Belgium Stock Market PE Ratio

The Belgium Stock Market currently trades at a current P/E ratio of 17.62 as of October 24, 2025.

Over the past five years, the median P/E has been 16.9, putting today's valuation in the 63.3th percentile of that range. Looking at the longer 10-year period, where the median sits at 17.16, the current reading ranks close to the median - a level historically associated with Fair Value pricing. The 20-year median of 14.81 provides additional context, with the current ratio in the 77.1th percentile of that extended timeframe.

This analysis is based on the iShares MSCI Belgium ETF (EWK) which serves as the benchmark for the Belgium market.

Since January 1996, the iShares MSCI Belgium ETF has recorded a median P/E ratio of 13.61 over 30 years. Against this full historical backdrop, the current valuation sits in the 78.5th percentile of all recorded readings, indicating that the market is trading well above its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (17.62) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	16.9	75	Overvalued
5 Year	16.9	63.3	Overvalued
10 Year	17.16	58.3	Fair Value
20 Year	14.81	77.1	Overvalued
Since Jan 1996	13.61	78.5	Overvalued

Returns vs P/E Ratio

Over the past decade, the PE rose from 17.2 (88.7th percentile) to 17.62 (58.3th percentile). Annualized total return over this period was 3.3%. Percentile rank indicates position within the historical distribution. At fair value, outcomes have historically varied; near-term paths can be mixed while longer-horizon returns tend to cluster around historical averages.

Time Period	Starting PE Ratio	Starting Percentile	Total Return	Annualized Return
1 Year	17.62	78.6	+19.2%	+19.2%
3 Year	12.99	43.8	+57.6%	+16.4%
5 Year	18.55	90.3	+41.4%	+7.2%
10 Year	17.16	88.7	+38.8%	+3.3%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	17.62
Sep 2025	17.14
Aug 2025	16.75
Jul 2025	16.81
Jun 2025	16.99
May 2025	18.40
Apr 2025	19.31
Mar 2025	17.76
Feb 2025	16.16
Jan 2025	15.02
Dec 2024	14.69
Nov 2024	15.96
Oct 2024	17.62
Sep 2024	18.76
Aug 2024	17.55
Jul 2024	16.58
Jun 2024	15.24
May 2024	15.62
Apr 2024	12.43
Mar 2024	11.58
Feb 2024	12
Jan 2024	12.52
Dec 2023	13.12
Nov 2023	11.80
Oct 2023	11.45
Sep 2023	11.86
Aug 2023	10.84
Jul 2023	10.80
Jun 2023	9.88
May 2023	9.31
Apr 2023	10.35
Mar 2023	10.62
Feb 2023	9.63
Jan 2023	10.08
Dec 2022	12.07
Nov 2022	13.47
Oct 2022	12.99
Sep 2022	15.53
Aug 2022	17
Jul 2022	17.23
Jun 2022	17.67
May 2022	17.19
Apr 2022	18.09
Mar 2022	18.75
Feb 2022	16.22
Jan 2022	18.67
Dec 2021	19.64
Nov 2021	18.37
Oct 2021	19.46
Sep 2021	18.33
Aug 2021	19.26
Jul 2021	19.26
Jun 2021	19.89
May 2021	20.63
Apr 2021	21.37
Mar 2021	21.65
Feb 2021	20.97
Jan 2021	22.02
Dec 2020	21.44
Nov 2020	21.01
Oct 2020	18.55
Sep 2020	18.57
Aug 2020	17.56
Jul 2020	17.77
Jun 2020	17.90
May 2020	17.21
Apr 2020	14.39
Mar 2020	10.61
Feb 2020	14.76
Jan 2020	16.61
Dec 2019	16.61
Nov 2019	15.47
Oct 2019	15.52
Sep 2019	15.52
Aug 2019	15.67
Jul 2019	15.67
Jun 2019	15.10
May 2019	15.10
Apr 2019	15.83
Mar 2019	15.20
Feb 2019	14.69
Jan 2019	13.93
Dec 2018	12.93
Nov 2018	14.17
Oct 2018	14.17
Sep 2018	15.31
Aug 2018	16.39
Jul 2018	16.82
Jun 2018	15.82
May 2018	15.82
Apr 2018	16.30
Mar 2018	16.91
Feb 2018	18.12
Jan 2018	18.12
Dec 2017	18.12
Nov 2017	18.12
Oct 2017	18.12
Sep 2017	18.12
Aug 2017	18.12
Jul 2017	18.12
Jun 2017	18.12
May 2017	19.57
Apr 2017	19.57
Mar 2017	18.52
Feb 2017	17.72
Jan 2017	17.18
Dec 2016	17.17
Nov 2016	17.17
Oct 2016	17.66
Sep 2016	19.47
Aug 2016	19.35
Jul 2016	18.86
Jun 2016	18.86
May 2016	18.89
Apr 2016	19.14
Mar 2016	19.98
Feb 2016	17.84
Jan 2016	16.96
Dec 2015	18.82
Nov 2015	19.04
Oct 2015	17.16
Sep 2015	16.73
Aug 2015	16.38
Jul 2015	18.69
Jun 2015	17.08
May 2015	17.91
Apr 2015	17.73
Mar 2015	18.93
Feb 2015	18.34
Jan 2015	16.60
Dec 2014	16.87
Nov 2014	16.06
Oct 2014	16.06
Sep 2014	16.05
Aug 2014	16.05
Jul 2014	16.17
Jun 2014	16.70
May 2014	16.70
Apr 2014	16.50
Mar 2014	16.03
Feb 2014	15.47
Jan 2014	14.73
Dec 2013	15.36
Nov 2013	15.53
Oct 2013	15.53
Sep 2013	14.93
Aug 2013	14.75
Jul 2013	15.50
Jun 2013	13.50
May 2013	14.77
Apr 2013	14.85
Mar 2013	14.85
Feb 2013	14.30
Jan 2013	13.64
Dec 2012	13.63
Nov 2012	13.11
Oct 2012	13.11
Sep 2012	13.61
Aug 2012	13.31
Jul 2012	13.10
Jun 2012	12.02
May 2012	11.30
Apr 2012	12.79
Mar 2012	12.79
Feb 2012	12.09
Jan 2012	11.68
Dec 2011	10.95
Nov 2011	10.10
Oct 2011	10.40
Sep 2011	9.83
Aug 2011	10.31
Jul 2011	11.66
Jun 2011	11.56
May 2011	12.14
Apr 2011	12.69
Mar 2011	12.15
Feb 2011	11.84
Jan 2011	12.41
Dec 2010	12.35
Nov 2010	12.10
Oct 2010	13.32
Sep 2010	12.82
Aug 2010	12.20
Jul 2010	12.05
Jun 2010	11.68
May 2010	11.68
Apr 2010	13.09
Mar 2010	13.62
Feb 2010	13.14
Jan 2010	12.50
Dec 2009	12.96
Nov 2009	12.96
Oct 2009	12.66
Sep 2009	13.15
Aug 2009	13.15
Jul 2009	11.51
Jun 2009	9.92
May 2009	9.08
Apr 2009	8.18
Mar 2009	7.11
Feb 2009	6.63
Jan 2009	7.68
Dec 2008	5.49
Nov 2008	5.40
Oct 2008	4.98
Sep 2008	7.38
Aug 2008	8.18
Jul 2008	6.77
Jun 2008	7.82
May 2008	8.72
Apr 2008	9.39
Mar 2008	8.99
Feb 2008	8.55
Jan 2008	8.55
Dec 2007	9.81
Nov 2007	9.54
Oct 2007	10.04
Sep 2007	10.33
Aug 2007	10.56
Jul 2007	11.78
Jun 2007	11.84
May 2007	12.35
Apr 2007	12.35
Mar 2007	12.16
Feb 2007	11.73
Jan 2007	12.33
Dec 2006	12.33
Nov 2006	11.77
Oct 2006	11.66
Sep 2006	11.38
Aug 2006	11.62
Jul 2006	10.97
Jun 2006	10.84
May 2006	10.55
Apr 2006	11.83
Mar 2006	12.73
Feb 2006	12.73
Jan 2006	12.23
Dec 2005	11.86
Nov 2005	11.99
Oct 2005	11.99
Sep 2005	12.13
Aug 2005	12.13
Jul 2005	11.84
Jun 2005	11.61
May 2005	11.61
Apr 2005	12.07
Mar 2005	12.29
Feb 2005	12.73
Jan 2005	12.32
Dec 2004	12.15
Nov 2004	12.15
Oct 2004	11.91
Sep 2004	11.66
Aug 2004	11.37
Jul 2004	11.36
Jun 2004	11.36
May 2004	11.94
Apr 2004	11.94
Mar 2004	11.93
Feb 2004	11.93
Jan 2004	11.28
Dec 2003	10.78
Nov 2003	10.85
Oct 2003	10.88
Sep 2003	10.88
Aug 2003	10.63
Jul 2003	10.63
Jun 2003	10.44
May 2003	10.22
Apr 2003	9.13
Mar 2003	8.53
Feb 2003	9.27
Jan 2003	9.48
Dec 2002	9.71
Nov 2002	9.71
Oct 2002	9.89
Sep 2002	10.06
Aug 2002	10.06
Jul 2002	10.34
Jun 2002	10.97
May 2002	12.56
Apr 2002	13.29
Mar 2002	13.01
Feb 2002	12.79
Jan 2002	12.79
Dec 2001	12.64
Nov 2001	12.38
Oct 2001	11.81
Sep 2001	10.89
Aug 2001	12.40
Jul 2001	12.41
Jun 2001	11.94
May 2001	11.94
Apr 2001	12.31
Mar 2001	12.48
Feb 2001	12.74
Jan 2001	13.01
Dec 2000	13.09
Nov 2000	13.65
Oct 2000	13.58
Sep 2000	14.14
Aug 2000	14.71
Jul 2000	13.93
Jun 2000	13.93
May 2000	14.14
Apr 2000	14.41
Mar 2000	13
Feb 2000	14.36
Jan 2000	14.84
Dec 1999	15.97
Nov 1999	17.95
Oct 1999	17.96
Sep 1999	18.26
Aug 1999	17.98
Jul 1999	18.19
Jun 1999	18.44
May 1999	18.99
Apr 1999	19.28
Mar 1999	20.82
Feb 1999	21.31
Jan 1999	22.02
Dec 1998	21.41
Nov 1998	20.21
Oct 1998	18.60
Sep 1998	19.37
Aug 1998	19.89
Jul 1998	21.93
Jun 1998	22.24
May 1998	20.57
Apr 1998	19.24
Mar 1998	18.66
Feb 1998	17.95
Jan 1998	16.04
Dec 1997	15.10
Nov 1997	14.58
Oct 1997	14.81
Sep 1997	14.81
Aug 1997	15.30
Jul 1997	15.59
Jun 1997	15.33
May 1997	15.12
Apr 1997	14.88
Mar 1997	14.61
Feb 1997	14.61
Jan 1997	14.37
Dec 1996	13.53
Nov 1996	13.02
Oct 1996	13.02
Sep 1996	12.85
Aug 1996	12.39
Jul 1996	12.39
Jun 1996	12.82
May 1996	12.75
Apr 1996	12.49
Mar 1996	12.49
Feb 1996	12.28
Jan 1996	12.06

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (17.62) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
Germany	17.89	95	Expensive
United Kingdom	18.89	99.20	Expensive
France	18.67	94.20	Expensive
Italy	12.80	68.30	Overvalued
Spain	13.26	80.80	Expensive

Definition: Trailing P/E Ratio

The trailing P/E ratio for Belgium Stock Market shows how much investors are paying for one unit of the index's past earnings.
It is calculated as : P/E = Index level / Aggregated EPS
Aggregated EPS means the index's total earnings per share after weighting each stock in the index (usually by its market capitalization): Aggregated EPS = sum(weight_i * EPS_i). For trailing P/E, the EPS_i values are the actual earnings from the past 12 months.