Health Care Select Sector SPDR Fund (XLV) Valuation
XLV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 38.1 trailing earnings
- Forward P/E
- 17.4 analyst estimates
- Price / sales
- 1.73
- Price / book
- 5.25
- EV / EBITDA
- 16.8
- Earnings yield
- 2.62% inverse of P/E
- Dividend yield
- 1.51% of the holdings
- Return on equity
- 13.8% combined
- Net margin
- 4.5% combined
- Beta
- 0.53 weighted, vs S&P 500
XLV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XLV | 38.1 | 17.4 | 1.73 | 5.25 | 1.51% | 13.8% | 4.5% | 5.8% |
| 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.
XLV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 100.1% | 38.1 | 17.4 | 1.73 | 5.25 | 1.51% | 13.8% |
XLV 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 XLV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XLV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 15.71% | 42.2 | 24.4 | 14.1 | 0.55% | 14.19% |
| JNJ | Johnson & Johnson | 9.87% | 38.8 | 21.0 | 6.2 | 2.10% | 9.70% |
| ABBV | AbbVie Inc. | 7.72% | 80.6 | 16.4 | 7.8 | 2.42% | 3.65% |
| MRK | Merck & Co., Inc. | 5.79% | 115.8 | 15.3 | 5.4 | 2.33% | 1.91% |
| UNH | UnitedHealth Group Incorporated | 5.69% | 25.8 | 16.6 | 0.8 | 2.31% | 8.40% |
| TMO | Thermo Fisher Scientific Inc. | 3.81% | 37.1 | 24.2 | 5.5 | 0.27% | 3.91% |
| AMGN | Amgen Inc. | 3.76% | 26.9 | 16.7 | 6.1 | 2.33% | 5.34% |
| GILD | Gilead Sciences, Inc. | 3.09% | — | 15.6 | 6.4 | 2.10% | −2.00% |
| PFE | Pfizer Inc. | 2.75% | 38.9 | 9.7 | 2.6 | 5.81% | 2.69% |
| ABT | Abbott Laboratories | 2.63% | 33.8 | 17.1 | 3.9 | 2.40% | 2.97% |
| ISRG | Intuitive Surgical, Inc. | 2.45% | 48.9 | 33.3 | 13.7 | — | 1.91% |
| DHR | Danaher Corporation | 2.08% | 40.8 | 23.8 | 6.4 | 0.70% | 1.94% |
| VRTX | Vertex Pharmaceuticals Incorporated | 1.96% | 28.9 | 24.1 | 10.1 | — | 2.58% |
| BMY | Bristol-Myers Squibb Company | 1.89% | 13.2 | 9.4 | 2.5 | 4.22% | 5.49% |
| MDT | Medtronic plc | 1.84% | 23.3 | 14.9 | 3.2 | 3.04% | 3.02% |
| CVS | CVS Health Corporation | 1.81% | 24.3 | 10.7 | 0.3 | 2.88% | 2.84% |
| MCK | McKesson Corporation | 1.79% | 26.9 | 19.7 | 0.3 | 0.37% | 2.54% |
| SYK | Stryker Corporation | 1.64% | 30.5 | 16.5 | 4.4 | 1.19% | 2.05% |
| MRNA | Moderna, Inc. | 1.42% | — | 23.0 | 39.1 | — | −1.98% |
| ELV | Elevance Health Inc. | 1.40% | 19.0 | 13.7 | 0.5 | 1.61% | 2.81% |
| CI | Cigna Corporation | 1.27% | 12.5 | 8.3 | 0.3 | 2.06% | 3.88% |
| REGN | Regeneron Pharmaceuticals, Inc. | 1.21% | 19.6 | 14.5 | 5.2 | 0.48% | 2.35% |
| COR | Cencora | 1.05% | 25.3 | 15.7 | 0.2 | 0.70% | 1.58% |
| HCA | HCA Healthcare, Inc. | 1.03% | 15.4 | 13.9 | 1.3 | 0.68% | 2.55% |
| BSX | Boston Scientific Corporation | 1.01% | 18.0 | 13.2 | 3.1 | — | 2.15% |
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 XLV valuation
Adding up its 60 holdings with company data, XLV trades at 38.1 times trailing earnings and 17.4 times analysts' forward estimates, with a price-to-book ratio of 5.25 and a dividend yield of 1.51%. Its earnings yield of 2.62% is 2.71 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 60.8% of the fund and earn 50.7% of its combined profit. Companies that lost money over the past year are 5.8% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XLV chart, XLV performance, XLV holdings, XLV dividends.
XLV valuation FAQ
What is the P/E ratio of XLV?
Based on its holdings, XLV has a trailing P/E of 38.1 and a forward P/E of 17.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XLV?
The trailing earnings yield is 2.62% (1 ÷ P/E) and the forward earnings yield 5.74%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XLV more expensive than the S&P 500?
XLV trades at 38.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.4 and 19.9.
What is the price-to-book ratio of XLV?
The holdings of XLV trade at 5.25 times book value, with a combined return on equity of 13.8%.