Utilities Select Sector SPDR Fund (XLU) Valuation
XLU valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.1 trailing earnings
- Forward P/E
- 15.5 analyst estimates
- Price / sales
- 2.75
- Price / book
- 2.07
- EV / EBITDA
- 12.1
- Earnings yield
- 5.25% inverse of P/E
- Dividend yield
- 3.03% of the holdings
- Return on equity
- 10.9% combined
- Net margin
- 14.4% combined
- Beta
- 0.56 weighted, vs S&P 500
XLU valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLU | 19.1 | 15.5 | 2.75 | 2.07 | 3.03% | 10.9% | 14.4% | 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.
XLU valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Utilities | 99.8% | 19.1 | 15.5 | 2.75 | 2.07 | 3.03% | 10.9% |
XLU 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 XLU weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLU largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NEE | NextEra Energy, Inc. | 13.17% | 17.9 | 17.7 | 5.8 | 3.12% | 14.02% |
| SO | The Southern Company | 7.85% | 22.0 | 17.0 | 3.5 | 3.33% | 6.82% |
| DUK | Duke Energy Corporation | 7.37% | 18.3 | 15.9 | 2.9 | 3.57% | 7.69% |
| CEG | Constellation Energy Corporation | 6.15% | 26.5 | 20.7 | 3.1 | 0.63% | 4.42% |
| AEP | American Electric Power Company, Inc. | 5.13% | 22.0 | 17.2 | 3.0 | 2.99% | 4.45% |
| D | Dominion Energy, Inc. | 4.43% | 22.0 | 15.9 | 3.1 | 4.20% | 3.85% |
| SRE | Sempra | 4.11% | 24.1 | 14.5 | 4.0 | 3.15% | 3.26% |
| ETR | Entergy Corporation | 3.71% | 26.9 | 19.6 | 3.7 | 2.44% | 2.64% |
| EXC | Exelon Corporation | 3.52% | 16.0 | 13.7 | 1.8 | 3.86% | 4.20% |
| XEL | Xcel Energy Inc. | 3.49% | 20.9 | 16.0 | 3.3 | 3.11% | 3.19% |
| VST | Vistra Corp. | 3.35% | 25.6 | 13.3 | 2.7 | 0.61% | 2.49% |
| ED | Consolidated Edison, Inc. | 3.25% | 18.2 | 16.1 | 2.3 | 3.16% | 3.41% |
| PEG | Public Service Enterprise Group Incorporated | 2.64% | 17.8 | 15.0 | 2.8 | 3.75% | 2.83% |
| WEC | WEC Energy Group, Inc. | 2.60% | 21.1 | 16.9 | 3.5 | 3.50% | 2.35% |
| AEE | Ameren Corporation | 2.18% | 18.7 | 17.5 | 3.5 | 2.83% | 2.23% |
| DTE | DTE Energy Company | 2.09% | 20.6 | 15.6 | 1.6 | 3.59% | 1.94% |
| PCG | PG&E Corporation | 2.09% | 9.5 | 6.9 | 1.5 | 1.53% | 4.20% |
| ATO | Atmos Energy Corporation | 2.07% | 19.9 | 17.6 | 5.7 | 2.39% | 1.98% |
| AWK | American Water Works Company, Inc. | 2.06% | 23.4 | 20.0 | 5.1 | 2.65% | 1.68% |
| CNP | CenterPoint Energy, Inc. | 1.98% | 24.0 | 17.7 | 2.8 | 2.37% | 1.57% |
| PPL | PPL Corporation | 1.97% | 20.8 | 15.4 | 2.8 | 3.24% | 1.81% |
| ES | Eversource Energy | 1.85% | 17.3 | 13.3 | 1.8 | 4.71% | 2.04% |
| FE | FirstEnergy Corp. | 1.82% | 24.6 | 14.7 | 1.7 | 4.03% | 1.42% |
| EIX | Edison International | 1.63% | 5.8 | 8.2 | 1.1 | 6.28% | 5.40% |
| CMS | CMS Energy Corporation | 1.61% | 20.6 | 15.2 | 2.4 | 3.32% | 1.49% |
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 XLU valuation
Adding up its 31 holdings with company data, XLU trades at 19.1 times trailing earnings and 15.5 times analysts' forward estimates, with a price-to-book ratio of 2.07 and a dividend yield of 3.03%. Its earnings yield of 5.25% is 0.08 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.9% of the fund and earn 54.5% 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: XLU chart, XLU performance, XLU holdings, XLU dividends.
XLU valuation FAQ
What is the P/E ratio of XLU?
Based on its holdings, XLU has a trailing P/E of 19.1 and a forward P/E of 15.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLU?
The trailing earnings yield is 5.25% (1 ÷ P/E) and the forward earnings yield 6.47%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLU more expensive than the S&P 500?
XLU trades at 19.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.5 and 19.9.
What is the price-to-book ratio of XLU?
The holdings of XLU trade at 2.07 times book value, with a combined return on equity of 10.9%.