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Qatari (QE) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies52
  • 7D-1.4%
  • 3M-5.0%
  • 1Y5.5%
  • YTD5.3%

Over the last 7 days, the market has dropped 1.4%, driven by a loss of 2.0% in the Financials sector. As for the longer term, the market has actually risen by 5.5% in the last year. Earnings are forecast to grow by 7.9% annually.

Market Valuation and Performance

Has the Qatari Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 17 Nov 2025ر.ق653.5bر.ق201.3bر.ق50.6b12.6x12.9x3.2x
Wed, 15 Oct 2025ر.ق640.6bر.ق199.7bر.ق50.3b12.4x12.7x3.2x
Fri, 12 Sep 2025ر.ق659.7bر.ق199.1bر.ق50.3b12.5x13.1x3.3x
Sun, 10 Aug 2025ر.ق673.7bر.ق199.0bر.ق50.3b13.8x13.4x3.4x
Tue, 08 Jul 2025ر.ق638.1bر.ق196.6bر.ق49.6b13.2x12.9x3.2x
Thu, 05 Jun 2025ر.ق624.1bر.ق196.4bر.ق49.5b12.8x12.6x3.2x
Sat, 03 May 2025ر.ق607.6bر.ق196.3bر.ق48.9b12.1x12.4x3.1x
Mon, 31 Mar 2025ر.ق600.4bر.ق195.8bر.ق49.1b12.8x12.2x3.1x
Wed, 26 Feb 2025ر.ق620.3bر.ق195.8bر.ق49.1b13.8x12.6x3.2x
Fri, 24 Jan 2025ر.ق623.9bر.ق191.5bر.ق48.5b13.8x12.9x3.3x
Sun, 22 Dec 2024ر.ق619.4bر.ق191.7bر.ق48.0b13.2x12.9x3.2x
Tue, 19 Nov 2024ر.ق620.0bر.ق191.7bر.ق48.0b13.3x12.9x3.2x
Thu, 17 Oct 2024ر.ق631.9bر.ق190.0bر.ق47.4b13.6x13.3x3.3x
Sat, 14 Sep 2024ر.ق602.6bر.ق190.9bر.ق46.9b13.3x12.8x3.2x
Mon, 12 Aug 2024ر.ق575.3bر.ق190.5bر.ق46.5b12.9x12.4x3x
Wed, 10 Jul 2024ر.ق587.2bر.ق189.6bر.ق46.6b13.1x12.6x3.1x
Fri, 07 Jun 2024ر.ق552.9bر.ق188.6bر.ق46.3b12.9x11.9x2.9x
Sun, 05 May 2024ر.ق552.4bر.ق188.5bر.ق45.8b13.2x12.1x2.9x
Tue, 02 Apr 2024ر.ق572.5bر.ق184.7bر.ق45.6b13.6x12.6x3.1x
Thu, 29 Feb 2024ر.ق604.3bر.ق184.2bر.ق46.3b13.7x13.1x3.3x
Sat, 27 Jan 2024ر.ق601.2bر.ق186.5bر.ق45.7b14.3x13.1x3.2x
Mon, 25 Dec 2023ر.ق602.2bر.ق185.6bر.ق45.2b14x13.3x3.2x
Wed, 22 Nov 2023ر.ق596.0bر.ق185.6bر.ق45.2b14.4x13.2x3.2x
Fri, 20 Oct 2023ر.ق579.0bر.ق185.6bر.ق45.5b13.4x12.7x3.1x
Sun, 17 Sep 2023ر.ق605.8bر.ق185.0bر.ق45.5b14.3x13.3x3.3x
Tue, 15 Aug 2023ر.ق629.4bر.ق183.6bر.ق45.4b14.5x13.9x3.4x
Thu, 13 Jul 2023ر.ق599.9bر.ق185.9bر.ق46.6b13.9x12.9x3.2x
Sat, 10 Jun 2023ر.ق599.6bر.ق185.9bر.ق45.9b14.6x13.1x3.2x
Mon, 08 May 2023ر.ق624.9bر.ق187.3bر.ق48.3b13.9x12.9x3.3x
Wed, 05 Apr 2023ر.ق603.3bر.ق175.0bر.ق46.8b13.5x12.9x3.4x
Fri, 03 Mar 2023ر.ق611.5bر.ق185.6bر.ق47.5b13.7x12.9x3.3x
Sun, 29 Jan 2023ر.ق630.7bر.ق186.9bر.ق49.0b14.9x12.9x3.4x
Tue, 27 Dec 2022ر.ق621.4bر.ق183.0bر.ق48.0b14.4x13x3.4x
Thu, 24 Nov 2022ر.ق665.1bر.ق183.0bر.ق48.2b15.4x13.8x3.6x
Price to Earnings Ratio

13.8x


Total Market Cap: ر.ق665.1bTotal Earnings: ر.ق48.2bTotal Revenue: ر.ق183.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Qatari Market Price to Earnings3Y Average 12.8x202320242025
Current Market PE
  • Investors are relatively neutral on the Qatari market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 12.8x.
Past Earnings Growth
  • The earnings for Qatari listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have grown 3.2% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased and as a result, profits have held steady.

Sector Trends

Which sectors have driven the changes within the Qatari Market?

QA Market-1.43%
Tech1.40%
Real Estate0.37%
Telecom-0.40%
Energy-0.86%
Industrials-1.23%
Materials-1.36%
Utilities-1.37%
Consumer Staples-1.72%
Financials-2.00%
Healthcare-3.00%
Consumer Discretionary-4.02%
Sector PE
  • Investors favour the Tech sector the most for future growth, which is trading close to its 3-year average PE ratio of 34.0x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
  • The Financials sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 11.4x.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings decline of 24% per year.
  • In contrast, the Consumer Staples sector is expected to see its earnings grow by 4.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
VFQS Vodafone Qatar P.Q.S.Cر.ق2.502.9%
+ر.ق300.1m		34.8%PE16.1xTelecom
DHBK Doha Bank Q.P.S.Cر.ق2.722.2%
+ر.ق179.8m		47.7%PB0.5xFinancials
ABQK Ahli Bank Q.P.S.Cر.ق3.681.3%
+ر.ق117.4m		2.4%PB1.1xFinancials
QGTS Qatar Gas Transport Company Limited (Nakilat) (QPSC)ر.ق4.680.1%
+ر.ق27.7m		11.1%PE15.5xEnergy
QGRI Qatar General Insurance & Reinsurance Company Q.P.S.Cر.ق1.511.3%
+ر.ق17.5m		22.8%PE17xFinancials
See more

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IQCD
ر.ق12.34
Industries Qatar Q.P.S.C
7D
-3.5%
1Y
-5.8%

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VFQS
ر.ق2.50
Vodafone Qatar P.Q.S.C
7D
2.9%
1Y
34.8%
QGRI
ر.ق1.51
Qatar General Insurance & Reinsurance Company Q.P.S.C
7D
1.3%
1Y
22.8%

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QNBK
ر.ق18.20
Qatar National Bank (Q.P.S.C.)
7D
-2.7%
1Y
6.5%

QNBK: Expansion Into Digital Banking Will Drive Long-Term Earnings Potential

Analysts have raised their price target for Qatar National Bank (Q.P.S.C.) from QAR 21.25 to QAR 21.60, reflecting improved revenue growth forecasts that compensate for slightly lower profit margins. What's in the News Qatar National Bank (Q.P.S.C.) provided earnings guidance for 2025, noting that if interest rates decline by about 1% annually, net interest income could decrease by QAR 600 million to QAR 800 million if no mitigating actions are taken (Key Developments).
MERS
ر.ق14.59
Al Meera Consumer Goods Company Q.P.S.C
7D
0.3%
1Y
0.3%
DUBK
ر.ق3.39
Dukhan Bank Q.P.S.C
7D
-3.4%
1Y
-7.3%
MARK
ر.ق2.24
AlRayan Bank Q.P.S.C
7D
-3.8%
1Y
-4.2%

MARK: Digitization And Diversification Will Secure Lasting Banking Advantage

Analysts have lowered their price target for AlRayan Bank Q.P.S.C., reducing the fair value estimate from QAR 2.69 to QAR 2.57. They cite a marginally softer revenue outlook and a slightly reduced discount rate, while maintaining a positive view on the company's profitability.
DHBK
ر.ق2.72
Doha Bank Q.P.S.C
7D
2.2%
1Y
47.7%

DHBK: Lower Discount Rate Will Drive Stronger Long-Term Performance

Analysts have increased their price target for Doha Bank Q.P.S.C. from QAR 2.87 to QAR 2.97, citing improved revenue growth expectations and a lowered discount rate. Together, these factors enhance the company's fair value outlook.
ORDS
ر.ق13.94
Ooredoo Q.P.S.C
7D
-2.1%
1Y
18.3%

ORDS: Expanding API Ecosystem And Cross-Border Solutions Will Drive Long-Term Value

Analysts have raised their price target for Ooredoo Q.P.S.C. from QAR 14.64 to QAR 15.07. They cite updated discount rates and revised profit expectations, despite slightly softer anticipated revenue growth.
MEZA
ر.ق3.38
MEEZA QSTP (Public)
7D
0.6%
1Y
6.8%
QIBK
ر.ق23.68
Qatar Islamic Bank (Q.P.S.C.)
7D
-4.7%
1Y
12.8%

QIBK: Earnings Outlook And Margins Expected To Sustain Fair Valuation

Analysts have modestly increased their price target for Qatar Islamic Bank (Q.P.S.C.) to QAR 26.08 from QAR 25.54. They cite improvements in projected profit margins and a more optimistic outlook on future earnings as reasons for this adjustment.
MHAR
ر.ق2.23
Al Mahhar Holding Company Q.P.S.C
7D
0.7%
1Y
-12.6%
QGTS
ر.ق4.68
Qatar Gas Transport Company Limited (Nakilat) (QPSC)
7D
0.1%
1Y
11.1%
QEWS
ر.ق14.87
Qatar Electricity & Water Company Q.P.S.C
7D
-2.9%
1Y
-6.0%
ABQK
ر.ق3.68
Ahli Bank Q.P.S.C
7D
1.3%
1Y
2.4%
QIIK
ر.ق11.05
Qatar International Islamic Bank (Q.P.S.C)
7D
-3.0%
1Y
4.0%