VanEck Oil Services ETF (OIH) Valuation
OIH valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 36.1 trailing earnings
- Forward P/E
- 17.3 analyst estimates
- Price / sales
- 1.53
- Price / book
- 2.06
- EV / EBITDA
- 9.6
- Earnings yield
- 2.77% inverse of P/E
- Dividend yield
- 1.71% of the holdings
- Return on equity
- 5.7% combined
- Net margin
- 4.2% combined
- Beta
- 0.93 weighted, vs S&P 500
OIH valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| OIH | 36.1 | 17.3 | 1.53 | 2.06 | 1.71% | 5.7% | 4.2% | 12.7% |
| 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.
OIH valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 100.5% | 36.1 | 17.3 | 1.53 | 2.06 | 1.71% | 5.7% |
OIH 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 OIH weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
OIH largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SLB | Schlumberger Limited | 20.10% | 23.9 | 15.9 | 2.0 | 2.38% | 31.85% |
| BKR | Baker Hughes Company | 11.26% | 17.9 | 18.0 | 2.0 | 1.65% | 23.82% |
| HAL | Halliburton Company | 6.40% | 17.6 | 11.4 | 1.2 | 2.03% | 13.75% |
| FTI | TechnipFMC plc | 6.40% | 24.3 | 21.3 | 2.6 | 0.29% | 9.99% |
| TS | Tenaris S.A. | 5.85% | 15.8 | 15.8 | 2.5 | 3.00% | 14.00% |
| RIG | Transocean Ltd. | 5.34% | — | 15.2 | 1.5 | — | −57.61% |
| WFRD | Weatherford International plc | 4.45% | 15.0 | 11.1 | 1.1 | 1.44% | 11.22% |
| NOV | NOV Inc. | 4.26% | 70.1 | 15.6 | 0.8 | 1.90% | 2.30% |
| SOI | Solaris Oilfield Infrastructure Inc | 4.25% | — | — | — | — | — |
| NE | Noble Corporation | 3.94% | 46.9 | 21.0 | 2.4 | 4.54% | 3.19% |
| VAL | Valaris Limited | 3.93% | 6.4 | 29.1 | 2.8 | — | 23.16% |
| WHD | Cactus, Inc. | 3.55% | 51.9 | 48.1 | 3.2 | 0.97% | 2.59% |
| PTEN | Patterson-UTI Energy, Inc. | 3.44% | — | 35.7 | 0.9 | 3.48% | −2.72% |
| OII | Oceaneering International, Inc. | 2.90% | 12.7 | 18.8 | 1.5 | — | 8.69% |
| HP | Helmerich & Payne, Inc. | 2.62% | — | 35.6 | 0.9 | 2.67% | −3.79% |
| TDW | Tidewater Inc. | 2.55% | 16.2 | 36.4 | 2.9 | — | 5.97% |
| LBRT | Liberty Energy Inc. | 1.98% | 22.4 | 29.5 | 0.6 | 2.17% | 3.35% |
| WTTR | Select Energy Services, Inc. | 1.92% | 66.4 | 23.5 | 1.9 | 1.51% | 1.09% |
| NBR | Nabors Industries Ltd. | 1.15% | 6.0 | 56.2 | 0.4 | — | 7.31% |
| HLX | Helix Energy Solutions Group Inc | 0.91% | — | — | — | — | — |
| INVX | Innovex International, Inc | 0.87% | 31.5 | — | 2.0 | — | 1.05% |
| XPRO | Expro Group Holdings N.V. | 0.79% | 89.8 | 12.0 | 1.2 | — | 0.33% |
| RES | RPC, Inc. | 0.76% | 55.0 | 16.3 | 0.7 | 2.64% | 0.52% |
| PUMP | ProPetro Holding Corp. | 0.70% | — | 3.1 | 0.8 | — | −0.38% |
| CLB | Core Laboratories N.V. | 0.16% | 19.2 | 19.8 | 0.9 | 0.40% | 0.31% |
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 OIH valuation
Adding up its 23 holdings with company data, OIH trades at 36.1 times trailing earnings and 17.3 times analysts' forward estimates, with a price-to-book ratio of 2.06 and a dividend yield of 1.71%. Its earnings yield of 2.77% is 2.56 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 72.2% of the fund and earn 75.7% of its combined profit. Companies that lost money over the past year are 12.7% 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 94.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: OIH chart, OIH performance, OIH holdings, OIH dividends.
OIH valuation FAQ
What is the P/E ratio of OIH?
Based on its holdings, OIH has a trailing P/E of 36.1 and a forward P/E of 17.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of OIH?
The trailing earnings yield is 2.77% (1 ÷ P/E) and the forward earnings yield 5.77%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is OIH more expensive than the S&P 500?
OIH trades at 36.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.3 and 19.9.
What is the price-to-book ratio of OIH?
The holdings of OIH trade at 2.06 times book value, with a combined return on equity of 5.7%.