Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (2026–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM |
|---|---|
| Market Cap | — |
| Enterprise Value | — |
| P/E Ratio → | — |
| P/S Ratio | — |
| P/B Ratio | — |
| P/FCF | — |
| P/OCF | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM |
|---|---|
| EV / Revenue | — |
| EV / EBITDA | — |
| EV / EBIT | — |
| EV / FCF | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM |
|---|---|
| Gross Margin | — |
| Operating Margin | — |
| Net Profit Margin | — |
| Metric | TTM |
|---|---|
| ROE | — |
| ROA | — |
| ROIC | — |
| ROCE | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM |
|---|---|
| Debt / Equity | — |
| Debt / EBITDA | — |
| Net Debt / Equity | — |
| Net Debt / EBITDA | — |
| Debt / FCF | — |
| Interest Coverage | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM |
|---|---|
| Current Ratio | — |
| Quick Ratio | — |
| Cash Ratio | — |
| Asset Turnover | — |
| Inventory Turnover | — |
| Days Sales Outstanding | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM |
|---|---|
| Dividend Yield | — |
| Payout Ratio | — |
| Metric | TTM |
|---|---|
| Earnings Yield | — |
| FCF Yield | — |
| Buyback Yield | — |
| Total Shareholder Yield | — |
| Shares Outstanding | — |
Regulatory lag and liability
According to recent market data, XLU is increasingly priced as a growth-oriented vehicle rather than a traditional bond proxy, as investors assign higher multiples to constituents benefiting from data center electrification, potentially decoupling the fund from its historical valuation range relative to broader utility sector benchmarks.
The current valuation appears to reflect an optimistic outlook on load growth that may not fully account for the inherent constraints of regulated rate bases. Investors should monitor whether these elevated multiples are sustainable if state regulators prioritize ratepayer affordability over the aggressive capital returns required to justify current market pricing.
As reported in financial statements, the underlying constituents of XLU operate with gross margins strictly capped by state-approved rate structures, suggesting that true earning power is driven by successful capital recovery rather than the operational efficiency or pricing power typically observed in competitive industrial sectors.
Profitability metrics in this sector are frequently distorted by regulatory accounting, which allows for the capitalization of costs that would otherwise depress margins. Analysts should look past headline net income to evaluate the consistency of allowed returns on equity, as these represent the true ceiling for profitability in a regulated environment.
Based on industry-wide capital expenditure trends, the massive investment required for grid modernization and infrastructure hardening suggests that ROIC for XLU constituents remains under pressure, as the long-duration nature of these assets often results in a significant lag between initial capital deployment and actual cash generation.
The reliance on continuous equity and debt financing to fund growth may dilute shareholder returns if the allowed ROE on new projects does not consistently exceed the cost of capital. This dynamic warrants further investigation into whether the current pace of infrastructure expansion is creating long-term value or merely maintaining existing service levels.
According to recent sector analysis, the timing mismatch between operational cash outflows for grid maintenance and the subsequent recovery through state-approved rate adjustments creates a persistent working capital drag, which complicates the cash conversion cycle for the underlying utility companies within the XLU portfolio.
This structural friction suggests that the fund's constituents are perpetually managing a liquidity gap that is inherent to the regulated utility business model. Investors should monitor the 'Regulatory Asset' balance, as it serves as a proxy for the volume of costs deferred for future recovery, which may not always align with immediate cash flow needs.
As indicated by institutional research, the dividend yield is the most commonly misapplied metric for XLU, as it obscures the significant capital intensity and regulatory risks that can lead to dividend stagnation or equity dilution if the underlying companies prioritize infrastructure spending over shareholder payouts.
Treating XLU as a pure bond proxy ignores the reality that these companies are currently in an aggressive growth phase driven by data center demand. A more appropriate analytical framework would focus on the 'Allowed ROE' and 'Rate Base Growth' metrics, which provide a clearer picture of the fundamental drivers of long-term value than simple yield-based comparisons.
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DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying XLU stock.
Based on historical data, Utilities Select Sector SPDR Fund is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.