Tema U.S. Manufacturing & Reshoring ETF (WELD) Valuation
WELD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 33.9 trailing earnings
- Forward P/E
- 19.4 analyst estimates
- Price / sales
- 2.39
- Price / book
- 4.20
- EV / EBITDA
- 20.1
- Earnings yield
- 2.95% inverse of P/E
- Dividend yield
- 0.67% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 7.0% combined
- Beta
- 1.23 weighted, vs S&P 500
WELD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| WELD | 33.9 | 19.4 | 2.39 | 4.20 | 0.67% | 12.4% | 7.0% | 2.2% |
| 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.
WELD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 76.6% | 31.9 | 20.2 | 2.65 | 3.89 | 0.66% | 12.2% |
| Technology | 16.5% | 46.6 | 15.7 | 1.47 | 5.35 | 0.50% | 11.5% |
| Basic Materials | 4.2% | 32.2 | 23.6 | 6.48 | 5.48 | 1.28% | 17.0% |
| Consumer Cyclical | 1.3% | 56.0 | 26.0 | 2.34 | 8.54 | 0.00% | 15.3% |
| Energy | 1.1% | 28.4 | 26.8 | 7.08 | 6.77 | 2.95% | 23.9% |
WELD 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 WELD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
WELD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| GTES | Gates Industrial Corporation plc | 7.35% | 18.3 | 13.9 | 1.9 | — | 14.63% |
| CGNX | Cognex Corporation | 7.33% | 51.9 | 29.5 | 8.3 | 0.63% | 5.15% |
| PH | Parker-Hannifin Corporation | 7.29% | 33.8 | 27.5 | 5.7 | 0.83% | 7.86% |
| AIT | Applied Industrial Technologies, Inc. | 7.07% | 30.2 | 27.8 | 2.4 | 0.62% | 8.55% |
| TKR | The Timken Company | 7.04% | 30.5 | 15.4 | 1.6 | 1.28% | 8.43% |
| TEX | Terex Corporation | 5.54% | 24.4 | 9.8 | 0.9 | 1.33% | 8.29% |
| AME | AMETEK, Inc. | 5.47% | 36.3 | 28.2 | 7.2 | 0.55% | 5.50% |
| IR | Ingersoll Rand Inc. | 5.21% | 32.0 | 19.3 | 3.8 | 0.10% | 5.94% |
| NOVT | Novanta Inc. | 5.21% | 81.5 | 8.4 | 4.7 | — | 2.33% |
| ATI | ATI Inc. | 4.88% | 54.4 | 28.8 | 5.4 | — | 3.27% |
| POWL | Powell Industries, Inc. | 4.83% | 31.6 | 29.3 | 5.2 | 0.22% | 5.57% |
| CAT | Caterpillar Inc. | 4.53% | 31.5 | 25.4 | 4.5 | 0.89% | 5.25% |
| ETN | Eaton Corporation plc | 4.52% | 39.8 | 27.6 | 5.1 | 1.12% | 4.14% |
| LIN | Linde plc | 4.21% | 32.2 | 23.6 | 6.5 | 1.28% | 4.77% |
| ROK | Rockwell Automation, Inc. | 4.10% | 39.9 | 29.8 | 5.3 | 1.30% | 3.75% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 4.00% | 26.7 | 21.4 | 0.4 | 0.91% | 5.45% |
| SPW0 | SPX TECHNOLOGIES DL 10 | 3.40% | — | — | — | — | — |
| ABBN | ABB Ltd | 3.35% | — | — | — | — | — |
| APG | APi Group Corporation | 2.07% | — | 17.9 | 2.1 | — | −1.15% |
| MOD | Modine Manufacturing Company | 1.32% | 56.0 | 26.0 | 2.3 | — | 0.86% |
| WMB | The Williams Companies, Inc. | 1.10% | 28.4 | 26.8 | 7.1 | 2.95% | 1.42% |
| FXFXX | First American Funds Inc. - Treasury Obligations Fund | 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 WELD valuation
Adding up its 19 holdings with company data, WELD trades at 33.9 times trailing earnings and 19.4 times analysts' forward estimates, with a price-to-book ratio of 4.20 and a dividend yield of 0.67%. Its earnings yield of 2.95% is 2.38 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 62.4% of the fund and earn 69.9% of its combined profit. By sector, Consumer Cyclical is the most expensive at 56.0 times earnings and Energy the cheapest at 28.4. Companies that lost money over the past year are 2.2% 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 92.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: WELD chart, WELD performance, WELD holdings, WELD dividends.
WELD valuation FAQ
What is the P/E ratio of WELD?
Based on its holdings, WELD has a trailing P/E of 33.9 and a forward P/E of 19.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of WELD?
The trailing earnings yield is 2.95% (1 ÷ P/E) and the forward earnings yield 5.15%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is WELD more expensive than the S&P 500?
WELD trades at 33.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.4 and 19.9.
What is the price-to-book ratio of WELD?
The holdings of WELD trade at 4.20 times book value, with a combined return on equity of 12.4%.
Which sector in WELD has the highest P/E?
Consumer Cyclical has the highest P/E at 56.0 and Energy the lowest at 28.4.