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Saudi stocks: A snapshot of P/E and P/B ratios
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Content Summary: 
Tadawul trading screen
Saudi Arabia’s benchmark Tadawul All Share Index (TASI) fell today, Oct. 14, to its lowest level since March 2023, a roughly 43-month low.
The index traded below 10,200 points on March 1, the first trading session following the outbreak of war in the Middle East.
Compared with its close on Feb. 26, the last session before those events, TASI was down 5.3%, shedding about 570 points from 10,709 to 10,139 at the end of today's business.
Over that period, 196 stocks and real estate investment trusts (REITs) declined, while 74 advanced.
Top Decliners since the Start of the War
Al Arabia stock recorded the steepest decline, falling 62%, followed by Tasheel at 50%, Theeb Rent a Car at 47% and Al Kathiri at 46%.
The list also included Lumi, RSMG, Budget Saudi, Miahona, Shaker and Retal, all of which fell by more than 40%, as shown in the following table.
|
Top Decliners since the Start of the War |
|||
|
Company |
Closing price on Feb. 26 |
Close Oct. 14 |
Change |
|
Al Arabia |
105.00 |
39.50 |
(62%) |
|
Tasheel |
45.04 |
22.59 |
(50%) |
|
Theeb |
31.80 |
17.00 |
(47%) |
|
Al Kathiri |
1.98 |
1.07 |
(46%) |
|
Lumi |
38.80 |
21.01 |
(46%) |
|
SRMG |
81.85 |
46.12 |
(44%) |
|
Budget Saudi |
40.52 |
22.93 |
(43%) |
|
Miahona |
15.61 |
9.03 |
(42%) |
|
Shaker |
16.58 |
9.62 |
(42%) |
|
Retal |
13.40 |
7.96 |
(41%) |
|
SGS |
32.40 |
19.45 |
(40%) |
|
Ataa |
56.00 |
34.62 |
(38%) |
|
Al Majdiah |
8.79 |
5.59 |
(36%) |
|
Al Othaim |
6.15 |
4.01 |
(35%) |
|
AMAK |
97.70 |
64.05 |
(34%) |
|
MBC Group |
28.36 |
18.61 |
(34%) |
|
eXtra |
82.85 |
55.20 |
(33%) |
|
SENAAT |
36.66 |
24.68 |
(33%) |
|
Alkhaleej Training |
18.40 |
12.42 |
(33%) |
|
flynas |
58.50 |
39.76 |
(32%) |
|
Jadwa REIT Saudi |
11.70 |
8.05 |
(31%) |
|
Build Station |
50.00 |
34.66 |
(31%) |
Top Gainers since the Start of the War
In contrast, Petro Rabigh rose 140%, followed by Watani Steel, which transferred from the Nomu-Parallel Market, at 96%, and MIS at 95%.
|
Top-Performing Stocks since the Last Trading Session before the War |
|||
|
Company |
Closing price on Feb. 26 |
Close Oct. 14 |
Change |
|
Petro Rabigh |
7.28 |
17.45 |
140% |
|
Watani Steel* |
1.80 |
3.53 |
96% |
|
MIS |
154.50 |
301.20 |
95% |
|
KEC |
12.28 |
21.79 |
77% |
|
SIDC |
9.88 |
16.00 |
62% |
|
MESC |
20.87 |
33.50 |
61% |
|
Kingdom Holding |
8.75 |
13.34 |
52% |
|
Raoom |
55.20 |
81.00 |
47% |
|
Saudi Steel Pipe |
38.34 |
56.00 |
46% |
|
FIPCO |
26.06 |
38.00 |
46% |
|
Saudi Enaya |
7.26 |
10.13 |
40% |
|
Luberef |
91.35 |
127.30 |
39% |
|
MARAFIQ |
31.26 |
41.86 |
34% |
|
Arabian Pipes |
3.73 |
4.99 |
34% |
|
East Pipes |
139.90 |
184.50 |
32% |
|
SISCO Holding |
26.76 |
35.02 |
31% |
|
Yansab |
25.20 |
32.04 |
27% |
|
Al Rajhi Takaful |
37.25 |
47.00 |
26% |
|
Tihama |
15.16 |
18.98 |
25% |
|
GIG |
23.00 |
28.54 |
24% |
|
Jarir |
13.99 |
17.25 |
23% |
|
Gulf Union Alahlia |
9.90 |
12.20 |
23% |
Stocks With the Lowest P/E Ratios
Regarding stock valuations, Tadawul’s annualized price-to-earnings (P/E) ratio stood at 13.43x, falling to 13.16x after exclusions, according to Argaam data as of October 14, 2026.
Bahri topped the list of stocks with the lowest reported P/E ratios at 3.31x, with a recurring P/E ratio of 3.34x. Petro Rabigh came next at 3.53x, followed by Al Babtain, with a recurring P/E ratio of 5.46x.
|
Stocks with the Lowest P/E Ratios* |
|||
|
Company |
Price (SAR) |
- P/E ratio (x) |
- Recurring P/E ratio (x) |
|
Bahri |
35.10 |
3.31 |
3.34 |
|
Petro Rabigh |
17.45 |
3.53 |
3.53 |
|
Al-Babtain |
50.30 |
5.46 |
5.46 |
|
Bawan |
31.50 |
8.93 |
5.77 |
|
Eastern Cement |
22.57 |
6.88 |
6.43 |
|
Arabian Mills |
37.58 |
6.70 |
6.70 |
|
Riyad Bank |
19.15 |
7.28 |
7.28 |
|
Umm Al-Qura Cement |
10.25 |
7.53 |
7.53 |
|
SAB |
32.78 |
7.62 |
7.62 |
|
ANB |
21.38 |
7.68 |
7.68 |
|
Tasheel |
22.59 |
10.01 |
7.9 |
|
SAIB |
11.50 |
8.21 |
8.21 |
Stocks Trading Below Book Value
Argaam data showed that several listed stocks were trading below their book value, while Tadawul’s price-to-book (P/B) ratio stood at 2.84x as of October 14, 2026.
Cenomi Centers topped the list of stocks with the lowest P/B ratios at 0.44x, with its share price at SAR 13.61 compared to a book value of SAR 31.10 per share.
Najran Cement followed at 0.45x, then Northern Cement at 0.50x, Tabuk Cement at 0.52x and Arabian Shield at 0.54x.
|
The 10 Stocks with the Lowest P/B Ratios |
|||
|
Company |
Price (SAR) |
Book value per share (SAR) |
Price-to-book ratio (x) |
|
Cenomi Centers |
13.61 |
31.10 |
0.44 |
|
Najran Cement |
5.43 |
12.04 |
0.45 |
|
Northern Cement |
6.35 |
12.74 |
0.50 |
|
Tabuk Cement |
6.50 |
12.54 |
0.52 |
|
Arabian Shield |
11.21 |
20.58 |
0.54 |
|
Al Jouf Cement |
4.66 |
7.95 |
0.59 |
|
National Gypsum |
10.50 |
17.29 |
0.61 |
|
Farm Superstores |
9.81 |
16.08 |
0.61 |
|
Amiantit |
10.21 |
16.27 |
0.63 |
|
Umm Al-Qura Cement |
10.25 |
16.30 |
0.63 |
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