Brazil Stock Market PE Ratio

The Brazil Stock Market currently trades at a current P/E ratio of 10.37 as of October 24, 2025.

Over the past five years, the median P/E has been 7.6, putting today's valuation in the 90th percentile of that range. Looking at the longer 10-year period, where the median sits at 10.3, the current reading ranks close to the median - a level historically associated with Fair Value pricing. The 20-year median of 9.98 provides additional context, with the current ratio close to the median of that extended timeframe.

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

Since April 1996, the iShares MSCI Brazil ETF has recorded a median P/E ratio of 9.07 over 30 years. Against this full historical backdrop, the current valuation sits in the 68.2th 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 (10.37) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	10.08	75	Overvalued
5 Year	7.6	90	Expensive
10 Year	10.3	51.7	Fair Value
20 Year	9.98	59.6	Fair Value
Since Apr 1996	9.07	68.2	Overvalued

Returns vs P/E Ratio

Over the past decade, the PE rose from 9.8 (65.5th percentile) to 10.37 (51.7th percentile). Annualized total return over this period was 2.8%. 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	8.74	46.6	+10.1%	+10.1%
3 Year	6.48	17.6	-2.6%	-0.9%
5 Year	11.93	82.7	+2.8%	+0.5%
10 Year	9.77	65.5	+32.3%	+2.8%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	10.37
Sep 2025	10.01
Aug 2025	10.39
Jul 2025	9.91
Jun 2025	10.77
May 2025	10.15
Apr 2025	10.89
Mar 2025	10.37
Feb 2025	7.73
Jan 2025	8.23
Dec 2024	7.19
Nov 2024	8.32
Oct 2024	8.74
Sep 2024	8.42
Aug 2024	7.78
Jul 2024	7.42
Jun 2024	7.25
May 2024	7.07
Apr 2024	7.72
Mar 2024	7.92
Feb 2024	7.81
Jan 2024	7.42
Dec 2023	8.01
Nov 2023	9.69
Oct 2023	6.52
Sep 2023	6.73
Aug 2023	6.28
Jul 2023	6.26
Jun 2023	5.67
May 2023	5.19
Apr 2023	5.13
Mar 2023	5.23
Feb 2023	5.14
Jan 2023	7.13
Dec 2022	6.50
Nov 2022	6.82
Oct 2022	6.48
Sep 2022	6.34
Aug 2022	5.94
Jul 2022	5.58
Jun 2022	5.94
May 2022	6.32
Apr 2022	7.32
Mar 2022	7.47
Feb 2022	7.98
Jan 2022	7.29
Dec 2021	7.48
Nov 2021	7.05
Oct 2021	7.42
Sep 2021	7.42
Aug 2021	7.99
Jul 2021	8.57
Jun 2021	8.66
May 2021	9.07
Apr 2021	9.76
Mar 2021	9.36
Feb 2021	10.14
Jan 2021	11.82
Dec 2020	12.47
Nov 2020	10.94
Oct 2020	11.93
Sep 2020	12.96
Aug 2020	15.26
Jul 2020	17.22
Jun 2020	15.41
May 2020	15.28
Apr 2020	11.08
Mar 2020	8.80
Feb 2020	12.78
Jan 2020	13.06
Dec 2019	12.45
Nov 2019	12.04
Oct 2019	11.69
Sep 2019	12.02
Aug 2019	11.33
Jul 2019	12.38
Jun 2019	11.97
May 2019	11.43
Apr 2019	11.13
Mar 2019	11.13
Feb 2019	12.21
Jan 2019	12.21
Dec 2018	10.51
Nov 2018	11.06
Oct 2018	10.22
Sep 2018	9.60
Aug 2018	10.45
Jul 2018	9.72
Jun 2018	9.72
May 2018	10.74
Apr 2018	11.97
Mar 2018	13.34
Feb 2018	13.62
Jan 2018	12.40
Dec 2017	12.24
Nov 2017	11.65
Oct 2017	12.58
Sep 2017	12.35
Aug 2017	11.79
Jul 2017	10.79
Jun 2017	10.13
May 2017	11.21
Apr 2017	11.22
Mar 2017	11.03
Feb 2017	11.67
Jan 2017	11.54
Dec 2016	10.96
Nov 2016	12.75
Oct 2016	13.26
Sep 2016	12.20
Aug 2016	12.24
Jul 2016	11.46
Jun 2016	10.71
May 2016	10.51
Apr 2016	12.08
Mar 2016	11.15
Feb 2016	11.01
Jan 2016	8.55
Dec 2015	9.57
Nov 2015	10.82
Oct 2015	9.77
Sep 2015	9.77
Aug 2015	10.63
Jul 2015	11.38
Jun 2015	12.38
May 2015	12.84
Apr 2015	11.87
Mar 2015	11.25
Feb 2015	10.17
Jan 2015	10.18
Dec 2014	9.35
Nov 2014	10.34
Oct 2014	10.22
Sep 2014	10.88
Aug 2014	11.08
Jul 2014	10.61
Jun 2014	10.22
May 2014	10.22
Apr 2014	9.68
Mar 2014	9.01
Feb 2014	8.82
Jan 2014	9.20
Dec 2013	10.54
Nov 2013	10.07
Oct 2013	10.10
Sep 2013	10.10
Aug 2013	10.04
Jul 2013	8.82
Jun 2013	9.77
May 2013	10.40
Apr 2013	10.13
Mar 2013	10.24
Feb 2013	10.69
Jan 2013	10.91
Dec 2012	9.65
Nov 2012	9.81
Oct 2012	9.77
Sep 2012	10.18
Aug 2012	9.46
Jul 2012	8.86
Jun 2012	8.57
May 2012	8.72
Apr 2012	9.35
Mar 2012	9.90
Feb 2012	9.61
Jan 2012	9.47
Dec 2011	8.06
Nov 2011	8.37
Oct 2011	7.72
Sep 2011	7.61
Aug 2011	7.60
Jul 2011	8.64
Jun 2011	9.08
May 2011	9.44
Apr 2011	9.85
Mar 2011	9.95
Feb 2011	10.54
Jan 2011	10.39
Dec 2010	10.15
Nov 2010	10.60
Oct 2010	10.41
Sep 2010	10.03
Aug 2010	9.75
Jul 2010	9.14
Jun 2010	9.02
May 2010	9.73
Apr 2010	10.67
Mar 2010	12.16
Feb 2010	11.93
Jan 2010	12.29
Dec 2009	13.17
Nov 2009	13.10
Oct 2009	12.74
Sep 2009	11.98
Aug 2009	11.95
Jul 2009	10.66
Jun 2009	12.10
May 2009	10.83
Apr 2009	10.10
Mar 2009	8.54
Feb 2009	7.76
Jan 2009	7.08
Dec 2008	6.69
Nov 2008	5.29
Oct 2008	5.42
Sep 2008	6.98
Aug 2008	8.36
Jul 2008	9.16
Jun 2008	10.80
May 2008	12.56
Apr 2008	11.49
Mar 2008	10.65
Feb 2008	11.77
Jan 2008	10.69
Dec 2007	11.65
Nov 2007	11.86
Oct 2007	11.69
Sep 2007	10.97
Aug 2007	9.14
Jul 2007	9.81
Jun 2007	9.81
May 2007	9.75
Apr 2007	8.99
Mar 2007	8.31
Feb 2007	8.97
Jan 2007	8.62
Dec 2006	8.15
Nov 2006	7.72
Oct 2006	7.29
Sep 2006	7.30
Aug 2006	7.58
Jul 2006	7.71
Jun 2006	6.86
May 2006	8.54
Apr 2006	8.41
Mar 2006	7.60
Feb 2006	7.41
Jan 2006	8.07
Dec 2005	6.84
Nov 2005	6.16
Oct 2005	6.23
Sep 2005	6.23
Aug 2005	6.05
Jul 2005	5.85
Jun 2005	5.59
May 2005	5.92
Apr 2005	6.13
Mar 2005	7.06
Feb 2005	7.20
Jan 2005	6.89
Dec 2004	6.69
Nov 2004	6.51
Oct 2004	6.33
Sep 2004	6.13
Aug 2004	6.01
Jul 2004	5.55
Jun 2004	5.55
May 2004	6.51
Apr 2004	6.54
Mar 2004	6.94
Feb 2004	7.68
Jan 2004	7.13
Dec 2003	6.87
Nov 2003	5.86
Oct 2003	5.32
Sep 2003	5.14
Aug 2003	4.96
Jul 2003	4.74
Jun 2003	4.63
May 2003	4.35
Apr 2003	4.31
Mar 2003	4.42
Feb 2003	4.62
Jan 2003	5.24
Dec 2002	4.62
Nov 2002	4.20
Oct 2002	5.03
Sep 2002	4.82
Aug 2002	5.32
Jul 2002	5.61
Jun 2002	6.45
May 2002	6.76
Apr 2002	6.76
Mar 2002	6.20
Feb 2002	6.22
Jan 2002	6.07
Dec 2001	5.85
Nov 2001	5.44
Oct 2001	5.44
Sep 2001	5.58
Aug 2001	7.47
Jul 2001	8.18
Jun 2001	8.35
May 2001	7.93
Apr 2001	7.93
Mar 2001	8.09
Feb 2001	7.74
Jan 2001	7.76
Dec 2000	7.76
Nov 2000	8.32
Oct 2000	9.01
Sep 2000	7.96
Aug 2000	7.49
Jul 2000	7.29
Jun 2000	6.86
May 2000	6.86
Apr 2000	7.29
Mar 2000	8.90
Feb 2000	10.40
Jan 2000	10.66
Dec 1999	10.09
Nov 1999	9.58
Oct 1999	9
Sep 1999	8.82
Aug 1999	8.35
Jul 1999	8.04
Jun 1999	8.85
May 1999	7.79
Apr 1999	6.67
Mar 1999	6.61
Feb 1999	5.13
Jan 1999	4.65
Dec 1998	5.47
Nov 1998	5.03
Oct 1998	5.61
Sep 1998	5.61
Aug 1998	5.78
Jul 1998	7.13
Jun 1998	7.47
May 1998	8.55
Apr 1998	9.37
Mar 1998	6.60
Feb 1998	6.30
Jan 1998	5.21
Dec 1997	5.63
Nov 1997	6.62
Oct 1997	7.29
Sep 1997	9.18
Aug 1997	24.59
Jul 1997	23.45
Jun 1997	22.86
May 1997	20.10
Apr 1997	17.86
Mar 1997	20.45
Feb 1997	20.18
Jan 1997	17.37
Dec 1996	16.65
Nov 1996	9.95
Oct 1996	10.16
Sep 1996	10.20
Aug 1996	17.89
Jul 1996	17.64
Jun 1996	17.82
May 1996	16.92
Apr 1996	15.72

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (10.37) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
United States	26.43	90.80	Expensive
Canada	19.39	95	Expensive
Mexico	13.72	57.50	Fair Value
Argentina	12.79	73.30	Overvalued
Colombia	10.08	51.70	Fair Value

Definition: Trailing P/E Ratio

The trailing P/E ratio for Brazil 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.