ProShares UltraPro S&P500 (UPRO) Valuation

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

UPRO valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 25.9
Forward P/E: 19.8
Price / sales: 3.62
Price / book: 5.42
EV / EBITDA: 17.2
Earnings yield: 3.87%
Dividend yield: 1.10%
Return on equity: 21.0%
Net margin: 14.0%
Beta: 1.15

UPRO valuation vs other stock ETFs

P/E (TTM)Forward P/E

UPRO valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
UPRO	25.9	19.8	3.62	5.42	1.10%	21.0%	14.0%	1.9%
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.

UPRO valuation by sector

P/E (TTM)Forward P/E

UPRO valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	19.6%	32.4	23.4	9.17	12.57	0.56%	38.8%
Financial Services	6.0%	15.9	14.6	3.47	2.40	1.50%	15.0%
Healthcare	5.0%	37.6	17.5	1.74	5.23	1.49%	13.9%
Consumer Cyclical	4.6%	27.2	23.2	2.69	6.44	0.74%	23.6%
Communication Services	4.6%	18.0	18.6	4.72	4.88	0.74%	27.1%
Industrials	3.5%	28.0	21.6	2.74	6.28	1.21%	22.5%
Consumer Defensive	2.5%	29.1	21.6	1.71	6.93	2.34%	23.8%
Energy	1.9%	19.8	12.9	1.88	2.53	2.30%	12.7%
Utilities	1.0%	19.0	15.5	2.75	2.07	3.04%	10.8%
Real Estate	0.9%	34.9	32.2	6.27	3.13	3.34%	9.0%
Basic Materials	0.8%	31.0	17.0	2.88	3.79	1.38%	12.2%

UPRO earnings yield vs bond yields

UPRO earnings yield (forward)

5.05%

UPRO earnings yield (trailing)

3.87%

UPRO dividend yield

1.10%

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 UPRO weight splits by P/E

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

UPRO largest holdings: valuation

UPRO largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
IQMM	Proshares Genius Money Market ETF	20.70%	—	—	—	—	—
NVDA	NVIDIA Corporation	4.09%	27.1	24.9	17.1	0.47%	7.79%
AAPL	Apple Inc.	4.00%	39.4	35.2	10.7	0.31%	5.24%
MSFT	Microsoft Corporation	2.89%	29.5	25.1	11.8	0.74%	5.06%
AMZN	Amazon.com, Inc.	1.92%	20.1	23.6	3.5	—	4.91%
GOOGL	Alphabet Inc.	1.39%	17.1	22.8	9.3	0.26%	4.21%
AVGO	Broadcom Inc.	1.22%	43.3	19.4	17.6	0.79%	1.45%
GOOG	Alphabet Inc.	1.13%	16.9	21.8	9.2	0.26%	3.44%
META	Meta Platforms, Inc.	1.07%	26.7	22.1	7.9	0.30%	2.07%
TSLA	Tesla, Inc.	0.84%	328.4	158.7	13.5	—	0.13%
LLY	Eli Lilly and Company	0.80%	42.2	24.4	14.1	0.55%	0.98%
BRK.B	Berkshire Hathaway Inc.	0.74%	13.4	22.7	3.0	—	2.84%
JPM	JPMorgan Chase & Co.	0.71%	14.2	13.5	4.7	1.94%	2.58%
MU	Micron Technology, Inc.	0.71%	11.8	7.0	7.5	0.07%	3.10%
AMD	Advanced Micro Devices, Inc.	0.63%	134.9	39.5	20.9	—	0.24%
XOM	Exxon Mobil Corporation	0.58%	23.0	14.8	2.0	2.30%	1.30%
V	Visa Inc.	0.54%	34.3	24.0	17.0	0.67%	0.81%
JNJ	Johnson & Johnson	0.48%	38.8	21.0	6.2	2.10%	0.64%
WMT	Walmart Inc.	0.42%	43.0	38.0	1.3	0.83%	0.50%
MA	Mastercard Incorporated	0.40%	34.0	24.2	15.4	0.56%	0.61%
ABBV	AbbVie Inc.	0.38%	80.6	16.4	7.8	2.42%	0.24%
COST	Costco Wholesale Corporation	0.35%	47.6	40.3	1.4	0.59%	0.37%
PLTR	Palantir Technologies Inc.	0.35%	160.4	85.5	72.6	—	0.11%
CVX	Chevron Corporation	0.34%	21.2	15.2	2.1	3.16%	0.83%
INTC	Intel Corporation	0.33%	—	63.3	8.3	—	−0.40%

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 UPRO valuation

Adding up its 497 holdings with company data, UPRO trades at 25.9 times trailing earnings and 19.8 times analysts' forward estimates, with a price-to-book ratio of 5.42 and a dividend yield of 1.10%. 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 39.2% of the fund and earn 35.3% of its combined profit. By sector, Healthcare is the most expensive at 37.6 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 70.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

UPRO valuation FAQ

What is the P/E ratio of UPRO?

Based on its holdings, UPRO has a trailing P/E of 25.9 and a forward P/E of 19.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of UPRO?

The trailing earnings yield is 3.87% (1 ÷ P/E) and the forward earnings yield 5.05%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is UPRO more expensive than the S&P 500?

UPRO trades at 25.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.8 and 19.9.

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

The holdings of UPRO trade at 5.42 times book value, with a combined return on equity of 21.0%.

Which sector in UPRO has the highest P/E?

Healthcare has the highest P/E at 37.6 and Financial Services the lowest at 15.9.