Global X Defense Tech ETF (SHLD) Valuation
SHLD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 29.5 trailing earnings
- Forward P/E
- 21.3 analyst estimates
- Price / sales
- 2.11
- Price / book
- 4.54
- EV / EBITDA
- 17.9
- Earnings yield
- 3.39% inverse of P/E
- Dividend yield
- 1.31% of the holdings
- Return on equity
- 15.4% combined
- Net margin
- 7.1% combined
- Beta
- 0.60 weighted, vs S&P 500
SHLD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SHLD | 29.5 | 21.3 | 2.11 | 4.54 | 1.31% | 15.4% | 7.1% | 3.9% |
| 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.
SHLD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 82.5% | 26.0 | 19.0 | 1.84 | 3.87 | 1.69% | 14.9% |
| Technology | 16.9% | 48.5 | 32.6 | 3.67 | 9.08 | 0.22% | 18.7% |
SHLD 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 SHLD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SHLD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PLTR | Palantir Technologies Inc. | 12.46% | 160.4 | 85.5 | 72.6 | — | 3.55% |
| RTX | RTX Corporation | 9.30% | 34.1 | 24.6 | 2.8 | 1.51% | 12.46% |
| LMT | Lockheed Martin Corporation | 8.89% | 20.3 | 16.2 | 1.7 | 2.61% | 19.98% |
| NOC | Northrop Grumman Corporation | 8.40% | 16.5 | 17.0 | 1.7 | 1.90% | 23.23% |
| GD | General Dynamics Corporation | 8.20% | 21.0 | 18.5 | 1.7 | 1.85% | 17.84% |
| BA | BAE Systems plc | 4.39% | — | — | — | — | — |
| RHM | Rheinmetall AG | 3.78% | — | — | — | — | — |
| LHX | L3Harris Technologies, Inc. | 3.70% | 25.1 | 17.9 | 2.0 | 2.01% | 6.74% |
| SAAB-B | Saab AB (publ) | 3.67% | — | — | — | — | — |
| HO | Thales S.A. | 3.38% | — | — | — | — | — |
| LDO | Leonardo S.p.A. | 3.32% | — | — | — | — | — |
| 012450 | Hanwha Aerospace Co Ltd | 3.18% | — | — | — | — | — |
| ESLT | Elbit Systems Ltd | 3.04% | — | — | — | — | — |
| LDOS | Leidos Holdings, Inc. | 2.62% | 11.7 | 9.6 | 0.9 | 1.38% | 10.29% |
| KOG | Kongsberg Gruppen ASA | 2.16% | — | — | — | — | — |
| BWXT | BWX Technologies, Inc. | 1.83% | 35.5 | 27.0 | 3.6 | 0.77% | 2.35% |
| HII | Huntington Ingalls Industries, Inc. | 1.64% | 16.2 | 12.6 | 0.8 | 2.03% | 4.63% |
| MOG.A | Moog Inc. | 1.45% | 31.1 | 31.7 | 2.7 | 0.33% | 2.14% |
| KTOS | Kratos Defense & Security Solutions, Inc. | 1.13% | 237.8 | 45.2 | 5.0 | — | 0.22% |
| HAG | Hensoldt AG | 0.92% | — | — | — | — | — |
| BAB | Babcock International Group PLC | 0.90% | — | — | — | — | — |
| 0IAX | Dassault Aviation SA | 0.88% | — | — | — | — | — |
| 047810 | Korea Aerospace Industries | 0.85% | — | — | — | — | — |
| PSN | Parsons Corporation | 0.82% | 30.4 | 14.7 | 0.7 | — | 1.23% |
| 079550 | LIG Nex1 Co Ltd | 0.72% | — | — | — | — | — |
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 SHLD valuation
Adding up its 23 holdings with company data, SHLD trades at 29.5 times trailing earnings and 21.3 times analysts' forward estimates, with a price-to-book ratio of 4.54 and a dividend yield of 1.31%. Its earnings yield of 3.39% is 1.94 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 66.2% of the fund and earn 103.2% of its combined profit. By sector, Technology is the most expensive at 48.5 times earnings and Industrials the cheapest at 26.0. Companies that lost money over the past year are 3.9% 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 65.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SHLD chart, SHLD performance, SHLD holdings, SHLD dividends.
SHLD valuation FAQ
What is the P/E ratio of SHLD?
Based on its holdings, SHLD has a trailing P/E of 29.5 and a forward P/E of 21.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SHLD?
The trailing earnings yield is 3.39% (1 ÷ P/E) and the forward earnings yield 4.69%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SHLD more expensive than the S&P 500?
SHLD trades at 29.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.3 and 19.9.
What is the price-to-book ratio of SHLD?
The holdings of SHLD trade at 4.54 times book value, with a combined return on equity of 15.4%.
Which sector in SHLD has the highest P/E?
Technology has the highest P/E at 48.5 and Industrials the lowest at 26.0.