earnings Ratio (P/E) alone. Compare with companion metrics before changing budget or targets. Check whether the movement came from real performance or definition drift. Avoid optimizing the metric in a way that harms customer quality or long-term value. Compare with companion metrics before changing budget or targets. Check whether the movement came from real performance or definition drift. Avoid optimizing the metric in a way that harms customer quality or long-term value.", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "29683548a196dd6658805a7bb490fe7f05bc2931998631c5262b01b8e7c248d2" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:misunderstandings:8df6ce1416d4ee2c", "section_key": "misunderstandings", "heading": "よくある誤解 / 落とし穴", "text": "A low P/E is not always a bargain without quality checks. Growth assumptions can make P/E misleading if wrong. 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Growth metric | Shows direction | Explains whether the trend is improving Efficiency metric | Shows cost or effort | Explains whether the result is economical Risk metric | Shows volatility or concentration | Explains whether the result is durable Growth metric | Shows direction | Explains whether the trend is improving Efficiency metric | Shows cost or effort | Explains whether the result is economical Risk metric | Shows volatility or concentration | Explains whether the result is durable", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "2d47306f8a6d3d19f99ab0ae78aee04d1b3ae94d82cd88d22598ed0b1c8bb837" }, { "chunk_id": "core:chunk:price-earnings-ratio:en-US:faq:2c255b620fe7ffe0", "section_key": "faq", "heading": "When should I use Price-to-Earnings Ratio (P/E)?", "text": "When should I use Price-to-Earnings Ratio (P/E)? 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Avoid using the term as a label without clarifying assumptions, boundaries, and how success will be judged.", "source_refs": [ "concept:price-earnings-ratio:en-US", "concept:price-earnings-ratio:ja-JP", "core-term-page-500:concept:price-earnings-ratio" ], "content_hash": "a69c500430e49dd397efba11925946fad1326aaee9b5f14d176f556b310b6e86" } ], "content_hash": "be1b4e0630db4cd86cd96634788913f0f91aa838d9fa4477d4cfdc9846f69490", "hash_algorithm": "sha256", "rag": { "chunk_id_policy": "core:chunk:{canonical_slug}:{locale}:{section_key}:{sha256_16}", "content_hash_policy": "sha256_stable_json", "source_refs_precision": "source_object_ref_or_source_key_current_snapshot" }, "quality": { "content_tier": "db_backed", "quality": "reviewed", "publication_status": "published_reviewed", "source_count": 3, "last_reviewed_at": "2026-05-14T00:00:00.000Z", "trust_policy_version": "core-trust-policy-v1-2026-06-22" }, "limitations": { "policy_version": "core-trust-policy-v1-2026-06-22", "professional_advice_boundary": "reference_only_not_professional_advice", "text": "This page is reference information for research and learning. 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