Spain Stock Market PE Ratio

The Spain Stock Market currently trades at a current P/E ratio of 13.26 as of October 24, 2025.

Over the past five years, the median P/E has been 10.96, putting today's valuation in the 81.7th percentile of that range. Looking at the longer 10-year period, where the median sits at 11.61, the current reading ranks in the 80.8th percentile - a level historically associated with Expensive pricing. The 20-year median of 11.32 provides additional context, with the current ratio in the 78.8th percentile of that extended timeframe.

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

Since February 1996, the iShares MSCI Spain ETF has recorded a median P/E ratio of 12.64 over 30 years. Against this full historical backdrop, the current valuation sits in the 62.5th percentile 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 (13.26) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	11.93	100	Expensive
5 Year	10.96	81.7	Expensive
10 Year	11.61	80.8	Expensive
20 Year	11.32	78.8	Overvalued
Since Feb 1996	12.64	62.5	Overvalued

Returns vs P/E Ratio

Over the past decade, the PE fell from 13.7 (62th percentile) to 13.26 (80.8th percentile). Annualized total return over this period was 4.5%. 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	9.89	16.2	+44.4%	+44.4%
3 Year	9.56	14	+132.1%	+32.4%
5 Year	14.28	72.7	+117.3%	+16.8%
10 Year	13.71	62	+56%	+4.5%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	13.26
Sep 2025	12.91
Aug 2025	12.09
Jul 2025	12.03
Jun 2025	11.84
May 2025	11.60
Apr 2025	12.51
Mar 2025	11.01
Feb 2025	12.12
Jan 2025	11.40
Dec 2024	9.99
Nov 2024	9.59
Oct 2024	9.89
Sep 2024	10.02
Aug 2024	10.20
Jul 2024	10.46
Jun 2024	9.50
May 2024	10.90
Apr 2024	9.16
Mar 2024	10.03
Feb 2024	10.05
Jan 2024	9.84
Dec 2023	10.03
Nov 2023	10.17
Oct 2023	9.83
Sep 2023	9.74
Aug 2023	10.09
Jul 2023	11.03
Jun 2023	10.55
May 2023	10.91
Apr 2023	11.08
Mar 2023	11.07
Feb 2023	10.62
Jan 2023	10.57
Dec 2022	10.16
Nov 2022	9.19
Oct 2022	9.56
Sep 2022	9.27
Aug 2022	9.64
Jul 2022	9.96
Jun 2022	10.21
May 2022	10.45
Apr 2022	11.29
Mar 2022	10.89
Feb 2022	11.10
Jan 2022	12.06
Dec 2021	11.89
Nov 2021	11.89
Oct 2021	12.82
Sep 2021	13.42
Aug 2021	13.68
Jul 2021	13.68
Jun 2021	13.95
May 2021	14.87
Apr 2021	15.22
Mar 2021	15.22
Feb 2021	14.85
Jan 2021	14.85
Dec 2020	16.19
Nov 2020	16.26
Oct 2020	14.28
Sep 2020	13.65
Aug 2020	14.84
Jul 2020	15.26
Jun 2020	14.93
May 2020	14.93
Apr 2020	12.86
Mar 2020	8.53
Feb 2020	9.11
Jan 2020	11.74
Dec 2019	11.75
Nov 2019	11.34
Oct 2019	11.48
Sep 2019	11.16
Aug 2019	10.76
Jul 2019	10.76
Jun 2019	11.43
May 2019	11.17
Apr 2019	11.19
Mar 2019	11.19
Feb 2019	11.02
Jan 2019	10.19
Dec 2018	10.19
Nov 2018	10.45
Oct 2018	10.45
Sep 2018	11.05
Aug 2018	11.30
Jul 2018	11.62
Jun 2018	11.49
May 2018	11.49
Apr 2018	12.37
Mar 2018	11.86
Feb 2018	12.08
Jan 2018	12.52
Dec 2017	12.78
Nov 2017	12.76
Oct 2017	13.15
Sep 2017	12.92
Aug 2017	13.12
Jul 2017	13.55
Jun 2017	13.75
May 2017	14.07
Apr 2017	14.13
Mar 2017	13.84
Feb 2017	13.20
Jan 2017	12.86
Dec 2016	13.07
Nov 2016	12.37
Oct 2016	12.99
Sep 2016	12.62
Aug 2016	12.04
Jul 2016	12.04
Jun 2016	11.68
May 2016	12.67
Apr 2016	12.80
Mar 2016	11.76
Feb 2016	11.10
Jan 2016	11.10
Dec 2015	12.31
Nov 2015	13.45
Oct 2015	13.71
Sep 2015	12.22
Aug 2015	13.52
Jul 2015	14.12
Jun 2015	13.50
May 2015	15.18
Apr 2015	15.18
Mar 2015	15.18
Feb 2015	14.89
Jan 2015	14.53
Dec 2014	13.30
Nov 2014	14
Oct 2014	14.27
Sep 2014	14.46
Aug 2014	14.17
Jul 2014	14.17
Jun 2014	15.05
May 2014	15.52
Apr 2014	14.92
Mar 2014	14.59
Feb 2014	13.64
Jan 2014	13.64
Dec 2013	14.50
Nov 2013	13.06
Oct 2013	13.89
Sep 2013	13.04
Aug 2013	12.12
Jul 2013	11.50
Jun 2013	10.29
May 2013	10.78
Apr 2013	10.35
Mar 2013	10.77
Feb 2013	10.34
Jan 2013	11.02
Dec 2012	10.09
Nov 2012	10.09
Oct 2012	10.54
Sep 2012	10.54
Aug 2012	9.59
Jul 2012	7.73
Jun 2012	7.57
May 2012	8.05
Apr 2012	8.31
Mar 2012	9
Feb 2012	9.10
Jan 2012	8.71
Dec 2011	8.46
Nov 2011	8.17
Oct 2011	7.87
Sep 2011	7.32
Aug 2011	7.87
Jul 2011	8.27
Jun 2011	9.19
May 2011	9.19
Apr 2011	9.24
Mar 2011	9.22
Feb 2011	9.22
Jan 2011	8.47
Dec 2010	9.29
Nov 2010	8.26
Oct 2010	9.18
Sep 2010	9.01
Aug 2010	9.01
Jul 2010	9.51
Jun 2010	7.96
May 2010	7.79
Apr 2010	9.15
Mar 2010	9.54
Feb 2010	9.54
Jan 2010	10.29
Dec 2009	11.07
Nov 2009	11.09
Oct 2009	10.80
Sep 2009	11.30
Aug 2009	11.08
Jul 2009	10.82
Jun 2009	9.84
May 2009	9.32
Apr 2009	8.97
Mar 2009	7.90
Feb 2009	6.74
Jan 2009	7.48
Dec 2008	8.29
Nov 2008	6.93
Oct 2008	6.34
Sep 2008	8.59
Aug 2008	8.96
Jul 2008	8.78
Jun 2008	9.58
May 2008	10.77
Apr 2008	10.68
Mar 2008	10.38
Feb 2008	10
Jan 2008	10.13
Dec 2007	11.04
Nov 2007	12.68
Oct 2007	12.54
Sep 2007	11.89
Aug 2007	12.09
Jul 2007	12.64
Jun 2007	12.95
May 2007	12.79
Apr 2007	12.62
Mar 2007	12.62
Feb 2007	13.54
Jan 2007	13.51
Dec 2006	13.36
Nov 2006	13.61
Oct 2006	13.31
Sep 2006	12.90
Aug 2006	12.26
Jul 2006	11.96
Jun 2006	11.49
May 2006	11.95
Apr 2006	12.70
Mar 2006	13.05
Feb 2006	12.90
Jan 2006	12.47
Dec 2005	12.66
Nov 2005	12.66
Oct 2005	12.98
Sep 2005	12.95
Aug 2005	12.95
Jul 2005	12.78
Jun 2005	12.78
May 2005	12.42
Apr 2005	12.75
Mar 2005	13.03
Feb 2005	14.04
Jan 2005	13.49
Dec 2004	13.19
Nov 2004	12.89
Oct 2004	12.89
Sep 2004	12.35
Aug 2004	12.35
Jul 2004	12.87
Jun 2004	13.15
May 2004	13.15
Apr 2004	14.05
Mar 2004	13.82
Feb 2004	14.64
Jan 2004	14.46
Dec 2003	14.10
Nov 2003	13.41
Oct 2003	13.41
Sep 2003	13.70
Aug 2003	13.70
Jul 2003	14.03
Jun 2003	14.03
May 2003	12.99
Apr 2003	12.55
Mar 2003	12.55
Feb 2003	12.83
Jan 2003	13.66
Dec 2002	13.43
Nov 2002	13.43
Oct 2002	14.31
Sep 2002	14.31
Aug 2002	13.11
Jul 2002	13.11
Jun 2002	14.04
May 2002	15.29
Apr 2002	16.71
Mar 2002	16.22
Feb 2002	15.93
Jan 2002	14.70
Dec 2001	15.45
Nov 2001	14.55
Oct 2001	13.13
Sep 2001	11.86
Aug 2001	13.41
Jul 2001	14.40
Jun 2001	14.89
May 2001	16.20
Apr 2001	16.55
Mar 2001	16.55
Feb 2001	16.98
Jan 2001	16.78
Dec 2000	16.88
Nov 2000	17.20
Oct 2000	17.74
Sep 2000	18.04
Aug 2000	19.24
Jul 2000	18.83
Jun 2000	18.83
May 2000	18.52
Apr 2000	19.64
Mar 2000	20.74
Feb 2000	21.53
Jan 2000	20.66
Dec 1999	21.06
Nov 1999	20.33
Oct 1999	19.57
Sep 1999	18.85
Aug 1999	18.85
Jul 1999	19.49
Jun 1999	20.08
May 1999	20.70
Apr 1999	21.12
Mar 1999	21.56
Feb 1999	21.55
Jan 1999	21.55
Dec 1998	20.60
Nov 1998	20.45
Oct 1998	17.63
Sep 1998	17.25
Aug 1998	18.64
Jul 1998	21.73
Jun 1998	24.45
May 1998	22.44
Apr 1998	24.94
Mar 1998	24.94
Feb 1998	22.76
Jan 1998	19.91
Dec 1997	18.11
Nov 1997	17.16
Oct 1997	16.97
Sep 1997	17.20
Aug 1997	17.40
Jul 1997	18.04
Jun 1997	17.34
May 1997	16.70
Apr 1997	15.70
Mar 1997	14.66
Feb 1997	14.66
Jan 1997	14.51
Dec 1996	13.52
Nov 1996	12.30
Oct 1996	11.62
Sep 1996	11.24
Aug 1996	11.03
Jul 1996	11.19
Jun 1996	11.60
May 1996	11.39
Apr 1996	10.66
Mar 1996	10.68
Feb 1996	10.46

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (13.26) 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
Turkey	13.81	100	Expensive

Definition: Trailing P/E Ratio

The trailing P/E ratio for Spain 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.