Horizon Kinetics Texas ETF (TEXX) Valuation
TEXX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 29.2 trailing earnings
- Forward P/E
- 13.8 analyst estimates
- Price / sales
- 1.80
- Price / book
- 2.72
- EV / EBITDA
- 11.2
- Earnings yield
- 3.43% inverse of P/E
- Dividend yield
- 2.08% of the holdings
- Return on equity
- 9.3% combined
- Net margin
- 6.2% combined
- Beta
- 0.67 weighted, vs S&P 500
TEXX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TEXX | 29.2 | 13.8 | 1.80 | 2.72 | 2.08% | 9.3% | 6.2% | 3.0% |
| 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.
TEXX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 64.0% | 25.2 | 13.7 | 2.53 | 2.97 | 2.29% | 11.8% |
| Industrials | 8.2% | n/m | 17.0 | 0.79 | 2.92 | 0.35% | −15.3% |
| Utilities | 6.5% | 25.3 | 13.2 | 1.56 | 3.76 | 1.62% | 14.9% |
| Consumer Cyclical | 6.5% | 11.8 | 12.5 | 0.77 | 1.00 | 0.51% | 8.4% |
| Consumer Defensive | 2.7% | 20.8 | 13.1 | 2.12 | 18.80 | 4.85% | 90.3% |
| Financial Services | 1.9% | 63.5 | 12.7 | 3.58 | 6.15 | 5.27% | 9.7% |
TEXX 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 TEXX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TEXX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PBT | Permian Basin Royalty Trust | 8.94% | 94.7 | 10.7 | 87.3 | 0.71% | 3.07% |
| LB | LandBridge Company LLC | 6.83% | 72.2 | 21.6 | 28.3 | 0.59% | 3.07% |
| FANG | Diamondback Energy, Inc. | 4.74% | 38.8 | 10.0 | 3.5 | 2.16% | 3.96% |
| EOG | EOG Resources, Inc. | 3.95% | 12.3 | 10.1 | 3.1 | 2.58% | 10.44% |
| COP | ConocoPhillips | 3.91% | 19.4 | 12.7 | 2.7 | 2.29% | 6.54% |
| TPL | Texas Pacific Land Corporation | 3.87% | 44.8 | 37.7 | 27.0 | 0.68% | 2.81% |
| OXY | Occidental Petroleum Corporation | 3.87% | 17.7 | 14.6 | 2.6 | 1.80% | 7.09% |
| SLB | Schlumberger Limited | 3.71% | 23.9 | 15.9 | 2.0 | 2.38% | 5.03% |
| XOM | Exxon Mobil Corporation | 3.68% | 23.0 | 14.8 | 2.0 | 2.30% | 5.19% |
| CVX | Chevron Corporation | 3.51% | 21.2 | 15.2 | 2.1 | 3.16% | 5.38% |
| PAA | Plains All American Pipeline, L.P. | 3.43% | 21.8 | 13.1 | 0.3 | 6.61% | 5.12% |
| WBI | WaterBridge Infrastructure LLC | 3.22% | 356.1 | — | 4.7 | 0.70% | 0.29% |
| KMI | Kinder Morgan, Inc. | 2.94% | 22.1 | 20.0 | 4.2 | 3.45% | 4.32% |
| PWR | Quanta Services, Inc. | 2.94% | 72.4 | 33.0 | 2.9 | 0.07% | 1.32% |
| EPD | Enterprise Products Partners L.P. | 2.84% | 12.8 | 11.9 | 1.4 | 6.08% | 7.22% |
| KMB | Kimberly-Clark Corporation | 2.71% | 20.8 | 13.1 | 2.1 | 4.85% | 4.23% |
| FLR | Fluor Corporation | 2.69% | — | 16.5 | 0.4 | — | −22.14% |
| SBR | Sabine Royalty Trust | 2.67% | 14.8 | 10.4 | 14.0 | 5.88% | 5.87% |
| CNP | CenterPoint Energy, Inc. | 2.67% | 24.0 | 17.7 | 2.8 | 2.37% | 3.62% |
| DHI | D.R. Horton, Inc. | 2.55% | 12.9 | 11.9 | 1.2 | 1.29% | 6.42% |
| VST | Vistra Corp. | 2.31% | 25.6 | 13.3 | 2.7 | 0.61% | 2.93% |
| CMC | Commercial Metals Company | 2.13% | 11.1 | 10.4 | 0.8 | 1.23% | 6.23% |
| LGIH | LGI Homes, Inc. | 1.98% | 15.1 | 18.8 | 0.6 | — | 4.26% |
| TPG | TPG Inc. | 1.92% | 63.5 | 12.7 | 3.6 | 5.27% | 0.98% |
| GRBK | Green Brick Partners, Inc. | 1.61% | 9.2 | 10.6 | 1.3 | — | 5.69% |
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 TEXX valuation
Adding up its 31 holdings with company data, TEXX trades at 29.2 times trailing earnings and 13.8 times analysts' forward estimates, with a price-to-book ratio of 2.72 and a dividend yield of 2.08%. Its earnings yield of 3.43% is 1.90 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.0% of the fund and earn 52.6% of its combined profit. By sector, Financial Services is the most expensive at 63.5 times earnings and Consumer Cyclical the cheapest at 11.8. Companies that lost money over the past year are 3.0% 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 99.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TEXX chart, TEXX holdings.
TEXX valuation FAQ
What is the P/E ratio of TEXX?
Based on its holdings, TEXX has a trailing P/E of 29.2 and a forward P/E of 13.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TEXX?
The trailing earnings yield is 3.43% (1 ÷ P/E) and the forward earnings yield 7.27%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TEXX more expensive than the S&P 500?
TEXX trades at 29.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.8 and 19.9.
What is the price-to-book ratio of TEXX?
The holdings of TEXX trade at 2.72 times book value, with a combined return on equity of 9.3%.
Which sector in TEXX has the highest P/E?
Financial Services has the highest P/E at 63.5 and Consumer Cyclical the lowest at 11.8.