Bushido Capital US Equity ETF (SMRI) Valuation
SMRI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.6 trailing earnings
- Forward P/E
- 12.0 analyst estimates
- Price / sales
- 1.28
- Price / book
- 3.48
- EV / EBITDA
- 10.4
- Earnings yield
- 5.11% inverse of P/E
- Dividend yield
- 1.20% of the holdings
- Return on equity
- 17.8% combined
- Net margin
- 6.5% combined
- Beta
- 0.91 weighted, vs S&P 500
SMRI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SMRI | 19.6 | 12.0 | 1.28 | 3.48 | 1.20% | 17.8% | 6.5% | 2.1% |
| 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.
SMRI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 30.4% | 16.2 | 12.0 | 2.75 | 4.48 | 1.14% | 27.6% |
| Healthcare | 24.8% | 26.8 | 14.3 | 0.61 | 3.50 | 0.73% | 13.0% |
| Energy | 14.6% | 16.9 | 9.5 | 1.64 | 2.18 | 2.07% | 12.8% |
| Consumer Cyclical | 11.7% | 20.1 | 14.3 | 1.54 | 3.65 | 1.12% | 18.2% |
| Communication Services | 9.3% | 23.4 | 11.3 | 1.96 | 3.48 | 1.68% | 14.8% |
| Basic Materials | 5.0% | 16.3 | 10.1 | 2.85 | 3.00 | 0.71% | 18.4% |
| Utilities | 3.7% | 26.3 | 10.9 | 1.09 | 7.83 | 1.18% | 29.7% |
SMRI 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 SMRI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SMRI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ACN | Accenture plc | 2.74% | 16.9 | 12.4 | 1.9 | 2.98% | 3.18% |
| CTSH | Cognizant Technology Solutions Corporation | 2.43% | 14.2 | 9.4 | 1.4 | 2.00% | 3.36% |
| ADSK | Autodesk, Inc. | 2.35% | 31.1 | 17.6 | 6.4 | — | 1.49% |
| INTU | Intuit Inc. | 2.35% | 19.8 | 12.7 | 4.1 | 1.70% | 2.34% |
| CAH | Cardinal Health, Inc. | 2.22% | 35.1 | 17.7 | 0.2 | 0.81% | 1.24% |
| LLY | Eli Lilly and Company | 2.21% | 42.2 | 24.4 | 14.1 | 0.55% | 1.03% |
| COP | ConocoPhillips | 2.20% | 19.4 | 12.7 | 2.7 | 2.29% | 2.23% |
| EOG | EOG Resources, Inc. | 2.19% | 12.3 | 10.1 | 3.1 | 2.58% | 3.50% |
| UTHR | United Therapeutics Corporation | 2.19% | 19.1 | 16.4 | 7.2 | — | 2.25% |
| MPC | Marathon Petroleum Corporation | 2.16% | 16.6 | 5.5 | 0.9 | 0.84% | 2.57% |
| EXPE | Expedia Group, Inc. | 2.16% | 18.0 | 11.3 | 2.2 | 0.66% | 2.35% |
| WDAY | Workday, Inc. | 2.14% | 38.9 | 17.7 | 4.5 | — | 1.09% |
| ADBE | Adobe Inc. | 2.14% | 13.7 | 8.7 | 3.7 | — | 3.08% |
| ABNB | Airbnb, Inc. | 2.14% | 39.6 | 25.4 | 7.9 | — | 1.06% |
| OMC | Omnicom Group Inc. | 2.14% | 212.0 | 7.4 | 1.0 | 3.97% | 0.20% |
| CI | Cigna Corporation | 2.12% | 12.5 | 8.3 | 0.3 | 2.06% | 3.34% |
| CNC | Centene Corporation | 2.12% | — | 11.2 | 0.2 | — | −6.29% |
| ZTS | Zoetis Inc. | 2.12% | 13.1 | 12.0 | 3.4 | 2.67% | 3.19% |
| LDOS | Leidos Holdings, Inc. | 2.11% | 11.7 | 9.6 | 0.9 | 1.38% | 3.57% |
| RPRX | Royalty Pharma plc | 2.11% | 32.4 | 29.4 | 13.9 | 1.54% | 1.28% |
| MCK | McKesson Corporation | 2.10% | 26.9 | 19.7 | 0.3 | 0.37% | 1.53% |
| ZM | Zoom Video Communications, Inc. | 2.06% | 8.7 | 15.1 | 5.5 | — | 4.65% |
| PSX | Phillips 66 | 2.06% | 16.8 | 9.7 | 0.8 | 1.81% | 2.42% |
| IBM | International Business Machines Corporation | 2.06% | 20.6 | 17.4 | 3.2 | 2.91% | 1.97% |
| FOXA | Fox Corporation | 2.06% | 16.7 | 11.1 | 1.6 | 0.90% | 2.43% |
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 SMRI valuation
Adding up its 50 holdings with company data, SMRI trades at 19.6 times trailing earnings and 12.0 times analysts' forward estimates, with a price-to-book ratio of 3.48 and a dividend yield of 1.20%. Its earnings yield of 5.11% is 0.22 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 23.0% of the fund and earn 23.2% of its combined profit. By sector, Healthcare is the most expensive at 26.8 times earnings and Technology the cheapest at 16.2. Companies that lost money over the past year are 2.1% 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 99.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SMRI chart, SMRI performance, SMRI holdings, SMRI dividends.
SMRI valuation FAQ
What is the P/E ratio of SMRI?
Based on its holdings, SMRI has a trailing P/E of 19.6 and a forward P/E of 12.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SMRI?
The trailing earnings yield is 5.11% (1 ÷ P/E) and the forward earnings yield 8.34%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SMRI more expensive than the S&P 500?
SMRI trades at 19.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.0 and 19.9.
What is the price-to-book ratio of SMRI?
The holdings of SMRI trade at 3.48 times book value, with a combined return on equity of 17.8%.
Which sector in SMRI has the highest P/E?
Healthcare has the highest P/E at 26.8 and Technology the lowest at 16.2.