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Saudi Arabian (Tadawul) Market Analysis & Valuation

UpdatedJul 06, 2026
DataAggregated Company Financials
Companies389
  • 7D-1.6%
  • 3M-4.6%
  • 1Y1.0%
  • YTD6.5%

Over the last 7 days, the market has dropped 1.6%, driven by a decline of 1.8% in the Energy sector. In the last 12 months the market has been flat overall. Earnings are forecast to grow by 7.0% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Jul 2026ر.س9.4tر.س2.9tر.س540.4b16.9x17.5x3.3x
Wed, 03 Jun 2026ر.س9.9tر.س2.9tر.س540.2b17.4x18.2x3.4x
Fri, 01 May 2026ر.س10.0tر.س2.8tر.س513.0b17.5x19.4x3.5x
Sun, 29 Mar 2026ر.س9.7tر.س2.8tر.س512.7b16.8x19x3.5x
Tue, 24 Feb 2026ر.س9.5tر.س2.8tر.س526.6b16.9x18x3.3x
Thu, 22 Jan 2026ر.س9.2tر.س2.8tر.س521.5b17.9x17.7x3.3x
Sat, 20 Dec 2025ر.س8.8tر.س2.8tر.س484.5b17.6x18.1x3.1x
Mon, 17 Nov 2025ر.س9.4tر.س2.8tر.س483.9b18.3x19.4x3.3x
Wed, 15 Oct 2025ر.س9.4tر.س2.9tر.س519.2b21.3x18.1x3.3x
Fri, 12 Sep 2025ر.س8.6tر.س2.8tر.س518.9b20x16.7x3x
Sun, 10 Aug 2025ر.س9.1tر.س2.8tر.س519.2b20.4x17.5x3.2x
Tue, 08 Jul 2025ر.س9.4tر.س2.9tر.س542.8b21.6x17.3x3.2x
Thu, 05 Jun 2025ر.س9.2tر.س2.9tر.س542.0b21.7x16.9x3.2x
Sat, 03 May 2025ر.س9.5tر.س2.9tر.س546.7b22.1x17.3x3.3x
Mon, 31 Mar 2025ر.س9.9tر.س2.9tر.س543.7b23x18.3x3.5x
Wed, 26 Feb 2025ر.س10.2tر.س2.9tر.س556.6b23.7x18.3x3.5x
Fri, 24 Jan 2025ر.س10.4tر.س2.9tر.س552.3b24.3x18.7x3.6x
Sun, 22 Dec 2024ر.س10.4tر.س2.9tر.س552.1b23.3x18.8x3.6x
Tue, 19 Nov 2024ر.س10.1tر.س2.9tر.س551.6b24.2x18.4x3.5x
Thu, 17 Oct 2024ر.س10.1tر.س2.9tر.س571.7b25.9x17.6x3.5x
Sat, 14 Sep 2024ر.س10.0tر.س2.9tر.س571.1b25.5x17.4x3.5x
Mon, 12 Aug 2024ر.س10.0tر.س2.9tر.س569.1b24.4x17.6x3.5x
Wed, 10 Jul 2024ر.س10.1tر.س2.8tر.س567.5b25.9x17.8x3.6x
Fri, 07 Jun 2024ر.س10.1tر.س2.8tر.س566.9b25.1x17.9x3.6x
Sun, 05 May 2024ر.س10.7tر.س2.8tر.س579.7b27.6x18.5x3.8x
Tue, 02 Apr 2024ر.س11.0tر.س2.8tر.س578.1b27.5x19x3.9x
Thu, 29 Feb 2024ر.س11.2tر.س2.9tر.س605.7b27.6x18.5x3.9x
Sat, 27 Jan 2024ر.س11.0tر.س2.9tر.س604.6b25.4x18.2x3.9x
Mon, 25 Dec 2023ر.س11.2tر.س2.8tر.س604.4b24x18.5x3.9x
Wed, 22 Nov 2023ر.س11.1tر.س2.8tر.س604.5b23.5x18.4x3.9x
Fri, 20 Oct 2023ر.س11.0tر.س3.0tر.س636.9b23.8x17.2x3.7x
Sun, 17 Sep 2023ر.س11.2tر.س3.0tر.س636.4b24.5x17.6x3.8x
Tue, 15 Aug 2023ر.س11.4tر.س3.0tر.س640.2b25.5x17.9x3.9x
Thu, 13 Jul 2023ر.س11.0tر.س3.2tر.س715.4b26.1x15.4x3.5x
Price to Earnings Ratio

15.4x


Total Market Cap: ر.س11.0tTotal Earnings: ر.س715.4bTotal Revenue: ر.س3.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Saudi Arabian Market Price to Earnings3Y Average 18x202420252026
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 18.0x.
Past Earnings Growth
  • The earnings for companies in the Saudi industry have declined 8.9% per year over the last three years.
  • Revenues have also declined 3.5% 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 Market-1.59%
Consumer Discretionary1.51%
Real Estate0.65%
Consumer Staples0.57%
Healthcare0.33%
Telecom0.046%
Utilities-0.023%
Industrials-1.13%
Financials-1.56%
Energy-1.83%
Tech-2.13%
Materials-2.53%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading close to its 3-year average PE ratio of 61.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.9%, which is higher than its past year's earnings growth of 7.2% per year.
  • The Financials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 14.0x.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings growth rate of 7.2% per year.
  • In contrast, the Real Estate sector is expected to see its earnings grow by 2.2% 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
2222 Saudi Arabian Oilر.س26.160.2%
+ر.س9.7b		4.3%PE17xEnergy
2082 ACWA Powerر.س192.902.2%
+ر.س3.2b		-27.5%PE83.5xUtilities
1180 Saudi National Bankر.س39.021.0%
+ر.س2.4b		4.9%PB1.1xFinancials
4013 Dr. Sulaiman Al Habib Medical Services Groupر.س217.703.2%
+ر.س2.3b		-19.5%PE32.5xHealthcare
2380 Rabigh Refining and Petrochemicalر.س13.097.8%
+ر.س2.1b		69.3%PS0.7xEnergy
See more

Market Insights

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Markets are supposed to reprice risk when it changes. This time they've repriced the promise, but left the threat largely untouched. Whether that's an oversight or a fair call is worth thinking through.
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Latest News

1150
ر.س24.15
Alinma Bank
7D
-1.8%
1Y
6.5%
Narrative Update • Jul 02

1150: Fair Value View Will Shift Attention To Earnings And P/E Assumptions

Alinma Bank's analyst price target has been revised to SAR 25.00 from SAR 21.53 as analysts update their assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Analyst coverage on Alinma Bank has recently focused on updated valuation models that incorporate revised discount rates and profit margin assumptions, contributing to the new SAR 25.00 target.
2010
ر.س51.80
Saudi Basic Industries
7D
-0.6%
1Y
-7.1%
5110
ر.س17.77
Saudi Energy
7D
-1.3%
1Y
18.1%
Narrative Update • Jun 26

5110: Rabigh Expansion Exposure Will Likely Limit Future Return Potential

Analysts have adjusted their fair value estimate for Saudi Energy from SAR15.60 to SAR16.21, citing updated assumptions around the discount rate, profit margin and future P/E expectations as key drivers of the new price target. What's in the News Saudi Energy signed a Power Purchase Agreement with Saudi Power Procurement Company for the Rabigh 2 IPP Expansion Project, a large-scale combined cycle gas turbine power plant in Makkah province with a production capacity of 2,313.5 MW and readiness to add a carbon capture unit.
2382
ر.س19.35
ADES Holding
7D
4.8%
1Y
44.1%
Analysis Article • Jun 25

With EPS Growth And More, ADES Holding (TADAWUL:2382) Makes An Interesting Case

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
8010
ر.س142.00
Company for Cooperative Insurance
7D
-3.7%
1Y
-9.6%
2082
ر.س192.90
ACWA Power
7D
2.2%
1Y
-27.5%
Narrative Update • Jun 16

2082: Higher Revenue Outlook And Margin Pressure Will Shape Future Returns

Analysts have reduced their ACWA Power price target from SAR245 to SAR205 as updated assumptions point to higher projected revenue growth, lower profit margin, and a more conservative future P/E multiple. What's in the News for ACWA Power Analysts revised their ACWA Power price target to SAR205, down from SAR245, citing updated assumptions around revenue growth, profit margins, and P/E multiple expectations.
2280
ر.س46.12
Almarai
7D
2.9%
1Y
-8.0%
Narrative Update • Jun 16

2280: Dividend And CFO Transition Will Support Confidence In Future Earnings Quality

Analysts have made a very small upward tweak to Almarai's fair value estimate, with the price target moving from SAR 56.81 to SAR 56.82. This reflects updated assumptions on revenue growth, profit margins and the future P/E multiple.
7010
ر.س43.50
Saudi Telecom
7D
-0.7%
1Y
2.2%
2222
ر.س26.16
Saudi Arabian Oil
7D
0.2%
1Y
4.3%
Narrative Update • Jun 12

2222: Quantum And AI Partnerships Will Support A Stronger Long-Term Profile

Analysts now place their price target for Saudi Arabian Oil at SAR30.30, compared with the previous SAR30.08, citing refreshed assumptions around modest revenue growth, slightly lower profit margins, and a reduced future P/E multiple. What's in the News Emerson and Saudi Arabian Oil are partnering to co-develop next generation corrosion management solutions, using ultrasonic online monitoring, wireless connectivity, and continuous data collection to support operational performance, safety, and environmental goals.
4013
ر.س217.70
Dr. Sulaiman Al Habib Medical Services Group
7D
3.2%
1Y
-19.5%
8210
ر.س162.00
Bupa Arabia for Cooperative Insurance
7D
-8.8%
1Y
-9.7%
1180
ر.س39.02
Saudi National Bank
7D
1.0%
1Y
4.9%
Narrative Update • Jun 07

1180: Future Upside Will Rely On Supportive P E Multiple

Analysts have slightly reduced their fair value estimate for Saudi National Bank from SAR 49.59 to SAR 49.46, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. What's in the News No recent company specific news items for Saudi National Bank were provided in the primary or secondary sources.
2380
ر.س13.09
Rabigh Refining and Petrochemical
7D
7.8%
1Y
69.3%
7203
ر.س663.50
Elm
7D
-3.2%
1Y
-32.5%
Analysis Article • May 16

Earnings Beat: Elm Company Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Elm Company ( TADAWUL:7203 ) investors will be delighted, with the company turning in some strong numbers with its...
1060
ر.س32.28
Saudi Awwal Bank
7D
-1.1%
1Y
-6.6%
7020
ر.س61.65
Etihad Etisalat
7D
2.2%
1Y
1.9%