Which stock market has the lowest price-to-book?

Hong Kong, at 1.4× (cap-weighted, as of 6 Nov 2026), followed by Japan (1.8×) and China (1.8×).

Stock markets compared by price-to-book

Data as of 6 Nov 2026.

Across 22 markets the lowest price-to-book is in Hong Kong (1.4×), then Japan (1.8×) and China (1.8×).
The highest: Taiwan (4.9×), Denmark (4.8×).
All markets together: 3.0×.
Market-sector extremes: South Korea materials (0.4×) at one end, Norway industrials (22.2×) at the other.

P/B 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
Hong Kong	1.4×	1.8×	1.8×	1.8×	1.1×	0.8×	3.9×	4.1×	2.7×	2.2×	0.7×	—
Japan	1.8×	2.2×	1.4×	2.0×	0.8×	1.4×	2.4×	1.8×	3.4×	1.3×	1.3×	0.6×
China	1.8×	1.6×	2.4×	4.0×	1.4×	0.8×	3.7×	2.4×	4.8×	2.4×	0.6×	1.9×
Finland	1.8×	—	—	—	—	1.8×	—	—	1.9×	—	—	—
Germany	2.0×	2.1×	0.6×	—	—	2.0×	1.7×	3.8×	4.7×	1.4×	0.5×	1.6×
Singapore	2.0×	2.4×	—	—	—	2.1×	—	2.7×	—	—	1.1×	—
South Korea	2.2×	1.0×	0.6×	21.4×	0.9×	0.6×	5.4×	2.1×	3.5×	0.4×	—	—
Italy	2.2×	—	11.1×	—	1.3×	1.7×	—	2.9×	9.6×	—	—	3.9×
United Kingdom	2.2×	0.9×	11.8×	3.7×	1.5×	1.4×	4.3×	5.2×	3.4×	2.3×	—	1.8×
Norway	2.3×	—	—	—	2.0×	1.8×	—	22.2×	—	—	—	—
France	2.3×	1.8×	3.2×	4.0×	1.5×	1.0×	1.8×	4.2×	2.8×	4.5×	—	2.1×
Poland	2.4×	—	5.5×	—	—	2.6×	—	—	—	1.4×	—	—
Spain	2.5×	—	10.3×	—	1.3×	1.7×	—	6.7×	5.3×	—	—	3.0×
Australia	2.7×	4.5×	9.4×	9.4×	1.1×	2.3×	4.5×	4.7×	2.6×	3.0×	2.3×	—
Canada	2.8×	1.5×	4.1×	7.3×	2.7×	2.4×	—	3.6×	11.7×	2.7×	—	2.0×
Sweden	3.1×	—	—	—	—	2.2×	—	5.3×	—	1.7×	—	—
India	3.2×	5.1×	5.0×	5.6×	1.9×	2.3×	15.6×	4.5×	6.0×	—	—	—
United States	3.8×	4.7×	5.1×	5.3×	2.3×	2.4×	5.1×	5.5×	4.1×	3.0×	2.5×	2.1×
Netherlands	3.9×	7.3×	—	2.0×	—	1.6×	2.3×	6.4×	8.9×	0.9×	—	—
Switzerland	4.4×	3.2×	4.5×	7.7×	—	2.4×	5.8×	9.9×	6.2×	3.1×	—	—
Denmark	4.8×	—	—	—	—	—	5.5×	3.5×	—	—	—	—
Taiwan	4.9×	3.3×	21.4×	—	1.7×	1.6×	14.3×	1.6×	6.9×	1.8×	—	—
All markets	3.0×	3.7×	3.4×	4.7×	1.9×	1.7×	4.6×	3.7×	4.2×	2.5×	1.9×	2.0×

Other measures: market capitalisation · market cap to GDP · number of listed companies · forward P/E · P/E ratio · 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 price-to-book?: Hong Kong, at 1.4× (cap-weighted, as of 6 Nov 2026), followed by Japan (1.8×) and China (1.8×).