Canada Stock Market PE Ratio

The Canada Stock Market currently trades at a current P/E ratio of 19.39 as of October 24, 2025.

Over the past five years, the median P/E has been 15.04, putting today's valuation in the 90th percentile of that range. Looking at the longer 10-year period, where the median sits at 14.86, the current reading ranks in the 95th percentile - a level historically associated with Expensive pricing. The 20-year median of 14.14 provides additional context, with the current ratio in the 97.5th percentile of that extended timeframe.

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

Since January 1996, the iShares MSCI Canada ETF has recorded a median P/E ratio of 14.46 over 30 years. Against this full historical backdrop, the current valuation sits in the 92.2th 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 (19.39) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	19.44	50	Fair Value
5 Year	15.04	90	Expensive
10 Year	14.86	95	Expensive
20 Year	14.14	97.5	Expensive
Since Jan 1996	14.46	92.2	Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 14.8 (62.6th percentile) to 19.39 (95th percentile). Annualized total return over this period was 7.8%. Percentile rank indicates position within the historical distribution. Elevated valuations do not necessarily imply immediate low returns; markets can remain richly valued for extended periods, but this warrants caution for longer-horizon return assumptions.

Time Period	Starting PE Ratio	Starting Percentile	Total Return	Annualized Return
1 Year	18.41	90.2	+21.6%	+21.6%
3 Year	10.47	2.2	+58.8%	+16.7%
5 Year	15.7	73.5	+79.8%	+12.5%
10 Year	14.84	62.6	+111.4%	+7.8%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	19.39
Sep 2025	18.93
Aug 2025	19.79
Jul 2025	20.96
Jun 2025	20.97
May 2025	20.41
Apr 2025	20.17
Mar 2025	19.36
Feb 2025	18.82
Jan 2025	18.63
Dec 2024	18.15
Nov 2024	19.48
Oct 2024	18.41
Sep 2024	18.42
Aug 2024	18.82
Jul 2024	17.61
Jun 2024	16.78
May 2024	17.22
Apr 2024	16.13
Mar 2024	17.17
Feb 2024	15.29
Jan 2024	14.05
Dec 2023	14.95
Nov 2023	13.90
Oct 2023	13.76
Sep 2023	14.05
Aug 2023	13.91
Jul 2023	14.06
Jun 2023	13.27
May 2023	12.59
Apr 2023	13.38
Mar 2023	12.70
Feb 2023	12.62
Jan 2023	11.83
Dec 2022	12.05
Nov 2022	11.46
Oct 2022	10.47
Sep 2022	11.04
Aug 2022	11.59
Jul 2022	10.82
Jun 2022	11.80
May 2022	11.98
Apr 2022	13.40
Mar 2022	13.37
Feb 2022	13.86
Jan 2022	13.71
Dec 2021	13.71
Nov 2021	14.72
Oct 2021	14.18
Sep 2021	14.64
Aug 2021	14.64
Jul 2021	15.12
Jun 2021	15.22
May 2021	15.38
Apr 2021	15.66
Mar 2021	15.42
Feb 2021	15.62
Jan 2021	16.04
Dec 2020	16.04
Nov 2020	15.75
Oct 2020	15.70
Sep 2020	16.83
Aug 2020	16.97
Jul 2020	17.05
Jun 2020	17.05
May 2020	16.35
Apr 2020	14.19
Mar 2020	10.10
Feb 2020	14.86
Jan 2020	14.43
Dec 2019	14.19
Nov 2019	13.90
Oct 2019	13.90
Sep 2019	13.38
Aug 2019	13.38
Jul 2019	13.62
Jun 2019	13.42
May 2019	13.98
Apr 2019	13.95
Mar 2019	13.70
Feb 2019	13.70
Jan 2019	12.82
Dec 2018	11.66
Nov 2018	12.40
Oct 2018	12.69
Sep 2018	13.29
Aug 2018	13.77
Jul 2018	14.03
Jun 2018	14.08
May 2018	13.81
Apr 2018	13.81
Mar 2018	13.96
Feb 2018	14.40
Jan 2018	15.36
Dec 2017	15.63
Nov 2017	15.63
Oct 2017	15.34
Sep 2017	14.69
Aug 2017	15.21
Jul 2017	14.94
Jun 2017	15.03
May 2017	15.32
Apr 2017	15.56
Mar 2017	15.56
Feb 2017	15.87
Jan 2017	15.82
Dec 2016	15.82
Nov 2016	15.54
Oct 2016	15.79
Sep 2016	16.02
Aug 2016	16.29
Jul 2016	16.23
Jun 2016	16.60
May 2016	16.46
Apr 2016	15.89
Mar 2016	15.57
Feb 2016	14.87
Jan 2016	12.92
Dec 2015	13.89
Nov 2015	14.45
Oct 2015	14.84
Sep 2015	14.22
Aug 2015	14.99
Jul 2015	15.27
Jun 2015	15.84
May 2015	16.45
Apr 2015	17.16
Mar 2015	17.16
Feb 2015	16.38
Jan 2015	14.51
Dec 2014	13.87
Nov 2014	13.37
Oct 2014	13.37
Sep 2014	14.61
Aug 2014	14.83
Jul 2014	14.83
Jun 2014	14.66
May 2014	14.66
Apr 2014	14.81
Mar 2014	14.81
Feb 2014	14.16
Jan 2014	14.18
Dec 2013	13.89
Nov 2013	14.07
Oct 2013	13.48
Sep 2013	13.45
Aug 2013	13.45
Jul 2013	13.11
Jun 2013	12.77
May 2013	12.18
Apr 2013	12.18
Mar 2013	13
Feb 2013	13
Jan 2013	12.71
Dec 2012	12.33
Nov 2012	12.33
Oct 2012	12.88
Sep 2012	12.63
Aug 2012	12.27
Jul 2012	11.57
Jun 2012	11.59
May 2012	11.32
Apr 2012	11.86
Mar 2012	12.39
Feb 2012	12.39
Jan 2012	11.41
Dec 2011	11.13
Nov 2011	11.69
Oct 2011	10.91
Sep 2011	11.75
Aug 2011	11.75
Jul 2011	12.86
Jun 2011	13.04
May 2011	13.36
Apr 2011	14.48
Mar 2011	14.50
Feb 2011	14.45
Jan 2011	14.45
Dec 2010	13.98
Nov 2010	14.04
Oct 2010	13.79
Sep 2010	13.79
Aug 2010	13.19
Jul 2010	12.76
Jun 2010	13.03
May 2010	14.19
Apr 2010	14.24
Mar 2010	13.64
Feb 2010	13.64
Jan 2010	14.17
Dec 2009	14.42
Nov 2009	14.14
Oct 2009	14.46
Sep 2009	14.16
Aug 2009	14.56
Jul 2009	12.69
Jun 2009	14.05
May 2009	13.24
Apr 2009	12.54
Mar 2009	10.70
Feb 2009	10.61
Jan 2009	9.77
Dec 2008	9.57
Nov 2008	7.98
Oct 2008	8.87
Sep 2008	9.85
Aug 2008	11.28
Jul 2008	11.56
Jun 2008	12.54
May 2008	13.55
Apr 2008	13.30
Mar 2008	12.99
Feb 2008	13.28
Jan 2008	14.52
Dec 2007	14.51
Nov 2007	14.84
Oct 2007	15.61
Sep 2007	14.15
Aug 2007	14.15
Jul 2007	15.68
Jun 2007	15.67
May 2007	15.33
Apr 2007	14.83
Mar 2007	14.54
Feb 2007	15.06
Jan 2007	14.61
Dec 2006	14.61
Nov 2006	14.38
Oct 2006	13.24
Sep 2006	14.13
Aug 2006	14.13
Jul 2006	13.15
Jun 2006	13.15
May 2006	14.44
Apr 2006	14.50
Mar 2006	14.77
Feb 2006	14.77
Jan 2006	13.93
Dec 2005	13.93
Nov 2005	13.39
Oct 2005	13.91
Sep 2005	14.47
Aug 2005	14.32
Jul 2005	14.08
Jun 2005	13.85
May 2005	13.53
Apr 2005	13.94
Mar 2005	14.60
Feb 2005	13.95
Jan 2005	13.70
Dec 2004	13.58
Nov 2004	13.58
Oct 2004	13.38
Sep 2004	13.37
Aug 2004	13.62
Jul 2004	13.61
Jun 2004	13.61
May 2004	14.25
Apr 2004	14.86
Mar 2004	15.36
Feb 2004	15.69
Jan 2004	15.59
Dec 2003	15.32
Nov 2003	15.17
Oct 2003	14.92
Sep 2003	14.92
Aug 2003	14.63
Jul 2003	14.38
Jun 2003	14.02
May 2003	13.12
Apr 2003	13.08
Mar 2003	13.27
Feb 2003	13.60
Jan 2003	13.98
Dec 2002	13.75
Nov 2002	13.20
Oct 2002	13.20
Sep 2002	13.43
Aug 2002	13.98
Jul 2002	14.27
Jun 2002	16.07
May 2002	17.41
Apr 2002	18.16
Mar 2002	18.45
Feb 2002	18.69
Jan 2002	18.69
Dec 2001	19.86
Nov 2001	18.32
Oct 2001	15.81
Sep 2001	15.79
Aug 2001	16.40
Jul 2001	15.55
Jun 2001	15.82
May 2001	16.04
Apr 2001	15.14
Mar 2001	14.91
Feb 2001	16.79
Jan 2001	17.32
Dec 2000	17.83
Nov 2000	18.71
Oct 2000	21.11
Sep 2000	23.04
Aug 2000	23.99
Jul 2000	23.55
Jun 2000	21.70
May 2000	21.92
Apr 2000	22.98
Mar 2000	25.09
Feb 2000	23.97
Jan 2000	22.94
Dec 1999	21.74
Nov 1999	19.74
Oct 1999	19.24
Sep 1999	20.63
Aug 1999	20.72
Jul 1999	20.29
Jun 1999	20.83
May 1999	20.83
Apr 1999	20.12
Mar 1999	19.34
Feb 1999	18.80
Jan 1999	18.47
Dec 1998	17.74
Nov 1998	16.24
Oct 1998	15.64
Sep 1998	16.74
Aug 1998	17.26
Jul 1998	18.46
Jun 1998	18.77
May 1998	19.50
Apr 1998	21.67
Mar 1998	21.61
Feb 1998	17.55
Jan 1998	16.64
Dec 1997	16.64
Nov 1997	17.32
Oct 1997	17.13
Sep 1997	17.50
Aug 1997	17.50
Jul 1997	17.06
Jun 1997	16.76
May 1997	15.90
Apr 1997	15.40
Mar 1997	16.26
Feb 1997	15.58
Jan 1997	15.58
Dec 1996	15.64
Nov 1996	15.26
Oct 1996	14.93
Sep 1996	13.90
Aug 1996	13.56
Jul 1996	13.72
Jun 1996	14.24
May 1996	14.05
Apr 1996	13.42
Mar 1996	13.42
Feb 1996	13.04
Jan 1996	12.45

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (19.39) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
United States	26.43	90.80	Expensive
Brazil	10.37	51.70	Fair Value
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 Canada 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.