Korea market data · updated with each research note

KOSPI Valuation: P/E, P/B and Dividend Yield

How expensive the KOSPI is against its own history, using the price-to-earnings ratio, price-to-book ratio and dividend yield the Korea Exchange publishes every trading day since 2004.

IFC Seoul office towers in Yeouido, Seoul's financial district, seen from a bridge on a sunny day.
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KOSPI, Oct 23, 2026

1.38xP/B · higher than 82% of days since 2004

KOSPI 5,550.30 · P/E 9.2x · dividend yield 1.14%

The long-run median since 2004 is a P/B of 1.14x and a P/E of 14.3x. Korea’s low price-to-book is the core of what investors call the Korea discount.

P/E, trailing9.2x
P/E percentile3th
P/B1.38x
P/B percentile82th
Dividend yield1.14%
Earnings yield10.8%

Against its own history

The KOSPI on a log scale above, and the valuation measure below with its 10th percentile, median and 90th percentile since 2004 (dashed lines). Weekly data.

1,0002,0003,0005,0007,000KOSPI (log scale)10th pct 0.90xMedian 1.14x90th pct 1.52xP/B 1.38x20062008201020122014201620182020202220242026
1,0002,0003,0005,0007,000KOSPI (log scale)0.90x1.14x1.52xP/B 1.38x20052010201520202025
1,0002,0003,0005,0007,000KOSPI (log scale)10th pct 10.5xMedian 14.3x90th pct 20.8xP/E 9.2x20062008201020122014201620182020202220242026
1,0002,0003,0005,0007,000KOSPI (log scale)10.5x14.3x20.8xP/E 9.2x20052010201520202025
1,0002,0003,0005,0007,000KOSPI (log scale)10th pct 1.15%Median 1.64%90th pct 2.15%Dividend yield 1.14%20062008201020122014201620182020202220242026
1,0002,0003,0005,0007,000KOSPI (log scale)1.15%1.64%2.15%Dividend yield 1.14%20052010201520202025

At past peaks and lows

KOSPI valuation on the days of major market peaks and lows since 2007, compared with the latest reading.

DateKOSPIP/EP/BDiv. yield
Oct 31, 20072007 fund boom peak2,06518.2x1.90x1.28%
Oct 24, 20082008 crisis low9397.4x0.78x3.15%
May 2, 20112011 peak2,22913.4x1.46x1.23%
Jan 29, 20182018 chip peak2,59813.7x1.17x1.29%
Mar 19, 20202020 Covid low1,45812.1x0.59x3.03%
Jul 6, 20212021 retail boom peak3,30518.4x1.31x1.73%
Sep 30, 20222022 rate-shock low2,1559.3x0.83x2.30%
Apr 9, 20252025 tariff low2,29412.0x0.80x2.17%
Jun 22, 20262026 memory peak9,11524.8x2.59x0.70%
Oct 23, 2026latest5,5509.2x1.38x1.14%

About this data

  • Source. Korea Exchange (KRX) index fundamentals for the KOSPI: P/E uses trailing reported net income, P/B the latest reported book value, and dividend yield the last annual dividends, aggregated over all KOSPI constituents.
  • Steps in the line. KRX updates the earnings and book value behind the ratios when new annual and half-year results come in, so the P/E can jump on those dates even when prices barely move (for example in September 2026).
  • Updates. Refreshed when new research is published on this site; the date above is the last trading day included.
  • Related. Sentiment rather than valuation is tracked by the K-Expectation Index, which uses P/B as one of its ten inputs.
K-Expectation Index →Foreign investor flows →Korean stocks in the US →Start here →

Market data for information only. It is not investment advice.

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