

Meaningful part are the dividend ratios.
The problem with P/E is that, while it’s great to measure business health internally, a company that has great earnings and then decides to “invest in growth” instead of paying dividends, is just a Ponzi scheme as far as investors are concerned: no expectation of returns from the company, only from the hype among other investors.
A company that can’t offer a ROI to its stockholders, is a startup that should never be allowed to go public; stick to angel and venture investors instead. Public stocks relying on the hype of “growing quickly”, are a Ponzi scheme through and through.
If we speak of company ages, the argument doesn’t hold either:
A good chunk of the US market is made up of Ponzi scheme companies. With 401k-s tied to market investments, people are setting themselves up for a very rough awakening.