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Saudi Arabian (Tadawul) Market Analysis & Valuation

UpdatedDec 17, 2025
DataAggregated Company Financials
Companies388
  • 7D-2.3%
  • 3M-1.8%
  • 1Y-15.0%
  • YTD-15.1%

The market has been flat over the last week. The past year hasn't been profitable, with the market dropping 15%. As for the next few years, earnings are expected to grow by 8.5% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Dec 2025ر.س8.8tر.س2.8tر.س484.2b17.7x18.2x3.1x
Fri, 14 Nov 2025ر.س9.5tر.س2.8tر.س521.1b18.8x18.2x3.4x
Sun, 12 Oct 2025ر.س9.4tر.س2.9tر.س519.2b21.1x18.1x3.3x
Tue, 09 Sep 2025ر.س8.7tر.س2.8tر.س518.6b20.1x16.8x3.1x
Thu, 07 Aug 2025ر.س9.1tر.س2.8tر.س525.8b20.3x17.2x3.2x
Sat, 05 Jul 2025ر.س9.3tر.س2.9tر.س542.7b21.7x17.1x3.2x
Mon, 02 Jun 2025ر.س9.2tر.س2.9tر.س542.0b21.5x17x3.2x
Wed, 30 Apr 2025ر.س9.6tر.س2.9tر.س544.8b22.5x17.7x3.4x
Fri, 28 Mar 2025ر.س9.9tر.س2.9tر.س543.7b22.6x18.2x3.5x
Sun, 23 Feb 2025ر.س10.3tر.س2.9tر.س556.2b24x18.4x3.6x
Tue, 21 Jan 2025ر.س10.4tر.س2.9tر.س552.2b24.3x18.8x3.6x
Thu, 19 Dec 2024ر.س10.3tر.س2.9tر.س552.0b23.6x18.6x3.6x
Sat, 16 Nov 2024ر.س10.2tر.س2.9tر.س551.6b24.6x18.4x3.6x
Mon, 14 Oct 2024ر.س10.0tر.س2.9tر.س571.7b25x17.6x3.5x
Wed, 11 Sep 2024ر.س10.0tر.س2.9tر.س571.1b25.6x17.6x3.5x
Fri, 09 Aug 2024ر.س10.0tر.س2.8tر.س566.7b24.7x17.7x3.5x
Sun, 07 Jul 2024ر.س10.1tر.س2.8tر.س567.4b25.6x17.9x3.6x
Tue, 04 Jun 2024ر.س10.3tر.س2.8tر.س566.5b26x18.2x3.7x
Thu, 02 May 2024ر.س10.8tر.س2.8tر.س579.4b27.8x18.6x3.8x
Sat, 30 Mar 2024ر.س11.0tر.س2.8tر.س578.1b28x19x3.9x
Mon, 26 Feb 2024ر.س11.2tر.س2.9tر.س605.7b26.9x18.5x3.9x
Wed, 24 Jan 2024ر.س11.0tر.س2.9tر.س604.6b25.1x18.2x3.9x
Fri, 22 Dec 2023ر.س11.2tر.س2.8tر.س604.4b23.8x18.5x3.9x
Sun, 19 Nov 2023ر.س11.1tر.س2.9tر.س604.4b23.6x18.4x3.9x
Tue, 17 Oct 2023ر.س10.9tر.س3.0tر.س636.8b23.8x17.1x3.7x
Thu, 14 Sep 2023ر.س11.1tر.س3.0tر.س636.4b24.5x17.4x3.7x
Sat, 12 Aug 2023ر.س11.3tر.س3.0tر.س639.9b25.8x17.6x3.8x
Mon, 10 Jul 2023ر.س11.0tر.س3.2tر.س715.2b26.1x15.3x3.4x
Wed, 07 Jun 2023ر.س10.8tر.س3.2tر.س713.0b26.8x15.2x3.4x
Fri, 05 May 2023ر.س10.7tر.س3.3tر.س754.6b24.7x14.2x3.3x
Sun, 02 Apr 2023ر.س10.0tر.س3.2tر.س758.2b24.3x13.2x3.1x
Tue, 28 Feb 2023ر.س9.5tر.س3.2tر.س752.6b23.3x12.7x3x
Thu, 26 Jan 2023ر.س10.2tر.س3.2tر.س750.2b23.5x13.6x3.2x
Sat, 24 Dec 2022ر.س9.6tر.س3.2tر.س748.6b23.7x12.8x3x
Price to Earnings Ratio

12.8x


Total Market Cap: ر.س9.6tTotal Earnings: ر.س748.6bTotal Revenue: ر.س3.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Saudi Arabian Market Price to Earnings3Y Average 17.1x202320242025
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 17.1x.
Past Earnings Growth
  • The earnings for companies in the Saudi industry have declined 14% per year over the last three years.
  • Revenues have also declined 4.0% 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-2.35%
Telecom-0.48%
Real Estate-1.26%
Utilities-1.32%
Consumer Staples-1.78%
Tech-1.80%
Industrials-1.93%
Financials-2.20%
Energy-2.43%
Consumer Discretionary-2.45%
Healthcare-3.06%
Materials-3.42%
Sector PE
  • Investors favour the Healthcare sector the most for future growth even though it's trading below its 3-year average PE ratio of 43.5x.
    • Analysts expect its future annual earnings growth (15.8%) to be largely in line with prior year's earnings growth.
    • The market's confidence could indicate that the market believes that analysts are underestimating future growth.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 44% over the next 5 years.
  • This is better than its past earnings decline of 4.2% per year.
  • In contrast, the Consumer Staples industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
4264 Flynasر.س72.3012.1%
+ر.س1.3b		n/aPS1.6xIndustrials
4280 Kingdom Holdingر.س8.134.4%
+ر.س1.3b		-8.9%PE17.7xFinancials
1060 Saudi Awwal Bankر.س32.221.3%
+ر.س821.9m		2.9%PB0.8xFinancials
4300 Dar Al Arkan Real Estate Developmentر.س15.804.3%
+ر.س702.0m		6.8%PE16.4xReal Estate
2280 Almaraiر.س44.140.8%
+ر.س340.0m		-24.3%PE18.2xConsumer Staples
See more

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1211
ر.س56.95
Saudi Arabian Mining Company (Ma'aden)
7D
-3.5%
1Y
11.2%

1211: Rare Earth Agreement Will Drive Future Margin Expansion And Earnings Repricing

Analysts have raised their price target for Saudi Arabian Mining Company (Ma'aden) from SAR 60.00 to about SAR 71.80, citing expectations of slightly slower revenue growth, offset by improved profit margins and a higher justified future price to earnings multiple. What's in the News Ma'aden signed a binding term sheet with MP Materials and Mountain JV, LLC to establish a rare earth refining and separation facility in Saudi Arabia, subject to customary regulatory and corporate approvals (company filing).
2280
ر.س44.14
Almarai
7D
0.8%
1Y
-24.3%

2280: Incoming Leadership Will Drive Confidence Despite Slight Margin Headwinds

Analysts have slightly lowered their price target for Almarai to SAR 62.27 from SAR 62.32, reflecting updated expectations for faster revenue growth alongside a marginally softer profit margin profile. What's in the News Board of Directors appoints Mr. Fawaz bin Mohammed Al Jasser as Chief Executive Officer, effective 16 January 2026, following a recommendation from the Nominations and Remunerations Committee (Key Developments) New CEO brings nearly twenty years of experience at Almarai, having led bakery, seafood, and human resources, as well as serving as General Manager of Teeba in Jordan and CEO of Naqua Company (Key Developments) Almarai Board meeting held on 17 November 2025 to approve the resignation of a Board member and appoint a new member to the Board (Key Developments) Valuation Changes Fair Value: Trimmed slightly to SAR 62.27 from SAR 62.32, implying a marginally lower intrinsic valuation per share.
7010
ر.س42.44
Saudi Telecom
7D
0.1%
1Y
4.3%

Investor Optimism Abounds Saudi Telecom Company (TADAWUL:7010) But Growth Is Lacking

Dec 09
Investor Optimism Abounds Saudi Telecom Company (TADAWUL:7010) But Growth Is Lacking
1180
ر.س37.20
Saudi National Bank
7D
-1.1%
1Y
12.2%

1180: Share Buyback Completion Will Support Future Shareholder Value

Analysts have modestly increased their price target on Saudi National Bank by 0.00 SAR, citing a slightly lower discount rate and marginally improved long term growth and profitability assumptions, while maintaining an essentially unchanged fair value outlook. What's in the News Completed share buyback of 16,000,000 shares, representing about 0.27% of capital, for a total consideration of SAR 582.35 million under the program announced on April 16, 2025 (Key Developments) Legal ruling in favor of Thimar Development Holding Company, with Saudi National Bank ordered to pay approximately SAR 6.76 million in compensation over disputed cheque deposits into another company’s account (Key Developments) The Thimar case highlights ongoing legal and operational risk related to cheque handling and beneficiary verification processes at Saudi National Bank (Key Developments) Valuation Changes Fair Value Estimate remains unchanged at approximately SAR 47.83 per share, indicating a stable assessment of intrinsic value.
2010
ر.س52.60
Saudi Basic Industries
7D
-3.5%
1Y
-22.4%

2010: Legal Dispute And Higher Multiple Expectations Will Drive Bullish Repricing

Analysts have slightly lowered their price target on Saudi Basic Industries, revising their estimate of fair value to approximately $63.67. This adjustment reflects more conservative assumptions on revenue growth and profit margins, even though higher future valuation multiples are now expected.
2381
ر.س96.35
Arabian Drilling
7D
3.6%
1Y
-16.8%

2381: Backlog Expansion Will Support Stable Outlook As Board Reviews Dividend Policy

Analysts have marginally raised their price target for Arabian Drilling to about SAR 97.23, reflecting slightly higher long term profitability expectations and a modestly increased cost of equity embedded in their valuation models. What's in the News Arabian Drilling secured four rig contract renewals with Saudi Aramco worth over SAR 2 billion, adding 30 committed rig years and lifting its backlog to a record SAR 12.2 billion by the end of 2025, with financial impact expected from the first quarter of 2026 (company announcement).
2222
ر.س23.75
Saudi Arabian Oil
7D
-2.4%
1Y
-15.6%
4264
ر.س72.30
Flynas
7D
12.1%
1Y
n/a

Flynas Company's (TADAWUL:4264) P/S Is On The Mark

Nov 20
Flynas Company's (TADAWUL:4264) P/S Is On The Mark
4280
ر.س8.13
Kingdom Holding
7D
4.4%
1Y
-8.9%
2080
ر.س84.95
National Gas and Industrialization
7D
4.9%
1Y
-17.7%

Returns On Capital Are Showing Encouraging Signs At National Gas and Industrialization (TADAWUL:2080)

Nov 17
Returns On Capital Are Showing Encouraging Signs At National Gas and Industrialization (TADAWUL:2080)
4300
ر.س15.80
Dar Al Arkan Real Estate Development
7D
4.3%
1Y
6.8%
1120
ر.س95.60
Al Rajhi Banking and Investment
7D
-2.7%
1Y
3.6%

Should You Be Adding Al Rajhi Banking and Investment (TADAWUL:1120) To Your Watchlist Today?

Nov 13
Should You Be Adding Al Rajhi Banking and Investment (TADAWUL:1120) To Your Watchlist Today?
2020
ر.س111.40
SABIC Agri-Nutrients
7D
-4.9%
1Y
1.1%

Returns On Capital At SABIC Agri-Nutrients (TADAWUL:2020) Have Hit The Brakes

Nov 05
Returns On Capital At SABIC Agri-Nutrients (TADAWUL:2020) Have Hit The Brakes
1010
ر.س25.82
Riyad Bank
7D
-3.7%
1Y
-8.4%
1060
ر.س32.22
Saudi Awwal Bank
7D
1.3%
1Y
2.9%
1080
ر.س21.33
Arab National Bank
7D
-5.6%
1Y
6.1%