Taiwan Stock Market PE Ratio

The Taiwan Stock Market currently trades at a current P/E ratio of 18.9 as of October 24, 2025.

Over the past five years, the median P/E has been 16.16, putting today's valuation in the 88.3th percentile of that range. Looking at the longer 10-year period, where the median sits at 14.25, the current reading ranks in the 94.2th percentile - a level historically associated with Expensive pricing. The 20-year median of 13.49 provides additional context, with the current ratio in the 92.9th percentile of that extended timeframe.

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

Since January 1996, the iShares MSCI Taiwan ETF has recorded a median P/E ratio of 13.91 over 30 years. Against this full historical backdrop, the current valuation sits in the 82.1th 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 (18.9) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	16.7	100	Expensive
5 Year	16.16	88.3	Expensive
10 Year	14.25	94.2	Expensive
20 Year	13.49	92.9	Expensive
Since Jan 1996	13.91	82.1	Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 11.6 (12.2th percentile) to 18.9 (94.2th percentile). Annualized total return over this period was 8.8%. 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	19.12	82.1	+19.1%	+19.1%
3 Year	9.48	0.6	+62.3%	+17.5%
5 Year	16.73	75.8	+43.3%	+7.5%
10 Year	11.6	12.2	+133.3%	+8.8%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	18.90
Sep 2025	16.95
Aug 2025	16.13
Jul 2025	16.57
Jun 2025	16.29
May 2025	15.14
Apr 2025	16.65
Mar 2025	16.59
Feb 2025	17.83
Jan 2025	17.99
Dec 2024	16.74
Nov 2024	18.10
Oct 2024	19.12
Sep 2024	21.94
Aug 2024	21.70
Jul 2024	18.69
Jun 2024	20.82
May 2024	20.62
Apr 2024	18.67
Mar 2024	19.67
Feb 2024	18.40
Jan 2024	17.56
Dec 2023	16.91
Nov 2023	16.19
Oct 2023	14.76
Sep 2023	15.39
Aug 2023	15.17
Jul 2023	16.25
Jun 2023	14.97
May 2023	13.42
Apr 2023	12.37
Mar 2023	10.74
Feb 2023	10.27
Jan 2023	9.92
Dec 2022	10.19
Nov 2022	11.15
Oct 2022	9.48
Sep 2022	9.89
Aug 2022	11.22
Jul 2022	11.22
Jun 2022	10.96
May 2022	12.92
Apr 2022	12.66
Mar 2022	14.02
Feb 2022	14.29
Jan 2022	15.23
Dec 2021	14.58
Nov 2021	14.58
Oct 2021	14.18
Sep 2021	14.64
Aug 2021	15.76
Jul 2021	15.76
Jun 2021	15.72
May 2021	16.41
Apr 2021	17.93
Mar 2021	18.32
Feb 2021	19.14
Jan 2021	18.08
Dec 2020	17.27
Nov 2020	16.77
Oct 2020	16.73
Sep 2020	17.11
Aug 2020	17.11
Jul 2020	16.31
Jun 2020	15.87
May 2020	14.59
Apr 2020	12.89
Mar 2020	15.18
Feb 2020	15.68
Jan 2020	16
Dec 2019	16.02
Nov 2019	15.40
Oct 2019	15.40
Sep 2019	15.01
Aug 2019	15.24
Jul 2019	14.17
Jun 2019	14.17
May 2019	15.29
Apr 2019	14.65
Mar 2019	14.22
Feb 2019	13.76
Jan 2019	12.40
Dec 2018	11.89
Nov 2018	11.89
Oct 2018	12.82
Sep 2018	13.51
Aug 2018	13.51
Jul 2018	13.11
Jun 2018	13.56
May 2018	13.30
Apr 2018	13.54
Mar 2018	13.31
Feb 2018	13.67
Jan 2018	13.17
Dec 2017	13.83
Nov 2017	13.83
Oct 2017	13.49
Sep 2017	13.85
Aug 2017	13.78
Jul 2017	13.78
Jun 2017	13.37
May 2017	12.85
Apr 2017	12.85
Mar 2017	12.93
Feb 2017	12.93
Jan 2017	12.67
Dec 2016	12.85
Nov 2016	13.42
Oct 2016	13.36
Sep 2016	13.36
Aug 2016	13.36
Jul 2016	13
Jun 2016	12.71
May 2016	12.06
Apr 2016	12.54
Mar 2016	12.27
Feb 2016	11.74
Jan 2016	10.93
Dec 2015	11.54
Nov 2015	12
Oct 2015	11.60
Sep 2015	11.11
Aug 2015	10.75
Jul 2015	11.84
Jun 2015	12.19
May 2015	12.56
Apr 2015	12.58
Mar 2015	12.76
Feb 2015	12.71
Jan 2015	12.71
Dec 2014	12.95
Nov 2014	12.56
Oct 2014	13.62
Sep 2014	13.42
Aug 2014	13.42
Jul 2014	14.18
Jun 2014	13.79
May 2014	14.03
Apr 2014	13.78
Mar 2014	13.78
Feb 2014	14.10
Jan 2014	14.10
Dec 2013	14.03
Nov 2013	14.03
Oct 2013	13.64
Sep 2013	13.18
Aug 2013	12.83
Jul 2013	12.83
Jun 2013	14.25
May 2013	13.86
Apr 2013	14.02
Mar 2013	14.43
Feb 2013	14.18
Jan 2013	14.18
Dec 2012	13.57
Nov 2012	13.57
Oct 2012	14.48
Sep 2012	14.08
Aug 2012	13.73
Jul 2012	12.50
Jun 2012	12.50
May 2012	13.44
Apr 2012	14.42
Mar 2012	14.38
Feb 2012	14.09
Jan 2012	13.15
Dec 2011	12.20
Nov 2011	13.67
Oct 2011	11.75
Sep 2011	11.81
Aug 2011	11.52
Jul 2011	12.49
Jun 2011	12.30
May 2011	12.86
Apr 2011	12.26
Mar 2011	11.84
Feb 2011	12.57
Jan 2011	12.47
Dec 2010	12.47
Nov 2010	12.39
Oct 2010	11.78
Sep 2010	11.78
Aug 2010	11.95
Jul 2010	11.26
Jun 2010	11.26
May 2010	12.43
Apr 2010	13.79
Mar 2010	13.49
Feb 2010	13.97
Jan 2010	15.28
Dec 2009	16.14
Nov 2009	16.30
Oct 2009	19.92
Sep 2009	19.85
Aug 2009	21.76
Jul 2009	21.55
Jun 2009	22.49
May 2009	26.78
Apr 2009	30.44
Mar 2009	27.18
Feb 2009	24.14
Jan 2009	21.55
Dec 2008	18.15
Nov 2008	12.84
Oct 2008	10.53
Sep 2008	11.13
Aug 2008	12.59
Jul 2008	10.76
Jun 2008	12.58
May 2008	13.47
Apr 2008	12.62
Mar 2008	12.41
Feb 2008	11.63
Jan 2008	10.65
Dec 2007	11.69
Nov 2007	12.11
Oct 2007	13.06
Sep 2007	12.55
Aug 2007	12.20
Jul 2007	13.86
Jun 2007	12.85
May 2007	12.85
Apr 2007	12.45
Mar 2007	12.45
Feb 2007	13.10
Jan 2007	13.45
Dec 2006	13.28
Nov 2006	12.55
Oct 2006	12.55
Sep 2006	12.15
Aug 2006	11.23
Jul 2006	10.98
Jun 2006	11.27
May 2006	12.54
Apr 2006	11.40
Mar 2006	11.40
Feb 2006	12.39
Jan 2006	12.06
Dec 2005	11.57
Nov 2005	11.57
Oct 2005	11.94
Sep 2005	12.27
Aug 2005	12.59
Jul 2005	12.25
Jun 2005	12.25
May 2005	11.93
Apr 2005	12.20
Mar 2005	12.20
Feb 2005	11.58
Jan 2005	11.41
Dec 2004	11.41
Nov 2004	11.04
Oct 2004	10.67
Sep 2004	10.28
Aug 2004	9.42
Jul 2004	9.87
Jun 2004	10.12
May 2004	10.12
Apr 2004	12.90
Mar 2004	13.27
Feb 2004	13.68
Jan 2004	13.68
Dec 2003	13.83
Nov 2003	15.21
Oct 2003	15.23
Sep 2003	14.73
Aug 2003	15.55
Jul 2003	14.58
Jun 2003	13.79
May 2003	13.72
Apr 2003	14.05
Mar 2003	14.73
Feb 2003	14.73
Jan 2003	14.81
Dec 2002	14.58
Nov 2002	12.96
Oct 2002	14.07
Sep 2002	14.34
Aug 2002	14.75
Jul 2002	15.18
Jun 2002	16.03
May 2002	18.43
Apr 2002	20.77
Mar 2002	22.25
Feb 2002	22.25
Jan 2002	21.45
Dec 2001	18.37
Nov 2001	14.12
Oct 2001	12.65
Sep 2001	14.74
Aug 2001	13.40
Jul 2001	14.69
Jun 2001	14.33
May 2001	14
Apr 2001	13.78
Mar 2001	13.78
Feb 2001	13.33
Jan 2001	12.02
Dec 2000	11.42
Nov 2000	11.42
Oct 2000	12.42
Sep 2000	14.91
Aug 2000	16.24
Jul 2000	17.30
Jun 2000	17.74
May 2000	18.85
Apr 2000	19.90
Mar 2000	23.56
Feb 2000	21.71
Jan 2000	20.65
Dec 1999	21.66
Nov 1999	22.04
Oct 1999	23.50
Sep 1999	24.37
Aug 1999	25.49
Jul 1999	23.27
Jun 1999	26.50
May 1999	26.50
Apr 1999	24.33
Mar 1999	19.09
Feb 1999	20.61
Jan 1999	22.98
Dec 1998	21.63
Nov 1998	20.17
Oct 1998	18.15
Sep 1998	18
Aug 1998	17.61
Jul 1998	17.61
Jun 1998	18.65
May 1998	21.41
Apr 1998	24.83
Mar 1998	24.04
Feb 1998	22.94
Jan 1998	21.48
Dec 1997	21.73
Nov 1997	22.81
Oct 1997	24.93
Sep 1997	28.72
Aug 1997	30.72
Jul 1997	27.86
Jun 1997	29.34
May 1997	32.39
Apr 1997	32.67
Mar 1997	28.43
Feb 1997	26.09
Jan 1997	25.22
Dec 1996	24.18
Nov 1996	23.41
Oct 1996	23.04
Sep 1996	22.19
Aug 1996	20.17
Jul 1996	20.44
Jun 1996	20.26
May 1996	20.26
Apr 1996	18.66
Mar 1996	16.60
Feb 1996	16.87
Jan 1996	15.73

Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (18.9) 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 Taiwan 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.