Turkey Stock Market PE Ratio

The Turkey Stock Market currently trades at a current P/E ratio of 13.81 as of October 24, 2025.

Over the past five years, the median P/E has been 5.22, putting today's valuation at the highest level of that range. Looking at the longer 10-year period, where the median sits at 6.15, the current reading ranks among the highest historically - a level historically associated with Expensive pricing. The 20-year median of 8.19 provides additional context, with the current ratio at the highest level of that extended timeframe.

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

Since April 1996, the iShares MSCI Turkey ETF has recorded a median P/E ratio of 8.35 over 30 years. Against this full historical backdrop, the current valuation sits in the 97.7th 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 (13.81) with its historical median and percentile rankings.

Time Period	Median PE Ratio	Percentile Rank	Valuation
1 Year	9.86	100	Expensive
5 Year	5.22	100	Expensive
10 Year	6.15	100	Expensive
20 Year	8.19	100	Expensive
Since Apr 1996	8.35	97.7	Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 9.3 (49.4th percentile) to 13.81 (100th percentile). Annualized total return over this period was -1.5%. 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	4.07	2.3	+2.5%	+2.5%
3 Year	4.38	3.4	+26.1%	+8%
5 Year	5.86	10.8	+71.5%	+11.4%
10 Year	9.28	49.4	-14.1%	-1.5%

Historical Data (1996-2025)

Date	Current PE Ratio
Oct 2025	13.81
Sep 2025	13.56
Aug 2025	12.13
Jul 2025	10.70
Jun 2025	10.20
May 2025	9.71
Apr 2025	10.01
Mar 2025	9.51
Feb 2025	4.89
Jan 2025	4.70
Dec 2024	4.44
Nov 2024	4.15
Oct 2024	4.07
Sep 2024	7.82
Aug 2024	7.73
Jul 2024	7.70
Jun 2024	7.94
May 2024	4.62
Apr 2024	6.79
Mar 2024	6.45
Feb 2024	6.03
Jan 2024	5.85
Dec 2023	5.17
Nov 2023	5.79
Oct 2023	5.46
Sep 2023	6.30
Aug 2023	6.72
Jul 2023	5.72
Jun 2023	4.13
May 2023	4.50
Apr 2023	4.15
Mar 2023	4.96
Feb 2023	3.99
Jan 2023	5.01
Dec 2022	5.07
Nov 2022	4.61
Oct 2022	4.38
Sep 2022	4.16
Aug 2022	4.12
Jul 2022	3.51
Jun 2022	4.66
May 2022	4.10
Apr 2022	4.69
Mar 2022	4.53
Feb 2022	4.65
Jan 2022	5.74
Dec 2021	6.38
Nov 2021	4.95
Oct 2021	4.84
Sep 2021	4.68
Aug 2021	5.05
Jul 2021	5.05
Jun 2021	5.32
May 2021	5.16
Apr 2021	5.27
Mar 2021	6.18
Feb 2021	6.19
Jan 2021	6.38
Dec 2020	6.49
Nov 2020	5.86
Oct 2020	5.86
Sep 2020	5.77
Aug 2020	6.47
Jul 2020	6.71
Jun 2020	6.71
May 2020	6.24
Apr 2020	5.50
Mar 2020	4.83
Feb 2020	6.08
Jan 2020	6.64
Dec 2019	6.12
Nov 2019	5.88
Oct 2019	5.60
Sep 2019	5.83
Aug 2019	6.27
Jul 2019	6.27
Jun 2019	5.92
May 2019	5.32
Apr 2019	5.76
Mar 2019	6.61
Feb 2019	6.63
Jan 2019	5.98
Dec 2018	5.77
Nov 2018	5.64
Oct 2018	5.87
Sep 2018	5.57
Aug 2018	5.69
Jul 2018	5.69
Jun 2018	6.11
May 2018	6.11
Apr 2018	6.99
Mar 2018	7.52
Feb 2018	7.74
Jan 2018	7.86
Dec 2017	7.86
Nov 2017	7.26
Oct 2017	7.75
Sep 2017	8.26
Aug 2017	8.49
Jul 2017	8.49
Jun 2017	8.26
May 2017	8.26
Apr 2017	8.05
Mar 2017	8.31
Feb 2017	8.20
Jan 2017	7.47
Dec 2016	7.44
Nov 2016	7.61
Oct 2016	7.87
Sep 2016	7.83
Aug 2016	7.83
Jul 2016	8.35
Jun 2016	7.94
May 2016	8.75
Apr 2016	9.02
Mar 2016	8.44
Feb 2016	7.75
Jan 2016	7.74
Dec 2015	7.93
Nov 2015	8.37
Oct 2015	9.28
Sep 2015	8.18
Aug 2015	8.90
Jul 2015	9.20
Jun 2015	9.04
May 2015	10.26
Apr 2015	9.17
Mar 2015	9.17
Feb 2015	9.96
Jan 2015	10.80
Dec 2014	10.32
Nov 2014	9.57
Oct 2014	9.04
Sep 2014	9.78
Aug 2014	10
Jul 2014	10.63
Jun 2014	10.14
May 2014	10.07
Apr 2014	10.07
Mar 2014	9.90
Feb 2014	8.20
Jan 2014	8.60
Dec 2013	8.60
Nov 2013	9.12
Oct 2013	9.55
Sep 2013	8.94
Aug 2013	8.94
Jul 2013	8.92
Jun 2013	9.10
May 2013	10.53
Apr 2013	11.09
Mar 2013	10.82
Feb 2013	10.05
Jan 2013	11.50
Dec 2012	10.05
Nov 2012	10.05
Oct 2012	10.13
Sep 2012	9.88
Aug 2012	9.65
Jul 2012	9.41
Jun 2012	8.83
May 2012	8.30
Apr 2012	9.13
Mar 2012	9.48
Feb 2012	9.36
Jan 2012	8.84
Dec 2011	8.09
Nov 2011	8.28
Oct 2011	8.75
Sep 2011	9.20
Aug 2011	8.15
Jul 2011	9.59
Jun 2011	9.63
May 2011	9.89
Apr 2011	10.49
Mar 2011	9.40
Feb 2011	8.98
Jan 2011	10.15
Dec 2010	10.36
Nov 2010	11.09
Oct 2010	10.81
Sep 2010	9.56
Aug 2010	9.25
Jul 2010	9.09
Jun 2010	8.80
May 2010	8.80
Apr 2010	9.66
Mar 2010	8.55
Feb 2010	8.55
Jan 2010	9.68
Dec 2009	8.53
Nov 2009	8.53
Oct 2009	9.97
Sep 2009	9.96
Aug 2009	9.96
Jul 2009	8.80
Jun 2009	8.22
May 2009	8.47
Apr 2009	7.43
Mar 2009	6.25
Feb 2009	5.16
Jan 2009	5.66
Dec 2008	4.66
Nov 2008	4.36
Oct 2008	4.57
Sep 2008	6.25
Aug 2008	8.09
Jul 2008	7.33
Jun 2008	6.51
May 2008	7.66
Apr 2008	7.51
Mar 2008	7.51
Feb 2008	7.94
Jan 2008	10.22
Dec 2007	10.03
Nov 2007	11.23
Oct 2007	12.14
Sep 2007	10.83
Aug 2007	9.58
Jul 2007	11.56
Jun 2007	11.10
May 2007	9.64
Apr 2007	10.64
Mar 2007	9.65
Feb 2007	9.41
Jan 2007	8.68
Dec 2006	9.16
Nov 2006	9.61
Oct 2006	10.13
Sep 2006	9.23
Aug 2006	9.23
Jul 2006	7.62
Jun 2006	6.91
May 2006	9.77
Apr 2006	9.75
Mar 2006	10.37
Feb 2006	10.94
Jan 2006	11.70
Dec 2005	11.10
Nov 2005	11.10
Oct 2005	11.10
Sep 2005	11.10
Aug 2005	11.10
Jul 2005	11.10
Jun 2005	11.10
May 2005	11.10
Apr 2005	11.10
Mar 2005	11.10
Feb 2005	11.10
Jan 2005	11.10
Dec 2004	11.10
Nov 2004	11.10
Oct 2004	11.10
Sep 2004	11.10
Aug 2004	11.10
Jul 2004	10.83
Jun 2004	11.21
May 2004	12.14
Apr 2004	10.97
Mar 2004	10.44
Feb 2004	10.44
Jan 2004	10.10
Dec 2003	10.32
Nov 2003	11.21
Oct 2003	12.05
Sep 2003	11.77
Aug 2003	10.70
Jul 2003	9.30
Jun 2003	9.54
May 2003	8.53
Apr 2003	8.53
Mar 2003	8.40
Feb 2003	8.40
Jan 2003	9.72
Dec 2002	11.50
Nov 2002	13.27
Oct 2002	13.83
Sep 2002	13.09
Aug 2002	10.94
Jul 2002	10.53
Jun 2002	10.28
May 2002	9.28
Apr 2002	7.98
Mar 2002	6.87
Feb 2002	6.54
Jan 2002	6.01
Dec 2001	7.86
Nov 2001	6.56
Oct 2001	6.56
Sep 2001	4.68
Aug 2001	5.83
Jul 2001	7.07
Jun 2001	5.42
May 2001	5.42
Apr 2001	6.46
Mar 2001	6.35
Feb 2001	6.43
Jan 2001	7.57
Dec 2000	7.29
Nov 2000	6.89
Oct 2000	8.67
Sep 2000	9.82
Aug 2000	9.56
Jul 2000	8.85
Jun 2000	7.47
May 2000	6.84
Apr 2000	7.69
Mar 2000	7.96
Feb 2000	10.23
Jan 2000	12.10
Dec 1999	8.73
Nov 1999	8.33
Oct 1999	9.02
Sep 1999	9.93
Aug 1999	10.08
Jul 1999	12.64
Jun 1999	13.83
May 1999	12.47
Apr 1999	13.01
Mar 1999	11.88
Feb 1999	14.97
Jan 1999	17.53
Dec 1998	14.74
Nov 1998	15.01
Oct 1998	17.44
Sep 1998	17.44
Aug 1998	13.77
Jul 1998	9.89
Jun 1998	6.84
May 1998	6.17
Apr 1998	6.17
Mar 1998	6.17
Feb 1998	6.69
Jan 1998	5.96
Dec 1997	4.57
Nov 1997	5.63
Oct 1997	4.69
Sep 1997	4.47
Aug 1997	3.34
Jul 1997	2.73
Jun 1997	2.84
May 1997	3.09
Apr 1997	3.71
Mar 1997	5.87
Feb 1997	6.69
Jan 1997	6.01
Dec 1996	7.44
Nov 1996	6.56
Oct 1996	8.62
Sep 1996	9.43
Aug 1996	7.45
Jul 1996	8.05
Jun 1996	8.05
May 1996	5.87
Apr 1996	5.82

Regional Peer Comparison

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