Invesco KBW Bank ETF (KBWB) Valuation
KBWB valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 12.6 trailing earnings
- Forward P/E
- 10.9 analyst estimates
- Price / sales
- 3.37
- Price / book
- 1.54
- EV / EBITDA
- —
- Earnings yield
- 7.91% inverse of P/E
- Dividend yield
- 2.73% of the holdings
- Return on equity
- 12.2% combined
- Net margin
- 26.6% combined
- Beta
- 1.06 weighted, vs S&P 500
KBWB valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KBWB | 12.6 | 10.9 | 3.37 | 1.54 | 2.73% | 12.2% | 26.6% | 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.
KBWB valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 99.9% | 12.6 | 10.9 | 3.37 | 1.54 | 2.73% | 12.2% |
KBWB 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 KBWB weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KBWB largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| JPM | JPMorgan Chase & Co. | 8.22% | 14.2 | 13.5 | 4.7 | 1.94% | 7.29% |
| WFC | Wells Fargo & Company | 8.21% | 11.8 | 10.2 | 3.0 | 2.38% | 8.77% |
| GS | The Goldman Sachs Group, Inc. | 7.23% | 12.7 | 12.8 | 3.6 | 2.27% | 7.21% |
| BAC | Bank of America Corporation | 7.22% | 12.2 | 10.8 | 3.1 | 2.50% | 7.46% |
| MS | Morgan Stanley | 7.10% | 14.3 | 14.9 | 3.6 | 2.55% | 6.27% |
| FITB | Fifth Third Bancorp | 4.47% | 17.0 | 10.8 | 4.5 | 3.34% | 3.33% |
| USB | U.S. Bancorp | 4.21% | 11.4 | 10.4 | 3.3 | 3.68% | 4.66% |
| TFC | Truist Financial Corporation | 4.20% | 10.8 | 9.6 | 3.0 | 4.47% | 4.90% |
| COF | Capital One Financial Corporation | 4.18% | 13.0 | 8.5 | 2.6 | 1.59% | 4.08% |
| HBAN | Huntington Bancshares Incorporated | 4.10% | 11.7 | 8.6 | 3.4 | 4.06% | 4.41% |
| MTB | M&T Bank Corporation | 4.06% | 11.4 | 10.6 | 3.3 | 2.79% | 4.51% |
| PNC | The PNC Financial Services Group, Inc. | 3.99% | 11.6 | 10.7 | 3.5 | 3.68% | 4.36% |
| C | Citigroup Inc. | 3.98% | 12.1 | 10.2 | 2.5 | 2.16% | 4.15% |
| STT | State Street Corporation | 3.86% | 13.5 | 11.9 | 2.9 | 2.22% | 3.61% |
| NTRS | Northern Trust Corporation | 3.86% | 14.2 | 13.8 | 3.3 | 1.98% | 3.43% |
| BNY | The Bank of New York Mellon Corporation | 3.78% | 15.9 | 15.0 | 4.4 | 1.55% | 3.01% |
| CFG | Citizens Financial Group, Inc. | 3.46% | 13.8 | 9.9 | 3.3 | 2.90% | 3.17% |
| RF | Regions Financial Corporation | 3.19% | 11.2 | 9.4 | 3.2 | 4.39% | 3.60% |
| KEY | KeyCorp | 2.73% | 11.6 | 9.9 | 2.9 | 4.10% | 2.97% |
| EWBC | East West Bancorp, Inc. | 2.34% | 12.2 | 12.7 | 6.0 | 2.52% | 2.42% |
| PNFP | Pinnacle Financial Partners, Inc. | 1.92% | 13.0 | 8.2 | 4.3 | 2.11% | 1.86% |
| FHN | First Horizon Corporation | 1.41% | 16.6 | 10.0 | 3.6 | 2.97% | 1.07% |
| ZION | Zions Bancorporation, NA | 1.23% | 8.1 | 9.1 | 2.5 | 3.03% | 1.93% |
| WAL | Western Alliance Bancorporation | 1.00% | 8.4 | 6.6 | 2.3 | 2.25% | 1.51% |
| AGPXX | Invesco Short-Term Investments Trust Government & Agency Portfolio Institutional | 0.14% | — | — | — | — | — |
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 KBWB valuation
Adding up its 24 holdings with company data, KBWB trades at 12.6 times trailing earnings and 10.9 times analysts' forward estimates, with a price-to-book ratio of 1.54 and a dividend yield of 2.73%. Its earnings yield of 7.91% is 2.59 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 59.1% of the fund and earn 58.4% of its combined profit. 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 99.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KBWB chart, KBWB performance, KBWB holdings, KBWB dividends.
KBWB valuation FAQ
What is the P/E ratio of KBWB?
Based on its holdings, KBWB has a trailing P/E of 12.6 and a forward P/E of 10.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KBWB?
The trailing earnings yield is 7.91% (1 ÷ P/E) and the forward earnings yield 9.16%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KBWB more expensive than the S&P 500?
KBWB trades at 12.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 10.9 and 19.9.
What is the price-to-book ratio of KBWB?
The holdings of KBWB trade at 1.54 times book value, with a combined return on equity of 12.2%.