Neuberger Berman Energy Transition… (NBET) Valuation
NBET valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.1 trailing earnings
- Forward P/E
- 15.5 analyst estimates
- Price / sales
- 1.03
- Price / book
- 2.84
- EV / EBITDA
- 9.3
- Earnings yield
- 4.98% inverse of P/E
- Dividend yield
- 3.48% of the holdings
- Return on equity
- 14.1% combined
- Net margin
- 5.1% combined
- Beta
- 0.56 weighted, vs S&P 500
NBET valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NBET | 20.1 | 15.5 | 1.03 | 2.84 | 3.48% | 14.1% | 5.1% | 0.0% |
| 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.
NBET valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 82.1% | 19.4 | 14.9 | 0.95 | 2.86 | 3.34% | 14.8% |
| Utilities | 7.3% | 30.3 | 23.4 | 3.96 | 2.42 | 4.64% | 8.0% |
| Industrials | 1.8% | 25.4 | 21.3 | 1.68 | 4.33 | 4.46% | 17.1% |
NBET 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 NBET weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NBET largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TRGP | Targa Resources Corp. | 9.24% | 28.2 | 23.2 | 3.8 | 1.70% | 7.66% |
| EPD | Enterprise Products Partners L.P. | 7.06% | 12.8 | 11.9 | 1.4 | 6.08% | 12.90% |
| LNG | Cheniere Energy, Inc. | 6.65% | 21.9 | 13.5 | 2.9 | 0.77% | 7.09% |
| DTM | DT Midstream, Inc. | 6.03% | 27.1 | 22.1 | 9.6 | 2.85% | 5.20% |
| CVX | Chevron Corporation | 5.09% | 21.2 | 15.2 | 2.1 | 3.16% | 5.59% |
| COP | ConocoPhillips | 5.06% | 19.4 | 12.7 | 2.7 | 2.29% | 6.08% |
| WMB | The Williams Companies, Inc. | 4.65% | 28.4 | 26.8 | 7.1 | 2.95% | 3.82% |
| WES | Western Midstream Partners, LP | 4.06% | 14.1 | 11.3 | 4.3 | 8.34% | 6.72% |
| CWEN | Clearway Energy, Inc. | 3.94% | 38.9 | 39.4 | 4.7 | 6.20% | 2.37% |
| AM | Antero Midstream Corporation | 3.73% | 24.9 | 12.9 | 7.5 | 4.36% | 3.51% |
| SUNC | SunocoCorp LLC | 3.65% | 25.9 | — | 0.1 | 5.54% | 3.29% |
| AR | Antero Resources Corporation | 3.52% | 11.1 | 9.0 | 2.1 | — | 7.40% |
| XOM | Exxon Mobil Corporation | 3.47% | 23.0 | 14.8 | 2.0 | 2.30% | 3.52% |
| OXY | Occidental Petroleum Corporation | 3.10% | 17.7 | 14.6 | 2.6 | 1.80% | 4.08% |
| SOI | Solaris Oilfield Infrastructure Inc | 2.50% | — | — | — | — | — |
| PAGP | Plains GP Holdings, L.P. | 2.14% | 62.4 | 12.1 | 0.1 | 6.08% | 0.80% |
| TDW | Tidewater Inc. | 2.03% | 16.2 | 36.4 | 2.9 | — | 2.92% |
| SRE | Sempra | 1.83% | 24.1 | 14.5 | 4.0 | 3.15% | 1.78% |
| WSO | Watsco, Inc. | 1.83% | 25.4 | 21.3 | 1.7 | 4.46% | 1.68% |
| TOU | Tourmaline Oil Corp. | 1.61% | — | — | — | — | — |
| EQT | EQT Corporation | 1.53% | 12.6 | 14.1 | 3.7 | 1.25% | 2.84% |
| MPLX | MPLX LP | 1.50% | 12.5 | 12.2 | 4.9 | 7.40% | 2.81% |
| CNP | CenterPoint Energy, Inc. | 1.50% | 24.0 | 17.7 | 2.8 | 2.37% | 1.46% |
| NE | Noble Corporation | 1.43% | 46.9 | 21.0 | 2.4 | 4.54% | 0.71% |
| KNTK | Kinetik Holdings Inc. | 1.27% | 19.3 | 21.4 | 5.0 | 5.86% | 1.54% |
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 NBET valuation
Adding up its 25 holdings with company data, NBET trades at 20.1 times trailing earnings and 15.5 times analysts' forward estimates, with a price-to-book ratio of 2.84 and a dividend yield of 3.48%. Its earnings yield of 4.98% is 0.35 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 55.5% of the fund and earn 60.9% of its combined profit. By sector, Utilities is the most expensive at 30.3 times earnings and Energy the cheapest at 19.4. Companies that lost money over the past year are 0.0% 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 94.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NBET chart, NBET performance, NBET holdings, NBET dividends.
NBET valuation FAQ
What is the P/E ratio of NBET?
Based on its holdings, NBET has a trailing P/E of 20.1 and a forward P/E of 15.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NBET?
The trailing earnings yield is 4.98% (1 ÷ P/E) and the forward earnings yield 6.45%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NBET more expensive than the S&P 500?
NBET trades at 20.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.5 and 19.9.
What is the price-to-book ratio of NBET?
The holdings of NBET trade at 2.84 times book value, with a combined return on equity of 14.1%.
Which sector in NBET has the highest P/E?
Utilities has the highest P/E at 30.3 and Energy the lowest at 19.4.