[Veserv]

No. PE (price to earnings ratio) is the ratio of price to profit. Assuming they do not grow, their profit is stable at the latest reported value indefinitely, and that their accounted profit is a good approximation of distributable cash (that is the approximate goal of how profit is to be accounted), then the inverse of the PE is the maximum return on investment at this instant. That is all of their earnings paid out as returns.

Apple has a PE of ~34, so that is ~3%. 30 year treasury bonds are averaging ~4% right now. So yeah, Apple would be a abysmal long term investment if you assume they do not continue to grow. Anything with a PE over 25 at this time must grow to be worth the investment.