South Africa Stock Market PE Ratio

The South Africa Stock Market currently trades at a current P/E ratio of 3.9 as of October 24, 2025.

Over the past five years, the median P/E has been 10.29, putting today's valuation in the 1.7th percentile of that range. Looking at the longer 10-year period, where the median sits at 11.61, the current reading ranks among the lowest historically - a level historically associated with Attractive pricing. The 20-year median of 11.43 provides additional context, with the current ratio at the lowest level of that extended timeframe.

This analysis is based on the iShares MSCI South Africa ETF (EZA) which serves as the benchmark for the South Africa market.

Since May 1996, the iShares MSCI South Africa ETF has recorded a median P/E ratio of 10.86 over 30 years. Against this full historical backdrop, the current valuation sits at the lowest level of all recorded readings, indicating that the market is trading below its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (3.9) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	13.2	8.3	Attractive
5 Year	10.29	1.7	Attractive
10 Year	11.61	0.8	Attractive
20 Year	11.43	0.4	Attractive
Since May 1996	10.86	0.3	Attractive

Returns vs P/E Ratio

Over the past decade, the PE fell from 15.2 (97.4th percentile) to 3.9 (0.8th percentile). Annualized total return over this period was 1.2%. Percentile rank indicates position within the historical distribution. Lower valuations do not guarantee near-term gains; markets can stay discounted for long, though starting points are generally more supportive for long-horizon outcomes.

Time Period	Starting PE Ratio	Starting Percentile	Total Return	Annualized Return
1 Year	13.86	85.1	+29.7%	+29.7%
3 Year	7.77	4.7	+77.5%	+21.1%
5 Year	10.25	35	+64.2%	+10.4%
10 Year	15.24	97.4	+12.2%	+1.2%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	3.90
Sep 2025	13.77
Aug 2025	12.76
Jul 2025	13.55
Jun 2025	13.73
May 2025	13.34
Apr 2025	14.72
Mar 2025	13.08
Feb 2025	12.40
Jan 2025	12.98
Dec 2024	11.29
Nov 2024	13.33
Oct 2024	13.86
Sep 2024	14.22
Aug 2024	13.80
Jul 2024	11.03
Jun 2024	11.60
May 2024	11.12
Apr 2024	10.50
Mar 2024	10.40
Feb 2024	10.38
Jan 2024	10.51
Dec 2023	11.42
Nov 2023	10.24
Oct 2023	10
Sep 2023	9.85
Aug 2023	9.38
Jul 2023	10.38
Jun 2023	8.88
May 2023	8.17
Apr 2023	9.37
Mar 2023	9.45
Feb 2023	9.17
Jan 2023	9.16
Dec 2022	8.56
Nov 2022	7.94
Oct 2022	7.77
Sep 2022	8.13
Aug 2022	8.55
Jul 2022	8.08
Jun 2022	8
May 2022	7.98
Apr 2022	8.96
Mar 2022	8.92
Feb 2022	9.79
Jan 2022	9.63
Dec 2021	9.26
Nov 2021	9.64
Oct 2021	9.14
Sep 2021	8.74
Aug 2021	9.61
Jul 2021	9.28
Jun 2021	10.35
May 2021	9.97
Apr 2021	10.34
Mar 2021	10.81
Feb 2021	11.09
Jan 2021	10.99
Dec 2020	10.40
Nov 2020	10.52
Oct 2020	10.25
Sep 2020	10.37
Aug 2020	11.06
Jul 2020	12.17
Jun 2020	11.61
May 2020	11.22
Apr 2020	9.43
Mar 2020	7.96
Feb 2020	10.25
Jan 2020	11.47
Dec 2019	11.47
Nov 2019	11.03
Oct 2019	11.44
Sep 2019	13.06
Aug 2019	12.50
Jul 2019	13.56
Jun 2019	13.55
May 2019	12.54
Apr 2019	14.36
Mar 2019	13.24
Feb 2019	13.05
Jan 2019	12.92
Dec 2018	12.30
Nov 2018	11.43
Oct 2018	11.43
Sep 2018	12.90
Aug 2018	14.05
Jul 2018	14.21
Jun 2018	14.23
May 2018	14.93
Apr 2018	14.93
Mar 2018	15.02
Feb 2018	14.96
Jan 2018	15.92
Dec 2017	15.93
Nov 2017	14.94
Oct 2017	16.79
Sep 2017	15.23
Aug 2017	16.10
Jul 2017	14.98
Jun 2017	15.26
May 2017	15.10
Apr 2017	14.55
Mar 2017	14.55
Feb 2017	14.37
Jan 2017	14.21
Dec 2016	13.69
Nov 2016	13.45
Oct 2016	14.14
Sep 2016	14.56
Aug 2016	15.23
Jul 2016	15.19
Jun 2016	14.23
May 2016	14.19
Apr 2016	14.42
Mar 2016	14.92
Feb 2016	13.77
Jan 2016	13.20
Dec 2015	13.94
Nov 2015	15.37
Oct 2015	15.24
Sep 2015	14.36
Aug 2015	14.59
Jul 2015	15.45
Jun 2015	15.15
May 2015	15.41
Apr 2015	17.08
Mar 2015	16.71
Feb 2015	15.90
Jan 2015	16.38
Dec 2014	14.66
Nov 2014	13.84
Oct 2014	14.54
Sep 2014	13.47
Aug 2014	14.46
Jul 2014	14.58
Jun 2014	14.27
May 2014	14.27
Apr 2014	13.84
Mar 2014	13.64
Feb 2014	13.22
Jan 2014	13.22
Dec 2013	13.99
Nov 2013	13.26
Oct 2013	14.07
Sep 2013	13.98
Aug 2013	13.48
Jul 2013	12.87
Jun 2013	11.98
May 2013	12.89
Apr 2013	11.84
Mar 2013	11.71
Feb 2013	12.09
Jan 2013	12.09
Dec 2012	12.21
Nov 2012	11.71
Oct 2012	11.33
Sep 2012	11.08
Aug 2012	10.95
Jul 2012	10.60
Jun 2012	10.60
May 2012	10.48
Apr 2012	10.63
Mar 2012	10.57
Feb 2012	10.57
Jan 2012	10.24
Dec 2011	9.82
Nov 2011	9.82
Oct 2011	9.82
Sep 2011	9.59
Aug 2011	9.79
Jul 2011	10.66
Jun 2011	10.63
May 2011	10.77
Apr 2011	11.18
Mar 2011	10.57
Feb 2011	11.09
Jan 2011	11.41
Dec 2010	11.77
Nov 2010	11.18
Oct 2010	11.68
Sep 2010	10.89
Aug 2010	11.11
Jul 2010	10.55
Jun 2010	10.30
May 2010	10.17
Apr 2010	11.03
Mar 2010	11.57
Feb 2010	11.06
Jan 2010	10.80
Dec 2009	11.59
Nov 2009	11.74
Oct 2009	11.23
Sep 2009	11.68
Aug 2009	11.53
Jul 2009	10.21
Jun 2009	10.09
May 2009	9.02
Apr 2009	9.64
Mar 2009	8.98
Feb 2009	7.93
Jan 2009	8.37
Dec 2008	8.12
Nov 2008	7.29
Oct 2008	6.62
Sep 2008	7.74
Aug 2008	8.28
Jul 2008	8.40
Jun 2008	8.69
May 2008	9.99
Apr 2008	9.87
Mar 2008	10.18
Feb 2008	10.64
Jan 2008	9.90
Dec 2007	10.85
Nov 2007	11.65
Oct 2007	12.02
Sep 2007	11.38
Aug 2007	10.52
Jul 2007	11.85
Jun 2007	11.60
May 2007	12.11
Apr 2007	12.05
Mar 2007	11.44
Feb 2007	11.44
Jan 2007	11.74
Dec 2006	11.32
Nov 2006	11.30
Oct 2006	10.76
Sep 2006	10.56
Aug 2006	10.43
Jul 2006	9.87
Jun 2006	9.87
May 2006	11.18
Apr 2006	12.50
Mar 2006	11.65
Feb 2006	12.36
Jan 2006	11.39
Dec 2005	11.03
Nov 2005	11.03
Oct 2005	10.59
Sep 2005	10.61
Aug 2005	10.46
Jul 2005	10.28
Jun 2005	10
May 2005	9.77
Apr 2005	9.86
Mar 2005	10.59
Feb 2005	10.25
Jan 2005	10.01
Dec 2004	9.87
Nov 2004	9.71
Oct 2004	9.41
Sep 2004	9.26
Aug 2004	8.99
Jul 2004	8.62
Jun 2004	8.55
May 2004	8.70
Apr 2004	9.28
Mar 2004	9.82
Feb 2004	10.40
Jan 2004	10.80
Dec 2003	10.13
Nov 2003	9.83
Oct 2003	9.54
Sep 2003	9.41
Aug 2003	9.10
Jul 2003	8.82
Jun 2003	8.51
May 2003	7.68
Apr 2003	7.16
Mar 2003	7.46
Feb 2003	7.59
Jan 2003	7.64
Dec 2002	7.67
Nov 2002	7.67
Oct 2002	7.72
Sep 2002	7.72
Aug 2002	7.81
Jul 2002	8.43
Jun 2002	9.03
May 2002	9.79
Apr 2002	9.84
Mar 2002	9.94
Feb 2002	10.09
Jan 2002	10.67
Dec 2001	10.67
Nov 2001	9.55
Oct 2001	8.93
Sep 2001	7.99
Aug 2001	8.58
Jul 2001	8.74
Jun 2001	9.22
May 2001	8.86
Apr 2001	8.86
Mar 2001	9.55
Feb 2001	9.98
Jan 2001	9.27
Dec 2000	9.09
Nov 2000	9.06
Oct 2000	9.06
Sep 2000	9.18
Aug 2000	9.60
Jul 2000	9.71
Jun 2000	9.83
May 2000	9.18
Apr 2000	9.18
Mar 2000	10.16
Feb 2000	11.44
Jan 2000	12.93
Dec 1999	11.63
Nov 1999	10.86
Oct 1999	10.38
Sep 1999	9.96
Aug 1999	10.50
Jul 1999	10.87
Jun 1999	10.57
May 1999	10.25
Apr 1999	9.87
Mar 1999	9.71
Feb 1999	9.12
Jan 1999	8.80
Dec 1998	7.82
Nov 1998	8.69
Oct 1998	7.53
Sep 1998	7.26
Aug 1998	8.25
Jul 1998	11.08
Jun 1998	10.71
May 1998	11.51
Apr 1998	13.28
Mar 1998	12.48
Feb 1998	11.65
Jan 1998	9.48
Dec 1997	10.23
Nov 1997	10.51
Oct 1997	12.16
Sep 1997	12.17
Aug 1997	12.86
Jul 1997	12.54
Jun 1997	12.38
May 1997	12.38
Apr 1997	12.24
Mar 1997	12.18
Feb 1997	12.18
Jan 1997	11.89
Dec 1996	10.97
Nov 1996	11.56
Oct 1996	11.86
Sep 1996	11.90
Aug 1996	11.90
Jul 1996	12.14
Jun 1996	12.32
May 1996	12.78

Definition: Trailing P/E Ratio

The trailing P/E ratio for South Africa 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.