SPDR S&P Bank ETF (KBE) Valuation
KBE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 13.2 trailing earnings
- Forward P/E
- 10.8 analyst estimates
- Price / sales
- 3.19
- Price / book
- 1.28
- EV / EBITDA
- 6.0
- Earnings yield
- 7.58% inverse of P/E
- Dividend yield
- 2.64% of the holdings
- Return on equity
- 9.7% combined
- Net margin
- 24.2% combined
- Beta
- 0.88 weighted, vs S&P 500
KBE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KBE | 13.2 | 10.8 | 3.19 | 1.28 | 2.64% | 9.7% | 24.2% | 3.7% |
| 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.
KBE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 100.2% | 13.2 | 10.8 | 3.19 | 1.28 | 2.64% | 9.7% |
KBE 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 KBE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KBE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CVBF | CVB Financial Corp. | 1.02% | 15.3 | 11.5 | 6.7 | 3.66% | 0.89% |
| EBC | Eastern Bankshares, Inc. | 1.02% | 11.9 | 9.7 | 4.4 | 2.63% | 1.14% |
| SFNC | Simmons First National Corporation | 1.02% | — | 9.5 | 3.4 | 3.90% | −1.47% |
| UCB | United Community Banks, Inc. | 1.01% | 11.1 | 12.5 | 3.7 | 3.05% | 1.21% |
| BUSE | First Busey Corporation | 1.01% | 12.2 | 10.4 | 3.1 | 3.54% | 1.10% |
| SYBT | Stock Yards Bancorp, Inc. | 1.01% | 15.3 | 17.7 | 5.7 | 1.72% | 0.88% |
| INDB | Independent Bank Corp. | 1.01% | 11.8 | 9.5 | 3.8 | 3.20% | 1.14% |
| PNFP | Pinnacle Financial Partners, Inc. | 1.01% | 13.0 | 8.2 | 4.3 | 2.11% | 1.03% |
| TBBK | The Bancorp, Inc. | 1.01% | 9.3 | 14.6 | 3.8 | — | 1.44% |
| UBSI | United Bankshares, Inc. | 1.00% | 12.7 | 13.6 | 5.1 | 3.26% | 1.04% |
| FCNCA | First Citizens BancShares, Inc. | 1.00% | 11.4 | 10.8 | 2.6 | 0.40% | 1.17% |
| CBU | Community Bank System, Inc. | 1.00% | 14.0 | 15.8 | 3.8 | 3.15% | 0.95% |
| SSB | SouthState Corporation | 1.00% | 10.7 | 10.3 | 3.7 | 2.59% | 1.24% |
| FNB | F.N.B. Corporation | 1.00% | 10.3 | 9.7 | 3.5 | 3.02% | 1.28% |
| EWBC | East West Bancorp, Inc. | 1.00% | 12.2 | 12.7 | 6.0 | 2.52% | 1.09% |
| FFBC | First Financial Bancorp. | 1.00% | 11.1 | 8.9 | 3.5 | 3.21% | 1.19% |
| CUBI | Customers Bancorp, Inc. | 0.99% | 9.1 | 8.3 | 3.1 | — | 1.46% |
| FHB | First Hawaiian, Inc. | 0.99% | 10.8 | 12.2 | 3.4 | 4.17% | 1.22% |
| OZK | Bank OZK | 0.99% | 7.6 | 7.6 | 3.2 | 4.25% | 1.73% |
| EQH | Equitable Holdings, Inc. | 0.99% | — | 5.8 | 1.4 | 2.14% | −0.83% |
| CBC | Central Bancompany, Inc. | 0.99% | 18.1 | — | 7.5 | 1.44% | 0.73% |
| LKFN | Lakeland Financial Corporation | 0.99% | 13.3 | 20.1 | 5.3 | 3.59% | 0.99% |
| CRBG | Corebridge Financial, Inc. | 0.99% | 21.7 | 6.0 | 0.8 | 2.90% | 0.61% |
| CATY | Cathay General Bancorp | 0.98% | 11.7 | 10.1 | 5.0 | 2.54% | 1.12% |
| TRMK | Trustmark Corporation | 0.98% | 11.4 | 11.9 | 3.2 | 2.23% | 1.15% |
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 KBE valuation
Adding up its 106 holdings with company data, KBE trades at 13.2 times trailing earnings and 10.8 times analysts' forward estimates, with a price-to-book ratio of 1.28 and a dividend yield of 2.64%. Its earnings yield of 7.58% is 2.25 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 10.1% of the fund and earn 8.4% of its combined profit. Companies that lost money over the past year are 3.7% 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 99.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KBE chart, KBE performance, KBE holdings, KBE dividends.
KBE valuation FAQ
What is the P/E ratio of KBE?
Based on its holdings, KBE has a trailing P/E of 13.2 and a forward P/E of 10.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KBE?
The trailing earnings yield is 7.58% (1 ÷ P/E) and the forward earnings yield 9.26%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KBE more expensive than the S&P 500?
KBE trades at 13.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 10.8 and 19.9.
What is the price-to-book ratio of KBE?
The holdings of KBE trade at 1.28 times book value, with a combined return on equity of 9.7%.