Which stock market has the lowest forward P/E?

South Korea, at 4.5× (cap-weighted, as of 6 Nov 2026), followed by Norway (9.5×) and Hong Kong (10.9×).

Stock markets compared by forward P/E

Data as of 6 Nov 2026.

Across 22 markets the lowest forward P/E is in South Korea (4.5×), then Norway (9.5×) and Hong Kong (10.9×).
The highest: India (21.6×), Netherlands (20.5×).
All markets together: 14.3×.
Market-sector extremes: South Korea information technology (3.6×) at one end, India health care (70.1×) at the other.

Fwd P/E by market and sector

Cap-weighted across companies, at the cockpit's default liquidity gate ($50M a day); local currency. Ranked by the All-sectors column. Data as of 6 Nov 2026.
Market	All sectors	Communication Services	Consumer Discretionary	Consumer Staples	Energy	Financials	Health Care	Industrials	Information Technology	Materials	Real Estate	Utilities
South Korea	4.5×	15.5×	6.8×	17.4×	4.5×	8.4×	37.6×	11.9×	3.6×	11.2×	—	—
Norway	9.5×	—	—	—	7.3×	12.0×	—	46.3×	—	—	—	—
Hong Kong	10.9×	12.3×	15.7×	14.7×	6.6×	7.8×	27.8×	15.4×	20.6×	8.3×	12.3×	—
United Kingdom	11.9×	12.1×	18.8×	14.8×	6.9×	10.3×	15.4×	18.0×	18.4×	12.6×	—	13.9×
Poland	11.9×	—	30.8×	—	—	12.8×	—	—	—	6.4×	—	—
Italy	13.0×	—	33.6×	—	8.4×	11.3×	—	17.3×	38.4×	—	—	13.4×
Finland	13.8×	—	—	—	—	11.4×	—	—	19.2×	—	—	—
Taiwan	14.0×	30.1×	15.9×	—	10.4×	13.8×	39.2×	9.4×	14.0×	13.5×	—	—
Spain	14.2×	—	27.3×	—	4.7×	11.0×	—	55.5×	18.3×	—	—	19.8×
Japan	14.2×	19.1×	15.2×	18.4×	7.1×	12.3×	20.2×	14.5×	12.5×	12.9×	14.2×	9.0×
China	14.7×	25.4×	17.9×	21.2×	13.0×	7.7×	26.5×	16.1×	27.2×	13.4×	49.6×	20.9×
France	15.0×	10.9×	20.4×	26.9×	7.0×	8.7×	13.8×	21.0×	19.1×	29.0×	—	12.3×
Denmark	15.0×	—	—	—	—	—	13.4×	22.6×	—	—	—	—
United States	15.1×	19.9×	24.5×	23.8×	9.4×	14.7×	19.7×	22.0×	11.4×	15.8×	30.2×	17.2×
Singapore	15.5×	21.7×	—	—	—	15.2×	—	8.2×	—	—	17.4×	—
Canada	15.9×	12.7×	19.3×	26.1×	12.3×	14.4×	—	22.5×	34.7×	15.6×	—	22.6×
Germany	16.2×	11.4×	10.2×	—	—	13.3×	13.0×	22.0×	28.9×	15.3×	9.4×	18.0×
Australia	18.0×	24.2×	28.6×	27.0×	9.0×	18.9×	22.4×	21.8×	32.6×	15.1×	19.4×	—
Sweden	19.8×	—	—	—	—	15.4×	—	27.1×	—	11.3×	—	—
Switzerland	19.9×	26.1×	24.8×	20.4×	—	14.4×	22.1×	26.3×	16.8×	21.5×	—	—
Netherlands	20.5×	18.2×	—	16.7×	—	11.5×	16.5×	21.7×	23.9×	23.7×	—	—
India	21.6×	33.3×	38.2×	20.2×	19.3×	16.8×	70.1×	29.5×	18.2×	—	—	—
All markets	14.3×	18.9×	21.7×	22.2×	9.4×	12.4×	19.6×	19.4×	11.3×	14.7×	26.0×	17.0×

Other measures: market capitalisation · market cap to GDP · number of listed companies · P/E ratio · price-to-book · EV/sales · free cash flow yield · revenue growth · EPS growth · operating margin · return on capital · net debt to EBITDA · share of profitable companies · share of companies expanding margins · share of companies with accelerating revenue · ROIC minus WACC · ROIC · growth the price implies (Req g) · growth hurdle · cost of capital (WACC) · EV/EBITDA · share of companies burning cash · capex intensity · 1-week return · 1-month return · 3-month return · 6-month return · year-to-date return · 1-year return · breadth (share above the 50-day average).

Questions

Which stock market has the lowest forward P/E?: South Korea, at 4.5× (cap-weighted, as of 6 Nov 2026), followed by Norway (9.5×) and Hong Kong (10.9×).