Operating earnings are higher than as reported earnings because they do not take into account certain expenses. This has the effect of lowering the average price to operating earnings (P/OE) ratio from that of the price to as reported earnings (P/E) ratio. The P/OE ratio is often cited as showing the market is undervalued, yet it is generally only the case because the current multiple is being compared to the average of the P/E ratio. Over the period we have data for the P/OE ratio, the median level has been about 18, while that of the P/E ratio has been about 21. So although we don't have enough data to find the historical average of the P/OE ratio, we can guess it is a similar magnitude below the average of the full data set of the P/E ratio, or roughly 12.
The P/OE ratio, like the P/E ratio, is not so useful, because operating earnings can become temporarily depressed due to a recession.