Energy Select Sector SPDR Fund (XLE) Valuation
XLE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.4 trailing earnings
- Forward P/E
- 12.9 analyst estimates
- Price / sales
- 1.90
- Price / book
- 2.49
- EV / EBITDA
- 8.1
- Earnings yield
- 5.15% inverse of P/E
- Dividend yield
- 2.30% of the holdings
- Return on equity
- 12.8% combined
- Net margin
- 9.8% combined
- Beta
- 0.47 weighted, vs S&P 500
XLE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLE | 19.4 | 12.9 | 1.90 | 2.49 | 2.30% | 12.8% | 9.8% | 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.
XLE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 95.7% | 19.4 | 12.9 | 1.90 | 2.49 | 2.30% | 12.8% |
XLE 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 XLE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| XOM | Exxon Mobil Corporation | 23.07% | 23.0 | 14.8 | 2.0 | 2.30% | 20.34% |
| CVX | Chevron Corporation | 18.48% | 21.2 | 15.2 | 2.1 | 3.16% | 17.68% |
| COP | ConocoPhillips | 7.12% | 19.4 | 12.7 | 2.7 | 2.29% | 7.45% |
| MPC | Marathon Petroleum Corporation | 4.77% | 16.6 | 5.5 | 0.9 | 0.84% | 5.86% |
| VLO | Valero Energy Corporation | 4.71% | 18.5 | 10.2 | 1.0 | 1.08% | 5.16% |
| PSX | Phillips 66 | 4.48% | 16.8 | 9.7 | 0.8 | 1.81% | 5.43% |
| EOG | EOG Resources, Inc. | 4.00% | 12.3 | 10.1 | 3.1 | 2.58% | 6.60% |
| WMB | The Williams Companies, Inc. | 3.87% | 28.4 | 26.8 | 7.1 | 2.95% | 2.76% |
| SLB | Schlumberger Limited | 3.70% | 23.9 | 15.9 | 2.0 | 2.38% | 3.14% |
| KMI | Kinder Morgan, Inc. | 3.09% | 22.1 | 20.0 | 4.2 | 3.45% | 2.84% |
| TRGP | Targa Resources Corp. | 2.99% | 28.2 | 23.2 | 3.8 | 1.70% | 2.16% |
| DVN | Devon Energy Corporation | 2.66% | 11.1 | 9.3 | 3.0 | 2.52% | 4.88% |
| BKR | Baker Hughes Company | 2.54% | 17.9 | 18.0 | 2.0 | 1.65% | 2.88% |
| OXY | Occidental Petroleum Corporation | 2.26% | 17.7 | 14.6 | 2.6 | 1.80% | 2.59% |
| FANG | Diamondback Energy, Inc. | 1.93% | 38.8 | 10.0 | 3.5 | 2.16% | 1.01% |
| EQT | EQT Corporation | 1.74% | 12.6 | 14.1 | 3.7 | 1.25% | 2.80% |
| HAL | Halliburton Company | 1.40% | 17.6 | 11.4 | 1.2 | 2.03% | 1.62% |
| EXE | Expand Energy Corporation | 1.07% | 8.1 | 9.6 | 1.8 | 2.46% | 2.69% |
| TPL | Texas Pacific Land Corporation | 0.97% | 44.8 | 37.7 | 27.0 | 0.68% | 0.44% |
| APA | APA Corporation | 0.86% | 10.4 | 9.4 | 2.0 | 2.03% | 1.68% |
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 XLE valuation
Adding up its 20 holdings with company data, XLE trades at 19.4 times trailing earnings and 12.9 times analysts' forward estimates, with a price-to-book ratio of 2.49 and a dividend yield of 2.30%. Its earnings yield of 5.15% is 0.18 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 77.3% of the fund and earn 77.3% of its combined profit. 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XLE chart, XLE performance, XLE holdings, XLE dividends.
XLE valuation FAQ
What is the P/E ratio of XLE?
Based on its holdings, XLE has a trailing P/E of 19.4 and a forward P/E of 12.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLE?
The trailing earnings yield is 5.15% (1 ÷ P/E) and the forward earnings yield 7.77%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLE more expensive than the S&P 500?
XLE trades at 19.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.9 and 19.9.
What is the price-to-book ratio of XLE?
The holdings of XLE trade at 2.49 times book value, with a combined return on equity of 12.8%.