First Trust North American Energy… (EMLP) Valuation
EMLP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.7 trailing earnings
- Forward P/E
- 15.0 analyst estimates
- Price / sales
- 1.09
- Price / book
- 2.32
- EV / EBITDA
- 10.4
- Earnings yield
- 5.34% inverse of P/E
- Dividend yield
- 3.83% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 5.8% combined
- Beta
- 0.53 weighted, vs S&P 500
EMLP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| EMLP | 18.7 | 15.0 | 1.09 | 2.32 | 3.83% | 12.4% | 5.8% | 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.
EMLP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Utilities | 46.2% | 20.4 | 16.3 | 2.86 | 1.94 | 3.29% | 9.5% |
| Energy | 34.3% | 16.2 | 13.4 | 0.58 | 2.91 | 4.86% | 18.0% |
| Industrials | 4.1% | 30.9 | 17.6 | 1.67 | 4.87 | 0.76% | 15.7% |
| Basic Materials | 0.5% | 12.7 | 11.4 | 0.59 | 2.97 | 9.07% | 23.4% |
EMLP 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 EMLP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
EMLP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| EPD | Enterprise Products Partners L.P. | 8.29% | 12.8 | 11.9 | 1.4 | 6.08% | 14.77% |
| MPLX | MPLX LP | 4.44% | 12.5 | 12.2 | 4.9 | 7.40% | 8.09% |
| NFG | National Fuel Gas Company | 3.93% | 11.1 | 9.8 | 3.0 | 2.78% | 8.04% |
| KMI | Kinder Morgan, Inc. | 3.92% | 22.1 | 20.0 | 4.2 | 3.45% | 4.05% |
| PAGP | Plains GP Holdings, L.P. | 3.88% | 62.4 | 12.1 | 0.1 | 6.08% | 1.42% |
| PPL | PPL Corporation | 2.79% | 20.8 | 15.4 | 2.8 | 3.24% | 3.05% |
| DUK | Duke Energy Corporation | 2.59% | 18.3 | 15.9 | 2.9 | 3.57% | 3.23% |
| SO | The Southern Company | 2.35% | 22.0 | 17.0 | 3.5 | 3.33% | 2.43% |
| AEP | American Electric Power Company, Inc. | 2.35% | 22.0 | 17.2 | 3.0 | 2.99% | 2.42% |
| ETR | Entergy Corporation | 2.25% | 26.9 | 19.6 | 3.7 | 2.44% | 1.90% |
| OGS | ONE Gas, Inc. | 2.17% | 16.3 | 17.4 | 2.1 | 3.60% | 3.05% |
| CMS | CMS Energy Corporation | 2.05% | 20.6 | 15.2 | 2.4 | 3.32% | 2.26% |
| SRE | Sempra | 1.95% | 24.1 | 14.5 | 4.0 | 3.15% | 1.85% |
| XEL | Xcel Energy Inc. | 1.90% | 20.9 | 16.0 | 3.3 | 3.11% | 2.07% |
| PEG | Public Service Enterprise Group Incorporated | 1.71% | 17.8 | 15.0 | 2.8 | 3.75% | 2.20% |
| EVRG | Evergy, Inc. | 1.70% | 21.2 | 19.5 | 3.2 | 3.34% | 1.83% |
| LNG | Cheniere Energy, Inc. | 1.66% | 21.9 | 13.5 | 2.9 | 0.77% | 1.73% |
| WEC | WEC Energy Group, Inc. | 1.58% | 21.1 | 16.9 | 3.5 | 3.50% | 1.71% |
| FE | FirstEnergy Corp. | 1.58% | 24.6 | 14.7 | 1.7 | 4.03% | 1.47% |
| DTE | DTE Energy Company | 1.58% | 20.6 | 15.6 | 1.6 | 3.59% | 1.75% |
| OGE | OGE Energy Corp. | 1.58% | 20.9 | 17.2 | 3.0 | 3.61% | 1.71% |
| NEE | NextEra Energy, Inc. | 1.57% | 17.9 | 17.7 | 5.8 | 3.12% | 2.00% |
| CNP | CenterPoint Energy, Inc. | 1.50% | 24.0 | 17.7 | 2.8 | 2.37% | 1.42% |
| D | Dominion Energy, Inc. | 1.41% | 22.0 | 15.9 | 3.1 | 4.20% | 1.46% |
| CQP | Cheniere Energy Partners, L.P. | 1.39% | 12.0 | 16.3 | 2.7 | 5.14% | 2.64% |
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 EMLP valuation
Adding up its 52 holdings with company data, EMLP trades at 18.7 times trailing earnings and 15.0 times analysts' forward estimates, with a price-to-book ratio of 2.32 and a dividend yield of 3.83%. Its earnings yield of 5.34% is 0.02 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 36.8% of the fund and earn 49.4% of its combined profit. By sector, Industrials is the most expensive at 30.9 times earnings and Basic Materials the cheapest at 12.7. 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 96.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: EMLP chart, EMLP performance, EMLP holdings, EMLP dividends.
EMLP valuation FAQ
What is the P/E ratio of EMLP?
Based on its holdings, EMLP has a trailing P/E of 18.7 and a forward P/E of 15.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of EMLP?
The trailing earnings yield is 5.34% (1 ÷ P/E) and the forward earnings yield 6.66%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is EMLP more expensive than the S&P 500?
EMLP trades at 18.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.0 and 19.9.
What is the price-to-book ratio of EMLP?
The holdings of EMLP trade at 2.32 times book value, with a combined return on equity of 12.4%.
Which sector in EMLP has the highest P/E?
Industrials has the highest P/E at 30.9 and Basic Materials the lowest at 12.7.