‎Saudi stocks: A snapshot of P/E and P/B ratios

‎Saudi stocks: A snapshot of P/E and P/B ratios ‎Saudi stocks: A snapshot of P/E and P/B ratios

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Tadawul trading screen

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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%

*Transitioned from Nomu

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

*The recurring P/E ratio excludes the impact of non-recurring items and may therefore differ from the reported P/E ratio.

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

 

‎

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%

*Transitioned from Nomu

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

*The recurring P/E ratio excludes the impact of non-recurring items and may therefore differ from the reported P/E ratio.

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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