Horizon Kinetics Energy and Remediation ETF (NVIR) Valuation
NVIR valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 31.7 trailing earnings
- Forward P/E
- 15.5 analyst estimates
- Price / sales
- 2.89
- Price / book
- 2.86
- EV / EBITDA
- 10.3
- Earnings yield
- 3.16% inverse of P/E
- Dividend yield
- 1.59% of the holdings
- Return on equity
- 9.0% combined
- Net margin
- 9.1% combined
- Beta
- 0.66 weighted, vs S&P 500
NVIR valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NVIR | 31.7 | 15.5 | 2.89 | 2.86 | 1.59% | 9.0% | 9.1% | 5.1% |
| 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.
NVIR valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 82.2% | 28.4 | 14.6 | 3.29 | 2.63 | 1.81% | 9.3% |
| Industrials | 11.6% | 116.6 | 18.1 | 1.72 | 3.59 | 0.97% | 3.1% |
| Technology | 3.0% | 18.0 | 17.0 | 2.16 | 3.27 | 0.60% | 18.1% |
| Basic Materials | 2.0% | 38.8 | 29.7 | 4.81 | 7.71 | 1.01% | 19.9% |
| Healthcare | 1.2% | 39.8 | 31.4 | 9.70 | 25.48 | 0.00% | 64.0% |
NVIR 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 NVIR weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NVIR largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CEU | CES Energy Solutions Corp | 7.23% | — | — | — | — | — |
| PBT | Permian Basin Royalty Trust | 5.42% | 94.7 | 10.7 | 87.3 | 0.71% | 2.36% |
| SU | Suncor Energy Inc | 5.35% | — | — | — | — | — |
| WMB | The Williams Companies, Inc. | 5.19% | 28.4 | 26.8 | 7.1 | 2.95% | 7.54% |
| TPL | Texas Pacific Land Corporation | 4.87% | 44.8 | 37.7 | 27.0 | 0.68% | 4.49% |
| LNG | Cheniere Energy, Inc. | 4.55% | 21.9 | 13.5 | 2.9 | 0.77% | 8.57% |
| WBI | WaterBridge Infrastructure LLC | 4.31% | 356.1 | — | 4.7 | 0.70% | 0.50% |
| EQT | EQT Corporation | 4.18% | 12.6 | 14.1 | 3.7 | 1.25% | 13.70% |
| EFX | Enerflex Ltd. | 4.03% | — | — | — | — | — |
| XOM | Exxon Mobil Corporation | 3.54% | 23.0 | 14.8 | 2.0 | 2.30% | 6.34% |
| PSK | PrairieSky Royalty Ltd | 3.46% | — | — | — | — | — |
| FANG | Diamondback Energy, Inc. | 3.29% | 38.8 | 10.0 | 3.5 | 2.16% | 3.50% |
| COP | ConocoPhillips | 3.29% | 19.4 | 12.7 | 2.7 | 2.29% | 6.99% |
| WTTR | Select Energy Services, Inc. | 3.07% | 66.4 | 23.5 | 1.9 | 1.51% | 1.91% |
| EOG | EOG Resources, Inc. | 3.00% | 12.3 | 10.1 | 3.1 | 2.58% | 10.06% |
| EXE | Expand Energy Corporation | 2.80% | 8.1 | 9.6 | 1.8 | 2.46% | 14.33% |
| OXY | Occidental Petroleum Corporation | 2.49% | 17.7 | 14.6 | 2.6 | 1.80% | 5.80% |
| WTS | Watts Water Technologies, Inc. | 2.21% | 31.2 | 25.3 | 4.4 | 0.64% | 2.93% |
| SLB | Schlumberger Limited | 2.07% | 23.9 | 15.9 | 2.0 | 2.38% | 3.57% |
| ECL | Ecolab Inc. | 2.01% | 38.8 | 29.7 | 4.8 | 1.01% | 2.14% |
| TCW | Trican Well Service Ltd. | 2.01% | — | — | — | — | — |
| FLS | Flowserve Corporation | 2.00% | 24.6 | 16.5 | 1.9 | 1.25% | 3.35% |
| WHK | WhiteHawk Minerals Corp. | 1.91% | — | 20.1 | 9.0 | 7.70% | −14.65% |
| ITRI | Itron, Inc. | 1.71% | 13.9 | 13.4 | 1.6 | — | 5.08% |
| VLTO | Veralto Corporation | 1.46% | 25.8 | 20.0 | 4.3 | 0.51% | 2.33% |
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 NVIR valuation
Adding up its 33 holdings with company data, NVIR trades at 31.7 times trailing earnings and 15.5 times analysts' forward estimates, with a price-to-book ratio of 2.86 and a dividend yield of 1.59%. Its earnings yield of 3.16% is 2.17 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 48.7% of the fund and earn 55.9% of its combined profit. By sector, Industrials is the most expensive at 116.6 times earnings and Technology the cheapest at 18.0. Companies that lost money over the past year are 5.1% 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 76.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NVIR chart, NVIR performance, NVIR holdings, NVIR dividends.
NVIR valuation FAQ
What is the P/E ratio of NVIR?
Based on its holdings, NVIR has a trailing P/E of 31.7 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 NVIR?
The trailing earnings yield is 3.16% (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 NVIR more expensive than the S&P 500?
NVIR trades at 31.7 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 NVIR?
The holdings of NVIR trade at 2.86 times book value, with a combined return on equity of 9.0%.
Which sector in NVIR has the highest P/E?
Industrials has the highest P/E at 116.6 and Technology the lowest at 18.0.