Tortoise North American Pipeline Fund (TPYP) Valuation
TPYP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.9 trailing earnings
- Forward P/E
- 16.6 analyst estimates
- Price / sales
- 2.04
- Price / book
- 3.01
- EV / EBITDA
- 11.4
- Earnings yield
- 5.02% inverse of P/E
- Dividend yield
- 3.37% of the holdings
- Return on equity
- 15.1% combined
- Net margin
- 10.2% combined
- Beta
- 0.55 weighted, vs S&P 500
TPYP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TPYP | 19.9 | 16.6 | 2.04 | 3.01 | 3.37% | 15.1% | 10.2% | 0.0% |
| 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.
TPYP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 74.1% | 19.9 | 16.6 | 1.86 | 3.84 | 3.50% | 19.3% |
| Utilities | 13.8% | 20.1 | 16.9 | 3.13 | 1.69 | 2.92% | 8.4% |
TPYP 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 TPYP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TPYP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| KMI | Kinder Morgan, Inc. | 8.27% | 22.1 | 20.0 | 4.2 | 3.45% | 11.79% |
| TRP | TC Energy Corp | 7.66% | — | — | — | — | — |
| TRGP | Targa Resources Corp. | 7.55% | 28.2 | 23.2 | 3.8 | 1.70% | 8.43% |
| LNG | Cheniere Energy, Inc. | 7.38% | 21.9 | 13.5 | 2.9 | 0.77% | 10.61% |
| WMB | The Williams Companies, Inc. | 7.19% | 28.4 | 26.8 | 7.1 | 2.95% | 7.97% |
| ENB | Enbridge Inc | 7.04% | — | — | — | — | — |
| ATO | Atmos Energy Corporation | 4.26% | 19.9 | 17.6 | 5.7 | 2.39% | 6.73% |
| PPL | Pembina Pipeline Corp | 4.17% | — | — | — | — | — |
| NI | NiSource Inc. | 4.11% | 22.7 | 17.4 | 3.0 | 2.81% | 5.70% |
| EPD | Enterprise Products Partners L.P. | 3.85% | 12.8 | 11.9 | 1.4 | 6.08% | 9.47% |
| ALA | AltaGas Ltd | 2.43% | — | — | — | — | — |
| KEY | Keyera Corp. | 2.35% | — | — | — | — | — |
| MPLX | MPLX LP | 2.21% | 12.5 | 12.2 | 4.9 | 7.40% | 5.55% |
| NFG | National Fuel Gas Company | 1.53% | 11.1 | 9.8 | 3.0 | 2.78% | 4.33% |
| AM | Antero Midstream Corporation | 1.44% | 24.9 | 12.9 | 7.5 | 4.36% | 1.82% |
| DTM | DT Midstream, Inc. | 1.39% | 27.1 | 22.1 | 9.6 | 2.85% | 1.61% |
| SWX | Southwest Gas Holdings, Inc. | 1.33% | 21.9 | 17.4 | 3.6 | 2.95% | 1.92% |
| WES | Western Midstream Partners, LP | 1.26% | 14.1 | 11.3 | 4.3 | 8.34% | 2.80% |
| PAA | Plains All American Pipeline, L.P. | 1.25% | 21.8 | 13.1 | 0.3 | 6.61% | 1.81% |
| AROC | Archrock, Inc. | 1.09% | 15.9 | 14.3 | 3.4 | 3.11% | 2.15% |
| NJR | New Jersey Resources Corporation | 1.04% | 14.5 | 14.9 | 2.4 | 3.83% | 2.27% |
| SR | Spire Inc. | 1.01% | 23.8 | 14.9 | 1.8 | 4.02% | 1.33% |
| OGS | ONE Gas, Inc. | 0.95% | 16.3 | 17.4 | 2.1 | 3.60% | 1.84% |
| GEI | Gibson Energy Inc. | 0.86% | — | — | — | — | — |
| SUN | Sunoco LP | 0.82% | 16.2 | 38.2 | 0.3 | 5.47% | 1.60% |
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 TPYP valuation
Adding up its 33 holdings with company data, TPYP trades at 19.9 times trailing earnings and 16.6 times analysts' forward estimates, with a price-to-book ratio of 3.01 and a dividend yield of 3.37%. Its earnings yield of 5.02% is 0.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 61.5% of the fund and earn 72.4% of its combined profit. By sector, Utilities is the most expensive at 20.1 times earnings and Energy the cheapest at 19.9. Companies that lost money over the past year are 0.0% 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 71.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TPYP chart, TPYP performance, TPYP holdings, TPYP dividends.
TPYP valuation FAQ
What is the P/E ratio of TPYP?
Based on its holdings, TPYP has a trailing P/E of 19.9 and a forward P/E of 16.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TPYP?
The trailing earnings yield is 5.02% (1 ÷ P/E) and the forward earnings yield 6.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TPYP more expensive than the S&P 500?
TPYP trades at 19.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.6 and 19.9.
What is the price-to-book ratio of TPYP?
The holdings of TPYP trade at 3.01 times book value, with a combined return on equity of 15.1%.
Which sector in TPYP has the highest P/E?
Utilities has the highest P/E at 20.1 and Energy the lowest at 19.9.