Alerian MLP ETF (AMLP) Valuation
AMLP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.0 trailing earnings
- Forward P/E
- 13.5 analyst estimates
- Price / sales
- 0.71
- Price / book
- 2.93
- EV / EBITDA
- 9.6
- Earnings yield
- 6.68% inverse of P/E
- Dividend yield
- 6.84% of the holdings
- Return on equity
- 19.6% combined
- Net margin
- 4.7% combined
- Beta
- 0.53 weighted, vs S&P 500
AMLP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| AMLP | 15.0 | 13.5 | 0.71 | 2.93 | 6.84% | 19.6% | 4.7% | 0.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
AMLP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 94.7% | 15.2 | 13.5 | 0.70 | 2.99 | 6.82% | 19.7% |
| Utilities | 2.2% | 9.1 | 16.6 | 0.84 | 1.57 | 7.44% | 17.4% |
AMLP earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How AMLP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
AMLP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PAA | Plains All American Pipeline, L.P. | 14.66% | 21.8 | 13.1 | 0.3 | 6.61% | 10.41% |
| WES | Western Midstream Partners, LP | 13.43% | 14.1 | 11.3 | 4.3 | 8.34% | 14.70% |
| SUN | Sunoco LP | 13.39% | 16.2 | 38.2 | 0.3 | 5.47% | 12.79% |
| EPD | Enterprise Products Partners L.P. | 13.36% | 12.8 | 11.9 | 1.4 | 6.08% | 16.14% |
| MPLX | MPLX LP | 13.18% | 12.5 | 12.2 | 4.9 | 7.40% | 16.28% |
| HESM | Hess Midstream LP | 7.34% | 10.6 | 9.9 | 3.9 | 10.07% | 10.73% |
| CQP | Cheniere Energy Partners, L.P. | 4.97% | 12.0 | 16.3 | 2.7 | 5.14% | 6.42% |
| USAC | USA Compression Partners, LP | 4.22% | 24.1 | 16.9 | 3.1 | 8.23% | 2.71% |
| WBI | WaterBridge Infrastructure LLC | 2.72% | 356.1 | — | 4.7 | 0.70% | 0.12% |
| GEL | Genesis Energy, L.P. | 2.68% | 71.2 | 10.1 | 0.9 | 5.62% | 0.58% |
| DKL | Delek Logistics Partners, LP | 2.58% | 19.9 | 10.3 | 2.8 | 7.86% | 2.01% |
| SPH | Suburban Propane Partners, L.P. | 2.21% | 9.1 | 16.6 | 0.8 | 7.44% | 3.77% |
| GLP | Global Partners LP | 2.20% | 10.1 | 14.2 | 0.1 | 6.28% | 3.35% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About AMLP valuation
Adding up its 13 holdings with company data, AMLP trades at 15.0 times trailing earnings and 13.5 times analysts' forward estimates, with a price-to-book ratio of 2.93 and a dividend yield of 6.84%. Its earnings yield of 6.68% is 1.35 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 89.9% of the fund and earn 90.9% of its combined profit. By sector, Energy is the most expensive at 15.2 times earnings and Utilities the cheapest at 9.1. Companies that lost money over the past year are 0.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: AMLP chart, AMLP performance, AMLP holdings, AMLP dividends.
AMLP valuation FAQ
What is the P/E ratio of AMLP?
Based on its holdings, AMLP has a trailing P/E of 15.0 and a forward P/E of 13.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of AMLP?
The trailing earnings yield is 6.68% (1 ÷ P/E) and the forward earnings yield 7.39%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is AMLP more expensive than the S&P 500?
AMLP trades at 15.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.5 and 19.9.
What is the price-to-book ratio of AMLP?
The holdings of AMLP trade at 2.93 times book value, with a combined return on equity of 19.6%.
Which sector in AMLP has the highest P/E?
Energy has the highest P/E at 15.2 and Utilities the lowest at 9.1.