Inflated P/E: stocks cheap only on paper

Company	Reported P/E	P/E without one-offs	Forward P/E	Profit from outside the business
Telephone and Data Systems, Inc. (TDS)	8.3×	>100×	>100×	60%
Liberty Energy Inc. (LBRT)	25.7×	>100×	>100×	79%
Teradata Corporation (TDC)	6.3×	29.1×	10.4×	78%
Kinetik Holdings Inc. (KNTK)	18.8×	84.0×	26.7×	67%
Zoom Communications, Inc. (ZM)	8.4×	29.8×	14.2×	72%
Boyd Gaming Corporation (BYD)	3.0×	8.6×	8.5×	65%
GE Vernova Inc. (GEV)	28.4×	73.2×	40.3×	77%
Alphabet Inc. (GOOGL)	17.2×	34.2×	22.7×	51%
Honeywell International Inc. (HON)	8.3×	16.5×	21.7×	50%
Comstock Resources, Inc. (CRK)	7.3×	12.7×	23.7×	43%
Array Digital Infrastructure Inc (AD)	3.8×	6.6×	30.4×	49%
Freshpet, Inc. (FRPT)	14.5×	19.8×	34.0×	34%
Inspire Medical Systems, Inc. (INSP)	15.0×	16.9×	48.1×	22%
Greif, Inc. (GEF)	4.7×	5.2×	17.1×	50%

Telephone and Data Systems, Inc.: reported P/E 8.3×; without one-offs, >100×; on expected 2027 earnings, >100×. 60% of its pre-tax income came from outside the business.
Liberty Energy Inc.: reported P/E 25.7×; without one-offs, >100×; on expected 2027 earnings, >100×. 79% of its pre-tax income came from outside the business.
Teradata Corporation: reported P/E 6.3×; without one-offs, 29.1×; on expected 2027 earnings, 10.4×. 78% of its pre-tax income came from outside the business.
Kinetik Holdings Inc.: reported P/E 18.8×; without one-offs, 84.0×; on expected 2027 earnings, 26.7×. 67% of its pre-tax income came from outside the business.
Zoom Communications, Inc.: reported P/E 8.4×; without one-offs, 29.8×; on expected 2027 earnings, 14.2×. 72% of its pre-tax income came from outside the business.
Boyd Gaming Corporation: reported P/E 3.0×; without one-offs, 8.6×; on expected 2027 earnings, 8.5×. 65% of its pre-tax income came from outside the business.
GE Vernova Inc.: reported P/E 28.4×; without one-offs, 73.2×; on expected 2027 earnings, 40.3×. 77% of its pre-tax income came from outside the business.
Alphabet Inc.: reported P/E 17.2×; without one-offs, 34.2×; on expected 2027 earnings, 22.7×. 51% of its pre-tax income came from outside the business.
Honeywell International Inc.: reported P/E 8.3×; without one-offs, 16.5×; on expected 2027 earnings, 21.7×. 50% of its pre-tax income came from outside the business.
Comstock Resources, Inc.: reported P/E 7.3×; without one-offs, 12.7×; on expected 2027 earnings, 23.7×. 43% of its pre-tax income came from outside the business.
Array Digital Infrastructure Inc: reported P/E 3.8×; without one-offs, 6.6×; on expected 2027 earnings, 30.4×. 49% of its pre-tax income came from outside the business.
Freshpet, Inc.: reported P/E 14.5×; without one-offs, 19.8×; on expected 2027 earnings, 34.0×. 34% of its pre-tax income came from outside the business.
Inspire Medical Systems, Inc.: reported P/E 15.0×; without one-offs, 16.9×; on expected 2027 earnings, 48.1×. 22% of its pre-tax income came from outside the business.
Greif, Inc.: reported P/E 4.7×; without one-offs, 5.2×; on expected 2027 earnings, 17.1×. 50% of its pre-tax income came from outside the business.

Data as of 2026-10-06

Why is the P/E so low?

Profit includes gains that do not come from selling products: increases in the value of investments in other companies, sales of stakes or one-off accounting items. It is real money, but it does not repeat every year. Dividing the price by that profit gives a lower P/E than the business deserves.

How Kaplio calculates it

From the official quarterly accounts of the last four quarters: profit from outside the business is pre-tax income minus operating income, excluding interest. A company appears here if more than 20% of its pre-tax income comes from there and its earnings per share are more than 30% above what at least five analysts expect for the next fiscal year.

Not a recommendation: an inflated P/E does not mean the company is expensive, only that its 12-month P/E cannot tell you.