Price Multiples

What does the market pay for a riyal of profit?

FY2022 · industries and their companies

IndustryCompanyP/E at year-end prices.

Industry	P/E	P/S	P/CF	P/B
	15.0×	2.4×	6.4×	2.1×
stc7010	14.7×	2.7×	6.9×	2.4×
Mobily7020	16.1×	1.7×	4.7×	1.6×
Zain KSA7030	16.4×	1.0×	4.7×	0.9×
	–	–	–	–
First Milling2283	–	–	–	–
Modern Mills2284	–	–	–	–
Arabian Mills2285	–	–	–	–
Fourth Milling2286	–	–	–	–
	–	–	–	–
Budget Saudi4260	9.7×	2.4×	n.m.	1.4×
Theeb4261	10.2×	2.0×	n.m.	3.0×
Lumi4262	–	–	–	–
	–	–	–	–
Maharah1831	10.9×	0.7×	6.2×	2.2×
Al Mawarid1833	–	–	–	–
SMASCO1834	–	–	–	–
Tamkeen1835	–	–	–	–
All covered industries	–	–	–	–

What does the market pay for a riyal of profit?

FY2023 · industries and their companies

IndustryCompanyP/E at year-end prices.

Industry	P/E	P/S	P/CF	P/B
	15.6×	2.6×	8.4×	2.3×
stc7010	15.9×	2.8×	9.0×	2.5×
Mobily7020	16.9×	2.3×	6.6×	2.1×
Zain KSA7030	10.0×	1.3×	7.4×	1.2×
	–	–	–	–
First Milling2283	16.6×	3.8×	11.5×	4.1×
Modern Mills2284	–	–	–	–
Arabian Mills2285	–	–	–	–
Fourth Milling2286	–	–	–	–
	–	–	–	–
Budget Saudi4260	15.2×	3.1×	n.m.	2.2×
Theeb4261	13.3×	1.7×	n.m.	2.6×
Lumi4262	34.2×	5.0×	n.m.	5.4×
	–	–	–	–
Maharah1831	29.8×	1.5×	14.1×	5.0×
Al Mawarid1833	15.8×	1.1×	16.4×	4.1×
SMASCO1834	–	–	–	–
Tamkeen1835	–	–	–	–
All covered industries	–	–	–	–

What does the market pay for a riyal of profit?

FY2024 · industries and their companies

IndustryCompanyP/E at year-end prices.

Industry	P/E	P/S	P/CF	P/B
	18.2×	2.5×	9.4×	2.2×
stc7010	19.7×	2.8×	10.9×	2.3×
Mobily7020	13.2×	2.3×	6.5×	2.2×
Zain KSA7030	15.5×	0.9×	4.3×	0.9×
	13.2×	3.0×	9.3×	3.8×
First Milling2283	12.2×	2.9×	10.0×	3.2×
Modern Mills2284	16.1×	3.3×	12.2×	12.8×
Arabian Mills2285	11.8×	2.6×	7.3×	2.4×
Fourth Milling2286	12.8×	3.5×	8.1×	3.1×
	16.2×	2.3×	n.m.	2.3×
Budget Saudi4260	15.4×	2.4×	65.2×	1.8×
Theeb4261	12.0×	1.7×	n.m.	2.6×
Lumi4262	21.7×	2.5×	n.m.	3.2×
	16.4×	1.2×	26.8×	3.9×
Maharah1831	12.6×	1.0×	30.9×	3.3×
Al Mawarid1833	12.4×	0.6×	15.0×	3.0×
SMASCO1834	24.2×	1.6×	25.5×	5.1×
Tamkeen1835	19.7×	2.4×	66.0×	4.8×
All covered industries	17.8×	2.5×	–	–

What does the market pay for a riyal of profit?

FY2025 · industries and their companies

IndustryCompanyP/E at year-end prices.

Industry	P/E	P/S	P/CF	P/B
	14.3×	2.5×	10.3×	2.3×
stc7010	14.1×	2.8×	11.7×	2.5×
Mobily7020	14.6×	2.6×	7.6×	2.5×
Zain KSA7030	15.5×	0.9×	5.3×	0.9×
	9.3×	2.3×	6.9×	2.6×
First Milling2283	9.1×	2.2×	7.4×	2.4×
Modern Mills2284	10.4×	2.2×	8.9×	7.2×
Arabian Mills2285	8.4×	2.0×	4.6×	1.6×
Fourth Milling2286	9.5×	2.9×	8.2×	2.4×
	12.3×	1.6×	n.m.	1.7×
Budget Saudi4260	10.7×	1.5×	30.4×	1.2×
Theeb4261	13.8×	1.7×	n.m.	2.7×
Lumi4262	13.9×	1.6×	16.6×	2.0×
	10.8×	0.8×	18.0×	3.0×
Maharah1831	8.4×	0.7×	n.m.	2.6×
Al Mawarid1833	10.6×	0.6×	10.6×	2.9×
SMASCO1834	14.0×	1.0×	12.0×	3.3×
Tamkeen1835	14.8×	1.4×	14.4×	4.0×
All covered industries	13.9×	2.4×	–	–

Industry rows add company figures first, then take the ratio, so larger companies weigh more. A dash means not every company was listed at that year end, or the figure is being corrected for a share-count change (stc before FY2022, Zain KSA before FY2020).

Definitions

Industry multiple: Total market value of the industry ÷ total earnings (or sales, cash flow, book value). Loss-makers stay in the totals.
n.m.: Not meaningful: negative, or above 100×.

FY2022 by industry

FY2023 by industry

FY2024 by industry

FY2025 by industry

Definitions