Horizon Expedition Plus ETF (HBTA) Valuation
HBTA valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.9 trailing earnings
- Forward P/E
- 20.2 analyst estimates
- Price / sales
- 4.21
- Price / book
- 6.32
- EV / EBITDA
- 18.5
- Earnings yield
- 3.72% inverse of P/E
- Dividend yield
- 0.74% of the holdings
- Return on equity
- 23.5% combined
- Net margin
- 15.7% combined
- Beta
- 1.38 weighted, vs S&P 500
HBTA valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HBTA | 26.9 | 20.2 | 4.21 | 6.32 | 0.74% | 23.5% | 15.7% | 2.9% |
| 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.
HBTA valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 38.1% | 33.0 | 21.8 | 9.91 | 11.58 | 0.40% | 35.0% |
| Communication Services | 11.8% | 19.1 | 21.2 | 6.57 | 6.02 | 0.45% | 31.4% |
| Financial Services | 9.7% | 17.7 | 15.2 | 4.00 | 3.04 | 1.61% | 17.2% |
| Consumer Cyclical | 8.4% | 25.0 | 21.2 | 2.64 | 5.62 | 0.33% | 22.4% |
| Industrials | 7.8% | 32.5 | 23.3 | 3.70 | 7.68 | 0.87% | 23.6% |
| Healthcare | 5.3% | 45.5 | 19.6 | 1.30 | 4.47 | 0.84% | 9.8% |
| Consumer Defensive | 2.8% | 29.2 | 22.4 | 1.99 | 7.39 | 1.94% | 25.4% |
| Energy | 2.3% | 20.6 | 11.4 | 1.46 | 3.01 | 2.13% | 14.6% |
| Real Estate | 1.5% | 46.8 | 49.0 | 9.64 | 4.32 | 2.62% | 9.2% |
| Basic Materials | 1.3% | 23.4 | 14.1 | 2.90 | 3.51 | 0.97% | 15.0% |
| Utilities | 0.5% | 22.1 | 17.3 | 3.47 | 3.13 | 1.90% | 14.1% |
HBTA 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 HBTA weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HBTA largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| BIGT | Roundhill BIG Tech ETF | 9.02% | — | — | — | — | — |
| NVDA | NVIDIA Corporation | 7.95% | 27.1 | 24.9 | 17.1 | 0.47% | 8.82% |
| MSFT | Microsoft Corporation | 7.55% | 29.5 | 25.1 | 11.8 | 0.74% | 7.69% |
| GOOGL | Alphabet Inc. | 7.16% | 17.1 | 22.8 | 9.3 | 0.26% | 12.60% |
| AMZN | Amazon.com, Inc. | 4.85% | 20.1 | 23.6 | 3.5 | — | 7.24% |
| META | Meta Platforms, Inc. | 3.79% | 26.7 | 22.1 | 7.9 | 0.30% | 4.26% |
| MU | Micron Technology, Inc. | 3.32% | 11.8 | 7.0 | 7.5 | 0.07% | 8.43% |
| AMD | Advanced Micro Devices, Inc. | 2.62% | 134.9 | 39.5 | 20.9 | — | 0.58% |
| JPM | JPMorgan Chase & Co. | 1.95% | 14.2 | 13.5 | 4.7 | 1.94% | 4.11% |
| V | Visa Inc. | 1.67% | 34.3 | 24.0 | 17.0 | 0.67% | 1.46% |
| INTC | Intel Corporation | 1.51% | — | 63.3 | 8.3 | — | −1.07% |
| PLTR | Palantir Technologies Inc. | 1.44% | 160.4 | 85.5 | 72.6 | — | 0.27% |
| MA | Mastercard Incorporated | 1.07% | 34.0 | 24.2 | 15.4 | 0.56% | 0.95% |
| LRCX | Lam Research Corporation | 1.05% | 45.8 | 33.7 | 14.2 | 0.50% | 0.69% |
| AMAT | Applied Materials, Inc. | 0.98% | 35.3 | 23.4 | 10.5 | 0.52% | 0.84% |
| PANW | Palo Alto Networks, Inc. | 0.83% | 855.0 | 94.3 | 24.4 | — | 0.03% |
| DELL | Dell Technologies Inc. | 0.81% | 26.3 | 21.3 | 1.9 | 0.56% | 0.92% |
| CAT | Caterpillar Inc. | 0.80% | 31.5 | 25.4 | 4.5 | 0.89% | 0.76% |
| CVX | Chevron Corporation | 0.73% | 21.2 | 15.2 | 2.1 | 3.16% | 1.04% |
| ANET | Arista Networks, Inc. | 0.73% | 55.8 | 39.2 | 21.2 | — | 0.39% |
| TMO | Thermo Fisher Scientific Inc. | 0.72% | 37.1 | 24.2 | 5.5 | 0.27% | 0.58% |
| KO | The Coca-Cola Company | 0.70% | 28.2 | 25.3 | 8.1 | 2.26% | 0.75% |
| SNDK | Sandisk Corporation | 0.69% | 17.6 | 8.0 | 9.3 | — | 1.18% |
| CRWD | CrowdStrike Holdings, Inc. | 0.69% | — | 208.3 | 43.1 | — | 0.01% |
| MRVL | Marvell Technology, Inc. | 0.65% | 72.3 | 62.1 | 21.7 | 0.11% | 0.27% |
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 HBTA valuation
Adding up its 197 holdings with company data, HBTA trades at 26.9 times trailing earnings and 20.2 times analysts' forward estimates, with a price-to-book ratio of 6.32 and a dividend yield of 0.74%. Its earnings yield of 3.72% is 1.61 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 49.9% of the fund and earn 54.1% of its combined profit. By sector, Real Estate is the most expensive at 46.8 times earnings and Financial Services the cheapest at 17.7. Companies that lost money over the past year are 2.9% 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 89.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HBTA chart, HBTA performance, HBTA holdings, HBTA dividends.
HBTA valuation FAQ
What is the P/E ratio of HBTA?
Based on its holdings, HBTA has a trailing P/E of 26.9 and a forward P/E of 20.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HBTA?
The trailing earnings yield is 3.72% (1 ÷ P/E) and the forward earnings yield 4.95%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HBTA more expensive than the S&P 500?
HBTA trades at 26.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.2 and 19.9.
What is the price-to-book ratio of HBTA?
The holdings of HBTA trade at 6.32 times book value, with a combined return on equity of 23.5%.
Which sector in HBTA has the highest P/E?
Real Estate has the highest P/E at 46.8 and Financial Services the lowest at 17.7.