Normalizing Earnings (Stat Related)

What’s the best way to go about normalizing earnings for fairly young companies. Typically, if I’m looking at a firm that’s been in business for awhile, I like to average out the past 10-year earnings to help smooth out any business cycles. I then calculate a cleaner P/E. Newer and successful companies (less than 9 years), however, typically grow earnings at an extremely fast clip, which distorts the business cycle the firm went through. So if I smooth out earnings for these younger companies, the number I get is going to be unrealistically low since it takes into account both business cycles and, more importantly, the development years of the company. Is me best bet here to just smooth out margins instead, or are there better solutions when examining EPS? Thanks