SPDR S&P MIDCAP 400 ETF (MDY) Valuation

NYSE Arca: MDYP/E, earnings yield and other ratios of the holdings combined.

MDY valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 23.8
Forward P/E: 15.0
Price / sales: 1.54
Price / book: 2.77
EV / EBITDA: 12.4
Earnings yield: 4.20%
Dividend yield: 1.31%
Return on equity: 11.6%
Net margin: 6.4%
Beta: 1.06

MDY valuation vs other stock ETFs

P/E (TTM)Forward P/E

MDY valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
MDY	23.8	15.0	1.54	2.77	1.31%	11.6%	6.4%	7.3%
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.

MDY valuation by sector

P/E (TTM)Forward P/E

MDY valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Industrials	21.9%	34.4	18.4	1.45	4.01	0.78%	11.7%
Technology	18.1%	37.5	18.5	1.98	5.08	0.18%	13.5%
Financial Services	13.6%	12.7	9.6	1.92	1.53	2.30%	12.0%
Healthcare	10.5%	48.4	17.8	2.31	4.02	0.08%	8.3%
Consumer Cyclical	10.1%	16.7	12.7	0.82	2.83	1.31%	16.9%
Real Estate	7.5%	23.3	20.0	3.96	1.88	5.22%	8.1%
Energy	5.2%	14.5	11.6	1.46	1.78	1.79%	12.3%
Basic Materials	4.8%	23.5	14.1	1.52	2.52	1.03%	10.7%
Consumer Defensive	3.2%	24.4	14.7	0.50	3.21	0.43%	13.2%
Utilities	2.8%	24.4	14.1	2.65	1.83	2.89%	7.5%
Communication Services	1.5%	34.2	14.8	2.35	3.38	1.21%	9.9%

MDY earnings yield vs bond yields

MDY earnings yield (forward)

6.69%

MDY earnings yield (trailing)

4.20%

MDY dividend yield

1.31%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 MDY weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

MDY largest holdings: valuation

MDY largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
TWLO	Twilio Inc	1.35%	33.8	43.7	6.7	—	0.98%
OKTA	Okta, Inc.	0.99%	112.8	54.3	10.7	—	0.22%
ATI	ATI Inc.	0.80%	54.4	28.8	5.4	—	0.36%
NVT	nVent Electric plc	0.79%	39.3	25.1	4.8	0.59%	0.49%
FTI	TechnipFMC plc	0.78%	24.3	21.3	2.6	0.29%	0.79%
UTHR	United Therapeutics Corporation	0.69%	19.1	16.4	7.2	—	0.88%
ENTG	Entegris, Inc.	0.68%	69.4	31.6	6.4	0.29%	0.24%
THC	Tenet Healthcare Corporation	0.62%	10.5	12.5	1.0	—	1.45%
SNX	TD SYNNEX Corporation	0.62%	15.0	12.7	0.3	0.78%	1.01%
MTSI	MACOM Technology Solutions Holdings, Inc.	0.61%	83.5	32.3	17.2	—	0.18%
ROKU	Roku, Inc	0.60%	65.8	39.1	4.4	—	0.22%
RGLD	Royal Gold, Inc.	0.59%	26.4	24.2	13.1	0.80%	0.55%
XPO	XPO Logistics, Inc.	0.59%	54.9	27.0	2.5	—	0.26%
ROIV	Roivant Sciences Ltd.	0.59%	—	—	3,215.5	—	−0.23%
CW	Curtiss-Wright Corporation	0.57%	34.6	28.4	5.1	0.21%	0.40%
CRS	Carpenter Technology Corporation	0.57%	35.8	23.4	6.0	0.21%	0.39%
WWD	Woodward, Inc.	0.57%	36.5	31.6	4.6	0.39%	0.38%
USFD	US Foods Holding Corp.	0.56%	31.4	17.0	0.5	—	0.44%
RS	Reliance Steel & Aluminum Co.	0.56%	23.9	16.4	1.3	1.22%	0.57%
ITT	ITT Inc.	0.55%	38.8	21.6	3.7	0.78%	0.35%
MKSI	MKS Instruments, Inc.	0.54%	34.2	10.4	3.3	0.47%	0.39%
NTNX	Nutanix, Inc.	0.54%	12.9	29.9	6.3	—	1.02%
CDE	Coeur Mining, Inc.	0.54%	13.2	8.7	5.0	0.26%	0.99%
LSCC	Lattice Semiconductor Corporation	0.53%	414.6	38.8	22.6	—	0.03%
WCC	WESCO International, Inc.	0.53%	23.6	18.2	0.7	0.59%	0.55%

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 MDY valuation

Adding up its 391 holdings with company data, MDY trades at 23.8 times trailing earnings and 15.0 times analysts' forward estimates, with a price-to-book ratio of 2.77 and a dividend yield of 1.31%. Its earnings yield of 4.20% is 1.13 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 7.9% of the fund and earn 6.6% of its combined profit. By sector, Healthcare is the most expensive at 48.4 times earnings and Financial Services the cheapest at 12.7. Companies that lost money over the past year are 7.3% 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 97.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

MDY valuation FAQ

What is the P/E ratio of MDY?

Based on its holdings, MDY has a trailing P/E of 23.8 and a forward P/E of 15.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of MDY?

The trailing earnings yield is 4.20% (1 ÷ P/E) and the forward earnings yield 6.69%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is MDY more expensive than the S&P 500?

MDY trades at 23.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.0 and 19.9.

What is the price-to-book ratio of MDY?

The holdings of MDY trade at 2.77 times book value, with a combined return on equity of 11.6%.

Which sector in MDY has the highest P/E?

Healthcare has the highest P/E at 48.4 and Financial Services the lowest at 12.7.