As of January 1, 2026, the Korean KOSPI index has a trailing price-to-earnings (P/E) ratio of 17.06 and a forward P/E ratio of 10.43. These ratios are based on the KOSPI index, which serves as the benchmark equity index for the Korean stock market.
The year 2023 was difficult for Korean businesses, with many seeing profits drop as global demand weakened. In 2024, earnings started to bounce back, showing a recovery in major export industries. This growth gained momentum in 2025, leading to a record-breaking rally in the Korean stock market. As a result, stocks are now trading at much higher multiples than in previous years and the market is not looking so cheap anymore. Analysts expect even stronger profit growth for 2026, driven partly by a very weak Korean won.
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KOSPI Index – P/E Ratio (TTM & Forward) & EPS (TTM & Forward)
| Date | Price | P/E (TTM) Ratio | EPS (TTM) * | Forward P/E Ratio | EPS (Forward) * |
|---|---|---|---|---|---|
| 12/31/2025 | 4,214.17 | 17.06 | 112.92 | 10.43 | 180.06 |
| 6/30/2025 | 3,071.70 | 13.39 | 102.25 | 9.63 | 142.10 |
| 12/31/2024 | 2,399.49 | 11.49 | 93.05 | 7.85 | 136.20 |
| 6/30/2024 | 2,797.82 | 16.86 | 73.94 | 10.48 | 118.96 |
| 12/31/2023 | 2,655.28 | 18.17 | 65.13 | 11.44 | 103.42 |
| 6/30/2023 | 2,564.28 | 13.48 | 84.76 | 13.45 | 84.95 |
| 12/31/2022 | 2,236.40 | 9.97 | 100.00 | 10.51 | 94.82 |
* The table presents both trailing and forecasted Earnings Per Share (EPS), with values indexed to a base of 100 as of January 1, 2023. EPS (TTM) reflects the aggregate earnings of the KOSPI index stocks for the past 12 months. EPS (Forward) is the forecasted (analyst consensus) earnings per share for the next 12 months.
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Earnings Growth of South Korean Companies
South Korean public companies’ earnings remain highly cyclical due to the country’s export-driven economy and reliance on industries sensitive to economic fluctuations.
In 2023, corporate earnings across many sectors experienced a significant decline. A combination of factors—including domestic political uncertainty, global supply chain disruptions, and weak Chinese demand —put downward pressure on earnings. This environment led to lower investor confidence and reduced capital spending across industries.
While several sectors were hit hard, industries heavily reliant on global market conditions, such as petrochemicals and heavy manufacturing, saw marked declines in profitability. Overall, these challenges resulted in a contraction of earnings when compared to previous years. For example, Samsung Electronics’ earning decreased to 39.91 trillion KRW (2023) from 55.65 trillion KRW (2022).
In contrast to the struggles of 2023, 2024 witnessed a strong recovery in corporate earnings. The semiconductor sector played a pivotal role in this turnaround. As global demand for advanced memory chips surged—fueled in part by the growing applications of artificial intelligence—South Korean chipmakers experienced significant improvements. Major players, for example, reported dramatic year-on-year increases in operating profits, reflecting the sector’s robust rebound.
In addition to semiconductors, other sectors benefited from improved market sentiment and relatively low valuations following the sell-offs in the previous year. This broader recovery helped lift overall corporate earnings, with several industries showing renewed growth prospects.
Looking ahead to 2025, analysts remain optimistic about further improvements in corporate earnings. Forecasts suggest that earnings continue to grow, reflecting both the strong performance of technology and semiconductor companies and gradual recovery in other sectors. However, investors have remained very cautious about the Korean stocks and the market is trading at very low multiples at the beginning of the year.