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Hoots : How can TTM PE be less than current PE in rising earnings situation? Reading Investment Valuation by Aswath Damodaran, there is a section that says that in periods of rising earnings, the forward PE yields consistently - freshhoot.com

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How can TTM PE be less than current PE in rising earnings situation?
Reading Investment Valuation by Aswath Damodaran, there is a section that says that

in periods of rising earnings, the forward PE yields consistently lower values the the trailing PE, which, in turn, is lower than the current PE.

So, here, forward PE < TTM PE < current PE

This does not make sense to me. In a period of rising earnings (the PE denominator) we would have

(TTM) EBIT(t-k) < (current) EBIT(t0) <
(forward) EBIT(t+k)

and since price (the numerator) is just the current market price, I would think the PE orders in a rising earnings situation go like

forward PE < current PE < TTM PE

Can anyone see what I am missing here?

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From fitsmallbusiness.com/trailing-twelve-months-ttm-calculate/ we see

For quarterly reporting, simply take the last 4 quarterly values and add them together.

Granted, this is from a site for small businesses, but this is confirmed here as well (https://www.wallstreetmojo.com/ltm-ebitda/).

Since the current PE's EBIT is usually calculated from the most recent annual statement (eg. the SEC Form 10K), the chronology of the EBIT reporting times would be...

(current) EBIT(t0) < (TTM) EBIT(t-k) < (forward) EBIT(t+k)

so it then makes sense that

forward PE < TTM PE < current PE

in a rising earnings situation.

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