State Street US Equity Premium Income ETF (SPIN) Valuation

Cboe BZX: SPINP/E, earnings yield and other ratios of the holdings combined.

SPIN valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 26.4
Forward P/E: 20.7
Price / sales: 5.17
Price / book: 6.12
EV / EBITDA: 18.1
Earnings yield: 3.79%
Dividend yield: 0.81%
Return on equity: 23.2%
Net margin: 19.6%
Beta: 1.21

SPIN valuation vs other stock ETFs

P/E (TTM)Forward P/E

SPIN valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SPIN	26.4	20.7	5.17	6.12	0.81%	23.2%	19.6%	0.6%
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.

SPIN valuation by sector

P/E (TTM)Forward P/E

SPIN valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	39.5%	30.9	22.5	11.27	13.74	0.47%	44.5%
Financial Services	12.2%	18.4	16.7	4.79	3.05	1.24%	16.6%
Communication Services	10.7%	19.6	21.4	7.29	6.32	0.32%	32.2%
Healthcare	9.7%	36.7	20.8	6.40	5.64	0.85%	15.4%
Consumer Cyclical	8.5%	22.7	19.6	2.20	5.28	0.60%	23.2%
Industrials	8.2%	33.2	22.1	3.50	5.73	1.04%	17.3%
Energy	3.3%	21.6	14.5	2.15	2.54	2.23%	11.8%
Consumer Defensive	3.1%	30.3	24.9	2.44	8.67	1.96%	28.6%
Basic Materials	2.1%	34.1	22.1	5.13	4.20	1.07%	12.3%
Utilities	1.6%	22.0	15.4	3.82	2.27	2.70%	10.3%
Real Estate	1.2%	49.6	31.7	2.71	6.42	1.55%	12.9%

SPIN earnings yield vs bond yields

SPIN earnings yield (forward)

4.84%

SPIN earnings yield (trailing)

3.79%

SPIN dividend yield

0.81%

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 SPIN weight splits by P/E

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

SPIN largest holdings: valuation

SPIN largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	9.20%	27.1	24.9	17.1	0.47%	9.04%
MSFT	Microsoft Corporation	7.61%	29.5	25.1	11.8	0.74%	6.87%
AAPL	Apple Inc.	6.42%	39.4	35.2	10.7	0.31%	4.34%
GOOGL	Alphabet Inc.	5.40%	17.1	22.8	9.3	0.26%	8.41%
AMZN	Amazon.com, Inc.	5.01%	20.1	23.6	3.5	—	6.63%
AVGO	Broadcom Inc.	3.31%	43.3	19.4	17.6	0.79%	2.03%
META	Meta Platforms, Inc.	3.06%	26.7	22.1	7.9	0.30%	3.04%
MU	Micron Technology, Inc.	2.61%	11.8	7.0	7.5	0.07%	5.86%
LLY	Eli Lilly and Company	2.37%	42.2	24.4	14.1	0.55%	1.49%
XOM	Exxon Mobil Corporation	2.28%	23.0	14.8	2.0	2.30%	2.64%
JPM	JPMorgan Chase & Co.	2.06%	14.2	13.5	4.7	1.94%	3.84%
AMD	Advanced Micro Devices, Inc.	2.02%	134.9	39.5	20.9	—	0.40%
V	Visa Inc.	1.60%	34.3	24.0	17.0	0.67%	1.24%
AMAT	Applied Materials, Inc.	1.34%	35.3	23.4	10.5	0.52%	1.01%
HD	The Home Depot, Inc.	1.34%	21.5	19.8	1.8	3.01%	1.65%
APH	Amphenol Corporation	1.24%	39.7	24.6	6.7	0.63%	0.83%
EMR	Emerson Electric Co.	1.23%	35.3	21.5	4.9	1.37%	0.93%
MA	Mastercard Incorporated	1.17%	34.0	24.2	15.4	0.56%	0.91%
BRK.B	Berkshire Hathaway Inc.	1.13%	13.4	22.7	3.0	—	2.24%
PH	Parker-Hannifin Corporation	1.11%	33.8	27.5	5.7	0.83%	0.87%
URI	United Rentals, Inc.	1.11%	24.8	18.5	3.8	0.77%	1.19%
UBER	Uber Technologies, Inc.	1.07%	15.4	15.9	2.6	—	1.84%
JNJ	Johnson & Johnson	1.06%	38.8	21.0	6.2	2.10%	0.73%
WAB	Westinghouse Air Brake Technologies Corporation	1.05%	38.6	23.8	4.0	0.43%	0.73%
SPGI	S&P Global Inc.	1.03%	26.1	19.9	7.9	0.90%	1.04%

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 SPIN valuation

Adding up its 94 holdings with company data, SPIN trades at 26.4 times trailing earnings and 20.7 times analysts' forward estimates, with a price-to-book ratio of 6.12 and a dividend yield of 0.81%. Its earnings yield of 3.79% is 1.54 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 47.3% of the fund and earn 50.4% of its combined profit. By sector, Real Estate is the most expensive at 49.6 times earnings and Financial Services the cheapest at 18.4. Companies that lost money over the past year are 0.6% 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 99.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SPIN valuation FAQ

What is the P/E ratio of SPIN?

Based on its holdings, SPIN has a trailing P/E of 26.4 and a forward P/E of 20.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of SPIN?

The trailing earnings yield is 3.79% (1 ÷ P/E) and the forward earnings yield 4.84%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is SPIN more expensive than the S&P 500?

SPIN trades at 26.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.7 and 19.9.

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

The holdings of SPIN trade at 6.12 times book value, with a combined return on equity of 23.2%.

Which sector in SPIN has the highest P/E?

Real Estate has the highest P/E at 49.6 and Financial Services the lowest at 18.4.