Alpha Architect US Equity 2 ETF (AAEQ) Valuation
AAEQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.4 trailing earnings
- Forward P/E
- 19.8 analyst estimates
- Price / sales
- 3.59
- Price / book
- 5.37
- EV / EBITDA
- 17.8
- Earnings yield
- 3.79% inverse of P/E
- Dividend yield
- 1.08% of the holdings
- Return on equity
- 20.4% combined
- Net margin
- 13.6% combined
- Beta
- 1.16 weighted, vs S&P 500
AAEQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| AAEQ | 26.4 | 19.8 | 3.59 | 5.37 | 1.08% | 20.4% | 13.6% | 2.4% |
| 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.
AAEQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 35.6% | 33.4 | 23.8 | 9.55 | 13.19 | 0.54% | 39.5% |
| Financial Services | 10.5% | 14.9 | 14.0 | 3.19 | 2.20 | 1.62% | 14.8% |
| Healthcare | 8.8% | 45.9 | 17.5 | 1.78 | 5.28 | 1.47% | 11.5% |
| Communication Services | 8.5% | 18.4 | 18.7 | 4.80 | 4.90 | 0.76% | 26.7% |
| Consumer Cyclical | 8.0% | 29.1 | 23.1 | 2.57 | 6.31 | 0.64% | 21.7% |
| Industrials | 6.4% | 29.1 | 22.6 | 2.77 | 6.48 | 1.21% | 22.2% |
| Consumer Defensive | 4.0% | 27.9 | 21.4 | 1.64 | 6.20 | 2.28% | 22.2% |
| Energy | 3.4% | 20.4 | 12.4 | 1.72 | 2.62 | 2.20% | 12.8% |
| Utilities | 1.6% | 18.6 | 16.1 | 2.80 | 2.02 | 3.18% | 10.9% |
| Real Estate | 1.5% | 37.2 | 42.4 | 8.52 | 3.61 | 2.92% | 9.7% |
| Basic Materials | 1.4% | 29.7 | 14.7 | 2.20 | 3.08 | 1.54% | 10.4% |
AAEQ 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 AAEQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
AAEQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 7.20% | 27.1 | 24.9 | 17.1 | 0.47% | 7.83% |
| AAPL | Apple Inc. | 6.93% | 39.4 | 35.2 | 10.7 | 0.31% | 5.18% |
| MSFT | Microsoft Corporation | 5.50% | 29.5 | 25.1 | 11.8 | 0.74% | 5.49% |
| IVV | iShares Trust - iShares Core S&P 500 ETF | 4.70% | — | — | — | — | — |
| ONEK | SPDR Russell 1000 ETF | 4.69% | — | — | — | — | — |
| AMZN | Amazon.com, Inc. | 3.42% | 20.1 | 23.6 | 3.5 | — | 5.01% |
| GOOGL | Alphabet Inc. | 2.62% | 17.1 | 22.8 | 9.3 | 0.26% | 4.51% |
| AVGO | Broadcom Inc. | 2.12% | 43.3 | 19.4 | 17.6 | 0.79% | 1.44% |
| GOOG | Alphabet Inc. | 2.10% | 16.9 | 21.8 | 9.2 | 0.26% | 3.65% |
| META | Meta Platforms, Inc. | 2.09% | 26.7 | 22.1 | 7.9 | 0.30% | 2.30% |
| TSLA | Tesla, Inc. | 1.45% | 328.4 | 158.7 | 13.5 | — | 0.13% |
| MU | Micron Technology, Inc. | 1.39% | 11.8 | 7.0 | 7.5 | 0.07% | 3.46% |
| LLY | Eli Lilly and Company | 1.38% | 42.2 | 24.4 | 14.1 | 0.55% | 0.96% |
| BRK.B | Berkshire Hathaway Inc. | 1.32% | 13.4 | 22.7 | 3.0 | — | 2.91% |
| AMD | Advanced Micro Devices, Inc. | 1.31% | 134.9 | 39.5 | 20.9 | — | 0.29% |
| JPM | JPMorgan Chase & Co. | 1.15% | 14.2 | 13.5 | 4.7 | 1.94% | 2.38% |
| XOM | Exxon Mobil Corporation | 1.00% | 23.0 | 14.8 | 2.0 | 2.30% | 1.27% |
| JNJ | Johnson & Johnson | 0.96% | 38.8 | 21.0 | 6.2 | 2.10% | 0.73% |
| V | Visa Inc. | 0.90% | 34.3 | 24.0 | 17.0 | 0.67% | 0.77% |
| ABBV | AbbVie Inc. | 0.71% | 80.6 | 16.4 | 7.8 | 2.42% | 0.26% |
| INTC | Intel Corporation | 0.67% | — | 63.3 | 8.3 | — | −0.47% |
| MA | Mastercard Incorporated | 0.66% | 34.0 | 24.2 | 15.4 | 0.56% | 0.57% |
| CVX | Chevron Corporation | 0.65% | 21.2 | 15.2 | 2.1 | 3.16% | 0.90% |
| CSCO | Cisco Systems, Inc. | 0.63% | 32.2 | 19.8 | 6.7 | 1.56% | 0.58% |
| WMT | Walmart Inc. | 0.63% | 43.0 | 38.0 | 1.3 | 0.83% | 0.43% |
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 AAEQ valuation
Adding up its 372 holdings with company data, AAEQ trades at 26.4 times trailing earnings and 19.8 times analysts' forward estimates, with a price-to-book ratio of 5.37 and a dividend yield of 1.08%. Its earnings yield of 3.79% is 1.53 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 41.4% of the fund and earn 39.0% of its combined profit. By sector, Healthcare is the most expensive at 45.9 times earnings and Financial Services the cheapest at 14.9. Companies that lost money over the past year are 2.4% 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 90.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: AAEQ chart, AAEQ holdings, AAEQ dividends.
AAEQ valuation FAQ
What is the P/E ratio of AAEQ?
Based on its holdings, AAEQ has a trailing P/E of 26.4 and a forward P/E of 19.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of AAEQ?
The trailing earnings yield is 3.79% (1 ÷ P/E) and the forward earnings yield 5.04%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is AAEQ more expensive than the S&P 500?
AAEQ trades at 26.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.8 and 19.9.
What is the price-to-book ratio of AAEQ?
The holdings of AAEQ trade at 5.37 times book value, with a combined return on equity of 20.4%.
Which sector in AAEQ has the highest P/E?
Healthcare has the highest P/E at 45.9 and Financial Services the lowest at 14.9.