Reading the tape
AMEX: SDS
ProShares - UltraShort S&P500
Financial Services · Asset Management - Leveraged
Market Cap
$327.03M
52w High
$123.50
52w Low
$62.78
P/E
-40.84
Volume
5.70M
Outstanding Shares
5.17M
Bogle's Expected Return
Earnings growth + shareholder yield ± P/E change
Earnings Growth
%
Multiple Expansion
%
Shareholder Yield
Dividend yield517.63%
+ Buyback yield-25.33%
= Shareholder yield492.3%
Expected Annual Return
+492.3%
+0.00% growth + 492.30% yield
EPS History
| Year | EPS | YoY |
|---|---|---|
| 2024 | $-3.97 | — |
| 2023 | $-3.97 | — |
| 2022 | $-5.65 | — |
| 2021 | $-7.45 | — |
Shares Outstanding
| Year | Shares | Chg |
|---|---|---|
| 2024 | 2.20M | +59.18% |
| 2023 | 1.38M | +16.82% |
| 2022 | 1.18M | 0% |
| 2021 | 1.18M | — |
Avg buyback yield-25.33%
P/E Ratio History
Historical P/E unavailable — price data not aligned with fiscal year ends.
Price vs Fundamentals
Why The Stock Is Moving
Likely fundamental deteriorationModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: -45.37%Revenue (TTM): -36.45%FCF (TTM): 45.61%
What changed
The stock fell 45.37% over the last year. Revenue declined 36.45% over the trailing twelve months. Operating margin moved from -1,269.95% to -1,705.69%. Free cash flow grew 45.61% over the trailing twelve months.
What the market seems to be pricing
The market appears to be responding to weaker operating momentum rather than only rerating the stock.
What would invalidate this read
Operating margin stands at -1,705.69%. Revenue declined 36.45% — this read reverses if that trend stabilizes. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.
Company profile
ProShares UltraShort S&P500 seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500.
CEO—
SectorFinancial Services
IndustryAsset Management - Leveraged
Employees—
IPO dateJul 13, 2006
Valuation
Forward P/E—
EV/EBITDA-27.30
Enterprise value$210.34M
Stock splits
Nov 20, 2025↓ Reverse
Every 5 shares became 1
Jan 13, 2022↓ Reverse
Every 5 shares became 1
Jul 17, 2017↓ Reverse
Every 4 shares became 1
Oct 5, 2012↓ Reverse
Every 4 shares became 1
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-44.76%
Gross margin81.53%▼22.44%vs FY2023
Operating margin-1,705.69%▲21.14%vs FY2023
ROE395.58%▲225.94%vs FY2023
Analyst consensus
Rating—
Target price—
⚠ Analyst ratings tend to be lagging indicators — upgrades often follow price gains rather than precede them. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
—
Est. · EPS est — · Revenue est —
View
Earnings history is still populating for this ticker.
Dividends
$3.27/shareQuarterlySDS pays a dividend with a 5.18% dividend yield.
Dividend Yield
5.18%
Annual Div / Share
$3.27
5yr CAGR
-3.32%
Dividend has been cut
Payout Ratio
—
Dividend Growth Rate
3yr CAGR
-3.32%
5yr CAGR
-3.32%
10yr CAGR
-35.89%
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$3.27-54.6%
2024$7.21-19.7%
2023$8.98+131.8%
2020$3.87-66.1%
2019$11.42-16.9%
2018$13.73-99.8%
2008$6271.70+835.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$52/yr
$4/mo
In 5 yrs
$52/yr
$4/mo
In 10 yrs
$52/yr
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$52/yr $4/mo | $52/yr $4/mo | $52/yr $4/mo |
Analysis
Dividend Strengths
No strong strength signal stands out from the latest period pair.
Risks to Watch
Dividend has been reduced
The 5-year dividend CAGR of -3.32% is negative, indicating the payout has been cut over this period.