Corgi Bay Area Based ETF (BAY) Valuation
BAY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 38.9 trailing earnings
- Forward P/E
- 24.5 analyst estimates
- Price / sales
- 5.47
- Price / book
- 7.53
- EV / EBITDA
- 24.9
- Earnings yield
- 2.57% inverse of P/E
- Dividend yield
- 0.45% of the holdings
- Return on equity
- 19.4% combined
- Net margin
- 14.1% combined
- Beta
- 1.49 weighted, vs S&P 500
BAY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| BAY | 38.9 | 24.5 | 5.47 | 7.53 | 0.45% | 19.4% | 14.1% | 12.7% |
| 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.
BAY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 63.9% | 43.5 | 26.7 | 5.16 | 8.91 | 0.33% | 20.5% |
| Communication Services | 12.1% | 24.0 | 22.4 | 8.13 | 8.47 | 0.19% | 35.3% |
| Financial Services | 8.7% | 24.6 | 20.3 | 6.97 | 3.97 | 0.83% | 16.1% |
| Healthcare | 5.9% | 225.4 | 20.5 | 7.95 | 6.11 | 0.70% | 2.7% |
| Consumer Cyclical | 5.7% | 79.8 | 24.7 | 4.28 | 9.66 | 0.53% | 12.1% |
| Industrials | 0.9% | 291.2 | 57.1 | 20.94 | 50.28 | 0.00% | 17.3% |
| Utilities | 0.7% | 9.5 | 6.9 | 1.52 | 1.15 | 1.53% | 12.2% |
| Real Estate | 0.6% | 41.9 | 43.9 | 9.38 | 3.32 | 3.85% | 7.9% |
| Consumer Defensive | 0.5% | 18.1 | 14.9 | 1.57 | 117.10 | 5.74% | 646.8% |
BAY 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 BAY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
BAY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 8.40% | 39.4 | 35.2 | 10.7 | 0.31% | 8.38% |
| NVDA | NVIDIA Corporation | 7.12% | 27.1 | 24.9 | 17.1 | 0.47% | 10.34% |
| AMD | Advanced Micro Devices, Inc. | 4.36% | 134.9 | 39.5 | 20.9 | — | 1.27% |
| META | Meta Platforms, Inc. | 4.08% | 26.7 | 22.1 | 7.9 | 0.30% | 6.00% |
| GOOGL | Alphabet Inc. | 4.03% | 17.1 | 22.8 | 9.3 | 0.26% | 9.26% |
| V | Visa Inc. | 3.73% | 34.3 | 24.0 | 17.0 | 0.67% | 4.28% |
| AVGO | Broadcom Inc. | 3.21% | 43.3 | 19.4 | 17.6 | 0.79% | 2.91% |
| PANW | Palo Alto Networks, Inc. | 3.00% | 855.0 | 94.3 | 24.4 | — | 0.14% |
| CSCO | Cisco Systems, Inc. | 2.39% | 32.2 | 19.8 | 6.7 | 1.56% | 2.91% |
| INTC | Intel Corporation | 2.32% | — | 63.3 | 8.3 | — | −2.16% |
| CRM | Salesforce, Inc. | 2.29% | 22.0 | 14.0 | 4.5 | 0.73% | 4.09% |
| SNOW | Snowflake Inc. | 2.16% | — | 169.5 | 19.9 | — | −0.88% |
| NOW | ServiceNow, Inc. | 2.11% | 88.7 | 27.8 | 10.0 | — | 0.94% |
| FTNT | Fortinet, Inc. | 2.04% | 59.8 | 45.0 | 16.5 | — | 1.34% |
| WFC | Wells Fargo & Company | 1.99% | 11.8 | 10.2 | 3.0 | 2.38% | 6.60% |
| GILD | Gilead Sciences, Inc. | 1.97% | — | 15.6 | 6.4 | 2.10% | −1.31% |
| NFLX | Netflix, Inc. | 1.84% | 22.2 | 18.7 | 6.1 | — | 3.26% |
| AMAT | Applied Materials, Inc. | 1.77% | 35.3 | 23.4 | 10.5 | 0.52% | 1.97% |
| MRVL | Marvell Technology, Inc. | 1.76% | 72.3 | 62.1 | 21.7 | 0.11% | 0.95% |
| NET | Cloudflare, Inc. | 1.75% | — | 178.6 | 42.0 | — | −0.12% |
| LRCX | Lam Research Corporation | 1.73% | 45.8 | 33.7 | 14.2 | 0.50% | 1.49% |
| ISRG | Intuitive Surgical, Inc. | 1.54% | 48.9 | 33.3 | 13.7 | — | 1.24% |
| ADBE | Adobe Inc. | 1.54% | 13.7 | 8.7 | 3.7 | — | 4.41% |
| FGXXX | First American Funds Inc. - Government Obligations Fund | 1.53% | — | — | — | — | — |
| UBER | Uber Technologies, Inc. | 1.49% | 15.4 | 15.9 | 2.6 | — | 3.79% |
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 BAY valuation
Adding up its 59 holdings with company data, BAY trades at 38.9 times trailing earnings and 24.5 times analysts' forward estimates, with a price-to-book ratio of 7.53 and a dividend yield of 0.45%. Its earnings yield of 2.57% is 2.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 42.6% of the fund and earn 43.3% of its combined profit. By sector, Industrials is the most expensive at 291.2 times earnings and Utilities the cheapest at 9.5. Companies that lost money over the past year are 12.7% 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 98.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: BAY chart, BAY holdings.
BAY valuation FAQ
What is the P/E ratio of BAY?
Based on its holdings, BAY has a trailing P/E of 38.9 and a forward P/E of 24.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of BAY?
The trailing earnings yield is 2.57% (1 ÷ P/E) and the forward earnings yield 4.08%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is BAY more expensive than the S&P 500?
BAY trades at 38.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 24.5 and 19.9.
What is the price-to-book ratio of BAY?
The holdings of BAY trade at 7.53 times book value, with a combined return on equity of 19.4%.
Which sector in BAY has the highest P/E?
Industrials has the highest P/E at 291.2 and Utilities the lowest at 9.5.