Forward PE multiples can't be lower than trailing multiples unless you believe earnings will decrease next year. Interestingly, going off of Yahoo Finance, EPS did decrease in 2024, but I don't know their methodology. You'd have to scrub these numbers to make sure they are meaningful and I no longer have access to Bloomberg / FactSet / Capital IQ to do that... and I'm too lazy to pull up research reports and scrub manually ;-)
I have the same lack of Bloomberg access ^^
Anyways, forward PE ratios are generally lower right now (Alphabet for example has a forward PE of 22, current is at 25). There may be a lot of explanations regarding this situation, but globally it either implies worse macro economic conditions, or a decrease in revenues and/or profits, some high one-shot costs/loss to take into account (legal or structural), or most generally it can also reveal that current stock price is too high and some correction will happen.
Given the current situation, I bet it says that stock is overpriced/valued.
