SPDR Russell Small Cap Completeness (SPMD) Valuation

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

SPMD valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 23.0
Forward P/E: 14.6
Price / sales: 1.49
Price / book: 2.71
EV / EBITDA: 12.0
Earnings yield: 4.34%
Dividend yield: 1.37%
Return on equity: 11.7%
Net margin: 6.5%
Beta: 1.03

SPMD valuation vs other stock ETFs

P/E (TTM)Forward P/E

SPMD valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SPMD	23.0	14.6	1.49	2.71	1.37%	11.7%	6.5%	7.1%
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.

SPMD valuation by sector

P/E (TTM)Forward P/E

SPMD valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Industrials	20.8%	33.6	18.2	1.41	3.91	0.82%	11.6%
Technology	16.0%	36.8	17.6	1.83	5.03	0.20%	13.6%
Financial Services	14.3%	12.7	9.7	1.92	1.53	2.27%	12.1%
Consumer Cyclical	10.8%	16.6	12.6	0.83	2.86	1.32%	17.3%
Healthcare	10.7%	46.6	17.8	2.23	4.02	0.08%	8.6%
Real Estate	7.6%	23.4	20.2	3.92	1.90	5.19%	8.1%
Energy	5.8%	14.4	11.5	1.49	1.75	1.79%	12.2%
Basic Materials	5.0%	22.0	14.4	1.53	2.51	1.25%	11.4%
Consumer Defensive	3.4%	24.9	14.7	0.48	3.27	0.45%	13.1%
Utilities	3.0%	24.4	14.0	2.64	1.83	2.89%	7.5%
Communication Services	1.7%	34.1	14.6	2.35	3.38	1.21%	9.9%

SPMD earnings yield vs bond yields

SPMD earnings yield (forward)

6.83%

SPMD earnings yield (trailing)

4.34%

SPMD dividend yield

1.37%

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 SPMD weight splits by P/E

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

SPMD largest holdings: valuation

SPMD largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
OKTA	Okta, Inc.	1.01%	112.8	54.3	10.7	—	0.21%
FTI	TechnipFMC plc	0.78%	24.3	21.3	2.6	0.29%	0.76%
UTHR	United Therapeutics Corporation	0.71%	19.1	16.4	7.2	—	0.89%
ATI	ATI Inc.	0.68%	54.4	28.8	5.4	—	0.29%
THC	Tenet Healthcare Corporation	0.64%	10.5	12.5	1.0	—	1.44%
XPO	XPO Logistics, Inc.	0.64%	54.9	27.0	2.5	—	0.28%
USFD	US Foods Holding Corp.	0.63%	31.4	17.0	0.5	—	0.48%
ROKU	Roku, Inc	0.63%	65.8	39.1	4.4	—	0.23%
RS	Reliance Steel & Aluminum Co.	0.62%	23.9	16.4	1.3	1.22%	0.61%
SNX	TD SYNNEX Corporation	0.61%	15.0	12.7	0.3	0.78%	0.96%
RGLD	Royal Gold, Inc.	0.60%	26.4	24.2	13.1	0.80%	0.54%
YZ8	Permian Resources Corporation	0.60%	—	—	—	—	—
NVT	nVent Electric plc	0.60%	39.3	25.1	4.8	0.59%	0.36%
OVV	Ovintiv Inc.	0.58%	19.3	9.0	2.0	1.73%	0.71%
ROIV	Roivant Sciences Ltd.	0.57%	—	—	3,215.5	—	−0.21%
ENTG	Entegris, Inc.	0.57%	69.4	31.6	6.4	0.29%	0.19%
NTNX	Nutanix, Inc.	0.56%	12.9	29.9	6.3	—	1.02%
CW	Curtiss-Wright Corporation	0.54%	34.6	28.4	5.1	0.21%	0.37%
DINO	HF Sinclair Corporation	0.54%	11.9	10.0	0.7	1.68%	1.07%
DT	Dynatrace, Inc.	0.54%	122.2	29.6	8.5	—	0.10%
EWBC	East West Bancorp, Inc.	0.51%	12.2	12.7	6.0	2.52%	1.00%
TOST	Toast, Inc.	0.51%	40.0	17.6	2.7	—	0.30%
ITT	ITT Inc.	0.50%	38.8	21.6	3.7	0.78%	0.31%
WWD	Woodward, Inc.	0.50%	36.5	31.6	4.6	0.39%	0.33%
RGA	Reinsurance Group of America, Incorporated	0.50%	11.7	7.7	0.7	1.47%	1.01%

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 SPMD valuation

Adding up its 391 holdings with company data, SPMD trades at 23.0 times trailing earnings and 14.6 times analysts' forward estimates, with a price-to-book ratio of 2.71 and a dividend yield of 1.37%. Its earnings yield of 4.34% is 0.99 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 6.9% of the fund and earn 6.1% of its combined profit. By sector, Healthcare is the most expensive at 46.6 times earnings and Financial Services the cheapest at 12.7. Companies that lost money over the past year are 7.1% 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 97.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SPMD valuation FAQ

What is the P/E ratio of SPMD?

Based on its holdings, SPMD has a trailing P/E of 23.0 and a forward P/E of 14.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of SPMD?

The trailing earnings yield is 4.34% (1 ÷ P/E) and the forward earnings yield 6.83%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is SPMD more expensive than the S&P 500?

SPMD trades at 23.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.6 and 19.9.

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

The holdings of SPMD trade at 2.71 times book value, with a combined return on equity of 11.7%.

Which sector in SPMD has the highest P/E?

Healthcare has the highest P/E at 46.6 and Financial Services the lowest at 12.7.