Spain CAPE Ratio
Current Spain CAPE
As of August 2026 · ratio
Source: EWP — iShares MSCI Spain ETF
Rough estimate. This single-country CAPE is approximated by rolling the EWP ETF price from a recent anchor — free data has no per-country 10-year earnings — so treat it as a directional gauge, not a measured CAPE. It is bounded and is not used in the headline Global CAPE. See the methodology.
By Dominic Roe · Data Engineer & Business Intelligence Developer Updated August 2026
Is Spain cheap right now?
✓ Real · EWPOn 4 of 4 trailing multiples, Spain equities are priced below the all-world index (VT). These are current, fund-reported figures — not the estimated CAPE series charted below.
| Measure | Spain | World |
|---|---|---|
| P/E | 16.0 | 22.6 |
| P/B | 2.18 | 3.32 |
| P/S | 1.81 | 2.55 |
| Dividend yield | 2.71% | 1.59% |
| ROE (quality) | 13.6% | 14.7% |
Green = cheaper than the world index on that measure. ROE is shown as context, not cheapness: a lower return on equity means part of a cheap multiple may be deserved rather than a bargain.
Against its own history, Spain's estimated CAPE of 27.9 sits at the 64th percentile — around the middle of Spain's own historical range.
Multiples as of August 2026.
- Historical average
- 26.1
- 365 months
- Historical median
- 24.5
- Percentile rank
- 64th percentile
- vs full history
- All-time range
- 12.0 – 47.4
- Last updated
- August 2026
- since April 1996
Understanding this metric
What is it?
The Cyclically Adjusted Price-to-Earnings ratio (CAPE), also called the Shiller P/E or PE10, measures how expensive Spain equities are relative to their inflation-adjusted earnings over the prior ten years. By averaging a decade of real earnings it smooths out the booms and busts of the business cycle, giving a steadier read on valuation than a one-year P/E.
How is it calculated?
CAPE is computed by dividing the real (inflation-adjusted) price of the Spain equity market by the average of its real earnings over the trailing ten years. Both price and earnings are expressed in today's currency using a consumer price index, so a CAPE of 25 means investors are paying 25 times a smoothed, inflation-adjusted measure of annual earnings.
Historical interpretation
Historically a high CAPE has been associated with lower subsequent long-run real returns, and a low CAPE with higher returns. It is a valuation gauge, not a market-timing signal: rich valuations can persist or grow richer for years. Compare today's reading to the metric's own history — its average, median and percentile rank — rather than to a single "fair value" number.
Limitations
CAPE has well-known limitations. Accounting standards, payout policies, profit margins, interest rates and sector composition all change over decades, which can shift the "normal" range upward or downward. The ten-year window still includes unusual periods (such as a deep recession) that distort earnings. CAPE says little about the next year and should be combined with other metrics rather than used in isolation. This series is an ESTIMATE, not a measured CAPE. Free data does not include long-history, per-country 10-year real earnings, so it is built by anchoring a recent CAPE level and rolling it through history using the inflation-adjusted price of the iShares MSCI Spain ETF (EWP) with a steady real-earnings trend removed. History only extends as far back as the country ETF (typically the late 1990s/2000s). Treat it as a directional valuation gauge. See the methodology documentation for sources and assumptions.
Frequently asked questions
What is a "good" Spain CAPE value?
There is no universal threshold. The most useful comparison is against the metric's own history. A reading well above its long-run average and in a high percentile suggests relatively expensive valuations; a reading below average suggests relatively cheap ones.
Does a high Spain CAPE mean a crash is coming?
No. CAPE is a long-horizon valuation measure, not a timing tool. Elevated readings are statistically linked to weaker returns over the following decade, but markets can stay expensive for a long time.
How often is the data updated?
The series is monthly. Each data point represents an end-of-month observation. The "last updated" date on the page reflects the most recent observation in the database.
Is the data on this page real?
The site clearly labels every series as either real imported data or generated sample (mock) data. Sample data is realistic in shape but is for demonstration only and must not be used for investment decisions.
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