SPDR S&P Regional Banking ETF (KRE) Valuation
KRE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 12.9 trailing earnings
- Forward P/E
- 11.0 analyst estimates
- Price / sales
- 3.75
- Price / book
- 1.23
- EV / EBITDA
- —
- Earnings yield
- 7.73% inverse of P/E
- Dividend yield
- 2.66% of the holdings
- Return on equity
- 9.5% combined
- Net margin
- 29.0% combined
- Beta
- 0.81 weighted, vs S&P 500
KRE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| KRE | 12.9 | 11.0 | 3.75 | 1.23 | 2.66% | 9.5% | 29.0% | 3.3% |
| 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.
KRE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 100.1% | 12.9 | 11.0 | 3.75 | 1.23 | 2.66% | 9.5% |
| Financials | 0.3% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
KRE 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 KRE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
KRE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| HOMB | Home Bancshares, Inc. (Conway, AR) | 1.19% | 12.0 | 11.0 | 5.2 | 2.95% | 1.30% |
| UBSI | United Bankshares, Inc. | 1.18% | 12.7 | 13.6 | 5.1 | 3.26% | 1.21% |
| AUB | Atlantic Union Bankshares Corporation | 1.17% | 11.3 | 9.1 | 3.6 | 3.88% | 1.35% |
| SSB | SouthState Corporation | 1.17% | 10.7 | 10.3 | 3.7 | 2.59% | 1.42% |
| FULT | Fulton Financial Corporation | 1.17% | 10.8 | 10.2 | 3.2 | 3.39% | 1.42% |
| PNFP | Pinnacle Financial Partners, Inc. | 1.17% | 13.0 | 8.2 | 4.3 | 2.11% | 1.17% |
| FNB | F.N.B. Corporation | 1.17% | 10.3 | 9.7 | 3.5 | 3.02% | 1.48% |
| FHB | First Hawaiian, Inc. | 1.17% | 10.8 | 12.2 | 3.4 | 4.17% | 1.40% |
| OZK | Bank OZK | 1.17% | 7.6 | 7.6 | 3.2 | 4.25% | 2.00% |
| ONB | Old National Bancorp | 1.16% | 11.1 | 8.4 | 3.6 | 2.32% | 1.36% |
| UCB | United Community Banks, Inc. | 1.15% | 11.1 | 12.5 | 3.7 | 3.05% | 1.35% |
| EWBC | East West Bancorp, Inc. | 1.15% | 12.2 | 12.7 | 6.0 | 2.52% | 1.23% |
| CVBF | CVB Financial Corp. | 1.14% | 15.3 | 11.5 | 6.7 | 3.66% | 0.97% |
| WSFS | WSFS Financial Corporation | 1.14% | 12.8 | 11.1 | 3.6 | 1.05% | 1.16% |
| HWC | Hancock Whitney Corporation | 1.14% | 14.3 | 10.1 | 4.1 | 2.74% | 1.04% |
| EBC | Eastern Bankshares, Inc. | 1.14% | 11.9 | 9.7 | 4.4 | 2.63% | 1.25% |
| NIC | Nicolet Bankshares, Inc. | 1.14% | 18.3 | 14.8 | 6.7 | 0.83% | 0.81% |
| PB | Prosperity Bancshares, Inc. | 1.14% | 11.7 | 9.3 | 5.9 | 3.54% | 1.26% |
| ABCB | Ameris Bancorp | 1.13% | 14.4 | 13.0 | 4.5 | 1.00% | 1.02% |
| TCBI | Texas Capital Bancshares, Inc. | 1.13% | 12.0 | 11.1 | 3.1 | 0.88% | 1.22% |
| BKU | BankUnited, Inc. | 1.13% | 11.5 | 9.8 | 2.9 | 3.15% | 1.27% |
| WAL | Western Alliance Bancorporation | 1.12% | 8.4 | 6.6 | 2.3 | 2.25% | 1.74% |
| BOKF | BOK Financial Corporation | 1.12% | 11.8 | 12.1 | 3.3 | 2.02% | 1.24% |
| ASB | Associated Banc-Corp | 1.12% | 10.1 | 9.2 | 3.5 | 3.31% | 1.44% |
| AX | Axos Financial, Inc. | 1.12% | 10.4 | 9.6 | 3.6 | — | 1.40% |
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 KRE valuation
Adding up its 165 holdings with company data, KRE trades at 12.9 times trailing earnings and 11.0 times analysts' forward estimates, with a price-to-book ratio of 1.23 and a dividend yield of 2.66%. Its earnings yield of 7.73% is 2.40 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 11.7% of the fund and earn 14.1% of its combined profit. By sector, Financials is the most expensive at 16.2 times earnings and Financial Services the cheapest at 12.9. Companies that lost money over the past year are 3.3% 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 99.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: KRE chart, KRE performance, KRE holdings, KRE dividends.
KRE valuation FAQ
What is the P/E ratio of KRE?
Based on its holdings, KRE has a trailing P/E of 12.9 and a forward P/E of 11.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of KRE?
The trailing earnings yield is 7.73% (1 ÷ P/E) and the forward earnings yield 9.07%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is KRE more expensive than the S&P 500?
KRE trades at 12.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.0 and 19.9.
What is the price-to-book ratio of KRE?
The holdings of KRE trade at 1.23 times book value, with a combined return on equity of 9.5%.
Which sector in KRE has the highest P/E?
Financials has the highest P/E at 16.2 and Financial Services the lowest at 12.9.