Spinnaker ETF Series (LGHT) Valuation
LGHT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 65.8 trailing earnings
- Forward P/E
- 20.5 analyst estimates
- Price / sales
- 3.77
- Price / book
- 4.73
- EV / EBITDA
- 11.4
- Earnings yield
- 1.52% inverse of P/E
- Dividend yield
- 0.38% of the holdings
- Return on equity
- 7.2% combined
- Net margin
- 5.7% combined
- Beta
- 1.12 weighted, vs S&P 500
LGHT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| LGHT | 65.8 | 20.5 | 3.77 | 4.73 | 0.38% | 7.2% | 5.7% | 27.0% |
| 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.
LGHT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 87.5% | 65.8 | 20.5 | 3.77 | 4.73 | 0.38% | 7.2% |
LGHT 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 LGHT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
LGHT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MRNA | Moderna, Inc. | 15.51% | — | 23.0 | 39.1 | — | −47.50% |
| VEEV | Veeva Systems Inc. | 7.52% | 50.9 | 30.2 | 14.5 | — | 12.37% |
| RMD | ResMed Inc. | 7.42% | 22.9 | 18.5 | 5.9 | 1.10% | 27.07% |
| ISRG | Intuitive Surgical, Inc. | 7.20% | 48.9 | 33.3 | 13.7 | — | 12.30% |
| IQV | IQVIA Holdings Inc. | 6.30% | 33.2 | 18.4 | 2.6 | — | 15.89% |
| SMMNY | Siemens Healthineers AG ADR | 4.54% | — | — | — | — | — |
| GEHC | GE HealthCare Technologies Inc. | 4.46% | 16.0 | 12.1 | 1.5 | 0.23% | 23.34% |
| PHG | Koninklijke Philips N.V. | 4.38% | 19.2 | 12.7 | 1.4 | 3.94% | 19.06% |
| DXCM | DexCom, Inc. | 4.38% | 34.1 | 28.2 | 6.5 | — | 10.72% |
| SONVY | Sonova Holding AG | 4.27% | — | — | — | — | — |
| PODD | Insulet Corporation | 3.14% | 26.4 | 54.9 | 3.2 | — | 9.94% |
| ZBH | Zimmer Biomet Holdings, Inc. | 3.05% | 23.1 | 10.1 | 2.1 | 1.01% | 11.03% |
| DOCS | Doximity, Inc. | 3.03% | 36.4 | 19.8 | 8.4 | — | 6.95% |
| IRTC | iRhythm Technologies, Inc. | 2.70% | — | 90.9 | 4.3 | — | −0.87% |
| ALGN | Align Technology, Inc. | 2.69% | 25.6 | 11.7 | 2.5 | — | 8.78% |
| HNGE | Hinge Health, Inc. | 1.32% | 32.7 | 33.0 | 11.1 | — | 3.37% |
| ALHC | Alignment Healthcare, Inc. | 0.74% | 43.6 | 204.1 | 0.4 | — | 1.42% |
| BNTX | BioNTech SE | 0.72% | — | 7.0 | 8.3 | — | −5.39% |
| BFLY | Butterfly Network, Inc. | 0.65% | — | — | 17.2 | — | −2.01% |
| PRVA | Privia Health Group, Inc. | 0.59% | 107.2 | 17.3 | 1.2 | — | 0.46% |
| HIMS | Hims & Hers Health, Inc. | 0.53% | — | 73.5 | 2.5 | — | −0.97% |
| PGNY | Progyny, Inc. | 0.49% | 29.2 | 11.8 | 1.6 | — | 1.41% |
| PRCT | PROCEPT BioRobotics Corporation | 0.39% | — | — | 3.0 | — | −3.64% |
| OMCL | Omnicell, Inc. | 0.30% | 42.1 | 29.5 | 1.3 | — | 0.60% |
| SDGR | Schrödinger, Inc. | 0.29% | — | — | 6.5 | — | −0.69% |
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 LGHT valuation
Adding up its 28 holdings with company data, LGHT trades at 65.8 times trailing earnings and 20.5 times analysts' forward estimates, with a price-to-book ratio of 4.73 and a dividend yield of 0.38%. Its earnings yield of 1.52% is 3.81 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 66.0% of the fund and earn 94.2% of its combined profit. Companies that lost money over the past year are 27.0% 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 89.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: LGHT chart, LGHT performance, LGHT holdings.
LGHT valuation FAQ
What is the P/E ratio of LGHT?
Based on its holdings, LGHT has a trailing P/E of 65.8 and a forward P/E of 20.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of LGHT?
The trailing earnings yield is 1.52% (1 ÷ P/E) and the forward earnings yield 4.89%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is LGHT more expensive than the S&P 500?
LGHT trades at 65.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.5 and 19.9.
What is the price-to-book ratio of LGHT?
The holdings of LGHT trade at 4.73 times book value, with a combined return on equity of 7.2%.