Investopedia reports that more financial decision makers are looking forward at the PEG ratio instead of looking back at the P/E ratio.

The relationship between the price/earnings ratio and earnings growth tells a much more complete story than the P/E on its own. This is called the PEG Ratio and is formulated as:

PEG Ratio = Price/Earnings Ratio

Annual EPS Growth*
* The number used for annual growth rate can vary. It can be forward (predicted growth) or trailing, and either a 1 to 5 year time span. Check with the source providing the PEG ratio to see what kind of number they use.