Singapore Stock Market PE Ratio

The Singapore Stock Market currently trades at a current P/E ratio of 15.34 as of October 24, 2025.

Over the past five years, the median P/E has been 13.68, putting today's valuation in the 86.7th percentile of that range. Looking at the longer 10-year period, where the median sits at 13.04, the current reading ranks in the 93.3th percentile - a level historically associated with Expensive pricing. The 20-year median of 13.2 provides additional context, with the current ratio in the 93.3th percentile of that extended timeframe.

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

Since March 1996, the iShares MSCI Singapore ETF has recorded a median P/E ratio of 13.64 over 30 years. Against this full historical backdrop, the current valuation sits in the 78.4th 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 (15.34) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	14.29	83.3	Expensive
5 Year	13.68	86.7	Expensive
10 Year	13.04	93.3	Expensive
20 Year	13.2	93.3	Expensive
Since Mar 1996	13.64	78.4	Overvalued

Returns vs P/E Ratio

Over the past decade, the PE rose from 10.9 (3.8th percentile) to 15.34 (93.3th percentile). Annualized total return over this period was 2.3%. 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	12.01	15.7	+29.6%	+29.6%
3 Year	13.52	43.8	+72.6%	+20%
5 Year	13.66	51.4	+47.5%	+8.1%
10 Year	10.91	3.8	+25%	+2.3%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	15.34
Sep 2025	15.18
Aug 2025	15.84
Jul 2025	14.41
Jun 2025	14.14
May 2025	14.01
Apr 2025	15.41
Mar 2025	13.47
Feb 2025	14.57
Jan 2025	14.17
Dec 2024	13.06
Nov 2024	12.38
Oct 2024	12.01
Sep 2024	12.87
Aug 2024	13.08
Jul 2024	11.88
Jun 2024	11.66
May 2024	11.95
Apr 2024	11.21
Mar 2024	11.12
Feb 2024	10.92
Jan 2024	10.05
Dec 2023	10.59
Nov 2023	10.67
Oct 2023	10.80
Sep 2023	11.23
Aug 2023	10.09
Jul 2023	11.29
Jun 2023	10.04
May 2023	11.42
Apr 2023	11.89
Mar 2023	12.07
Feb 2023	13.01
Jan 2023	12.85
Dec 2022	12.97
Nov 2022	12.97
Oct 2022	13.52
Sep 2022	14.05
Aug 2022	15.02
Jul 2022	15.49
Jun 2022	15.48
May 2022	17.14
Apr 2022	17.39
Mar 2022	18.37
Feb 2022	16.21
Jan 2022	15.03
Dec 2021	13.78
Nov 2021	14.24
Oct 2021	13.68
Sep 2021	13.68
Aug 2021	13.80
Jul 2021	13.67
Jun 2021	13.73
May 2021	13.97
Apr 2021	14.20
Mar 2021	14.02
Feb 2021	14.02
Jan 2021	14.70
Dec 2020	14.60
Nov 2020	13.34
Oct 2020	13.66
Sep 2020	14.07
Aug 2020	14.07
Jul 2020	14.50
Jun 2020	14.50
May 2020	13.29
Apr 2020	11.63
Mar 2020	10.17
Feb 2020	12.53
Jan 2020	12.58
Dec 2019	12.35
Nov 2019	12.50
Oct 2019	11.88
Sep 2019	11.84
Aug 2019	12.06
Jul 2019	12.42
Jun 2019	11.58
May 2019	12.60
Apr 2019	12.60
Mar 2019	12.06
Feb 2019	11.82
Jan 2019	11.56
Dec 2018	11.62
Nov 2018	11.03
Oct 2018	11.42
Sep 2018	11.68
Aug 2018	12.28
Jul 2018	11.96
Jun 2018	13.11
May 2018	13.09
Apr 2018	13.75
Mar 2018	13.22
Feb 2018	13.44
Jan 2018	14.29
Dec 2017	13.91
Nov 2017	13.91
Oct 2017	13.68
Sep 2017	13.45
Aug 2017	13.62
Jul 2017	13.94
Jun 2017	13.66
May 2017	13.61
Apr 2017	13.61
Mar 2017	13.46
Feb 2017	13.46
Jan 2017	13.26
Dec 2016	12.97
Nov 2016	12.40
Oct 2016	12.22
Sep 2016	12.30
Aug 2016	12.30
Jul 2016	12.05
Jun 2016	11.99
May 2016	11.73
Apr 2016	12.57
Mar 2016	11.26
Feb 2016	10.44
Jan 2016	10.44
Dec 2015	11.45
Nov 2015	11.45
Oct 2015	10.91
Sep 2015	11.20
Aug 2015	11.72
Jul 2015	12.82
Jun 2015	12.82
May 2015	13.29
Apr 2015	13.52
Mar 2015	13.27
Feb 2015	13.19
Jan 2015	12.89
Dec 2014	13.11
Nov 2014	12.88
Oct 2014	12.88
Sep 2014	13.09
Aug 2014	13.63
Jul 2014	13.24
Jun 2014	13.53
May 2014	13.53
Apr 2014	13.04
Mar 2014	13.02
Feb 2014	12.46
Jan 2014	13.13
Dec 2013	13.35
Nov 2013	13.38
Oct 2013	12.98
Sep 2013	12.98
Aug 2013	13.62
Jul 2013	13.83
Jun 2013	12.89
May 2013	14.28
Apr 2013	13.97
Mar 2013	13.97
Feb 2013	13.80
Jan 2013	13.04
Dec 2012	13.04
Nov 2012	12.79
Oct 2012	12.90
Sep 2012	13.04
Aug 2012	12.13
Jul 2012	12.13
Jun 2012	11.58
May 2012	12.52
Apr 2012	13.38
Mar 2012	13.36
Feb 2012	13.09
Jan 2012	12.55
Dec 2011	11.57
Nov 2011	12.19
Oct 2011	10.74
Sep 2011	11.68
Aug 2011	13.25
Jul 2011	12.69
Jun 2011	13.15
May 2011	13.15
Apr 2011	13.78
Mar 2011	12.80
Feb 2011	13.56
Jan 2011	14.08
Dec 2010	13.90
Nov 2010	14.31
Oct 2010	13.89
Sep 2010	13.64
Aug 2010	13.68
Jul 2010	12.56
Jun 2010	12.56
May 2010	12.37
Apr 2010	14.29
Mar 2010	14.76
Feb 2010	14.76
Jan 2010	14.48
Dec 2009	14.36
Nov 2009	14.36
Oct 2009	14.93
Sep 2009	15.17
Aug 2009	15.17
Jul 2009	14.87
Jun 2009	15.19
May 2009	14.11
Apr 2009	12.50
Mar 2009	10.71
Feb 2009	10.20
Jan 2009	10.20
Dec 2008	9.07
Nov 2008	8.02
Oct 2008	8.16
Sep 2008	10.94
Aug 2008	12.35
Jul 2008	12.57
Jun 2008	12.89
May 2008	13.86
Apr 2008	13.53
Mar 2008	12.40
Feb 2008	12.40
Jan 2008	14.04
Dec 2007	14.12
Nov 2007	14.73
Oct 2007	15.20
Sep 2007	14.27
Aug 2007	14.27
Jul 2007	17.18
Jun 2007	16.96
May 2007	16.20
Apr 2007	16.20
Mar 2007	15.66
Feb 2007	16.89
Jan 2007	16.08
Dec 2006	15.74
Nov 2006	15.06
Oct 2006	14.48
Sep 2006	13.80
Aug 2006	13.09
Jul 2006	13.01
Jun 2006	12.77
May 2006	13.83
Apr 2006	14.64
Mar 2006	14.34
Feb 2006	14.04
Jan 2006	13.74
Dec 2005	13.27
Nov 2005	13.43
Oct 2005	13.84
Sep 2005	13.84
Aug 2005	13.82
Jul 2005	13.55
Jun 2005	13.50
May 2005	13.50
Apr 2005	13.21
Mar 2005	12.98
Feb 2005	12.74
Jan 2005	12.74
Dec 2004	12.80
Nov 2004	13.10
Oct 2004	13.10
Sep 2004	12.52
Aug 2004	12.97
Jul 2004	12.68
Jun 2004	12.68
May 2004	14
Apr 2004	13.98
Mar 2004	14.54
Feb 2004	15.06
Jan 2004	14.88
Dec 2003	14.88
Nov 2003	15.70
Oct 2003	15.45
Sep 2003	15.45
Aug 2003	16.04
Jul 2003	16.24
Jun 2003	15.54
May 2003	13.75
Apr 2003	13.25
Mar 2003	13.01
Feb 2003	13.68
Jan 2003	13.54
Dec 2002	14.01
Nov 2002	14.45
Oct 2002	14.91
Sep 2002	15.61
Aug 2002	15.79
Jul 2002	16.44
Jun 2002	16.68
May 2002	19.40
Apr 2002	20.38
Mar 2002	21.17
Feb 2002	22.06
Jan 2002	21.38
Dec 2001	19.87
Nov 2001	16.52
Oct 2001	15.13
Sep 2001	14.73
Aug 2001	14.48
Jul 2001	13.91
Jun 2001	14.06
May 2001	13.02
Apr 2001	12.88
Mar 2001	15.04
Feb 2001	14.98
Jan 2001	15.60
Dec 2000	15.47
Nov 2000	15.47
Oct 2000	16.27
Sep 2000	18
Aug 2000	19.69
Jul 2000	18.66
Jun 2000	17.54
May 2000	16.51
Apr 2000	16.92
Mar 2000	17.13
Feb 2000	18.36
Jan 2000	21.85
Dec 1999	20.52
Nov 1999	19.57
Oct 1999	19.10
Sep 1999	19.10
Aug 1999	18.90
Jul 1999	22.02
Jun 1999	22.78
May 1999	23.08
Apr 1999	22.53
Mar 1999	20.35
Feb 1999	23.52
Jan 1999	23.02
Dec 1998	21.11
Nov 1998	20.23
Oct 1998	14.83
Sep 1998	12.42
Aug 1998	11.33
Jul 1998	10.91
Jun 1998	11.86
May 1998	13.46
Apr 1998	14.58
Mar 1998	13.81
Feb 1998	12.94
Jan 1998	10.99
Dec 1997	12.80
Nov 1997	13.24
Oct 1997	14.23
Sep 1997	14.50
Aug 1997	15.29
Jul 1997	15.76
Jun 1997	16.34
May 1997	17.01
Apr 1997	17.20
Mar 1997	17.46
Feb 1997	18.41
Jan 1997	17.91
Dec 1996	17.91
Nov 1996	17.63
Oct 1996	18.08
Sep 1996	17.28
Aug 1996	17.28
Jul 1996	17.75
Jun 1996	18.05
May 1996	19.47
Apr 1996	19.48
Mar 1996	20.08

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (15.34) 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 Singapore 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.