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Saudi Arabian (Tadawul) Market Analysis & Valuation

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies390
  • 7D5.6%
  • 3M-3.4%
  • 1Y-11.1%
  • YTD4.4%

The market is up 5.6% in the last 7 days, led by the Energy and all sectors gaining ground. Over the past year the market is down 11%. As for the next few years, earnings are expected to grow by 7.6% per annum.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026ر.س9.2tر.س2.8tر.س521.5b17.8x17.7x3.3x
Sat, 13 Dec 2025ر.س8.9tر.س2.8tر.س484.2b18.1x18.4x3.2x
Mon, 10 Nov 2025ر.س9.5tر.س2.8tر.س521.9b19.1x18.2x3.4x
Wed, 08 Oct 2025ر.س9.4tر.س2.9tر.س519.3b21.5x18.2x3.3x
Fri, 05 Sep 2025ر.س8.8tر.س2.8tر.س518.7b20.2x17x3.1x
Sun, 03 Aug 2025ر.س9.1tر.س2.9tر.س546.2b20.3x16.6x3.1x
Tue, 01 Jul 2025ر.س9.2tر.س2.9tر.س542.8b21.5x16.9x3.2x
Thu, 29 May 2025ر.س9.3tر.س2.9tر.س542.1b21.7x17.2x3.2x
Sat, 26 Apr 2025ر.س9.7tر.س2.9tر.س544.8b22.4x17.7x3.4x
Mon, 24 Mar 2025ر.س9.6tر.س2.9tر.س543.6b22.6x17.7x3.4x
Wed, 19 Feb 2025ر.س10.2tر.س2.9tر.س555.7b24.1x18.4x3.6x
Fri, 17 Jan 2025ر.س10.3tر.س2.9tر.س552.2b24x18.7x3.6x
Sun, 15 Dec 2024ر.س10.4tر.س2.9tر.س552.1b23.7x18.8x3.6x
Tue, 12 Nov 2024ر.س10.3tر.س2.9tر.س550.7b24.3x18.7x3.6x
Thu, 10 Oct 2024ر.س10.0tر.س2.9tر.س571.7b24.5x17.5x3.5x
Sat, 07 Sep 2024ر.س10.1tر.س2.9tر.س571.1b25.5x17.8x3.6x
Mon, 05 Aug 2024ر.س10.1tر.س2.8tر.س568.5b25.4x17.8x3.6x
Wed, 03 Jul 2024ر.س10.1tر.س2.8tر.س567.3b25.7x17.8x3.6x
Fri, 31 May 2024ر.س10.2tر.س2.8tر.س566.5b25.4x18.1x3.7x
Sun, 28 Apr 2024ر.س10.8tر.س2.8tر.س578.0b27.4x18.6x3.8x
Tue, 26 Mar 2024ر.س11.1tر.س2.8tر.س577.3b28.3x19.3x4x
Thu, 22 Feb 2024ر.س11.2tر.س2.9tر.س605.7b26.8x18.6x3.9x
Sat, 20 Jan 2024ر.س11.0tر.س2.9tر.س604.6b25.1x18.2x3.9x
Mon, 18 Dec 2023ر.س11.1tر.س2.8tر.س604.4b24.1x18.4x3.9x
Wed, 15 Nov 2023ر.س11.1tر.س2.9tر.س604.8b23.1x18.4x3.9x
Fri, 13 Oct 2023ر.س10.9tر.س3.0tر.س636.9b23.6x17.1x3.7x
Sun, 10 Sep 2023ر.س11.3tر.س3.0tر.س636.5b25.2x17.7x3.8x
Tue, 08 Aug 2023ر.س10.9tر.س3.2tر.س715.9b25.2x15.3x3.4x
Thu, 06 Jul 2023ر.س11.0tر.س3.2tر.س714.9b26x15.4x3.4x
Sat, 03 Jun 2023ر.س10.6tر.س3.2tر.س713.0b26x14.9x3.3x
Mon, 01 May 2023ر.س11.0tر.س3.3tر.س754.1b25x14.5x3.4x
Wed, 29 Mar 2023ر.س9.9tر.س3.2tر.س758.0b24x13.1x3x
Fri, 24 Feb 2023ر.س9.7tر.س3.2tر.س752.8b23.6x12.9x3x
Sun, 22 Jan 2023ر.س10.0tر.س3.2tر.س750.2b24x13.3x3.1x
Price to Earnings Ratio

13.3x


Total Market Cap: ر.س10.0tTotal Earnings: ر.س750.2bTotal Revenue: ر.س3.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Saudi Arabian Market Price to Earnings3Y Average 17.3x202420252026
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 17.3x.
Past Earnings Growth
  • The earnings for companies in the Saudi industry have declined 11% per year over the last three years.
  • Revenues have also declined 4.1% 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 Market5.56%
Materials8.73%
Tech6.01%
Energy5.96%
Financials4.73%
Healthcare4.13%
Telecom3.46%
Consumer Staples3.22%
Real Estate3.18%
Utilities1.99%
Consumer Discretionary1.69%
Industrials0.45%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 49.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 32.1% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 34% over the next 5 years.
  • This is better than its past earnings growth rate of 15% 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
2222 Saudi Arabian Oilر.س24.804.9%
+ر.س278.1b		-12.2%PE16.4xEnergy
1211 Saudi Arabian Mining Company (Ma'aden)ر.س71.3012.3%
+ر.س30.3b		47.9%PE49.7xMaterials
2010 Saudi Basic Industriesر.س55.358.7%
+ر.س13.4b		-18.1%PS1.2xMaterials
1180 Saudi National Bankر.س42.044.3%
+ر.س10.3b		20.5%PB1.3xFinancials
1120 Al Rajhi Banking and Investmentر.س101.902.1%
+ر.س8.4b		5.4%PB3xFinancials
See more

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Latest News

2010
ر.س55.35
Saudi Basic Industries
7D
8.7%
1Y
-18.1%
7010
ر.س44.30
Saudi Telecom
7D
3.3%
1Y
5.5%
2082
ر.س176.80
ACWA Power
7D
3.5%
1Y
-55.6%

2082: New Long Term Projects And Margins Will Support Upside Potential

Narrative Update Analysts have trimmed their fair value estimate for ACWA Power from SAR198.20 to about SAR191.83, as slightly softer revenue growth assumptions and a lower future P/E multiple more than offset a modestly higher projected profit margin and a marginally reduced discount rate. What's in the News ACWA Power signed a public private partnership agreement for Azerbaijan’s first large scale Caspian Sea reverse osmosis desalination plant, with a contract value of about US$400m (SAR 1.5b) and a 27.5 year term including construction, with the contract signed on December 26, 2025 (company announcement).
1180
ر.س42.04
Saudi National Bank
7D
4.3%
1Y
20.5%

1180: Completed Buyback And Stable Margins Will Support Future Returns

Analysts have kept their fair value estimate for Saudi National Bank broadly unchanged at SAR 48.11, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin, and future P/E, supporting a steady Analyst Price Target. What's in the News Saudi National Bank completed a share repurchase program involving 16,000,000 shares, equal to 0.27% of its shares, under the buyback announced on April 16, 2025 (Key Developments).
2222
ر.س24.80
Saudi Arabian Oil
7D
4.9%
1Y
-12.2%

Under The Bonnet, Saudi Arabian Oil's (TADAWUL:2222) Returns Look Impressive

Jan 05
Under The Bonnet, Saudi Arabian Oil's (TADAWUL:2222) Returns Look Impressive
1211
ر.س71.30
Saudi Arabian Mining Company (Ma'aden)
7D
12.3%
1Y
47.9%

1211: Rare Earth JV And Phosphate Expansion Will Shape Balanced Future Outlook

Analysts have raised their price target for Saudi Arabian Mining Company (Ma'aden) slightly, from SAR 56.82 to around SAR 57.07, citing marginally stronger expectations for revenue growth, profit margins, and future earnings multiples. What's in the News Received Ministry of Energy approval for feedstock allocation to develop the Fourth Phosphate Project, targeting 1.1 million tons of ammonia and an additional 2.5 million tons of phosphate and specialty fertilizers annually, lifting total fertilizer capacity to about 12 million tons per year and reinforcing Maaden as a leading global phosphate producer (regulatory filing).
4264
ر.س61.25
Flynas
7D
-2.5%
1Y
n/a
2382
ر.س16.67
ADES Holding
7D
-1.8%
1Y
-10.3%

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
6019
ر.س22.85
Almasar Alshamil Education Company JSC
7D
-8.1%
1Y
n/a
4142
ر.س124.00
Riyadh Cables Group
7D
-2.4%
1Y
-12.6%

Why The 41% Return On Capital At Riyadh Cables Group (TADAWUL:4142) Should Have Your Attention

Dec 04
Why The 41% Return On Capital At Riyadh Cables Group (TADAWUL:4142) Should Have Your Attention
1831
ر.س6.26
Maharah for Human Resources
7D
-6.7%
1Y
-7.7%
1120
ر.س101.90
Al Rajhi Banking and Investment
7D
2.1%
1Y
5.4%

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?
1321
ر.س128.00
East Pipes Integrated Company for Industry
7D
-4.8%
1Y
-8.4%

East Pipes Integrated Company for Industry's (TADAWUL:1321) Earnings Offer More Than Meets The Eye

Nov 09
East Pipes Integrated Company for Industry's (TADAWUL:1321) Earnings Offer More Than Meets The Eye
2020
ر.س120.00
SABIC Agri-Nutrients
7D
9.1%
1Y
5.3%

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.س26.76
Riyad Bank
7D
-0.3%
1Y
-7.2%
1140
ر.س24.27
Bank Albilad
7D
-1.4%
1Y
-23.8%