Norway Stock Market PE Ratio

The Norway Stock Market currently trades at a current P/E ratio of 13.05 as of October 24, 2025.

Over the past five years, the median P/E has been 11.04, putting today's valuation in the 78.3th percentile of that range. Looking at the longer 10-year period, where the median sits at 12.89, the current reading ranks close to the median - a level historically associated with Fair Value pricing. The 20-year median of 11.46 provides additional context, with the current ratio in the 75.4th percentile of that extended timeframe.

This analysis is based on the Global X MSCI Norway ETF (NORW) which serves as the benchmark for the Norway market.

Since June 1996, the Global X MSCI Norway ETF has recorded a median P/E ratio of 11.6 over 29 years. Against this full historical backdrop, the current valuation sits in the 76.2th 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 (13.05) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	11.57	83.3	Expensive
5 Year	11.04	78.3	Overvalued
10 Year	12.89	54.2	Fair Value
20 Year	11.46	75.4	Overvalued
Since Jun 1996	11.6	76.2	Overvalued

Returns vs P/E Ratio

Over the past decade, the PE rose from 12.1 (67.8th percentile) to 13.05 (54.2th percentile). Annualized total return over this period was 2.7%. 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	10.37	28.2	+19.2%	+19.2%
3 Year	7.4	2.2	+29.3%	+8.9%
5 Year	15.24	96.9	+37%	+6.5%
10 Year	12.08	67.8	+30.3%	+2.7%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	13.05
Sep 2025	13.13
Aug 2025	13.25
Jul 2025	11.41
Jun 2025	11.71
May 2025	11.42
Apr 2025	12.79
Mar 2025	11.97
Feb 2025	11
Jan 2025	10.49
Dec 2024	9.98
Nov 2024	10.77
Oct 2024	10.37
Sep 2024	11.54
Aug 2024	11.47
Jul 2024	11.39
Jun 2024	11.07
May 2024	11.49
Apr 2024	8.91
Mar 2024	9.12
Feb 2024	8.53
Jan 2024	8.07
Dec 2023	10.18
Nov 2023	9.19
Oct 2023	8.24
Sep 2023	8.59
Aug 2023	7.29
Jul 2023	7.38
Jun 2023	6.49
May 2023	6.36
Apr 2023	6.62
Mar 2023	6.58
Feb 2023	8.48
Jan 2023	8.29
Dec 2022	8.16
Nov 2022	7.79
Oct 2022	7.40
Sep 2022	7.95
Aug 2022	8.79
Jul 2022	8.58
Jun 2022	9.13
May 2022	9.10
Apr 2022	9.86
Mar 2022	11.59
Feb 2022	11.59
Jan 2022	12
Dec 2021	11.72
Nov 2021	11.86
Oct 2021	12.68
Sep 2021	13.68
Aug 2021	13.82
Jul 2021	13.82
Jun 2021	14.32
May 2021	15.31
Apr 2021	15.15
Mar 2021	15.63
Feb 2021	15.68
Jan 2021	15.23
Dec 2020	15.64
Nov 2020	15.87
Oct 2020	15.24
Sep 2020	15.09
Aug 2020	16.01
Jul 2020	15.59
Jun 2020	16.36
May 2020	17.54
Apr 2020	15.84
Mar 2020	12.78
Feb 2020	12.35
Jan 2020	12.91
Dec 2019	13.31
Nov 2019	12.53
Oct 2019	13.30
Sep 2019	12.99
Aug 2019	12.34
Jul 2019	13.05
Jun 2019	12.87
May 2019	12.37
Apr 2019	13.23
Mar 2019	13.20
Feb 2019	12.92
Jan 2019	12.53
Dec 2018	11.96
Nov 2018	11.55
Oct 2018	11.88
Sep 2018	12.65
Aug 2018	13.35
Jul 2018	13.51
Jun 2018	13.27
May 2018	13.40
Apr 2018	13.92
Mar 2018	14.10
Feb 2018	14.35
Jan 2018	14.35
Dec 2017	14.35
Nov 2017	14.35
Oct 2017	14.35
Sep 2017	14.35
Aug 2017	14.35
Jul 2017	14.35
Jun 2017	13.51
May 2017	13.72
Apr 2017	13.41
Mar 2017	13.51
Feb 2017	13.88
Jan 2017	14.59
Dec 2016	14.45
Nov 2016	14.05
Oct 2016	14.65
Sep 2016	13.65
Aug 2016	13.47
Jul 2016	14.04
Jun 2016	13.71
May 2016	14.31
Apr 2016	14.57
Mar 2016	14.53
Feb 2016	13.26
Jan 2016	12.69
Dec 2015	12.68
Nov 2015	12.76
Oct 2015	12.08
Sep 2015	11.01
Aug 2015	10.61
Jul 2015	11.77
Jun 2015	12.11
May 2015	12.61
Apr 2015	13.05
Mar 2015	12.08
Feb 2015	12.03
Jan 2015	11.01
Dec 2014	10.01
Nov 2014	10.55
Oct 2014	10.55
Sep 2014	11.46
Aug 2014	11.60
Jul 2014	12.10
Jun 2014	12.33
May 2014	11.77
Apr 2014	11.56
Mar 2014	11.02
Feb 2014	11.01
Jan 2014	10.66
Dec 2013	10.89
Nov 2013	11.17
Oct 2013	11.17
Sep 2013	10.52
Aug 2013	10.35
Jul 2013	9.75
Jun 2013	9.75
May 2013	10.11
Apr 2013	10.11
Mar 2013	10.38
Feb 2013	10.38
Jan 2013	10.22
Dec 2012	9.92
Nov 2012	9.86
Oct 2012	9.73
Sep 2012	10.08
Aug 2012	9.96
Jul 2012	9.59
Jun 2012	8.54
May 2012	8.39
Apr 2012	9.38
Mar 2012	10.38
Feb 2012	10.38
Jan 2012	9.57
Dec 2011	9.17
Nov 2011	8.74
Oct 2011	8.84
Sep 2011	7.98
Aug 2011	9.38
Jul 2011	9.64
Jun 2011	9.54
May 2011	9.70
Apr 2011	10.25
Mar 2011	9.96
Feb 2011	10.31
Jan 2011	10.31
Dec 2010	10.15
Nov 2010	9.48
Oct 2010	10.03
Sep 2010	9.48
Aug 2010	9.09
Jul 2010	9.83
Jun 2010	8.92
May 2010	9.60
Apr 2010	10.28
Mar 2010	10.22
Feb 2010	10.22
Jan 2010	10.66
Dec 2009	11.47
Nov 2009	11.45
Oct 2009	10.60
Sep 2009	10.56
Aug 2009	10.32
Jul 2009	10.42
Jun 2009	9.51
May 2009	11.04
Apr 2009	8.98
Mar 2009	7.37
Feb 2009	7.93
Jan 2009	6.79
Dec 2008	6.62
Nov 2008	4.84
Oct 2008	5.68
Sep 2008	6.66
Aug 2008	7.88
Jul 2008	8.41
Jun 2008	9.04
May 2008	10.87
Apr 2008	11.03
Mar 2008	10.11
Feb 2008	12.36
Jan 2008	12.36
Dec 2007	12.56
Nov 2007	12.48
Oct 2007	13.37
Sep 2007	12.08
Aug 2007	12.08
Jul 2007	13.29
Jun 2007	13.89
May 2007	13.21
Apr 2007	12.58
Mar 2007	12.37
Feb 2007	11.92
Jan 2007	12.84
Dec 2006	12.22
Nov 2006	11.55
Oct 2006	10.90
Sep 2006	9.92
Aug 2006	10.82
Jul 2006	11.15
Jun 2006	10.29
May 2006	11.09
Apr 2006	12.78
Mar 2006	11.20
Feb 2006	11.20
Jan 2006	12.91
Dec 2005	12.06
Nov 2005	11.90
Oct 2005	11.58
Sep 2005	12.56
Aug 2005	13.86
Jul 2005	13.58
Jun 2005	13.04
May 2005	10.38
Apr 2005	11.93
Mar 2005	12.29
Feb 2005	12.04
Jan 2005	11.84
Dec 2004	10.92
Nov 2004	11.31
Oct 2004	11.31
Sep 2004	11.18
Aug 2004	11.18
Jul 2004	11.27
Jun 2004	11.27
May 2004	11.40
Apr 2004	12.21
Mar 2004	13.02
Feb 2004	13.02
Jan 2004	12.88
Dec 2003	12.60
Nov 2003	12.11
Oct 2003	11.81
Sep 2003	12.15
Aug 2003	12.15
Jul 2003	11.91
Jun 2003	11.60
May 2003	10.78
Apr 2003	10.31
Mar 2003	9.40
Feb 2003	9.79
Jan 2003	10.43
Dec 2002	10.52
Nov 2002	10.41
Oct 2002	10.41
Sep 2002	10.41
Aug 2002	10.58
Jul 2002	10.89
Jun 2002	11.44
May 2002	12.35
Apr 2002	13.05
Mar 2002	13.05
Feb 2002	12.09
Jan 2002	12.09
Dec 2001	11.98
Nov 2001	11.78
Oct 2001	9.91
Sep 2001	9.23
Aug 2001	10.16
Jul 2001	10.92
Jun 2001	11.70
May 2001	11.21
Apr 2001	11.22
Mar 2001	11.22
Feb 2001	11.44
Jan 2001	12.21
Dec 2000	11.22
Nov 2000	11.53
Oct 2000	11.72
Sep 2000	12.83
Aug 2000	12.51
Jul 2000	12.31
Jun 2000	12.31
May 2000	12.82
Apr 2000	12.38
Mar 2000	13.14
Feb 2000	13.50
Jan 2000	14.51
Dec 1999	13.88
Nov 1999	14.12
Oct 1999	14.27
Sep 1999	15.13
Aug 1999	15.86
Jul 1999	15.13
Jun 1999	16.38
May 1999	16.38
Apr 1999	15.43
Mar 1999	13.80
Feb 1999	13.28
Jan 1999	12.44
Dec 1998	10.33
Nov 1998	9.68
Oct 1998	8.70
Sep 1998	10.18
Aug 1998	10.84
Jul 1998	12.97
Jun 1998	12.96
May 1998	13.27
Apr 1998	14.18
Mar 1998	13.83
Feb 1998	13.44
Jan 1998	11.57
Dec 1997	12.39
Nov 1997	12.76
Oct 1997	13.31
Sep 1997	14.02
Aug 1997	14.02
Jul 1997	13.67
Jun 1997	13.07
May 1997	12.43
Apr 1997	12.06
Mar 1997	12.41
Feb 1997	12.41
Jan 1997	11.85
Dec 1996	11.08
Nov 1996	10.54
Oct 1996	10.42
Sep 1996	10.24
Aug 1996	9.85
Jul 1996	9.35
Jun 1996	9.35

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (13.05) 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 Norway 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.