Industrial Select Sector SPDR Fund (XLI) Valuation
XLI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.0 trailing earnings
- Forward P/E
- 21.4 analyst estimates
- Price / sales
- 2.75
- Price / book
- 6.35
- EV / EBITDA
- 17.9
- Earnings yield
- 3.71% inverse of P/E
- Dividend yield
- 1.25% of the holdings
- Return on equity
- 23.5% combined
- Net margin
- 10.2% combined
- Beta
- 1.04 weighted, vs S&P 500
XLI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLI | 27.0 | 21.4 | 2.75 | 6.35 | 1.25% | 23.5% | 10.2% | 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.
XLI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 86.5% | 27.8 | 21.9 | 2.72 | 6.42 | 1.23% | 23.1% |
| Technology | 6.8% | 19.2 | 17.2 | 3.11 | 6.74 | 1.53% | 35.1% |
| Basic Materials | 0.4% | 35.1 | 16.5 | 2.52 | 1.28 | 1.84% | 3.7% |
| Consumer Cyclical | 0.2% | 30.4 | 25.9 | 4.10 | 11.06 | 2.18% | 36.4% |
XLI 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 XLI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CAT | Caterpillar Inc. | 6.06% | 31.5 | 25.4 | 4.5 | 0.89% | 5.53% |
| GCP | General Electric Company | 5.84% | — | — | — | — | — |
| RTX | RTX Corporation | 5.13% | 34.1 | 24.6 | 2.8 | 1.51% | 4.32% |
| GEV | GE Vernova Inc. | 4.18% | 26.4 | 38.8 | 5.9 | 0.22% | 4.54% |
| DE | Deere & Company | 3.20% | 35.7 | 29.3 | 3.6 | 1.01% | 2.58% |
| UNP | Union Pacific Corporation | 3.18% | 23.4 | 19.3 | 6.8 | 1.97% | 3.90% |
| ETN | Eaton Corporation plc | 2.79% | 39.8 | 27.6 | 5.1 | 1.12% | 2.01% |
| BA | The Boeing Company | 2.72% | 67.9 | 49.5 | 1.6 | — | 1.15% |
| UBER | Uber Technologies, Inc. | 2.59% | 15.4 | 15.9 | 2.6 | — | 4.82% |
| LMT | Lockheed Martin Corporation | 2.45% | 20.3 | 16.2 | 1.7 | 2.61% | 3.46% |
| ADP | Automatic Data Processing, Inc. | 2.35% | 26.4 | 22.0 | 5.2 | 2.35% | 2.56% |
| PH | Parker-Hannifin Corporation | 2.17% | 33.8 | 27.5 | 5.7 | 0.83% | 1.84% |
| TT | Trane Technologies plc | 1.95% | 34.2 | 25.2 | 4.5 | 0.92% | 1.64% |
| WM | Waste Management, Inc. | 1.78% | 32.1 | 22.5 | 3.5 | 1.67% | 1.59% |
| CSX | CSX Corporation | 1.74% | 28.3 | 21.2 | 6.2 | 1.15% | 1.77% |
| GD | General Dynamics Corporation | 1.73% | 21.0 | 18.5 | 1.7 | 1.85% | 2.37% |
| JCI | Johnson Controls International plc | 1.72% | 41.1 | 23.9 | 3.5 | 1.10% | 1.20% |
| EMR | Emerson Electric Co. | 1.66% | 35.3 | 21.5 | 4.9 | 1.37% | 1.35% |
| MMM | 3M Company | 1.63% | 29.3 | 17.8 | 3.4 | 1.89% | 1.60% |
| CTAS | Cintas Corporation | 1.53% | 42.1 | 36.2 | 7.3 | 0.97% | 1.05% |
| PWR | Quanta Services, Inc. | 1.53% | 72.4 | 33.0 | 2.9 | 0.07% | 0.61% |
| UPS | United Parcel Service, Inc. | 1.49% | 18.1 | 12.0 | 0.9 | 6.73% | 2.37% |
| NOC | Northrop Grumman Corporation | 1.46% | 16.5 | 17.0 | 1.7 | 1.90% | 2.55% |
| HWM | Howmet Aerospace Inc. | 1.43% | 47.6 | 36.0 | 9.7 | 0.25% | 0.86% |
| NSC | Norfolk Southern Corporation | 1.43% | 27.9 | 22.3 | 5.9 | 1.65% | 1.47% |
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 XLI valuation
Adding up its 81 holdings with company data, XLI trades at 27.0 times trailing earnings and 21.4 times analysts' forward estimates, with a price-to-book ratio of 6.35 and a dividend yield of 1.25%. Its earnings yield of 3.71% is 1.62 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.1% of the fund and earn 34.9% of its combined profit. By sector, Basic Materials is the most expensive at 35.1 times earnings and Technology the cheapest at 19.2. 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 93.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XLI chart, XLI performance, XLI holdings, XLI dividends.
XLI valuation FAQ
What is the P/E ratio of XLI?
Based on its holdings, XLI has a trailing P/E of 27.0 and a forward P/E of 21.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLI?
The trailing earnings yield is 3.71% (1 ÷ P/E) and the forward earnings yield 4.66%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLI more expensive than the S&P 500?
XLI trades at 27.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.4 and 19.9.
What is the price-to-book ratio of XLI?
The holdings of XLI trade at 6.35 times book value, with a combined return on equity of 23.5%.
Which sector in XLI has the highest P/E?
Basic Materials has the highest P/E at 35.1 and Technology the lowest at 19.2.