Westwood Enhanced Midstream Income ETF (MDST) Valuation
MDST valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.2 trailing earnings
- Forward P/E
- 15.9 analyst estimates
- Price / sales
- 1.14
- Price / book
- 3.53
- EV / EBITDA
- 10.3
- Earnings yield
- 4.95% inverse of P/E
- Dividend yield
- 4.26% of the holdings
- Return on equity
- 17.5% combined
- Net margin
- 5.7% combined
- Beta
- 0.61 weighted, vs S&P 500
MDST valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MDST | 20.2 | 15.9 | 1.14 | 3.53 | 4.26% | 17.5% | 5.7% | 0.2% |
| 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.
MDST valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 84.8% | 20.2 | 15.9 | 1.14 | 3.53 | 4.26% | 17.5% |
MDST 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 MDST weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MDST largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WMB | The Williams Companies, Inc. | 8.53% | 28.4 | 26.8 | 7.1 | 2.95% | 8.87% |
| ENB | Enbridge Inc | 7.97% | — | — | — | — | — |
| EPD | Enterprise Products Partners L.P. | 6.87% | 12.8 | 11.9 | 1.4 | 6.08% | 15.87% |
| KMI | Kinder Morgan, Inc. | 5.83% | 22.1 | 20.0 | 4.2 | 3.45% | 7.80% |
| DTM | DT Midstream, Inc. | 5.69% | 27.1 | 22.1 | 9.6 | 2.85% | 6.20% |
| TRGP | Targa Resources Corp. | 5.31% | 28.2 | 23.2 | 3.8 | 1.70% | 5.56% |
| LNG | Cheniere Energy, Inc. | 5.19% | 21.9 | 13.5 | 2.9 | 0.77% | 6.99% |
| PAGP | Plains GP Holdings, L.P. | 5.08% | 62.4 | 12.1 | 0.1 | 6.08% | 2.40% |
| MPLX | MPLX LP | 4.98% | 12.5 | 12.2 | 4.9 | 7.40% | 11.76% |
| TRP | TC Energy Corp | 4.63% | — | — | — | — | — |
| AM | Antero Midstream Corporation | 4.53% | 24.9 | 12.9 | 7.5 | 4.36% | 5.37% |
| SOBO | South Bow Corporation | 4.20% | 15.8 | 17.5 | 3.6 | 5.77% | 7.87% |
| KNTK | Kinetik Holdings Inc. | 3.54% | 19.3 | 21.4 | 5.0 | 5.86% | 5.41% |
| PPL | Pembina Pipeline Corp | 3.16% | — | — | — | — | — |
| WES | Western Midstream Partners, LP | 2.47% | 14.1 | 11.3 | 4.3 | 8.34% | 5.17% |
| VG | Venture Global, Inc. | 2.33% | 10.0 | 14.4 | 1.9 | 1.26% | 6.88% |
| HESM | Hess Midstream LP | 1.22% | 10.6 | 9.9 | 3.9 | 10.07% | 3.42% |
| WBI | WaterBridge Infrastructure LLC | 0.99% | 356.1 | — | 4.7 | 0.70% | 0.08% |
| WTTR | Select Energy Services, Inc. | 0.87% | 66.4 | 23.5 | 1.9 | 1.51% | 0.39% |
| NEXT | NextDecade Corporation | 0.68% | — | — | — | — | — |
| DKL | Delek Logistics Partners, LP | 0.49% | 19.9 | 10.3 | 2.8 | 7.86% | 0.73% |
| NGL | NGL Energy Partners LP | 0.15% | — | 46.1 | 0.6 | — | −0.83% |
| GEL | Genesis Energy, L.P. | 0.12% | 71.2 | 10.1 | 0.9 | 5.62% | 0.05% |
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 MDST valuation
Adding up its 19 holdings with company data, MDST trades at 20.2 times trailing earnings and 15.9 times analysts' forward estimates, with a price-to-book ratio of 3.53 and a dividend yield of 4.26%. Its earnings yield of 4.95% is 0.38 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 60.1% of the fund and earn 78.7% of its combined profit. Companies that lost money over the past year are 0.2% 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 80.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MDST chart, MDST performance, MDST holdings, MDST dividends.
MDST valuation FAQ
What is the P/E ratio of MDST?
Based on its holdings, MDST has a trailing P/E of 20.2 and a forward P/E of 15.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MDST?
The trailing earnings yield is 4.95% (1 ÷ P/E) and the forward earnings yield 6.30%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MDST more expensive than the S&P 500?
MDST trades at 20.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.9 and 19.9.
What is the price-to-book ratio of MDST?
The holdings of MDST trade at 3.53 times book value, with a combined return on equity of 17.5%.