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SPYSPDR S&P 500 ETF Trust
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  1. Home
  2. Financial Ratios

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  3. SPY
  4. Financial Ratios

SPDR S&P 500 ETF Trust (SPY) Financial Ratios

Latest Ratios: P/E Ratio N/A · EV/EBITDA N/A · ROE N/A. (2026–2026 historical series)

Income StatementBalance SheetCash FlowRatios
AnnualQuarterly

SPY Valuation Multiples

Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow

MetricTTM
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

SPY EV Ratios

Enterprise-value multiples — capital-structure-neutral measures of total business value

MetricTTM
EV / Revenue—
EV / EBITDA—
EV / EBIT—
EV / FCF—

SPY Profitability

Margins and return-on-capital ratios measuring operating efficiency

Margins

Full margin charts and quarterly trend are on the Earnings History page

MetricTTM
Gross Margin—
Operating Margin—
Net Profit Margin—

Return on Capital

MetricTTM
ROE—
ROA—
ROIC—
ROCE—

SPY Leverage & Debt

Solvency and debt-coverage ratios — lower is generally safer

MetricTTM
Debt / Equity—
Debt / EBITDA—
Net Debt / Equity—
Net Debt / EBITDA—
Debt / FCF—
Interest Coverage—

SPY Liquidity & Efficiency

Short-term solvency ratios and asset-utilisation metrics

MetricTTM
Current Ratio—
Quick Ratio—
Cash Ratio—
Asset Turnover—
Inventory Turnover—
Days Sales Outstanding—

SPY Shareholder Yields

Earnings, FCF, buyback, and dividend yields — total returns to shareholders

Dividends

Full dividend history and growth charts are on the Dividend History page

MetricTTM
Dividend Yield—
Payout Ratio—

Total Shareholder Return Metrics

MetricTTM
Earnings Yield—
FCF Yield—
Buyback Yield—
Total Shareholder Yield—
Shares Outstanding—

Key Metrics

Growth RegimeMixed
ProfitabilityStrong
Balance SheetFortress
Cash FlowRobust
Top Statement Risk

AUM migration to lower-cost peers

High Margins Sustain Fee Premium

Based on the trust's disclosed 9.45 basis point management fee, SPY maintains exceptionally high operating margins due to the near-zero marginal cost of scaling AUM, though this profitability is structurally vulnerable to potential competitive pricing pressures from lower-cost index tracking vehicles like IVV and VOO.

The trust's profitability is essentially a function of scale, where the fixed nature of index licensing and trustee fees allows for significant operating leverage. Investors should monitor whether management maintains this fee structure, as any shift toward competitive pricing would likely result in immediate margin compression.

Liquidity Moat Drives Operational Efficiency

According to institutional trading data, SPY's superior daily average trading volume creates a liquidity moat that minimizes execution slippage for large-scale participants, effectively lowering the total cost of ownership despite the trust's higher headline expense ratio compared to its primary passive index-tracking competitors.

This efficiency is not captured in standard expense ratios but is reflected in the trust's continued dominance in the derivatives and hedging ecosystem. The ability to facilitate massive institutional flows without significant price impact suggests that SPY remains the preferred vehicle for active traders, even as long-term capital migrates elsewhere.

Structural Liquidity Supports Institutional Demand

As reported in financial statements, the trust's liquidity is maintained through a continuous creation and redemption mechanism, ensuring the balance sheet remains highly liquid and capable of absorbing significant institutional trading volume without requiring a traditional cash buffer to support daily operational requirements or debt obligations.

The trust's liquidity profile is inherently robust due to its asset-light structure and the nature of the underlying S&P 500 constituents. This allows the vehicle to function effectively as a high-velocity trading instrument, distinguishing it from funds that prioritize long-term holding over immediate market access.

UIT Structure Obscures Performance Drag

As noted in the trust's legal documentation, the Unit Investment Trust structure mandates that dividends be held in non-interest-bearing accounts, which may obscure the true cash efficiency of the vehicle by creating a performance drag that is not present in modern open-end fund structures.

Analysts often misapply standard expense ratio comparisons to SPY without adjusting for this dividend drag, which can lead to an inaccurate assessment of the trust's total return potential. Investors should consider the opportunity cost of these uninvested cash holdings, especially in higher interest rate environments.

Download Financial Ratios Data

Includes 30+ ratios · 0 years · Updated daily

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SPY — Frequently Asked Questions

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Is SPY stock overvalued?

Based on historical data, SPDR S&P 500 ETF Trust is trading at valuation metrics that vary. Compare with industry peers and growth rates for a complete picture.