Surely not - P/E ratio is a guess at future profits factored in now. If a company is demonstrating real profits now and so has a viable business model, it will be easier to guess (project?) future profit and so P/E ratio will lower

I suspect this only works for P/E ratios above one order of magnitude - when dealing with companies that obey laws of gravity other factors come in to play (I mean seriously 900x earnings. That's insane).