Global P/E ratios by country

Name: P/E Ratios by Country
Creator: Siblis Research
License: https://siblisresearch.com/terms-of-use/

The table below provides the current trailing and forward price-to-earnings ratios for the world's largest equity markets. The table provides the multiples also for the same day a year earlier. For world, developed and emerging aggregates see global stock market P/E; for the cyclically adjusted measure see CAPE ratios by country.

Most expensive market

27.3

Taiwan

United States, trailing P/E

26.0

+0.4 on a year ago

Least expensive market

11.1

Brazil

Markets more expensive than a year ago

7/16

on trailing earnings

Trailing and forward P/E by country

Month-end Sept 2026, against the same month a year earlier.

	Trailing P/E			Forward P/E
Market	Sept 2026	Sept 2025	Chg	Sept 2026	Sept 2025	Chg
TaiwanTWSE Index	27.25	21.25	+6.00	18.87	17.99	+0.88
United StatesU.S. Large Cap	25.96	25.55	+0.41	25.96	22.80	+3.16
IndiaNIFTY 50 Index	21.19	22.81	-1.62	18.68	21.66	-2.98
CanadaCanada Large Cap	20.51	21.16	-0.65	15.77	17.63	-1.86
AustraliaAustralia Large Cap	19.85	21.22	-1.37	18.01	19.84	-1.83
JapanNikkei 225 Index	19.05	18.06	+0.99	15.73	16.09	-0.36
NetherlandsAEX Index	17.45	17.82	-0.37	15.85	15.63	+0.22
GermanyDAX 40 Index	17.19	19.82	-2.63	14.34	15.45	-1.11
ChinaSSE Composite Index	16.87	17.95	-1.08	13.29	15.31	-2.02
FranceCAC 40 Index	16.66	17.28	-0.62	13.46	14.98	-1.52
SpainIBEX 35 Index	15.66	12.80	+2.86	12.69	12.39	+0.30
ItalyFTSE MIB Index	15.25	12.54	+2.71	12.22	11.86	+0.36
United KingdomFTSE 100 Index	14.73	14.08	+0.65	12.02	12.97	-0.95
South KoreaKOSPI Index	12.39	13.29	-0.90	5.11	10.91	-5.80
Hong KongHang Seng Index	12.17	13.11	-0.94	10.48	14.31	-3.83
BrazilBovespa Index (Ibovespa)	11.14	9.62	+1.52	8.71	9.46	-0.75

Trailing P/E is aggregate market capitalisation divided by aggregate normalised net income over the previous twelve months. Forward P/E uses consensus estimates for the next twelve months.

Ranked, September 2026

Chart ranking 16 countries by trailing P/E ratio, Sept 2026. — Cross-market comparisons say as much about what is listed in each market as about what is expensive.

What analysts expect

Chart comparing trailing and forward P/E for each country, with implied earnings growth labelled. — The distance between the two dots is the earnings growth analysts have priced in for the coming year.

Historical trailing P/E ratios

Year-end values for the ten years to 2025, most recent first.

Month	United States	China	Germany	Japan	India	United Kingdom	France	Italy	Canada	Brazil
Sept 2026	25.96	16.87	17.19	19.05	21.19	14.73	16.66	15.25	20.51	11.14
2025 Dec	25.38	18.06	18.93	17.88	23.83	14.87	17.79	13.53	20.53	11.45
2024 Dec	24.61	15.29	15.04	15.72	23.96	12.85	14.09	8.69	19.36	8.07
2023 Dec	21.79	12.82	14.91	16.40	23.22	10.51	13.48	6.94	15.15	8.72
2022 Dec	18.55	13.24	12.50	13.87	22.13	13.88	14.72	10.62	12.53	5.69
2021 Dec	26.14	15.45	15.31	16.19	24.11	17.10	22.02	17.69	18.82	6.80
2020 Dec	31.05	17.37	26.95	31.94	38.45	169.52*	58.86*	44.29*	26.80	33.09*
2019 Dec	21.78	14.55	22.24	18.97	28.30	18.75	21.72	14.18	16.11	18.73
2018 Dec	16.77	11.63	12.41	14.07	26.17	15.18	14.79	10.60	15.32	16.96
2017 Dec	21.84	18.16	18.88	19.10	26.92	22.44	18.80	26.22	18.76	17.99
2016 Dec	20.59	15.94	18.20	20.32	21.49	54.78*	22.20	68.57*	23.00	96.50*

* Earnings, not prices, moved these figures. Siblis earnings are normalised — major purely accounting gains and losses are removed — so these marks are not write-downs. They are years when real operating profits collapsed. In 2020, pandemic lockdowns cut aggregate earnings in several markets close to zero, so the ratio rises even though share prices had fallen. The 2015–2016 marks follow the collapse in commodity prices, which hit genuine earnings in the same way. A high trailing P/E in these years means earnings were depressed, not that the market was expensive.

Biggest moves on a year

Taiwan+6.0

Germany-2.6

More expensive7 of 16

Less expensive9 of 16

Spread, Sept 2026

Highest — Taiwan27.3

Lowest — Brazil11.1

Ratio2.4×

Europe, average16.2

Widest forward gap

South Korea trailing12.4

South Korea forward5.1

Implied growth142%

Data reviewed by Wei-Jie Tsai Head of Research, Siblis Research · wei-jie.tsai@siblisresearch.com

Where valuations stand, September 2026

The United States ended Sept 2026 at 26.0 times trailing earnings, 0.4 points higher than a year ago and the most expensive of the 16 markets here. 7 of those 16 markets are dearer than they were in Sept 2025; 9 are cheaper.

Taiwan re-rated hardest, its multiple rising 6.0 points to 27.3 over the year. At the other end, Germany fell 2.6 points to 17.2. The gap between the dearest and cheapest market on the page is 2.4 to one.

The six large European markets average 16.2 times earnings, roughly 62% of the US multiple. That discount has been a fixture for most of two decades and reflects what is listed in Europe more than what investors think of it.

Reading these numbers

Cross-market comparisons are weaker than they look. A market's multiple reflects its sector composition as much as its expensiveness, which is why the UK has looked cheap against the US for twenty years without that gap ever closing.

Trailing P/E carries a second artefact. Because earnings sit in the denominator, a collapse in earnings inflates the ratio — which is why several markets show their highest readings of the last twenty years in 2020, while prices were falling. A market can look most expensive at precisely the moment it is cheapest. The historical table above marks those years.

Where this data is used

Some examples. Siblis valuation data appears in peer-reviewed journals, central bank publications and the financial press.

CNBC Forbes Financial Times FT Adviser Advisor Perspectives

Downside Risk to the Stock Market and Consumption Indrajit Mitra & David E. RapachFederal Reserve Bank of Atlanta, Policy Hub 6-2026 · 2026

The Effect of Market Asset Returns, Economic Conditions, and Firm Fundamentals on Net Lease Capitalization Rates Stacy Sirmans, Greg Smersh & Daniel WinklerJournal of Real Estate Research, 46(4) · 2024

Political and Economic Freedoms and Global Equity Valuations Bahram Adrangi, Arjun Chatrath, Suphachok Ampai, Zachary Lum & Decclan McLeanThe American Economist, 71(1) · 2026

See all academic and central bank citations →

The whole database, every trading day

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How this is calculated

Aggregate market capitalisation of a market's constituent companies divided by their aggregate net income over the previous twelve months — not an average of the constituents' individual P/E ratios.

Earnings — Normalised. Major purely accounting gains and losses are removed, so the ratio reflects operating reality rather than accounting events.
Basis — Net income after tax and interest, trailing twelve months, including companies with genuinely negative earnings.
Forward — Consensus estimates for the next twelve months.
Revisions — Figures are point-in-time. If a company later restates its results, the historic reading is left exactly as first published: the series reflects what was known at the time, not what is known now.

Full methodology (PDF) →

Cite this page

Siblis Research. (2026). P/E Ratios by Country [Data set]. Retrieved 30 September 2026, from siblisresearch.com/data/pe-ratios-by-country/

@misc{siblis_pe_country,
  title={P/E Ratios by Country}, author={{Siblis Research}},
  year={2026}, url={https://siblisresearch.com/data/pe-ratios-by-country/},
  urldate={2026-09-30}}

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