ProShares S&P 500 ex-Financials ETF (SPXN) Valuation

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

SPXN valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 28.1
Forward P/E: 20.7
Price / sales: 3.60
Price / book: 6.72
EV / EBITDA: 17.4
Earnings yield: 3.56%
Dividend yield: 1.00%
Return on equity: 23.9%
Net margin: 12.8%
Beta: 1.18

SPXN valuation vs other stock ETFs

P/E (TTM)Forward P/E

SPXN valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
SPXN	28.1	20.7	3.60	6.72	1.00%	23.9%	12.8%	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.

SPXN valuation by sector

P/E (TTM)Forward P/E

SPXN valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	44.8%	32.4	23.5	9.29	12.94	0.55%	40.0%
Healthcare	11.5%	37.5	17.5	1.74	5.23	1.51%	14.0%
Consumer Cyclical	10.7%	26.8	22.9	2.68	6.42	0.75%	24.0%
Communication Services	10.5%	18.1	18.6	4.73	4.89	0.74%	27.0%
Industrials	8.0%	27.9	21.9	2.73	6.43	1.22%	23.0%
Consumer Defensive	5.5%	29.0	21.4	1.70	6.85	2.36%	23.7%
Energy	4.2%	19.8	12.8	1.87	2.53	2.29%	12.8%
Utilities	2.4%	19.1	15.5	2.74	2.07	3.03%	10.8%
Basic Materials	1.8%	31.1	16.9	2.84	3.77	1.38%	12.1%
Financial Services	0.1%	103.1	—	2.70	—	0.00%	—

SPXN earnings yield vs bond yields

SPXN earnings yield (forward)

4.84%

SPXN earnings yield (trailing)

3.56%

SPXN dividend yield

1.00%

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 SPXN weight splits by P/E

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

SPXN largest holdings: valuation

SPXN largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	9.28%	27.1	24.9	17.1	0.47%	9.68%
AAPL	Apple Inc.	9.25%	39.4	35.2	10.7	0.31%	6.63%
MSFT	Microsoft Corporation	6.89%	29.5	25.1	11.8	0.74%	6.60%
AMZN	Amazon.com, Inc.	4.49%	20.1	23.6	3.5	—	6.31%
GOOGL	Alphabet Inc.	3.21%	17.1	22.8	9.3	0.26%	5.31%
GOOG	Alphabet Inc.	2.58%	16.9	21.8	9.2	0.26%	4.30%
AVGO	Broadcom Inc.	2.56%	43.3	19.4	17.6	0.79%	1.67%
META	Meta Platforms, Inc.	2.55%	26.7	22.1	7.9	0.30%	2.69%
LLY	Eli Lilly and Company	1.83%	42.2	24.4	14.1	0.55%	1.22%
TSLA	Tesla, Inc.	1.79%	328.4	158.7	13.5	—	0.15%
MU	Micron Technology, Inc.	1.74%	11.8	7.0	7.5	0.07%	4.16%
AMD	Advanced Micro Devices, Inc.	1.46%	134.9	39.5	20.9	—	0.31%
XOM	Exxon Mobil Corporation	1.32%	23.0	14.8	2.0	2.30%	1.62%
JNJ	Johnson & Johnson	1.15%	38.8	21.0	6.2	2.10%	0.84%
WMT	Walmart Inc.	0.91%	43.0	38.0	1.3	0.83%	0.60%
ABBV	AbbVie Inc.	0.87%	80.6	16.4	7.8	2.42%	0.30%
PLTR	Palantir Technologies Inc.	0.79%	160.4	85.5	72.6	—	0.14%
INTC	Intel Corporation	0.77%	—	63.3	8.3	—	−0.51%
COST	Costco Wholesale Corporation	0.77%	47.6	40.3	1.4	0.59%	0.45%
CVX	Chevron Corporation	0.75%	21.2	15.2	2.1	3.16%	1.00%
CSCO	Cisco Systems, Inc.	0.69%	32.2	19.8	6.7	1.56%	0.61%
UNH	UnitedHealth Group Incorporated	0.69%	25.8	16.6	0.8	2.31%	0.75%
PG	The Procter & Gamble Company	0.67%	24.1	21.2	4.3	2.73%	0.79%
KO	The Coca-Cola Company	0.64%	28.2	25.3	8.1	2.26%	0.64%
MRK	Merck & Co., Inc.	0.63%	115.8	15.3	5.4	2.33%	0.15%

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 SPXN valuation

Adding up its 392 holdings with company data, SPXN trades at 28.1 times trailing earnings and 20.7 times analysts' forward estimates, with a price-to-book ratio of 6.72 and a dividend yield of 1.00%. Its earnings yield of 3.56% is 1.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 44.4% of the fund and earn 44.6% of its combined profit. By sector, Financial Services is the most expensive at 103.1 times earnings and Communication Services the cheapest at 18.1. 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 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

SPXN valuation FAQ

What is the P/E ratio of SPXN?

Based on its holdings, SPXN has a trailing P/E of 28.1 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 SPXN?

The trailing earnings yield is 3.56% (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 SPXN more expensive than the S&P 500?

SPXN trades at 28.1 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 SPXN?

The holdings of SPXN trade at 6.72 times book value, with a combined return on equity of 23.9%.

Which sector in SPXN has the highest P/E?

Financial Services has the highest P/E at 103.1 and Communication Services the lowest at 18.1.