SPDR S&P 500 ETF (SPY) Valuation
SPY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.9 trailing earnings
- Forward P/E
- 19.9 analyst estimates
- Price / sales
- 3.67
- Price / book
- 5.47
- EV / EBITDA
- 17.2
- Earnings yield
- 3.87% inverse of P/E
- Dividend yield
- 1.08% of the holdings
- Return on equity
- 21.1% combined
- Net margin
- 14.2% combined
- Beta
- 1.16 weighted, vs S&P 500
SPY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| 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.
SPY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 39.4% | 32.4 | 23.3 | 9.30 | 12.66 | 0.55% | 39.1% |
| Financial Services | 11.6% | 15.9 | 14.6 | 3.47 | 2.36 | 1.49% | 14.9% |
| Communication Services | 9.6% | 18.2 | 18.9 | 4.92 | 5.02 | 0.70% | 27.6% |
| Healthcare | 9.5% | 37.9 | 17.4 | 1.71 | 5.17 | 1.51% | 13.6% |
| Consumer Cyclical | 9.2% | 27.0 | 23.0 | 2.69 | 6.40 | 0.72% | 23.7% |
| Industrials | 6.8% | 28.3 | 21.9 | 2.78 | 6.40 | 1.19% | 22.6% |
| Consumer Defensive | 4.7% | 29.2 | 21.7 | 1.71 | 6.90 | 2.32% | 23.7% |
| Energy | 3.6% | 19.8 | 12.8 | 1.86 | 2.53 | 2.29% | 12.8% |
| Utilities | 2.0% | 19.2 | 15.5 | 2.75 | 2.08 | 3.01% | 10.9% |
| Real Estate | 1.7% | 35.1 | 32.4 | 6.25 | 3.18 | 3.32% | 9.1% |
| Basic Materials | 1.5% | 30.7 | 16.8 | 2.86 | 3.77 | 1.37% | 12.3% |
SPY 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 SPY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.29% | 27.1 | 24.9 | 17.1 | 0.47% | 7.96% |
| AAPL | Apple Inc. | 7.81% | 39.4 | 35.2 | 10.7 | 0.31% | 5.15% |
| MSFT | Microsoft Corporation | 6.10% | 29.5 | 25.1 | 11.8 | 0.74% | 5.38% |
| AMZN | Amazon.com, Inc. | 3.91% | 20.1 | 23.6 | 3.5 | — | 5.05% |
| GOOGL | Alphabet Inc. | 2.94% | 17.1 | 22.8 | 9.3 | 0.26% | 4.47% |
| META | Meta Platforms, Inc. | 2.42% | 26.7 | 22.1 | 7.9 | 0.30% | 2.35% |
| GOOG | Alphabet Inc. | 2.41% | 16.9 | 21.8 | 9.2 | 0.26% | 3.71% |
| AVGO | Broadcom Inc. | 2.30% | 43.3 | 19.4 | 17.6 | 0.79% | 1.38% |
| TSLA | Tesla, Inc. | 1.60% | 328.4 | 158.7 | 13.5 | — | 0.13% |
| BRK.B | Berkshire Hathaway Inc. | 1.56% | 13.4 | 22.7 | 3.0 | — | 3.02% |
| MU | Micron Technology, Inc. | 1.53% | 11.8 | 7.0 | 7.5 | 0.07% | 3.37% |
| LLY | Eli Lilly and Company | 1.47% | 42.2 | 24.4 | 14.1 | 0.55% | 0.91% |
| JPM | JPMorgan Chase & Co. | 1.32% | 14.2 | 13.5 | 4.7 | 1.94% | 2.41% |
| AMD | Advanced Micro Devices, Inc. | 1.28% | 134.9 | 39.5 | 20.9 | — | 0.25% |
| XOM | Exxon Mobil Corporation | 1.09% | 23.0 | 14.8 | 2.0 | 2.30% | 1.23% |
| V | Visa Inc. | 1.01% | 34.3 | 24.0 | 17.0 | 0.67% | 0.77% |
| JNJ | Johnson & Johnson | 0.89% | 38.8 | 21.0 | 6.2 | 2.10% | 0.59% |
| WMT | Walmart Inc. | 0.81% | 43.0 | 38.0 | 1.3 | 0.83% | 0.49% |
| MA | Mastercard Incorporated | 0.78% | 34.0 | 24.2 | 15.4 | 0.56% | 0.60% |
| ABBV | AbbVie Inc. | 0.73% | 80.6 | 16.4 | 7.8 | 2.42% | 0.24% |
| INTC | Intel Corporation | 0.72% | — | 63.3 | 8.3 | — | −0.44% |
| PLTR | Palantir Technologies Inc. | 0.70% | 160.4 | 85.5 | 72.6 | — | 0.11% |
| CVX | Chevron Corporation | 0.68% | 21.2 | 15.2 | 2.1 | 3.16% | 0.84% |
| COST | Costco Wholesale Corporation | 0.68% | 47.6 | 40.3 | 1.4 | 0.59% | 0.37% |
| CSCO | Cisco Systems, Inc. | 0.63% | 32.2 | 19.8 | 6.7 | 1.56% | 0.51% |
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 SPY valuation
Adding up its 497 holdings with company data, SPY trades at 25.9 times trailing earnings and 19.9 times analysts' forward estimates, with a price-to-book ratio of 5.47 and a dividend yield of 1.08%. Its earnings yield of 3.87% is 1.46 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 39.3% of the fund and earn 38.6% of its combined profit. By sector, Healthcare is the most expensive at 37.9 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 1.9% 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.
Related: SPY chart, SPY performance, SPY holdings, SPY dividends.
SPY valuation FAQ
What is the P/E ratio of SPY?
Based on its holdings, SPY has a trailing P/E of 25.9 and a forward P/E of 19.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPY?
The trailing earnings yield is 3.87% (1 ÷ P/E) and the forward earnings yield 5.03%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPY more expensive than QQQ?
SPY trades at 25.9 times trailing earnings versus 34.2 for QQQ (Nasdaq-100).
What is the price-to-book ratio of SPY?
The holdings of SPY trade at 5.47 times book value, with a combined return on equity of 21.1%.
Which sector in SPY has the highest P/E?
Healthcare has the highest P/E at 37.9 and Financial Services the lowest at 15.9.