Themes Cybersecurity ETF (SPAM) Valuation
SPAM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 83.6 trailing earnings
- Forward P/E
- 29.9 analyst estimates
- Price / sales
- 4.00
- Price / book
- 7.23
- EV / EBITDA
- 25.0
- Earnings yield
- 1.20% inverse of P/E
- Dividend yield
- 0.27% of the holdings
- Return on equity
- 8.6% combined
- Net margin
- 4.8% combined
- Beta
- 0.82 weighted, vs S&P 500
SPAM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPAM | 83.6 | 29.9 | 4.00 | 7.23 | 0.27% | 8.6% | 4.8% | 33.2% |
| 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.
SPAM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 89.8% | 144.6 | 32.2 | 5.52 | 7.19 | 0.07% | 5.0% |
| Industrials | 6.1% | 13.0 | 16.1 | 0.88 | 7.76 | 2.75% | 59.9% |
SPAM 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 SPAM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPAM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ZS | Zscaler, Inc. | 6.28% | — | 43.9 | 10.1 | — | −1.17% |
| RBRK | Rubrik, Inc. | 5.93% | — | 625.0 | 15.0 | — | −5.16% |
| OKTA | Okta, Inc. | 5.53% | 112.8 | 54.3 | 10.7 | — | 4.84% |
| CACI | CACI International Inc | 5.38% | 25.4 | 17.8 | 1.4 | — | 20.88% |
| BAH | Booz Allen Hamilton Holding Corporation | 5.26% | 11.7 | 16.5 | 0.8 | 3.18% | 44.44% |
| CRWD | CrowdStrike Holdings, Inc. | 5.12% | — | 208.3 | 43.1 | — | 0.13% |
| FFIV | F5, Inc. | 4.56% | 35.2 | 24.6 | 7.6 | — | 12.76% |
| PANW | Palo Alto Networks, Inc. | 4.55% | 855.0 | 94.3 | 24.4 | — | 0.52% |
| FTNT | Fortinet, Inc. | 4.43% | 59.8 | 45.0 | 16.5 | — | 7.32% |
| S | SentinelOne, Inc. | 4.35% | — | 75.2 | 6.8 | — | −19.74% |
| QLYS | Qualys, Inc. | 4.19% | 31.4 | 21.9 | 9.1 | — | 13.16% |
| CHKP | Check Point Software Technologies Ltd. | 4.18% | 14.1 | 12.5 | 5.1 | — | 29.19% |
| 4704 | Trend Micro Inc. | 3.61% | — | — | — | — | — |
| VRNS | Varonis Systems, Inc. | 3.60% | — | 140.8 | 8.1 | — | −8.90% |
| YNDX | Yandex NV | 3.52% | — | — | — | — | — |
| BB | BlackBerry Ltd | 3.11% | — | — | — | — | — |
| AKAM | Akamai Technologies, Inc. | 2.91% | 31.8 | 15.0 | 2.9 | — | 9.02% |
| CRWV | CoreWeave, Inc. | 2.87% | — | — | 4.5 | — | −14.17% |
| NXT | NEXTDC Ltd | 2.77% | — | — | — | — | — |
| YOU | Clear Secure, Inc. | 2.71% | 29.5 | — | 4.5 | 1.31% | 9.05% |
| TENB | Tenable Holdings, Inc. | 2.66% | 620.0 | 16.3 | 3.9 | — | 0.42% |
| FSLY | Fastly, Inc. | 2.20% | — | 47.4 | 5.2 | — | −5.11% |
| NTSK | Netskope, Inc. | 2.13% | — | — | 9.7 | — | −10.98% |
| ALRM | Alarm.com Holdings, Inc. | 1.69% | 25.4 | 26.2 | 2.7 | — | 6.57% |
| NETC | Netcompany Group A/S | 1.27% | — | — | — | — | — |
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 SPAM valuation
Adding up its 27 holdings with company data, SPAM trades at 83.6 times trailing earnings and 29.9 times analysts' forward estimates, with a price-to-book ratio of 7.23 and a dividend yield of 0.27%. Its earnings yield of 1.20% is 4.13 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 51.4% of the fund and earn 64.8% of its combined profit. By sector, Technology is the most expensive at 144.6 times earnings and Industrials the cheapest at 13.0. Companies that lost money over the past year are 33.2% 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 84.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPAM chart, SPAM performance, SPAM holdings, SPAM dividends.
SPAM valuation FAQ
What is the P/E ratio of SPAM?
Based on its holdings, SPAM has a trailing P/E of 83.6 and a forward P/E of 29.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPAM?
The trailing earnings yield is 1.20% (1 ÷ P/E) and the forward earnings yield 3.35%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPAM more expensive than the S&P 500?
SPAM trades at 83.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 29.9 and 19.9.
What is the price-to-book ratio of SPAM?
The holdings of SPAM trade at 7.23 times book value, with a combined return on equity of 8.6%.
Which sector in SPAM has the highest P/E?
Technology has the highest P/E at 144.6 and Industrials the lowest at 13.0.