A "good" price-to-earnings (P/E) ratio varies significantly depending on the target industry, macroeconomic interest rate environment, and the company's expected earnings growth rate. While a traditional value stock trading at a P/E ratio between 12 and 15 might be considered attractive, high-growth technology and innovative enterprises routinely command P/E multiples of 30 or higher based on rapid future scaling. Investors evaluate P/E ratios relative to historical sector norms rather than a universal standard.