ProShares Ultra QQQ (QLD) Valuation

NYSE Arca: QLDP/E, earnings yield and other ratios of the holdings combined.

QLD valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 33.8
Forward P/E: 23.1
Price / sales: 6.06
Price / book: 9.32
EV / EBITDA: 21.2
Earnings yield: 2.96%
Dividend yield: 0.57%
Return on equity: 27.6%
Net margin: 17.9%
Beta: 1.44

QLD valuation vs other stock ETFs

P/E (TTM)Forward P/E

QLD valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QLD	33.8	23.1	6.06	9.32	0.57%	27.6%	17.9%	7.0%
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.

QLD valuation by sector

P/E (TTM)Forward P/E

QLD valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	40.0%	39.2	22.5	11.62	13.74	0.48%	35.1%
Communication Services	8.7%	19.0	19.2	5.39	5.78	0.55%	30.5%
Consumer Cyclical	7.3%	31.2	28.8	3.42	7.85	0.22%	25.2%
Consumer Defensive	4.1%	34.9	28.7	1.54	7.50	1.38%	21.5%
Industrials	3.5%	63.4	50.9	9.02	9.06	0.44%	14.3%
Healthcare	3.1%	54.2	19.4	7.01	8.56	0.98%	15.8%
Utilities	0.8%	21.8	17.3	2.75	2.12	2.27%	9.7%
Basic Materials	0.7%	32.2	23.6	6.48	5.48	1.28%	17.0%
Energy	0.3%	24.6	12.8	2.55	1.86	1.91%	7.6%
Financial Services	0.1%	10.7	9.1	1.43	2.27	0.99%	21.1%

QLD earnings yield vs bond yields

QLD earnings yield (forward)

4.33%

QLD earnings yield (trailing)

2.96%

QLD dividend yield

0.57%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 QLD weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

QLD largest holdings: valuation

QLD largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
IQMM	Proshares Genius Money Market ETF	9.76%	—	—	—	—	—
NVDA	NVIDIA Corporation	5.46%	27.1	24.9	17.1	0.47%	9.99%
AAPL	Apple Inc.	5.46%	39.4	35.2	10.7	0.31%	6.86%
MSFT	Microsoft Corporation	4.43%	29.5	25.1	11.8	0.74%	7.45%
MU	Micron Technology, Inc.	3.15%	11.8	7.0	7.5	0.07%	13.20%
AMZN	Amazon.com, Inc.	3.02%	20.1	23.6	3.5	—	7.43%
AMD	Advanced Micro Devices, Inc.	2.59%	134.9	39.5	20.9	—	0.95%
META	Meta Platforms, Inc.	2.30%	26.7	22.1	7.9	0.30%	4.27%
GOOGL	Alphabet Inc.	2.22%	17.1	22.8	9.3	0.26%	6.43%
TSLA	Tesla, Inc.	2.00%	328.4	158.7	13.5	—	0.30%
GOOG	Alphabet Inc.	2.00%	16.9	21.8	9.2	0.26%	5.87%
SPCX	Space Exploration Technologies Corp.	1.82%	—	200.0	83.5	—	−0.40%
AVGO	Broadcom Inc.	1.69%	43.3	19.4	17.6	0.79%	1.93%
WMT	Walmart Inc.	1.66%	43.0	38.0	1.3	0.83%	1.91%
INTC	Intel Corporation	1.47%	—	63.3	8.3	—	−1.72%
PLTR	Palantir Technologies Inc.	1.34%	160.4	85.5	72.6	—	0.41%
COST	Costco Wholesale Corporation	1.28%	47.6	40.3	1.4	0.59%	1.34%
CSCO	Cisco Systems, Inc.	1.24%	32.2	19.8	6.7	1.56%	1.90%
LRCX	Lam Research Corporation	1.04%	45.8	33.7	14.2	0.50%	1.12%
AMAT	Applied Materials, Inc.	1.01%	35.3	23.4	10.5	0.52%	1.42%
NFLX	Netflix, Inc.	0.91%	22.2	18.7	6.1	—	2.03%
PANW	Palo Alto Networks, Inc.	0.85%	855.0	94.3	24.4	—	0.05%
TXN	Texas Instruments Incorporated	0.76%	42.1	27.5	13.0	2.20%	0.89%
AMGN	Amgen Inc.	0.72%	26.9	16.7	6.1	2.33%	1.32%
LIN	Linde plc	0.69%	32.2	23.6	6.5	1.28%	1.07%

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 QLD valuation

Adding up its 96 holdings with company data, QLD trades at 33.8 times trailing earnings and 23.1 times analysts' forward estimates, with a price-to-book ratio of 9.32 and a dividend yield of 0.57%. Its earnings yield of 2.96% is 2.37 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 40.4% of the fund and earn 62.8% of its combined profit. By sector, Industrials is the most expensive at 63.4 times earnings and Financial Services the cheapest at 10.7. Companies that lost money over the past year are 7.0% 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 86.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QLD valuation FAQ

What is the P/E ratio of QLD?

Based on its holdings, QLD has a trailing P/E of 33.8 and a forward P/E of 23.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of QLD?

The trailing earnings yield is 2.96% (1 ÷ P/E) and the forward earnings yield 4.33%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is QLD more expensive than the S&P 500?

QLD trades at 33.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.1 and 19.9.

What is the price-to-book ratio of QLD?

The holdings of QLD trade at 9.32 times book value, with a combined return on equity of 27.6%.

Which sector in QLD has the highest P/E?

Industrials has the highest P/E at 63.4 and Financial Services the lowest at 10.7.