Themes Cloud Computing ETF (CLOD) Valuation
CLOD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 79.6 trailing earnings
- Forward P/E
- 23.9 analyst estimates
- Price / sales
- 7.41
- Price / book
- 8.07
- EV / EBITDA
- 23.0
- Earnings yield
- 1.26% inverse of P/E
- Dividend yield
- 0.32% of the holdings
- Return on equity
- 10.1% combined
- Net margin
- 9.3% combined
- Beta
- 1.31 weighted, vs S&P 500
CLOD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| CLOD | 79.6 | 23.9 | 7.41 | 8.07 | 0.32% | 10.1% | 9.3% | 13.9% |
| 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.
CLOD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 83.3% | 133.1 | 24.0 | 8.33 | 8.16 | 0.36% | 6.1% |
| Consumer Cyclical | 8.7% | 26.9 | 26.8 | 3.07 | 6.47 | 0.00% | 24.0% |
| Communication Services | 6.5% | 18.2 | 19.5 | 10.42 | 9.65 | 0.17% | 53.1% |
| Financial Services | 0.2% | n/m | 138.9 | 26.26 | 8.76 | 0.00% | −70.1% |
| Industrials | 0.1% | n/m | 94.3 | 6.45 | 10.12 | 0.00% | −6.5% |
CLOD 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 CLOD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
CLOD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SAP | SAP SE | 6.18% | — | — | — | — | — |
| CRM | Salesforce, Inc. | 6.04% | 22.0 | 14.0 | 4.5 | 0.73% | 24.63% |
| NOW | ServiceNow, Inc. | 5.44% | 88.7 | 27.8 | 10.0 | — | 5.50% |
| MSFT | Microsoft Corporation | 5.18% | 29.5 | 25.1 | 11.8 | 0.74% | 15.78% |
| CRWD | CrowdStrike Holdings, Inc. | 4.94% | — | 208.3 | 43.1 | — | 0.12% |
| PANW | Palo Alto Networks, Inc. | 4.37% | 855.0 | 94.3 | 24.4 | — | 0.46% |
| AMZN | Amazon.com, Inc. | 4.13% | 20.1 | 23.6 | 3.5 | — | 18.41% |
| ADBE | Adobe Inc. | 3.83% | 13.7 | 8.7 | 3.7 | — | 25.08% |
| FTNT | Fortinet, Inc. | 3.64% | 59.8 | 45.0 | 16.5 | — | 5.47% |
| SNOW | Snowflake Inc. | 3.56% | — | 169.5 | 19.9 | — | −3.31% |
| GOOGL | Alphabet Inc. | 3.49% | 17.1 | 22.8 | 9.3 | 0.26% | 18.32% |
| ORCL | Oracle Corporation | 3.43% | 20.1 | 17.8 | 5.4 | 1.56% | 15.30% |
| INTU | Intuit Inc. | 3.39% | 19.8 | 12.7 | 4.1 | 1.70% | 15.40% |
| NET | Cloudflare, Inc. | 3.21% | — | 178.6 | 42.0 | — | −0.51% |
| CDNS | Cadence Design Systems, Inc. | 3.08% | 63.5 | 31.5 | 15.1 | — | 4.35% |
| MELI | MercadoLibre, Inc. | 2.98% | 50.5 | 32.8 | 2.6 | — | 5.30% |
| DDOG | Datadog, Inc. | 2.90% | 494.2 | 84.7 | 22.4 | — | 0.53% |
| SNPS | Synopsys, Inc. | 2.84% | 80.3 | 23.3 | 9.3 | — | 3.18% |
| APP | AppLovin Corporation | 1.96% | 20.5 | 15.4 | 13.1 | — | 8.60% |
| ADSK | Autodesk, Inc. | 1.81% | 31.1 | 17.6 | 6.4 | — | 5.23% |
| MSTR | MicroStrategy Incorporated | 1.60% | — | 6.8 | 116.3 | — | −99.34% |
| PRX | Prosus N.V. | 1.59% | — | — | — | — | — |
| WDAY | Workday, Inc. | 1.47% | 38.9 | 17.7 | 4.5 | — | 3.39% |
| PAYX | Paychex, Inc. | 1.38% | 22.1 | 17.5 | 6.0 | 4.26% | 5.58% |
| TWLO | Twilio Inc | 1.32% | 33.8 | 43.7 | 6.7 | — | 3.50% |
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 CLOD valuation
Adding up its 45 holdings with company data, CLOD trades at 79.6 times trailing earnings and 23.9 times analysts' forward estimates, with a price-to-book ratio of 8.07 and a dividend yield of 0.32%. Its earnings yield of 1.26% is 4.07 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.3% of the fund and earn 110.5% of its combined profit. By sector, Technology is the most expensive at 133.1 times earnings and Communication Services the cheapest at 18.2. Companies that lost money over the past year are 13.9% 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 89.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: CLOD chart, CLOD performance, CLOD holdings, CLOD dividends.
CLOD valuation FAQ
What is the P/E ratio of CLOD?
Based on its holdings, CLOD has a trailing P/E of 79.6 and a forward P/E of 23.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of CLOD?
The trailing earnings yield is 1.26% (1 ÷ P/E) and the forward earnings yield 4.18%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is CLOD more expensive than the S&P 500?
CLOD trades at 79.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.9 and 19.9.
What is the price-to-book ratio of CLOD?
The holdings of CLOD trade at 8.07 times book value, with a combined return on equity of 10.1%.
Which sector in CLOD has the highest P/E?
Technology has the highest P/E at 133.1 and Communication Services the lowest at 18.2.