The "official" value of a stock is it is the current best guess of the market for all future earnings until infinity discounted back to the present at some discount rate (to account for the time value of money). That price to earnings rate is 1, because it's the definition. The "E" in PE ratio, however, is for a different time period: traditionally just the trailing 12 months (or previous completed FY- for high growth companies you will sometimes see "last month's revenue multiplied by 12" or other guesses).

This calculation is why "growth" companies dominated the stock market during the 2010's: with the Zero Interest Rate Policy that most of the developed world had, the discount rate that the markets used ended up being basically zero. In which case a market player is indifferent between a dollar in 2020 and a dollar in 2040. So if a company had a 10% chance of being worth a trillion dollars in 2040, that was worth (0.1 * 1 trillion=10 billion dollars). But with a more traditional 4% discount rate then a dollar in 2040 is worth less than half of a dollar in 2020, and that means your 10% chance of being worth a trillion dollars in 2040 has less than half of the value. Even if nothing else changed about your business, just the discount rate changing halved the value of your company.