iShares U.S. Oil & Gas Exploration… (IEO) Valuation
IEO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 16.0 trailing earnings
- Forward P/E
- 9.4 analyst estimates
- Price / sales
- 1.32
- Price / book
- 2.03
- EV / EBITDA
- 6.3
- Earnings yield
- 6.24% inverse of P/E
- Dividend yield
- 1.78% of the holdings
- Return on equity
- 12.7% combined
- Net margin
- 8.2% combined
- Beta
- 0.53 weighted, vs S&P 500
IEO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IEO | 16.0 | 9.4 | 1.32 | 2.03 | 1.78% | 12.7% | 8.2% | 2.6% |
| 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.
IEO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 98.2% | 16.0 | 9.4 | 1.32 | 2.03 | 1.80% | 12.7% |
| Basic Materials | 0.8% | 45.7 | 20.4 | 1.03 | 3.64 | 0.00% | 8.0% |
IEO 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 IEO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IEO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| COP | ConocoPhillips | 17.50% | 19.4 | 12.7 | 2.7 | 2.29% | 14.61% |
| VLO | Valero Energy Corporation | 12.63% | 18.5 | 10.2 | 1.0 | 1.08% | 11.04% |
| MPC | Marathon Petroleum Corporation | 12.43% | 16.6 | 5.5 | 0.9 | 0.84% | 12.17% |
| PSX | Phillips 66 | 4.75% | 16.8 | 9.7 | 0.8 | 1.81% | 4.59% |
| EOG | EOG Resources, Inc. | 4.68% | 12.3 | 10.1 | 3.1 | 2.58% | 6.16% |
| DVN | Devon Energy Corporation | 4.15% | 11.1 | 9.3 | 3.0 | 2.52% | 6.08% |
| EQT | EQT Corporation | 4.11% | 12.6 | 14.1 | 3.7 | 1.25% | 5.28% |
| FANG | Diamondback Energy, Inc. | 4.05% | 38.8 | 10.0 | 3.5 | 2.16% | 1.69% |
| EXE | Expand Energy Corporation | 3.00% | 8.1 | 9.6 | 1.8 | 2.46% | 6.04% |
| PR | Permian Resources Corporation | 2.92% | 16.2 | 10.0 | 3.6 | 2.56% | 2.92% |
| TPL | Texas Pacific Land Corporation | 2.82% | 44.8 | 37.7 | 27.0 | 0.68% | 1.02% |
| OVV | Ovintiv Inc. | 2.72% | 19.3 | 9.0 | 2.0 | 1.73% | 2.28% |
| DINO | HF Sinclair Corporation | 2.62% | 11.9 | 10.0 | 0.7 | 1.68% | 3.56% |
| APA | APA Corporation | 2.35% | 10.4 | 9.4 | 2.0 | 2.03% | 3.66% |
| AR | Antero Resources Corporation | 1.77% | 11.1 | 9.0 | 2.1 | — | 2.58% |
| RRC | Range Resources Corporation | 1.46% | 11.9 | 10.0 | 3.1 | 0.93% | 1.99% |
| SM | SM Energy Company | 1.34% | 7.0 | 4.4 | 1.9 | 2.23% | 3.09% |
| VNOM | Viper Energy Partners LP | 1.30% | — | 13.7 | 8.4 | 5.44% | 0.01% |
| CHRD | Chord Energy Corporation | 1.21% | 10.4 | — | 1.4 | 3.36% | 1.88% |
| PBF | PBF Energy Inc. | 1.10% | 7.4 | 8.4 | 0.3 | 1.30% | 2.39% |
| MTDR | Matador Resources Company | 0.94% | 9.9 | 5.5 | 1.9 | 2.61% | 1.55% |
| VG | Venture Global, Inc. | 0.94% | 10.0 | 14.4 | 1.9 | 1.26% | 1.51% |
| MUR | Murphy Oil Corporation | 0.84% | 20.7 | 13.4 | 2.0 | 3.35% | 0.66% |
| MGY | Magnolia Oil & Gas Corporation | 0.81% | 11.1 | 9.2 | 4.7 | 2.60% | 1.18% |
| CNX | CNX Resources Corporation | 0.71% | 5.8 | 8.4 | 2.5 | — | 1.99% |
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 IEO valuation
Adding up its 47 holdings with company data, IEO trades at 16.0 times trailing earnings and 9.4 times analysts' forward estimates, with a price-to-book ratio of 2.03 and a dividend yield of 1.78%. Its earnings yield of 6.24% is 0.91 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 70.2% of the fund and earn 70.6% of its combined profit. By sector, Basic Materials is the most expensive at 45.7 times earnings and Energy the cheapest at 16.0. Companies that lost money over the past year are 2.6% 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: IEO chart, IEO performance, IEO holdings, IEO dividends.
IEO valuation FAQ
What is the P/E ratio of IEO?
Based on its holdings, IEO has a trailing P/E of 16.0 and a forward P/E of 9.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IEO?
The trailing earnings yield is 6.24% (1 ÷ P/E) and the forward earnings yield 10.65%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IEO more expensive than the S&P 500?
IEO trades at 16.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.4 and 19.9.
What is the price-to-book ratio of IEO?
The holdings of IEO trade at 2.03 times book value, with a combined return on equity of 12.7%.
Which sector in IEO has the highest P/E?
Basic Materials has the highest P/E at 45.7 and Energy the lowest at 16.0.