SPDR S&P Oil & Gas Exploration & Production ETF (XOP) Valuation
XOP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.6 trailing earnings
- Forward P/E
- 9.6 analyst estimates
- Price / sales
- 0.95
- Price / book
- 1.61
- EV / EBITDA
- 5.8
- Earnings yield
- 5.37% inverse of P/E
- Dividend yield
- 1.95% of the holdings
- Return on equity
- 8.7% combined
- Net margin
- 5.1% combined
- Beta
- 0.60 weighted, vs S&P 500
XOP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XOP | 18.6 | 9.6 | 0.95 | 1.61 | 1.95% | 8.7% | 5.1% | 10.8% |
| 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.
XOP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 96.8% | 17.7 | 9.4 | 0.95 | 1.59 | 2.01% | 9.0% |
| Basic Materials | 2.8% | n/m | 20.2 | 0.95 | 3.22 | 0.00% | −6.4% |
| Technology | 0.1% | n/m | — | 417.00 | 5.37 | 0.00% | −176.3% |
XOP 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 XOP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XOP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| DINO | HF Sinclair Corporation | 2.95% | 11.9 | 10.0 | 0.7 | 1.68% | 4.75% |
| COP | ConocoPhillips | 2.94% | 19.4 | 12.7 | 2.7 | 2.29% | 2.92% |
| MUR | Murphy Oil Corporation | 2.90% | 20.7 | 13.4 | 2.0 | 3.35% | 2.70% |
| APA | APA Corporation | 2.90% | 10.4 | 9.4 | 2.0 | 2.03% | 5.37% |
| RRC | Range Resources Corporation | 2.89% | 11.9 | 10.0 | 3.1 | 0.93% | 4.66% |
| MPC | Marathon Petroleum Corporation | 2.89% | 16.6 | 5.5 | 0.9 | 0.84% | 3.36% |
| EOG | EOG Resources, Inc. | 2.89% | 12.3 | 10.1 | 3.1 | 2.58% | 4.52% |
| YZ8 | Permian Resources Corporation | 2.87% | — | — | — | — | — |
| PSX | Phillips 66 | 2.87% | 16.8 | 9.7 | 0.8 | 1.81% | 3.30% |
| CVX | Chevron Corporation | 2.86% | 21.2 | 15.2 | 2.1 | 3.16% | 2.59% |
| XOM | Exxon Mobil Corporation | 2.86% | 23.0 | 14.8 | 2.0 | 2.30% | 2.39% |
| OXY | Occidental Petroleum Corporation | 2.80% | 17.7 | 14.6 | 2.6 | 1.80% | 3.04% |
| DVN | Devon Energy Corporation | 2.78% | 11.1 | 9.3 | 3.0 | 2.52% | 4.83% |
| OVV | Ovintiv Inc. | 2.73% | 19.3 | 9.0 | 2.0 | 1.73% | 2.72% |
| CHRD | Chord Energy Corporation | 2.72% | 10.4 | — | 1.4 | 3.36% | 5.03% |
| FANG | Diamondback Energy, Inc. | 2.69% | 38.8 | 10.0 | 3.5 | 2.16% | 1.33% |
| VLO | Valero Energy Corporation | 2.68% | 18.5 | 10.2 | 1.0 | 1.08% | 2.78% |
| PBF | PBF Energy Inc. | 2.64% | 7.4 | 8.4 | 0.3 | 1.30% | 6.81% |
| SM | SM Energy Company | 2.64% | 7.0 | 4.4 | 1.9 | 2.23% | 7.24% |
| EQT | EQT Corporation | 2.57% | 12.6 | 14.1 | 3.7 | 1.25% | 3.92% |
| MTDR | Matador Resources Company | 2.56% | 9.9 | 5.5 | 1.9 | 2.61% | 4.99% |
| CRGY | Crescent Energy Company | 2.55% | 125.2 | 6.3 | 1.3 | 3.49% | 0.39% |
| VNOM | Viper Energy Partners LP | 2.54% | — | 13.7 | 8.4 | 5.44% | 0.02% |
| AR | Antero Resources Corporation | 2.50% | 11.1 | 9.0 | 2.1 | — | 4.32% |
| DK | Delek US Holdings, Inc. | 2.46% | 20.8 | 20.3 | 0.4 | 1.33% | 2.28% |
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 XOP valuation
Adding up its 49 holdings with company data, XOP trades at 18.6 times trailing earnings and 9.6 times analysts' forward estimates, with a price-to-book ratio of 1.61 and a dividend yield of 1.95%. Its earnings yield of 5.37% is 0.04 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 29.0% of the fund and earn 36.5% of its combined profit. Companies that lost money over the past year are 10.8% 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 96.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XOP chart, XOP performance, XOP holdings, XOP dividends.
XOP valuation FAQ
What is the P/E ratio of XOP?
Based on its holdings, XOP has a trailing P/E of 18.6 and a forward P/E of 9.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XOP?
The trailing earnings yield is 5.37% (1 ÷ P/E) and the forward earnings yield 10.45%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XOP more expensive than the S&P 500?
XOP trades at 18.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.6 and 19.9.
What is the price-to-book ratio of XOP?
The holdings of XOP trade at 1.61 times book value, with a combined return on equity of 8.7%.