SPDR S&P Oil & Gas Equipment & Services ETF (XES) Valuation
XES valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 43.1 trailing earnings
- Forward P/E
- 16.8 analyst estimates
- Price / sales
- 1.25
- Price / book
- 1.86
- EV / EBITDA
- 8.1
- Earnings yield
- 2.32% inverse of P/E
- Dividend yield
- 1.30% of the holdings
- Return on equity
- 4.3% combined
- Net margin
- 2.9% combined
- Beta
- 0.98 weighted, vs S&P 500
XES valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XES | 43.1 | 16.8 | 1.25 | 1.86 | 1.30% | 4.3% | 2.9% | 20.8% |
| 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.
XES valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 97.8% | 43.1 | 16.8 | 1.25 | 1.86 | 1.30% | 4.3% |
XES 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 XES weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XES largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| VAL | Valaris Limited | 4.79% | 6.4 | 29.1 | 2.8 | — | 36.40% |
| RIG | Transocean Ltd. | 4.60% | — | 15.2 | 1.5 | — | −64.01% |
| SDRL | Seadrill Ltd | 4.34% | — | — | — | — | — |
| NE | Noble Corporation | 4.11% | 46.9 | 21.0 | 2.4 | 4.54% | 4.28% |
| HAL | Halliburton Company | 3.89% | 17.6 | 11.4 | 1.2 | 2.03% | 10.79% |
| WHD | Cactus, Inc. | 3.82% | 51.9 | 48.1 | 3.2 | 0.97% | 3.60% |
| WTTR | Select Energy Services, Inc. | 3.78% | 66.4 | 23.5 | 1.9 | 1.51% | 2.79% |
| FTI | TechnipFMC plc | 3.72% | 24.3 | 21.3 | 2.6 | 0.29% | 7.50% |
| AROC | Archrock, Inc. | 3.71% | 15.9 | 14.3 | 3.4 | 3.11% | 11.41% |
| SOI | Solaris Oilfield Infrastructure Inc | 3.69% | — | — | — | — | — |
| SLB | Schlumberger Limited | 3.69% | 23.9 | 15.9 | 2.0 | 2.38% | 7.53% |
| WFRD | Weatherford International plc | 3.65% | 15.0 | 11.1 | 1.1 | 1.44% | 11.87% |
| BKR | Baker Hughes Company | 3.61% | 17.9 | 18.0 | 2.0 | 1.65% | 9.85% |
| HP | Helmerich & Payne, Inc. | 3.60% | — | 35.6 | 0.9 | 2.67% | −6.73% |
| PTEN | Patterson-UTI Energy, Inc. | 3.57% | — | 35.7 | 0.9 | 3.48% | −3.64% |
| TDW | Tidewater Inc. | 3.55% | 16.2 | 36.4 | 2.9 | — | 10.70% |
| NOV | NOV Inc. | 3.51% | 70.1 | 15.6 | 0.8 | 1.90% | 2.44% |
| NBR | Nabors Industries Ltd. | 3.29% | 6.0 | 56.2 | 0.4 | — | 27.00% |
| OII | Oceaneering International, Inc. | 3.19% | 12.7 | 18.8 | 1.5 | — | 12.32% |
| US50012A1088 | KODIAK GAS SERVICES INC | 3.04% | — | — | — | — | — |
| LBRT | Liberty Energy Inc. | 3.03% | 22.4 | 29.5 | 0.6 | 2.17% | 6.60% |
| XPRO | Expro Group Holdings N.V. | 2.42% | 89.8 | 12.0 | 1.2 | — | 1.32% |
| NESR | National Energy Services Reunited Corp. | 2.33% | 20.4 | — | 1.2 | — | 5.59% |
| PUMP | ProPetro Holding Corp. | 2.26% | — | 3.1 | 0.8 | — | −1.57% |
| FLOC | Flowco Holdings Inc. | 1.96% | 14.9 | 10.5 | 2.5 | 1.91% | 6.40% |
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 XES valuation
Adding up its 31 holdings with company data, XES trades at 43.1 times trailing earnings and 16.8 times analysts' forward estimates, with a price-to-book ratio of 1.86 and a dividend yield of 1.30%. Its earnings yield of 2.32% is 3.01 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 40.5% of the fund and earn 32.1% of its combined profit. Companies that lost money over the past year are 20.8% 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 87.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XES chart, XES performance, XES holdings, XES dividends.
XES valuation FAQ
What is the P/E ratio of XES?
Based on its holdings, XES has a trailing P/E of 43.1 and a forward P/E of 16.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XES?
The trailing earnings yield is 2.32% (1 ÷ P/E) and the forward earnings yield 5.95%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XES more expensive than the S&P 500?
XES trades at 43.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.8 and 19.9.
What is the price-to-book ratio of XES?
The holdings of XES trade at 1.86 times book value, with a combined return on equity of 4.3%.