Hang Seng PE Ratio

The Hang Seng currently trades at a current P/E ratio of 13.17 as of October 24, 2025.

Over the past five years, the median P/E has been 11.74, putting today's valuation in the 72.9th percentile of that range. Looking at the longer 10-year period, where the median sits at 11.44, the current reading ranks in the 75.6th percentile - a level historically associated with Overvalued pricing. The 20-year median of 11.52 provides additional context, with the current ratio in the 66.1th percentile of that extended timeframe.

Since July 1974, the Hang Seng has recorded a median P/E ratio of 13.09 over 51 years. Against this full historical backdrop, the current valuation sits close to the median of all recorded readings, indicating that the market is trading in line with its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (13.17) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	11.88	91.7	Expensive
5 Year	11.74	72.9	Overvalued
10 Year	11.44	75.6	Overvalued
20 Year	11.52	66.1	Overvalued
Since Jul 1974	13.09	50.8	Fair Value

Returns vs P/E Ratio

Over the past decade, the PE rose from 9.2 (4.6th percentile) to 13.17 (75.6th percentile). Annualized total return over this period was 1.3%. 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	11.71	35.3	+27.1%	+27.1%
3 Year	8.18	2.4	+71.6%	+19.7%
5 Year	11.26	27.2	+5.3%	+1%
10 Year	9.17	4.6	+13.5%	+1.3%

Historical Data (1974-2025)

Date	Current PE Ratio
Oct 2025	13.17
Sep 2025	13.52
Aug 2025	12.47
Jul 2025	12.33
Jun 2025	12.01
May 2025	11.46
Apr 2025	11.09
Mar 2025	11.64
Feb 2025	13.12
Jan 2025	11.74
Dec 2024	11.63
Nov 2024	11.20
Oct 2024	11.71
Sep 2024	12.20
Aug 2024	10.32
Jul 2024	9.95
Jun 2024	10.16
May 2024	10.47
Apr 2024	10.10
Feb 2024	9.46
Jan 2024	9.51
Dec 2023	10.47
Nov 2023	10.17
Oct 2023	10.21
Sep 2023	10.62
Aug 2023	11.11
Jul 2023	12.14
Jun 2023	11.43
May 2023	10.91
Apr 2023	11.95
Mar 2023	12.08
Feb 2023	10.97
Jan 2023	12.20
Dec 2022	11.15
Nov 2022	10.36
Oct 2022	8.18
Sep 2022	9.59
Aug 2022	10.92
Jul 2022	11.03
Jun 2022	11.97
May 2022	11.67
Apr 2022	11.52
Mar 2022	12.93
Feb 2022	13.54
Jan 2022	15.49
Dec 2021	15.32
Nov 2021	15.10
Oct 2021	16.32
Sep 2021	15.80
Aug 2021	15.85
Jul 2021	15.90
Jun 2021	17.46
May 2021	17.17
Apr 2021	16.91
Mar 2021	16.35
Feb 2021	15.39
Jan 2021	14.40
Dec 2020	13.82
Nov 2020	12.30
Oct 2020	11.26
Sep 2020	10.81
Aug 2020	10.51
Jul 2020	10.24
Jun 2020	10.17
May 2020	9.18
Apr 2020	9.85
Mar 2020	9.37
Feb 2020	10.75
Jan 2020	10.40
Dec 2019	11.14
Nov 2019	10.29
Oct 2019	10.50
Sep 2019	10.19
Aug 2019	10.11
Jul 2019	10.91
Jun 2019	11.22
May 2019	10.29
Apr 2019	11.36
Mar 2019	11.44
Feb 2019	11.54
Jan 2019	11.52
Dec 2018	10.70
Nov 2018	10.95
Oct 2018	10.32
Sep 2018	11.47
Aug 2018	11.64
Jul 2018	11.93
Jun 2018	12.09
May 2018	13.09
Apr 2018	13.17
Mar 2018	13.26
Feb 2018	15.22
Jan 2018	17.40
Dec 2017	15.85
Nov 2017	15.52
Oct 2017	15.12
Sep 2017	14.75
Aug 2017	15.21
Jul 2017	14.86
Jun 2017	14.32
May 2017	23.55
Apr 2017	14.08
Mar 2017	13.67
Feb 2017	12.62
Jan 2017	11.40
Dec 2016	10.75
Nov 2016	11.21
Oct 2016	11.28
Sep 2016	11.45
Aug 2016	11.31
Jul 2016	10.75
Jun 2016	10.22
May 2016	10.18
Apr 2016	10.20
Mar 2016	10.05
Feb 2016	7.82
Jan 2016	7.93
Dec 2015	8.76
Nov 2015	8.92
Oct 2015	9.17
Sep 2015	8.42
Aug 2015	8.85
Jul 2015	10.05
Jun 2015	10.72
May 2015	11.41
Apr 2015	11.87
Mar 2015	10.50
Feb 2015	10.69
Jan 2015	11.31
Dec 2014	10.90
Nov 2014	11.18
Oct 2014	11.19
Sep 2014	10.69
Aug 2014	11.41
Jul 2014	11.39
Jun 2014	10.67
May 2014	10.65
Apr 2014	10.23
Mar 2014	10.24
Feb 2014	10.87
Jan 2014	10.70
Dec 2013	11.32
Nov 2013	11.57
Oct 2013	11.24
Sep 2013	11.08
Aug 2013	10.44
Jul 2013	10.53
Jun 2013	10.01
May 2013	10.72
Apr 2013	10.90
Mar 2013	10.69
Feb 2013	10.77
Jan 2013	11.27
Dec 2012	10.75
Nov 2012	10.41
Oct 2012	10.23
Sep 2012	9.85
Aug 2012	9.24
Jul 2012	9.38
Jun 2012	9.21
May 2012	8.72
Apr 2012	9.88
Mar 2012	10.40
Feb 2012	11.50
Jan 2012	11.14
Dec 2011	10.06
Nov 2011	9.70
Oct 2011	10.71
Sep 2011	9.51
Aug 2011	11.26
Jul 2011	12.07
Jun 2011	12.05
May 2011	12.53
Apr 2011	12.55
Mar 2011	12.45
Feb 2011	16.98
Jan 2011	17.20
Dec 2010	16.89
Nov 2010	16.77
Oct 2010	16.87
Sep 2010	16.60
Aug 2010	15.64
Jul 2010	16.02
Jun 2010	15.77
May 2010	15.37
Apr 2010	16.42
Mar 2010	16.48
Feb 2010	18.21
Jan 2010	17.82
Dec 2009	19.37
Nov 2009	19.32
Oct 2009	19.27
Sep 2009	18.24
Aug 2009	16.53
Jul 2009	16.90
Jun 2009	15.10
May 2009	15
Apr 2009	12.81
Mar 2009	11.13
Feb 2009	7.53
Jan 2009	7.72
Dec 2008	8.43
Nov 2008	8.14
Oct 2008	8.19
Sep 2008	10.61
Aug 2008	12.64
Jul 2008	13.67
Jun 2008	13.30
May 2008	14.61
Apr 2008	15.35
Mar 2008	13.89
Feb 2008	18.16
Jan 2008	17.58
Dec 2007	20.86
Nov 2007	21.93
Oct 2007	24.02
Sep 2007	20.97
Aug 2007	17.94
Jul 2007	17.47
Jun 2007	16.40
May 2007	15.44
Apr 2007	15.21
Mar 2007	14.89
Feb 2007	15.41
Jan 2007	15.79
Dec 2006	15.67
Nov 2006	14.97
Oct 2006	14.47
Sep 2006	13.77
Aug 2006	13.97
Jul 2006	13.53
Jun 2006	12.97
May 2006	12.64
Apr 2006	13.25
Mar 2006	12.59
Feb 2006	16.13
Jan 2006	15.98
Dec 2005	15.09
Nov 2005	15.15
Oct 2005	14.59
Sep 2005	15.87
Aug 2005	16.46
Jul 2005	16.44
Jun 2005	15.69
May 2005	15.09
Apr 2005	15.14
Mar 2005	14.96
Feb 2005	19.67
Jan 2005	19.06
Dec 2004	19.76
Nov 2004	19.52
Oct 2004	18.13
Sep 2004	18.22
Aug 2004	18.14
Jul 2004	17.27
Jun 2004	17.33
May 2004	17.37
Apr 2004	17.01
Mar 2004	18.07
Feb 2004	21.51
Jan 2004	20.69
Dec 2003	19.62
Nov 2003	19.22
Oct 2003	19.01
Sep 2003	17.51
Aug 2003	16.86
Jul 2003	15.53
Jun 2003	14.68
May 2003	14.46
Apr 2003	13.19
Mar 2003	13.05
Feb 2003	15
Jan 2003	15.20
Dec 2002	15.30
Nov 2002	16.31
Oct 2002	15.29
Sep 2002	14.57
Aug 2002	16.13
Jul 2002	16.47
Jun 2002	17.01
May 2002	18.11
Apr 2002	18.44
Mar 2002	17.65
Feb 2002	13.65
Jan 2002	14.04
Dec 2001	14.91
Nov 2001	14.75
Oct 2001	13.21
Sep 2001	12.95
Aug 2001	14.21
Jul 2001	15.77
Jun 2001	17.47
May 2001	17.23
Apr 2001	17.50
Mar 2001	18.10
Feb 2001	11.96
Jan 2001	13.45
Dec 2000	12.61
Nov 2000	11.08
Oct 2000	11.78
Sep 2000	12.36
Aug 2000	13.49
Jul 2000	12.42
Jun 2000	11.94
May 2000	10.89
Apr 2000	10.99
Mar 2000	12.21
Feb 2000	25.92
Jan 2000	25.26
Dec 1999	27.60
Nov 1999	25.25
Oct 1999	22.19
Sep 1999	21.50
Aug 1999	22.89
Jul 1999	22.39
Jun 1999	22.88
May 1999	20.54
Apr 1999	21.54
Mar 1999	17.71
Feb 1999	13.02
Jan 1999	11.58
Dec 1998	12.24
Nov 1998	12.67
Oct 1998	12.42
Sep 1998	9.09
Aug 1998	8.01
Jul 1998	8.74
Jun 1998	9.36
May 1998	9.78
Apr 1998	11.72
Mar 1998	12.41
Feb 1998	12.63
Jan 1998	10.51
Dec 1997	12.17
Nov 1997	11.95
Oct 1997	12.14
Sep 1997	17.31
Aug 1997	16.42
Jul 1997	19.01
Jun 1997	17.26
May 1997	16.78
Apr 1997	14.76
Mar 1997	14.34
Feb 1997	16.94
Jan 1997	16.94
Dec 1996	17.13
Nov 1996	17.05
Oct 1996	15.85
Sep 1996	14.83
Aug 1996	14.05
Jul 1996	13.48
Jun 1996	13.93
May 1996	14.24
Apr 1996	13.99
Mar 1996	13.98
Feb 1996	14.79
Jan 1996	15.49
Dec 1995	14.05
Nov 1995	13.69
Oct 1995	13.70
Sep 1995	13.80
Aug 1995	13.21
Jul 1995	13.59
Jun 1995	13.25
May 1995	13.54
Apr 1995	12.16
Mar 1995	12.49
Feb 1995	12.56
Jan 1995	11.59
Dec 1994	13.03
Nov 1994	13.46
Oct 1994	15.06
Sep 1994	15.48
Aug 1994	16.27
Jul 1994	15.53
Jun 1994	14.35
May 1994	15.68
Apr 1994	14.87
Mar 1994	14.93
Feb 1994	19.48
Jan 1994	21.60
Dec 1993	22.41
Nov 1993	17.07
Oct 1993	17.67
Sep 1993	15.02
Aug 1993	15.07
Jul 1993	13.95
Jun 1993	14.26
May 1993	14.79
Apr 1993	13.80
Mar 1993	13.09
Feb 1993	16.14
Jan 1993	14.62
Dec 1992	14.09
Nov 1992	14.85
Oct 1992	16.25
Sep 1992	14.81
Aug 1992	15.16
Jul 1992	15.83
Jun 1992	16.45
May 1992	16.40
Apr 1992	14.65
Mar 1992	13.40
Feb 1992	14.66
Jan 1992	13.89
Dec 1991	12.98
Nov 1991	12.53
Oct 1991	12.31
Sep 1991	12.37
Aug 1991	12.56
Jul 1991	12.69
Jun 1991	11.61
May 1991	11.77
Apr 1991	11.56
Mar 1991	11.86
Feb 1991	11.76
Jan 1991	10.74
Dec 1990	9.86
Nov 1990	9.66
Oct 1990	9.78
Sep 1990	9.20
Aug 1990	10.30
Jul 1990	11.51
Jun 1990	10.97
May 1990	10.65
Apr 1990	10.03
Mar 1990	10.20
Feb 1990	11.27
Jan 1990	10.52
Jan 1989	11.08
Jan 1988	12.38
Jan 1987	12.03
Jan 1986	18.85
Jan 1985	16.36
Jan 1984	11.81
Jan 1983	7.60
Jan 1982	6.14
Jan 1981	15.84
Jan 1980	19.97
Jan 1979	16.51
Jan 1978	12.22
Jan 1977	12.24
Jan 1976	16.17
Jan 1975	15.59
Jul 1974	7.02

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (13.17) with regional peer markets.

Country	PE Ratio	Percentile Rank	Rating
China	14.52	92.50	Expensive
Japan	17.24	94.20	Expensive
India	22.67	39.20	Undervalued
South Korea	12.83	95	Expensive
Indonesia	13.01	28.30	Undervalued

Definition: Trailing P/E Ratio

The trailing P/E ratio for Hang Seng 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.