The table below presents the current & historical price-earnings (P/E) ratios of the France equity market, calculated using the CAC 40 equity index. The trailing P/E of the index is currently 17.79 and the forward P/E is 15.20 (January 1st, 2026). French companies experienced a swift rebound in profitability during 2023, capitalizing on the post-pandemic recovery. However, this momentum stalled in 2024 as earnings began a downward trend. Despite a price rally in the CAC 40 index throughout 2025, earnings have continued to deteriorate.
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| CAC 40 Price | P/E (TTM) | EPS (TTM)* | Forward P/E Ratio | |
|---|---|---|---|---|
| 12/31/2025 | 8,149.50 | 17.79 | 140.99 | 15.20 |
| 6/30/2025 | 7,665.91 | 15.94 | 148.05 | 14.38 |
| 12/31/2024 | 7,380.74 | 14.09 | 161.22 | 13.52 |
| 6/30/2024 | 7,479.40 | 13.14 | 175.18 | 13.46 |
| 12/31/2023 | 7,543.18 | 13.48 | 172.26 | 13.29 |
| 6/30/2023 | 7,400.06 | 13.01 | 175.08 | 13.33 |
| 12/31/2022 | 6,473.70 | 14.72 | 135.36 | 12.13 |
| 6/30/2022 | 5,922.86 | 13.67 | 133.38 | 11.79 |
| 12/31/2021 | 7,153.03 | 22.02 | 100.00 | 16.26 |
* The table presents trailing Earnings Per Share (EPS), indexed to a base of 100 as of January 1, 2022.
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CAC 40 Index
The CAC 40 is a key stock market index that represents the 40 largest publicly traded companies listed on the Euronext Paris exchange, which is part of the Euronext group. It is one of the most important indicators of the French stock market’s performance and provides a snapshot of the overall health of the French economy. The index includes a diverse range of companies from various sectors, such as energy, finance, consumer goods, technology, healthcare, and industrials. It is weighted by market capitalization, meaning larger companies have a greater influence on the index’s performance. The CAC 40 is reviewed quarterly to ensure it continues to reflect the top 40 companies in France.
As a key performance indicator for the French stock market, the CAC 40 is widely followed by investors worldwide. It is seen as a proxy for the broader Eurozone economy, especially when analyzing European market trends. The index is influenced by domestic events, such as economic data releases, political changes, or corporate earnings reports, as well as international factors like global economic conditions or geopolitical tensions.
The CAC 40 includes many well-known French multinational companies such as L’Oréal, TotalEnergies, Sanofi, Airbus, and BNP Paribas. These companies span a wide range of industries, giving the index broad exposure to different economic sectors. The global presence of many companies listed on the CAC 40 means the index can also be impacted by international trends, such as oil prices, trade agreements, and foreign exchange movements.