3 Price to earnings 1y Forward (x)

S&P 500

MSCI Europe ex UK

TOPIX

FTSE All Share

MSCI Emerging Markets

21.9

14.9

12.8

14.5

Source: FactSet, as of July 2025

S&P 500 = 21.9x MSCI Europe ex UK = 14.9x FTSE All Share = 12.8x TOPIX = 14.5x MSCI Emerging Markets = 13x.