Global X MLP & Energy Infrastructure ETF (MLPX) Valuation
MLPX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.3 trailing earnings
- Forward P/E
- 16.1 analyst estimates
- Price / sales
- 1.50
- Price / book
- 3.80
- EV / EBITDA
- 11.0
- Earnings yield
- 4.92% inverse of P/E
- Dividend yield
- 4.17% of the holdings
- Return on equity
- 18.7% combined
- Net margin
- 7.4% combined
- Beta
- 0.61 weighted, vs S&P 500
MLPX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MLPX | 20.3 | 16.1 | 1.50 | 3.80 | 4.17% | 18.7% | 7.4% | 1.0% |
| 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.
MLPX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 86.9% | 20.3 | 16.1 | 1.50 | 3.80 | 4.17% | 18.7% |
MLPX 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 MLPX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MLPX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TRP | TC Energy Corp | 9.52% | — | — | — | — | — |
| ENB | Enbridge Inc | 9.17% | — | — | — | — | — |
| WMB | The Williams Companies, Inc. | 8.53% | 28.4 | 26.8 | 7.1 | 2.95% | 9.62% |
| TRGP | Targa Resources Corp. | 7.79% | 28.2 | 23.2 | 3.8 | 1.70% | 8.85% |
| KMI | Kinder Morgan, Inc. | 7.23% | 22.1 | 20.0 | 4.2 | 3.45% | 10.49% |
| LNG | Cheniere Energy, Inc. | 4.94% | 21.9 | 13.5 | 2.9 | 0.77% | 7.22% |
| MPLX | MPLX LP | 4.51% | 12.5 | 12.2 | 4.9 | 7.40% | 11.54% |
| PPL | Pembina Pipeline Corp | 4.48% | — | — | — | — | — |
| EPD | Enterprise Products Partners L.P. | 4.37% | 12.8 | 11.9 | 1.4 | 6.08% | 10.95% |
| PAA | Plains All American Pipeline, L.P. | 3.94% | 21.8 | 13.1 | 0.3 | 6.61% | 5.80% |
| DTM | DT Midstream, Inc. | 3.73% | 27.1 | 22.1 | 9.6 | 2.85% | 4.41% |
| WES | Western Midstream Partners, LP | 3.27% | 14.1 | 11.3 | 4.3 | 8.34% | 7.42% |
| SOBO | South Bow Corporation | 2.24% | 15.8 | 17.5 | 3.6 | 5.77% | 4.55% |
| AM | Antero Midstream Corporation | 2.11% | 24.9 | 12.9 | 7.5 | 4.36% | 2.72% |
| VG | Venture Global, Inc. | 2.02% | 10.0 | 14.4 | 1.9 | 1.26% | 6.45% |
| PAGP | Plains GP Holdings, L.P. | 1.61% | 62.4 | 12.1 | 0.1 | 6.08% | 0.83% |
| AROC | Archrock, Inc. | 1.43% | 15.9 | 14.3 | 3.4 | 3.11% | 2.88% |
| US50012A1088 | KODIAK GAS SERVICES INC | 1.28% | — | — | — | — | — |
| HESM | Hess Midstream LP | 1.15% | 10.6 | 9.9 | 3.9 | 10.07% | 3.47% |
| KNTK | Kinetik Holdings Inc. | 1.10% | 19.3 | 21.4 | 5.0 | 5.86% | 1.81% |
| CQP | Cheniere Energy Partners, L.P. | 0.91% | 12.0 | 16.3 | 2.7 | 5.14% | 2.43% |
| USAC | USA Compression Partners, LP | 0.72% | 24.1 | 16.9 | 3.1 | 8.23% | 0.95% |
| NGL | NGL Energy Partners LP | 0.64% | — | 46.1 | 0.6 | — | −3.68% |
| GEL | Genesis Energy, L.P. | 0.53% | 71.2 | 10.1 | 0.9 | 5.62% | 0.24% |
| DKL | Delek Logistics Partners, LP | 0.39% | 19.9 | 10.3 | 2.8 | 7.86% | 0.62% |
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 MLPX valuation
Adding up its 22 holdings with company data, MLPX trades at 20.3 times trailing earnings and 16.1 times analysts' forward estimates, with a price-to-book ratio of 3.80 and a dividend yield of 4.17%. Its earnings yield of 4.92% is 0.41 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 64.5% of the fund and earn 80.9% of its combined profit. Companies that lost money over the past year are 1.0% 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 72.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MLPX chart, MLPX performance, MLPX holdings, MLPX dividends.
MLPX valuation FAQ
What is the P/E ratio of MLPX?
Based on its holdings, MLPX has a trailing P/E of 20.3 and a forward P/E of 16.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MLPX?
The trailing earnings yield is 4.92% (1 ÷ P/E) and the forward earnings yield 6.20%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MLPX more expensive than the S&P 500?
MLPX trades at 20.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.1 and 19.9.
What is the price-to-book ratio of MLPX?
The holdings of MLPX trade at 3.80 times book value, with a combined return on equity of 18.7%.