Fundamental Income Net Lease Real Estate ETF (NETL) Valuation
NETL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.7 trailing earnings
- Forward P/E
- 20.3 analyst estimates
- Price / sales
- 6.61
- Price / book
- 1.34
- EV / EBITDA
- 14.4
- Earnings yield
- 4.60% inverse of P/E
- Dividend yield
- 6.66% of the holdings
- Return on equity
- 6.2% combined
- Net margin
- 30.4% combined
- Beta
- 0.85 weighted, vs S&P 500
NETL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NETL | 21.7 | 20.3 | 6.61 | 1.34 | 6.66% | 6.2% | 30.4% | 3.4% |
| 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.
NETL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 98.6% | 21.7 | 20.3 | 6.61 | 1.34 | 6.66% | 6.2% |
NETL 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 NETL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NETL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ADC | Agree Realty Corporation | 8.40% | 36.0 | 35.1 | 10.7 | 4.85% | 5.14% |
| NNN | NNN REIT Inc | 8.36% | 20.6 | 20.4 | 8.4 | 5.97% | 8.97% |
| WPC | W. P. Carey Inc. | 7.80% | 22.3 | 24.2 | 8.2 | 5.83% | 7.72% |
| VICI | VICI Properties Inc. | 7.72% | 9.2 | 7.8 | 6.3 | 7.80% | 18.56% |
| O | Realty Income Corporation | 7.71% | 40.6 | 33.7 | 8.7 | 5.81% | 4.19% |
| STAG | STAG Industrial, Inc. | 4.37% | 27.6 | 144.9 | 8.0 | 4.33% | 3.50% |
| LXP | LXP Industrial Trust | 4.29% | 60.5 | 28.9 | 10.4 | 4.59% | 1.57% |
| EPR | EPR Properties | 4.28% | 17.9 | 19.3 | 5.8 | 6.68% | 5.29% |
| IIPR | Innovative Industrial Properties, Inc. | 4.23% | 11.9 | 12.4 | 5.5 | 14.51% | 7.87% |
| GTY | Getty Realty Corp. | 3.97% | 17.2 | 18.6 | 7.5 | 6.84% | 5.10% |
| BNL | Broadstone Net Lease, Inc. | 3.80% | 23.9 | 24.6 | 8.1 | 6.45% | 3.51% |
| EPRT | Essential Properties Realty Trust, Inc. | 3.77% | 20.2 | 22.8 | 9.2 | 4.91% | 4.11% |
| FCPT | Four Corners Property Trust, Inc. | 3.74% | 20.0 | 20.2 | 7.9 | 6.90% | 4.13% |
| GOOD | Gladstone Commercial Corporation | 3.68% | 49.9 | 61.0 | 3.6 | 9.62% | 1.63% |
| PSTL | Postal Realty Trust, Inc. | 3.51% | 40.7 | 36.5 | 8.3 | 4.46% | 1.90% |
| GLPI | Gaming and Leisure Properties, Inc. | 3.51% | 11.5 | 11.8 | 7.1 | 8.35% | 6.74% |
| NTST | NETSTREIT Corp. | 3.51% | 122.8 | 41.7 | 8.0 | 5.24% | 0.63% |
| GNL | Global Net Lease, Inc. | 3.34% | — | — | 3.7 | 10.23% | −2.78% |
| OLP | One Liberty Properties, Inc. | 2.81% | 14.0 | 23.5 | 4.7 | 8.13% | 4.42% |
| SAFE | Safehold Inc. | 2.34% | 7.0 | 8.1 | 1.8 | 6.24% | 7.34% |
| PINE | Alpine Income Property Trust, Inc. | 1.76% | 85.4 | 91.7 | 4.9 | 6.72% | 0.45% |
| FVR | FrontView REIT, Inc. | 1.64% | — | — | 7.5 | 5.01% | 0.02% |
| FGXXX | First American Funds Inc. - Government Obligations Fund | 1.24% | — | — | — | — | — |
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 NETL valuation
Adding up its 22 holdings with company data, NETL trades at 21.7 times trailing earnings and 20.3 times analysts' forward estimates, with a price-to-book ratio of 1.34 and a dividend yield of 6.66%. Its earnings yield of 4.60% is 0.73 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 61.1% of the fund and earn 67.9% of its combined profit. Companies that lost money over the past year are 3.4% 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 98.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NETL chart, NETL performance, NETL holdings, NETL dividends.
NETL valuation FAQ
What is the P/E ratio of NETL?
Based on its holdings, NETL has a trailing P/E of 21.7 and a forward P/E of 20.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NETL?
The trailing earnings yield is 4.60% (1 ÷ P/E) and the forward earnings yield 4.94%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NETL more expensive than the S&P 500?
NETL trades at 21.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.3 and 19.9.
What is the price-to-book ratio of NETL?
The holdings of NETL trade at 1.34 times book value, with a combined return on equity of 6.2%.