Global X U.S. Electrification ETF (ZAP) Valuation
ZAP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.6 trailing earnings
- Forward P/E
- 17.2 analyst estimates
- Price / sales
- 2.91
- Price / book
- 2.38
- EV / EBITDA
- 13.7
- Earnings yield
- 4.06% inverse of P/E
- Dividend yield
- 2.56% of the holdings
- Return on equity
- 9.7% combined
- Net margin
- 11.8% combined
- Beta
- 0.83 weighted, vs S&P 500
ZAP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| ZAP | 24.6 | 17.2 | 2.91 | 2.38 | 2.56% | 9.7% | 11.8% | 2.0% |
| 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.
ZAP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Utilities | 76.5% | 19.2 | 15.4 | 2.70 | 1.97 | 3.19% | 10.3% |
| Industrials | 22.4% | 345.4 | 28.6 | 3.94 | 7.43 | 0.49% | 2.1% |
ZAP 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 ZAP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
ZAP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ED | Consolidated Edison, Inc. | 4.54% | 18.2 | 16.1 | 2.3 | 3.16% | 6.37% |
| BE | Bloom Energy Corporation | 4.49% | 291.2 | 57.1 | 20.9 | — | 0.39% |
| AME | AMETEK, Inc. | 4.37% | 36.3 | 28.2 | 7.2 | 0.55% | 3.07% |
| D | Dominion Energy, Inc. | 4.31% | 22.0 | 15.9 | 3.1 | 4.20% | 5.00% |
| PWR | Quanta Services, Inc. | 4.28% | 72.4 | 33.0 | 2.9 | 0.07% | 1.51% |
| XEL | Xcel Energy Inc. | 4.27% | 20.9 | 16.0 | 3.3 | 3.11% | 5.21% |
| ETN | Eaton Corporation plc | 4.23% | 39.8 | 27.6 | 5.1 | 1.12% | 2.71% |
| ETR | Entergy Corporation | 3.98% | 26.9 | 19.6 | 3.7 | 2.44% | 3.78% |
| DUK | Duke Energy Corporation | 3.96% | 18.3 | 15.9 | 2.9 | 3.57% | 5.53% |
| SO | The Southern Company | 3.94% | 22.0 | 17.0 | 3.5 | 3.33% | 4.58% |
| AEP | American Electric Power Company, Inc. | 3.93% | 22.0 | 17.2 | 3.0 | 2.99% | 4.55% |
| EXC | Exelon Corporation | 3.92% | 16.0 | 13.7 | 1.8 | 3.86% | 6.25% |
| NGG | National Grid plc | 3.90% | 18.5 | 12.6 | 4.6 | 3.99% | 5.37% |
| VST | Vistra Corp. | 3.88% | 25.6 | 13.3 | 2.7 | 0.61% | 3.86% |
| CEG | Constellation Energy Corporation | 3.77% | 26.5 | 20.7 | 3.1 | 0.63% | 3.63% |
| PEG | Public Service Enterprise Group Incorporated | 3.74% | 17.8 | 15.0 | 2.8 | 3.75% | 5.37% |
| NEE | NextEra Energy, Inc. | 3.67% | 17.9 | 17.7 | 5.8 | 3.12% | 5.22% |
| AEE | Ameren Corporation | 3.29% | 18.7 | 17.5 | 3.5 | 2.83% | 4.49% |
| FE | FirstEnergy Corp. | 2.91% | 24.6 | 14.7 | 1.7 | 4.03% | 3.02% |
| HUBB | Hubbell Incorporated | 2.61% | 27.3 | 20.7 | 3.9 | 1.23% | 2.44% |
| ES | Eversource Energy | 2.58% | 17.3 | 13.3 | 1.8 | 4.71% | 3.80% |
| EIX | Edison International | 2.53% | 5.8 | 8.2 | 1.1 | 6.28% | 11.17% |
| EVRG | Evergy, Inc. | 2.00% | 21.2 | 19.5 | 3.2 | 3.34% | 2.40% |
| LNT | Alliant Energy Corporation | 1.88% | 21.6 | 17.5 | 4.0 | 3.13% | 2.22% |
| EMA | Emera Inc. | 1.64% | — | — | — | — | — |
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 ZAP valuation
Adding up its 42 holdings with company data, ZAP trades at 24.6 times trailing earnings and 17.2 times analysts' forward estimates, with a price-to-book ratio of 2.38 and a dividend yield of 2.56%. Its earnings yield of 4.06% is 1.27 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 42.4% of the fund and earn 38.1% of its combined profit. By sector, Industrials is the most expensive at 345.4 times earnings and Utilities the cheapest at 19.2. Companies that lost money over the past year are 2.0% 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 97.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: ZAP chart, ZAP performance, ZAP holdings, ZAP dividends.
ZAP valuation FAQ
What is the P/E ratio of ZAP?
Based on its holdings, ZAP has a trailing P/E of 24.6 and a forward P/E of 17.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of ZAP?
The trailing earnings yield is 4.06% (1 ÷ P/E) and the forward earnings yield 5.82%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is ZAP more expensive than the S&P 500?
ZAP trades at 24.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.2 and 19.9.
What is the price-to-book ratio of ZAP?
The holdings of ZAP trade at 2.38 times book value, with a combined return on equity of 9.7%.
Which sector in ZAP has the highest P/E?
Industrials has the highest P/E at 345.4 and Utilities the lowest at 19.2.