For the first 3 quarters of FY 2023, GameStop has posted a total net loss of $56.4 million.
Therefore, in order to achieve full-year profitability, GameStop must achieve greater than $56.4 million in net profit for Q4 2023.
This is certainly achievable, though not guaranteed.
Something like a $100 million net gain for Q4 is possible, but not necessarily very likely.
Therefore, in any case of full-year profitability, at best, the PE ratio for GME will almost certainly be above 100, but will more likely be in the several hundreds, or worse.
By comparison, the average PE ratio for S&P500 is around 25.
https://www.macrotrends.net/2577/sp-500-pe-ratio-price-to-earnings-chart
Some PE ratios of other companies:
- Microsoft: 37
- Apple: 26
- Nvidia: 213
- Amazon: 89
- Alphabet: 27
- Meta: 42
- Berkshire Hathaway: 10
TLDR: Full-year profitability will be a momentous achievement, but in almost all cases, GME would have a very high PE ratio. Over the following quarters / years, GameStop will still need to increase profits substantially in order to obtain a good PE ratio.