WHITEWOLF Publicly Listed Private Equity ETF (LBO) Valuation
LBO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 30.9 trailing earnings
- Forward P/E
- 11.6 analyst estimates
- Price / sales
- 2.88
- Price / book
- 2.24
- EV / EBITDA
- 5.5
- Earnings yield
- 3.23% inverse of P/E
- Dividend yield
- 5.84% of the holdings
- Return on equity
- 7.2% combined
- Net margin
- 9.3% combined
- Beta
- 1.29 weighted, vs S&P 500
LBO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| LBO | 30.9 | 11.6 | 2.88 | 2.24 | 5.84% | 7.2% | 9.3% | 6.3% |
| 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.
LBO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 91.0% | 22.8 | 11.6 | 3.98 | 2.27 | 6.12% | 9.9% |
| Industrials | 3.8% | n/m | 11.9 | 0.42 | 1.84 | 0.00% | −39.0% |
LBO 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 LBO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
LBO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ARCC | Ares Capital Corporation | 10.22% | 14.0 | 10.0 | 4.3 | 10.26% | 26.93% |
| APO | Apollo Global Management, Inc. | 9.91% | 39.7 | 11.7 | 1.8 | 2.03% | 9.19% |
| ARES | Ares Management Corporation | 8.22% | 51.7 | 17.0 | 7.1 | 4.81% | 5.85% |
| KKR | KKR & Co. Inc. | 7.52% | 27.5 | 13.0 | 3.1 | 0.90% | 10.06% |
| BXSL | Blackstone Secured Lending Fund | 7.49% | — | — | — | — | — |
| OWL | Blue Owl Capital Inc. | 6.71% | 73.8 | 9.8 | 4.6 | 10.28% | 3.35% |
| HTGC | Hercules Capital, Inc. | 5.54% | 8.1 | 8.6 | 5.4 | 11.48% | 25.03% |
| BLK | BlackRock, Inc. | 5.46% | 25.8 | 16.4 | 6.5 | 2.02% | 7.78% |
| CG | The Carlyle Group Inc. | 4.31% | 37.5 | 7.6 | 4.6 | 3.85% | 4.24% |
| BX | Blackstone Inc. | 4.15% | 23.9 | 15.9 | 8.2 | 4.91% | 6.40% |
| BAM | Brookfield Asset Management Inc. | 4.11% | 26.0 | 20.8 | 12.6 | 4.44% | 5.82% |
| CODI | Compass Diversified | 3.79% | — | 11.9 | 0.4 | — | −29.55% |
| TPG | TPG Inc. | 3.48% | 63.5 | 12.7 | 3.6 | 5.27% | 2.02% |
| K7X | BROOKFIELD CORP. CL.A | 2.92% | — | — | — | — | — |
| TRIN | Trinity Capital Inc. | 2.29% | 9.1 | 8.3 | 4.6 | 12.68% | 9.21% |
| FGXXX | First American Funds Inc. - Government Obligations Fund | 2.00% | — | — | — | — | — |
| TSLX | Sixth Street Specialty Lending, Inc. | 1.77% | 18.3 | 10.2 | 4.0 | 9.86% | 3.55% |
| ORCC | Owl Rock Capital Corp | 1.45% | — | — | — | — | — |
| AINV | Apollo Investment Corp | 1.43% | — | — | — | — | — |
| STEP | StepStone Group Inc. | 1.29% | — | 18.5 | 2.7 | 4.13% | −5.59% |
| GBDC | Golub Capital BDC, Inc. | 1.01% | 18.4 | 9.8 | 3.9 | 10.89% | 2.03% |
| MAIN | Main Street Capital Corporation | 1.01% | 10.8 | 13.4 | 8.8 | 5.91% | 3.42% |
| HLNE | Hamilton Lane Incorporated | 0.93% | 12.5 | 12.0 | 6.4 | 2.93% | 2.74% |
| BBDC | Barings BDC, Inc. | 0.92% | 10.3 | 7.9 | 3.3 | 12.32% | 3.30% |
| BCSF | Bain Capital Specialty Finance, Inc. | 0.71% | 10.4 | 10.1 | 2.5 | 16.37% | 2.51% |
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 LBO valuation
Adding up its 32 holdings with company data, LBO trades at 30.9 times trailing earnings and 11.6 times analysts' forward estimates, with a price-to-book ratio of 2.24 and a dividend yield of 5.84%. Its earnings yield of 3.23% is 2.09 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 69.5% of the fund and earn 104.6% of its combined profit. Companies that lost money over the past year are 6.3% 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 84.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: LBO chart, LBO performance, LBO holdings, LBO dividends.
LBO valuation FAQ
What is the P/E ratio of LBO?
Based on its holdings, LBO has a trailing P/E of 30.9 and a forward P/E of 11.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of LBO?
The trailing earnings yield is 3.23% (1 ÷ P/E) and the forward earnings yield 8.61%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is LBO more expensive than the S&P 500?
LBO trades at 30.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.6 and 19.9.
What is the price-to-book ratio of LBO?
The holdings of LBO trade at 2.24 times book value, with a combined return on equity of 7.2%.