Germany Stock Market PE Ratio

The Germany Stock Market currently trades at a current P/E ratio of 17.89 as of October 24, 2025.

Over the past five years, the median P/E has been 13.69, putting today's valuation in the 90th percentile of that range. Looking at the longer 10-year period, where the median sits at 13.16, the current reading ranks in the 95th percentile - a level historically associated with Expensive pricing. The 20-year median of 12.41 provides additional context, with the current ratio in the 97.5th percentile of that extended timeframe.

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

Since June 1996, the iShares MSCI Germany ETF has recorded a median P/E ratio of 12.87 over 29 years. Against this full historical backdrop, the current valuation sits in the 80.5th 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 (17.89) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	17.94	50	Fair Value
5 Year	13.69	90	Expensive
10 Year	13.16	95	Expensive
20 Year	12.41	97.5	Expensive
Since Jun 1996	12.87	80.5	Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 12.5 (43.3th percentile) to 17.89 (95th percentile). Annualized total return over this period was 4.4%. 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	14.65	70.4	+26.4%	+26.4%
3 Year	9.17	4.4	+93.7%	+24.7%
5 Year	14.63	68.9	+41.6%	+7.2%
10 Year	12.51	43.3	+54.1%	+4.4%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	17.89
Sep 2025	18.68
Aug 2025	18.18
Jul 2025	17.99
Jun 2025	18.50
May 2025	17.61
Apr 2025	19.69
Mar 2025	16.85
Feb 2025	18.45
Jan 2025	17.53
Dec 2024	15.43
Nov 2024	15.53
Oct 2024	14.65
Sep 2024	15.90
Aug 2024	15.76
Jul 2024	14.64
Jun 2024	13.36
May 2024	14.33
Apr 2024	12.71
Mar 2024	13.39
Feb 2024	13
Jan 2024	11.49
Dec 2023	12.10
Nov 2023	11.90
Oct 2023	12.24
Sep 2023	12.39
Aug 2023	12.96
Jul 2023	14.14
Jun 2023	13.63
May 2023	12.73
Apr 2023	13.56
Mar 2023	12.47
Feb 2023	11.47
Jan 2023	10.57
Dec 2022	10.68
Nov 2022	9.58
Oct 2022	9.17
Sep 2022	9.85
Aug 2022	10.24
Jul 2022	9.55
Jun 2022	10.33
May 2022	10.33
Apr 2022	11.14
Mar 2022	10.43
Feb 2022	12.24
Jan 2022	13.34
Dec 2021	12.90
Nov 2021	13.75
Oct 2021	13.54
Sep 2021	14.17
Aug 2021	14.40
Jul 2021	14.40
Jun 2021	14.79
May 2021	14.91
Apr 2021	15.90
Mar 2021	15.58
Feb 2021	15.84
Jan 2021	15.69
Dec 2020	15.92
Nov 2020	15.50
Oct 2020	14.63
Sep 2020	16.26
Aug 2020	17.10
Jul 2020	17.59
Jun 2020	17.13
May 2020	16.15
Apr 2020	13.22
Mar 2020	9.72
Feb 2020	13.58
Jan 2020	14.07
Dec 2019	13.86
Nov 2019	13.57
Oct 2019	12.43
Sep 2019	12.73
Aug 2019	12.32
Jul 2019	12.61
Jun 2019	12.24
May 2019	12.56
Apr 2019	12.33
Mar 2019	11.89
Feb 2019	11.58
Jan 2019	11.58
Dec 2018	10.81
Nov 2018	11.42
Oct 2018	11.83
Sep 2018	12.18
Aug 2018	12.52
Jul 2018	12.52
Jun 2018	12.32
May 2018	12.91
Apr 2018	12.77
Mar 2018	12.56
Feb 2018	12.56
Jan 2018	13.30
Dec 2017	13.76
Nov 2017	13.76
Oct 2017	13.43
Sep 2017	13.43
Aug 2017	12.71
Jul 2017	13.24
Jun 2017	13.58
May 2017	13.73
Apr 2017	13.62
Mar 2017	13.62
Feb 2017	13.49
Jan 2017	13.49
Dec 2016	12.70
Nov 2016	12.71
Oct 2016	12.71
Sep 2016	12.83
Aug 2016	12.83
Jul 2016	12.18
Jun 2016	11.75
May 2016	12.40
Apr 2016	12.86
Mar 2016	12.03
Feb 2016	11.16
Jan 2016	12.06
Dec 2015	13.10
Nov 2015	13.99
Oct 2015	12.51
Sep 2015	11.67
Aug 2015	13.31
Jul 2015	13.64
Jun 2015	13.32
May 2015	14.20
Apr 2015	14.95
Mar 2015	15.18
Feb 2015	14.35
Jan 2015	12.63
Dec 2014	12.64
Nov 2014	11.52
Oct 2014	11.52
Sep 2014	11.89
Aug 2014	11.89
Jul 2014	12.53
Jun 2014	12.87
May 2014	12.29
Apr 2014	12.29
Mar 2014	12.53
Feb 2014	12.53
Jan 2014	12.91
Dec 2013	12.49
Nov 2013	12.17
Oct 2013	12.17
Sep 2013	11.04
Aug 2013	11.35
Jul 2013	11.13
Jun 2013	10.74
May 2013	11.46
Apr 2013	10.86
Mar 2013	10.98
Feb 2013	10.98
Jan 2013	10.79
Dec 2012	10.79
Nov 2012	10.27
Oct 2012	10.19
Sep 2012	9.84
Aug 2012	9.84
Jul 2012	8.95
Jun 2012	8.40
May 2012	9.10
Apr 2012	9.58
Mar 2012	10.27
Feb 2012	10
Jan 2012	9.32
Dec 2011	8.43
Nov 2011	8.57
Oct 2011	7.78
Sep 2011	7.39
Aug 2011	8.28
Jul 2011	9.37
Jun 2011	10.06
May 2011	10.42
Apr 2011	10.75
Mar 2011	10.16
Feb 2011	11.03
Jan 2011	10.64
Dec 2010	10.64
Nov 2010	10.22
Oct 2010	10.22
Sep 2010	10.02
Aug 2010	10.02
Jul 2010	10.59
Jun 2010	11.12
May 2010	11.06
Apr 2010	11.32
Mar 2010	11.52
Feb 2010	11.52
Jan 2010	12.25
Dec 2009	12.60
Nov 2009	12.24
Oct 2009	11.80
Sep 2009	12.86
Aug 2009	12.53
Jul 2009	12.02
Jun 2009	11.25
May 2009	11.59
Apr 2009	11
Mar 2009	9.13
Feb 2009	8.10
Jan 2009	9.49
Dec 2008	8.64
Nov 2008	7.93
Oct 2008	7.93
Sep 2008	9.54
Aug 2008	10.22
Jul 2008	9.64
Jun 2008	10.35
May 2008	11.16
Apr 2008	10.63
Mar 2008	10.17
Feb 2008	12.13
Jan 2008	12.13
Dec 2007	12.48
Nov 2007	12.26
Oct 2007	12.69
Sep 2007	12.23
Aug 2007	12.23
Jul 2007	12.82
Jun 2007	13.50
May 2007	13.24
Apr 2007	12.41
Mar 2007	12.41
Feb 2007	13.06
Jan 2007	12.83
Dec 2006	12.83
Nov 2006	12.60
Oct 2006	12.60
Sep 2006	12.32
Aug 2006	11.64
Jul 2006	11.64
Jun 2006	11.10
May 2006	12.12
Apr 2006	13.40
Mar 2006	13.40
Feb 2006	13.17
Jan 2006	12.65
Dec 2005	12.65
Nov 2005	12.28
Oct 2005	12.38
Sep 2005	12.38
Aug 2005	12.38
Jul 2005	12.12
Jun 2005	11.50
May 2005	11.50
Apr 2005	12.19
Mar 2005	12.59
Feb 2005	13.02
Jan 2005	12.98
Dec 2004	12.98
Nov 2004	12.72
Oct 2004	12.72
Sep 2004	12.31
Aug 2004	12.31
Jul 2004	13.05
Jun 2004	13.45
May 2004	14.56
Apr 2004	14.95
Mar 2004	14.62
Feb 2004	15.36
Jan 2004	15.75
Dec 2003	15.46
Nov 2003	15.19
Oct 2003	15.19
Sep 2003	15.54
Aug 2003	15.45
Jul 2003	15.19
Jun 2003	15.19
May 2003	14.14
Apr 2003	12.35
Mar 2003	11.57
Feb 2003	12.38
Jan 2003	13.09
Dec 2002	13.97
Nov 2002	13.74
Oct 2002	12.68
Sep 2002	13.64
Aug 2002	14.02
Jul 2002	15.28
Jun 2002	16.14
May 2002	17.52
Apr 2002	20.49
Mar 2002	21.94
Feb 2002	21.16
Jan 2002	21.16
Dec 2001	21.13
Nov 2001	21.13
Oct 2001	20.58
Sep 2001	14.86
Aug 2001	18.38
Jul 2001	19.36
Jun 2001	20.05
May 2001	20.45
Apr 2001	20.09
Mar 2001	20.16
Feb 2001	20.87
Jan 2001	22.15
Dec 2000	22.62
Nov 2000	21.86
Oct 2000	21.86
Sep 2000	22.54
Aug 2000	22.95
Jul 2000	23.73
Jun 2000	24.33
May 2000	24.75
Apr 2000	25.07
Mar 2000	25.45
Feb 2000	27.79
Jan 2000	30.30
Dec 1999	30.30
Nov 1999	27.20
Oct 1999	24.31
Sep 1999	22.49
Aug 1999	21.66
Jul 1999	22.17
Jun 1999	22.64
May 1999	21.23
Apr 1999	21.35
Mar 1999	21.03
Feb 1999	20.63
Jan 1999	21.58
Dec 1998	20.23
Nov 1998	19.43
Oct 1998	18.43
Sep 1998	20.16
Aug 1998	21.02
Jul 1998	24.59
Jun 1998	26.05
May 1998	23.86
Apr 1998	24.74
Mar 1998	24.56
Feb 1998	23.56
Jan 1998	22.07
Dec 1997	20.15
Nov 1997	20.15
Oct 1997	20.56
Sep 1997	20.24
Aug 1997	22.31
Jul 1997	22.98
Jun 1997	21.70
May 1997	20.41
Apr 1997	20.06
Mar 1997	19.71
Feb 1997	19.71
Jan 1997	19.37
Dec 1996	17.62
Nov 1996	17.21
Oct 1996	17.21
Sep 1996	16.90
Aug 1996	16.90
Jul 1996	17.21
Jun 1996	17.21

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (17.89) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
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
Turkey	13.81	100	Expensive

Definition: Trailing P/E Ratio

The trailing P/E ratio for Germany 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.