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Saudi Arabian (Tadawul) Market Analysis & Valuation

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies391
  • 7D0.3%
  • 3M10.2%
  • 1Y-2.8%
  • YTD9.7%

Over the last 7 days, the market has remained flat, although notably the Financials sector gained 3.3% in that time. In line with that, the market has also been flat over the past year. Looking forward, earnings are forecast to grow by 7.2% annually.

Market Valuation and Performance

Has the Saudi Arabian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Mar 2026ر.س9.7tر.س2.8tر.س512.2b17x18.9x3.5x
Sun, 22 Feb 2026ر.س9.4tر.س2.8tر.س526.6b17.3x17.8x3.3x
Tue, 20 Jan 2026ر.س9.2tر.س2.8tر.س521.5b17.8x17.7x3.3x
Thu, 18 Dec 2025ر.س8.8tر.س2.8tر.س484.5b17.8x18.1x3.1x
Sat, 15 Nov 2025ر.س9.5tر.س2.8tر.س484.0b18.8x19.6x3.4x
Mon, 13 Oct 2025ر.س9.4tر.س2.9tر.س519.2b21.1x18.1x3.3x
Wed, 10 Sep 2025ر.س8.7tر.س2.8tر.س518.6b20.2x16.8x3.1x
Fri, 08 Aug 2025ر.س9.1tر.س2.8tر.س525.4b20.4x17.3x3.2x
Sun, 06 Jul 2025ر.س9.3tر.س2.9tر.س542.8b21.7x17.1x3.2x
Tue, 03 Jun 2025ر.س9.2tر.س2.9tر.س542.0b21.1x16.9x3.2x
Thu, 01 May 2025ر.س9.5tر.س2.9tر.س545.2b22.1x17.5x3.3x
Sat, 29 Mar 2025ر.س9.9tر.س2.9tر.س543.7b22.7x18.3x3.5x
Mon, 24 Feb 2025ر.س10.3tر.س2.9tر.س556.2b24x18.4x3.6x
Wed, 22 Jan 2025ر.س10.3tر.س2.9tر.س552.3b24.4x18.7x3.6x
Fri, 20 Dec 2024ر.س10.4tر.س2.9tر.س552.0b23.4x18.8x3.6x
Sun, 17 Nov 2024ر.س10.2tر.س2.9tر.س551.7b24.4x18.4x3.6x
Tue, 15 Oct 2024ر.س10.0tر.س2.9tر.س571.7b25x17.6x3.5x
Thu, 12 Sep 2024ر.س10.0tر.س2.9tر.س571.1b25.6x17.4x3.5x
Sat, 10 Aug 2024ر.س10.0tر.س2.8tر.س568.7b24.3x17.6x3.5x
Mon, 08 Jul 2024ر.س10.1tر.س2.8tر.س567.4b26x17.9x3.6x
Wed, 05 Jun 2024ر.س10.2tر.س2.8tر.س566.8b25.6x17.9x3.6x
Fri, 03 May 2024ر.س10.7tر.س2.8tر.س579.6b27.6x18.5x3.8x
Sun, 31 Mar 2024ر.س11.0tر.س2.8tر.س578.2b28x19x3.9x
Tue, 27 Feb 2024ر.س11.2tر.س2.9tر.س605.7b26.5x18.4x3.9x
Thu, 25 Jan 2024ر.س11.0tر.س2.9tر.س604.6b25x18.3x3.9x
Sat, 23 Dec 2023ر.س11.1tر.س2.8tر.س604.4b23.8x18.4x3.9x
Mon, 20 Nov 2023ر.س11.2tر.س2.8tر.س604.3b23.7x18.5x3.9x
Wed, 18 Oct 2023ر.س10.9tر.س3.0tر.س636.8b23.8x17.1x3.7x
Fri, 15 Sep 2023ر.س11.1tر.س3.0tر.س636.4b24.5x17.5x3.7x
Sun, 13 Aug 2023ر.س11.3tر.س3.0tر.س640.0b25.7x17.6x3.8x
Tue, 11 Jul 2023ر.س10.9tر.س3.2tر.س715.2b26.7x15.3x3.4x
Thu, 08 Jun 2023ر.س10.8tر.س3.2tر.س713.3b26.8x15.2x3.4x
Sat, 06 May 2023ر.س10.7tر.س3.3tر.س754.6b24.7x14.2x3.3x
Mon, 03 Apr 2023ر.س10.0tر.س3.2tر.س758.2b24.4x13.2x3.1x
Price to Earnings Ratio

13.2x


Total Market Cap: ر.س10.0tTotal Earnings: ر.س758.2bTotal Revenue: ر.س3.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Saudi Arabian Market Price to Earnings3Y Average 17.6x202420252026
Current Market PE
  • Investors are relatively neutral on the Saudi market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 17.6x.
Past Earnings Growth
  • The earnings for companies in the Saudi industry have declined 12% per year over the last three years.
  • Revenues have also declined 4.7% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Saudi Arabian Market?

SA Market0.31%
Financials3.12%
Industrials2.53%
Tech1.72%
Consumer Discretionary1.66%
Utilities1.33%
Healthcare1.27%
Consumer Staples1.06%
Telecom0.45%
Energy-0.19%
Real Estate-0.51%
Materials-1.21%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 56.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.2% which is higher than its past year's earnings decline of 0.6% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 14.2x.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 28% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 4.5% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
1180 Saudi National Bankر.س42.505.4%
+ر.س12.9b		18.5%PB1.2xFinancials
1120 Al Rajhi Banking and Investmentر.س104.303.1%
+ر.س12.4b		2.3%PB2.9xFinancials
2010 Saudi Basic Industriesر.س58.953.2%
+ر.س5.6b		-7.5%PS1.5xMaterials
5110 Saudi Energyر.س16.007.0%
+ر.س4.4b		0.3%PE16.6xUtilities
4280 Kingdom Holdingر.س9.8912.0%
+ر.س3.9b		20.3%PE21.6xFinancials
See more

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Latest News

2020
ر.س141.00
SABIC Agri-Nutrients
7D
4.1%
1Y
33.0%
1211
ر.س64.50
Saudi Arabian Mining Company (Maaden)
7D
-7.3%
1Y
39.3%
2380
ر.س9.74
Rabigh Refining and Petrochemical
7D
13.0%
1Y
23.9%
2082
ر.س166.90
ACWA Power
7D
-1.7%
1Y
-51.4%
1150
ر.س28.74
Alinma Bank
7D
2.4%
1Y
-6.4%

1150: Refined Profitability And P/E Assumptions Will Support Stronger Future Upside

Analysts have nudged their price target for Alinma Bank higher from SAR31.26 to SAR32.41, citing slightly adjusted assumptions around the discount rate, revenue growth, profit margin and forward P/E as the key drivers of the change. Valuation Changes Fair Value: Adjusted from SAR31.26 to SAR32.41, indicating a modest change in the assessed value per share.
2010
ر.س58.95
Saudi Basic Industries
7D
3.2%
1Y
-7.5%

2010: New CEO Appointment And 2025 Dividend Decision Will Drive Upside

Analysts now place their price target for Saudi Basic Industries at around SAR 85, trimmed from about SAR 87. This reflects updated assumptions for revenue growth, profit margins and future P/E multiples in their valuation work.
1180
ر.س42.50
Saudi National Bank
7D
5.4%
1Y
18.5%

1180: Upcoming Cash Dividend And Fine Tuned Assumptions Will Support Future Returns

Analysts have made a small upward adjustment to their price target for Saudi National Bank to SAR51.31, reflecting fine tuning to inputs such as fair value estimates, discount rate, revenue growth, profit margin, and forward P/E assumptions. What's in the News The Saudi National Bank Board of Directors recommended cash dividends of SAR 1.15 per share after Zakat for the second half of 2025, giving you a clear reference point for the proposed payout level (Key Developments).
2381
ر.س77.50
Arabian Drilling
7D
-5.8%
1Y
-19.1%

2381: Backlog Extensions And New CEO Will Support But Not Transform Rich P/E

Analysts have nudged their price target on Arabian Drilling higher to SAR79.38 from SAR75.55, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E that modestly adjust their valuation framework. What's in the News Arabian Drilling issued earnings guidance for the first quarter of 2026, indicating an expectation of slightly higher revenue compared to the fourth quarter of 2025.
2222
ر.س27.00
Saudi Arabian Oil
7D
-0.2%
1Y
0.9%

2222: Dividend Reset And Capital Returns Will Frame Balanced Forward Outlook

Analysts now set their price target for Saudi Arabian Oil at SAR28.26, a slight uptick from SAR28.19. This reflects updated assumptions around modest revenue growth, a lower projected profit margin, and a slightly reduced future P/E multiple.
4300
ر.س18.37
Dar Al Arkan Real Estate Development
7D
-2.6%
1Y
-14.2%
5110
ر.س16.00
Saudi Energy
7D
7.0%
1Y
0.3%

Long-Term Grid Expansion And Energy Transition Will Support A Stable Outlook

Catalysts About Saudi Energy Saudi Energy operates an integrated electricity generation, transmission and distribution business across the Kingdom of Saudi Arabia. What are the underlying business or industry changes driving this perspective?
4280
ر.س9.89
Kingdom Holding
7D
12.0%
1Y
20.3%
1120
ر.س104.30
Al Rajhi Banking and Investment
7D
3.1%
1Y
2.3%
1322
ر.س87.80
Al Masane Al Kobra Mining
7D
-6.7%
1Y
51.6%
4100
ر.س84.20
Makkah Construction and Development
7D
-1.6%
1Y
-23.3%

Makkah Construction and Development Company's (TADAWUL:4100) Earnings Haven't Escaped The Attention Of Investors

Jan 20
Makkah Construction and Development Company's (TADAWUL:4100) Earnings Haven't Escaped The Attention Of Investors
2382
ر.س16.21
ADES Holding
7D
-3.0%
1Y
-0.7%

ADES Holding (TADAWUL:2382) Has Some Way To Go To Become A Multi-Bagger

Dec 30
ADES Holding (TADAWUL:2382) Has Some Way To Go To Become A Multi-Bagger