SPDR Morgan Stanley Technology (XNTK) Valuation
XNTK valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.5 trailing earnings
- Forward P/E
- 21.6 analyst estimates
- Price / sales
- 4.07
- Price / book
- 10.38
- EV / EBITDA
- 24.3
- Earnings yield
- 3.07% inverse of P/E
- Dividend yield
- 0.50% of the holdings
- Return on equity
- 31.9% combined
- Net margin
- 12.5% combined
- Beta
- 1.63 weighted, vs S&P 500
XNTK valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XNTK | 32.5 | 21.6 | 4.07 | 10.38 | 0.50% | 31.9% | 12.5% | 5.2% |
| 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.
XNTK valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 85.6% | 34.8 | 21.6 | 5.19 | 11.80 | 0.54% | 33.9% |
| Consumer Cyclical | 7.9% | 26.8 | 22.9 | 1.07 | 4.93 | 0.42% | 18.4% |
| Communication Services | 7.2% | 21.0 | 20.3 | 8.16 | 8.47 | 0.18% | 40.3% |
XNTK 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 XNTK weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XNTK largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MU | Micron Technology, Inc. | 8.50% | 11.8 | 7.0 | 7.5 | 0.07% | 23.24% |
| MRVL | Marvell Technology, Inc. | 6.26% | 72.3 | 62.1 | 21.7 | 0.11% | 2.80% |
| AMD | Advanced Micro Devices, Inc. | 5.60% | 134.9 | 39.5 | 20.9 | — | 1.34% |
| INTC | Intel Corporation | 5.23% | — | 63.3 | 8.3 | — | −3.99% |
| CRWD | CrowdStrike Holdings, Inc. | 4.49% | — | 208.3 | 43.1 | — | 0.04% |
| TXN | Texas Instruments Incorporated | 3.71% | 42.1 | 27.5 | 13.0 | 2.20% | 2.85% |
| AMAT | Applied Materials, Inc. | 3.50% | 35.3 | 23.4 | 10.5 | 0.52% | 3.20% |
| LRCX | Lam Research Corporation | 3.38% | 45.8 | 33.7 | 14.2 | 0.50% | 2.39% |
| ASML | ASML Holding N.V. | 3.30% | 40.4 | 28.9 | 16.0 | 0.55% | 2.64% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 3.24% | 26.7 | 21.4 | 0.4 | 0.91% | 3.92% |
| ANET | Arista Networks, Inc. | 3.23% | 55.8 | 39.2 | 21.2 | — | 1.87% |
| CSCO | Cisco Systems, Inc. | 2.97% | 32.2 | 19.8 | 6.7 | 1.56% | 2.98% |
| AAPL | Apple Inc. | 2.84% | 39.4 | 35.2 | 10.7 | 0.31% | 2.33% |
| NVDA | NVIDIA Corporation | 2.75% | 27.1 | 24.9 | 17.1 | 0.47% | 3.28% |
| AMZN | Amazon.com, Inc. | 2.64% | 20.1 | 23.6 | 3.5 | — | 4.25% |
| APH | Amphenol Corporation | 2.54% | 39.7 | 24.6 | 6.7 | 0.63% | 2.07% |
| PLTR | Palantir Technologies Inc. | 2.41% | 160.4 | 85.5 | 72.6 | — | 0.49% |
| MSFT | Microsoft Corporation | 2.41% | 29.5 | 25.1 | 11.8 | 0.74% | 2.64% |
| GOOGL | Alphabet Inc. | 2.37% | 17.1 | 22.8 | 9.3 | 0.26% | 4.49% |
| SHOP | Shopify Inc. | 2.32% | 114.5 | 58.8 | 16.6 | — | 0.65% |
| META | Meta Platforms, Inc. | 2.24% | 26.7 | 22.1 | 7.9 | 0.30% | 2.71% |
| CRM | Salesforce, Inc. | 2.22% | 22.0 | 14.0 | 4.5 | 0.73% | 3.26% |
| QCOM | QUALCOMM Incorporated | 2.14% | 19.9 | 19.6 | 4.2 | 2.14% | 3.47% |
| AVGO | Broadcom Inc. | 2.11% | 43.3 | 19.4 | 17.6 | 0.79% | 1.57% |
| NOW | ServiceNow, Inc. | 2.09% | 88.7 | 27.8 | 10.0 | — | 0.76% |
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 XNTK valuation
Adding up its 35 holdings with company data, XNTK trades at 32.5 times trailing earnings and 21.6 times analysts' forward estimates, with a price-to-book ratio of 10.38 and a dividend yield of 0.50%. Its earnings yield of 3.07% is 2.25 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.2% of the fund and earn 38.4% of its combined profit. By sector, Technology is the most expensive at 34.8 times earnings and Communication Services the cheapest at 21.0. Companies that lost money over the past year are 5.2% 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: XNTK chart, XNTK performance, XNTK holdings, XNTK dividends.
XNTK valuation FAQ
What is the P/E ratio of XNTK?
Based on its holdings, XNTK has a trailing P/E of 32.5 and a forward P/E of 21.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XNTK?
The trailing earnings yield is 3.07% (1 ÷ P/E) and the forward earnings yield 4.63%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XNTK more expensive than the S&P 500?
XNTK trades at 32.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.6 and 19.9.
What is the price-to-book ratio of XNTK?
The holdings of XNTK trade at 10.38 times book value, with a combined return on equity of 31.9%.
Which sector in XNTK has the highest P/E?
Technology has the highest P/E at 34.8 and Communication Services the lowest at 21.0.