Which stock market has the lowest P/E ratio?

Norway, at 10.7× (cap-weighted, as of 6 Nov 2026), followed by Hong Kong (12.0×) and Poland (12.2×).

Stock markets compared by P/E ratio

Data as of 6 Nov 2026.

Across 22 markets the lowest P/E ratio is in Norway (10.7×), then Hong Kong (12.0×) and Poland (12.2×).
The highest: South Korea (29.1×), Switzerland (27.1×).
All markets together: 18.0×.
Market-sector extremes: Spain energy (5.7×) at one end, India health care (80.2×) at the other.

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
Norway	10.7×	—	—	—	8.8×	11.8×	—	41.4×	—	—	—	—
Hong Kong	12.0×	13.9×	17.9×	38.6×	8.0×	7.7×	29.7×	21.6×	28.1×	10.7×	14.0×	—
Poland	12.2×	—	34.1×	—	—	13.2×	—	—	—	6.4×	—	—
Italy	14.2×	—	34.6×	—	9.8×	11.6×	—	18.9×	64.5×	—	—	21.3×
Denmark	14.5×	—	—	—	—	—	11.9×	34.9×	—	—	—	—
Japan	14.6×	11.2×	14.6×	18.7×	6.4×	12.8×	22.1×	15.7×	17.2×	15.8×	13.5×	6.9×
Spain	14.6×	—	28.7×	—	5.7×	11.1×	—	62.9×	20.0×	—	—	19.5×
United Kingdom	14.7×	20.0×	19.7×	18.2×	9.6×	11.5×	22.8×	21.5×	36.8×	11.4×	—	20.8×
Singapore	15.0×	12.1×	—	—	—	16.2×	—	9.5×	—	—	14.3×	—
China	16.6×	28.5×	20.5×	22.6×	15.6×	8.1×	27.1×	19.0×	37.9×	15.4×	51.9×	23.6×
Germany	16.7×	14.5×	8.6×	—	—	13.5×	19.1×	27.0×	32.5×	10.0×	8.7×	14.1×
Finland	17.5×	—	—	—	—	11.9×	—	—	51.1×	—	—	—
France	17.7×	11.7×	21.4×	31.9×	9.2×	8.7×	29.4×	23.1×	28.1×	33.8×	—	16.4×
United States	18.5×	15.9×	25.5×	27.9×	12.5×	15.8×	32.2×	25.9×	15.7×	20.7×	30.4×	18.8×
Canada	19.1×	7.6×	23.6×	29.4×	15.5×	18.5×	—	28.3×	62.5×	15.6×	—	23.9×
Sweden	20.9×	—	—	—	—	16.2×	—	29.6×	—	10.0×	—	—
Taiwan	21.1×	—	42.3×	—	14.9×	13.5×	68.7×	15.1×	21.9×	36.5×	—	—
Australia	21.2×	25.7×	30.7×	37.0×	15.5×	21.0×	—	24.6×	64.4×	18.3×	20.9×	—
Netherlands	22.4×	19.1×	—	17.1×	—	12.2×	27.6×	37.6×	24.6×	26.9×	—	—
India	23.0×	43.9×	34.7×	21.0×	21.8×	16.9×	80.2×	33.7×	19.6×	—	—	—
Switzerland	27.1×	28.4×	30.9×	30.8×	—	15.6×	38.5×	32.5×	17.9×	48.7×	—	—
South Korea	29.1×	14.2×	—	—	—	10.2×	—	10.5×	55.5×	—	—	—
All markets	18.0×	15.6×	23.0×	26.0×	12.2×	13.2×	30.0×	22.4×	17.8×	17.6×	26.3×	18.7×

Other measures: market capitalisation · market cap to GDP · number of listed companies · forward P/E · 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 P/E ratio?: Norway, at 10.7× (cap-weighted, as of 6 Nov 2026), followed by Hong Kong (12.0×) and Poland (12.2×).