Financial Select Sector SPDR Fund (XLF) Valuation
XLF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.8 trailing earnings
- Forward P/E
- 14.4 analyst estimates
- Price / sales
- 3.41
- Price / book
- 2.35
- EV / EBITDA
- 12.5
- Earnings yield
- 6.31% inverse of P/E
- Dividend yield
- 1.49% of the holdings
- Return on equity
- 14.9% combined
- Net margin
- 21.5% combined
- Beta
- 0.92 weighted, vs S&P 500
XLF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLF | 15.8 | 14.4 | 3.41 | 2.35 | 1.49% | 14.9% | 21.5% | 0.7% |
| 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.
XLF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 97.1% | 15.8 | 14.6 | 3.46 | 2.38 | 1.50% | 15.0% |
| Technology | 1.6% | 15.0 | 8.9 | 1.91 | 1.71 | 0.90% | 11.4% |
| Industrials | 0.2% | 39.3 | 5.3 | 2.17 | 0.97 | 1.20% | 2.5% |
XLF 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 XLF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| BRK.B | Berkshire Hathaway Inc. | 12.79% | 13.4 | 22.7 | 3.0 | — | 15.29% |
| JPM | JPMorgan Chase & Co. | 10.87% | 14.2 | 13.5 | 4.7 | 1.94% | 12.20% |
| V | Visa Inc. | 8.57% | 34.3 | 24.0 | 17.0 | 0.67% | 4.00% |
| MA | Mastercard Incorporated | 6.52% | 34.0 | 24.2 | 15.4 | 0.56% | 3.07% |
| BAC | Bank of America Corporation | 4.26% | 12.2 | 10.8 | 3.1 | 2.50% | 5.58% |
| WFC | Wells Fargo & Company | 3.12% | 11.8 | 10.2 | 3.0 | 2.38% | 4.22% |
| GS | The Goldman Sachs Group, Inc. | 3.09% | 12.7 | 12.8 | 3.6 | 2.27% | 3.90% |
| MS | Morgan Stanley | 2.65% | 14.3 | 14.9 | 3.6 | 2.55% | 2.96% |
| C | Citigroup Inc. | 2.50% | 12.1 | 10.2 | 2.5 | 2.16% | 3.31% |
| AXP | American Express Company | 2.23% | 19.0 | 15.1 | 3.0 | 1.21% | 1.88% |
| BLK | BlackRock, Inc. | 2.03% | 25.8 | 16.4 | 6.5 | 2.02% | 1.25% |
| SCHW | The Charles Schwab Corporation | 1.81% | 15.7 | 12.9 | 5.9 | 1.39% | 1.84% |
| SPGI | S&P Global Inc. | 1.72% | 26.1 | 19.9 | 7.9 | 0.90% | 1.05% |
| CB | Chubb Limited | 1.67% | 12.7 | 11.6 | 2.2 | 1.13% | 2.09% |
| PGR | The Progressive Corporation | 1.64% | 11.0 | 12.7 | 1.4 | 0.18% | 2.38% |
| COF | Capital One Financial Corporation | 1.54% | 13.0 | 8.5 | 2.6 | 1.59% | 1.91% |
| CME | CME Group Inc. | 1.39% | 24.9 | 21.9 | 15.6 | 1.77% | 0.89% |
| MRSH | Marsh & McLennan Companies, Inc. | 1.24% | 22.5 | 15.0 | 3.2 | 2.10% | 0.88% |
| BNY | The Bank of New York Mellon Corporation | 1.19% | 15.9 | 15.0 | 4.4 | 1.55% | 1.20% |
| USB | U.S. Bancorp | 1.15% | 11.4 | 10.4 | 3.3 | 3.68% | 1.61% |
| ICE | Intercontinental Exchange, Inc. | 1.14% | 22.8 | 18.1 | 8.6 | 1.29% | 0.80% |
| BX | Blackstone Inc. | 1.14% | 23.9 | 15.9 | 8.2 | 4.91% | 0.76% |
| PNC | The PNC Financial Services Group, Inc. | 1.13% | 11.6 | 10.7 | 3.5 | 3.68% | 1.56% |
| TRV | The Travelers Companies, Inc. | 1.03% | 10.5 | 10.8 | 1.7 | 1.28% | 1.58% |
| HOOD | Robinhood Markets, Inc. | 0.92% | 43.6 | 45.0 | 18.0 | — | 0.34% |
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 XLF valuation
Adding up its 76 holdings with company data, XLF trades at 15.8 times trailing earnings and 14.4 times analysts' forward estimates, with a price-to-book ratio of 2.35 and a dividend yield of 1.49%. Its earnings yield of 6.31% is 0.99 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 56.6% of the fund and earn 56.4% of its combined profit. By sector, Industrials is the most expensive at 39.3 times earnings and Technology the cheapest at 15.0. Companies that lost money over the past year are 0.7% 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: XLF chart, XLF performance, XLF holdings, XLF dividends.
XLF valuation FAQ
What is the P/E ratio of XLF?
Based on its holdings, XLF has a trailing P/E of 15.8 and a forward P/E of 14.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLF?
The trailing earnings yield is 6.31% (1 ÷ P/E) and the forward earnings yield 6.94%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLF more expensive than the S&P 500?
XLF trades at 15.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.4 and 19.9.
What is the price-to-book ratio of XLF?
The holdings of XLF trade at 2.35 times book value, with a combined return on equity of 14.9%.
Which sector in XLF has the highest P/E?
Industrials has the highest P/E at 39.3 and Technology the lowest at 15.0.