Invesco SteelPath MLP & Energy Infrastructure… (PIPE) Valuation
PIPE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.6 trailing earnings
- Forward P/E
- 15.3 analyst estimates
- Price / sales
- 0.59
- Price / book
- 3.69
- EV / EBITDA
- 9.3
- Earnings yield
- 4.63% inverse of P/E
- Dividend yield
- 4.51% of the holdings
- Return on equity
- 17.1% combined
- Net margin
- 2.7% combined
- Beta
- 0.63 weighted, vs S&P 500
PIPE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PIPE | 21.6 | 15.3 | 0.59 | 3.69 | 4.51% | 17.1% | 2.7% | 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.
PIPE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 85.7% | 21.6 | 15.3 | 0.59 | 3.69 | 4.51% | 17.1% |
PIPE 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 PIPE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PIPE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TRGP | Targa Resources Corp. | 8.56% | 28.2 | 23.2 | 3.8 | 1.70% | 10.26% |
| PAGP | Plains GP Holdings, L.P. | 6.63% | 62.4 | 12.1 | 0.1 | 6.08% | 3.59% |
| WMB | The Williams Companies, Inc. | 6.36% | 28.4 | 26.8 | 7.1 | 2.95% | 7.57% |
| TRP | TC Energy Corp | 5.31% | — | — | — | — | — |
| LNG | Cheniere Energy, Inc. | 4.97% | 21.9 | 13.5 | 2.9 | 0.77% | 7.66% |
| PPL | Pembina Pipeline Corp | 4.63% | — | — | — | — | — |
| KEY | Keyera Corp. | 4.56% | — | — | — | — | — |
| KMI | Kinder Morgan, Inc. | 4.46% | 22.1 | 20.0 | 4.2 | 3.45% | 6.83% |
| EPD | Enterprise Products Partners L.P. | 4.35% | 12.8 | 11.9 | 1.4 | 6.08% | 11.50% |
| ENB | Enbridge Inc | 4.18% | — | — | — | — | — |
| US50012A1088 | KODIAK GAS SERVICES INC | 3.95% | — | — | — | — | — |
| MPLX | MPLX LP | 3.91% | 12.5 | 12.2 | 4.9 | 7.40% | 10.56% |
| SOBO | South Bow Corporation | 3.61% | 15.8 | 17.5 | 3.6 | 5.77% | 7.73% |
| SUNC | SunocoCorp LLC | 3.58% | 25.9 | — | 0.1 | 5.54% | 4.67% |
| AM | Antero Midstream Corporation | 3.21% | 24.9 | 12.9 | 7.5 | 4.36% | 4.36% |
| KNTK | Kinetik Holdings Inc. | 3.01% | 19.3 | 21.4 | 5.0 | 5.86% | 5.26% |
| GEL | Genesis Energy, L.P. | 2.86% | 71.2 | 10.1 | 0.9 | 5.62% | 1.35% |
| WES | Western Midstream Partners, LP | 2.85% | 14.1 | 11.3 | 4.3 | 8.34% | 6.82% |
| DTM | DT Midstream, Inc. | 2.11% | 27.1 | 22.1 | 9.6 | 2.85% | 2.64% |
| ALA | AltaGas Ltd | 1.94% | — | — | — | — | — |
| AROC | Archrock, Inc. | 1.93% | 15.9 | 14.3 | 3.4 | 3.11% | 4.09% |
| HESM | Hess Midstream LP | 1.60% | 10.6 | 9.9 | 3.9 | 10.07% | 5.12% |
| GEI | Gibson Energy Inc. | 1.12% | — | — | — | — | — |
| AGPXX | Invesco Short-Term Investments Trust Government & Agency Portfolio Institutional | 0.95% | — | — | — | — | — |
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 PIPE valuation
Adding up its 16 holdings with company data, PIPE trades at 21.6 times trailing earnings and 15.3 times analysts' forward estimates, with a price-to-book ratio of 3.69 and a dividend yield of 4.51%. Its earnings yield of 4.63% is 0.70 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 54.0% of the fund and earn 74.7% of its combined profit. 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 70.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PIPE chart, PIPE performance, PIPE holdings, PIPE dividends.
PIPE valuation FAQ
What is the P/E ratio of PIPE?
Based on its holdings, PIPE has a trailing P/E of 21.6 and a forward P/E of 15.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PIPE?
The trailing earnings yield is 4.63% (1 ÷ P/E) and the forward earnings yield 6.55%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PIPE more expensive than the S&P 500?
PIPE trades at 21.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.3 and 19.9.
What is the price-to-book ratio of PIPE?
The holdings of PIPE trade at 3.69 times book value, with a combined return on equity of 17.1%.