Baron SMID Cap ETF (BCSM) Valuation
BCSM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 94.0 trailing earnings
- Forward P/E
- 29.7 analyst estimates
- Price / sales
- 6.10
- Price / book
- 3.79
- EV / EBITDA
- 27.9
- Earnings yield
- 1.06% inverse of P/E
- Dividend yield
- 0.25% of the holdings
- Return on equity
- 4.0% combined
- Net margin
- 6.5% combined
- Beta
- 1.14 weighted, vs S&P 500
BCSM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| BCSM | 94.0 | 29.7 | 6.10 | 3.79 | 0.25% | 4.0% | 6.5% | 21.6% |
| 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.
BCSM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 25.7% | n/m | 46.9 | 11.13 | 11.62 | 0.03% | −4.4% |
| Industrials | 23.3% | 65.8 | 29.7 | 5.42 | 5.43 | 0.25% | 8.2% |
| Healthcare | 18.0% | 134.4 | 25.4 | 5.68 | 3.61 | 0.03% | 2.7% |
| Consumer Cyclical | 12.0% | 52.1 | 26.3 | 4.52 | 3.37 | 0.58% | 6.5% |
| Communication Services | 7.3% | 190.3 | 42.1 | 7.65 | 0.98 | 0.00% | 0.5% |
| Financial Services | 7.1% | 22.3 | 16.0 | 3.60 | 5.52 | 1.25% | 24.7% |
| Basic Materials | 2.7% | 68.8 | 29.3 | 6.23 | 4.03 | 0.45% | 5.9% |
BCSM 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 BCSM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
BCSM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| IOT | Samsara Inc. | 4.07% | 282.6 | 52.4 | 12.5 | — | 1.48% |
| RBRK | Rubrik, Inc. | 3.98% | — | 625.0 | 15.0 | — | −3.61% |
| DT | Dynatrace, Inc. | 3.79% | 122.2 | 29.6 | 8.5 | — | 3.19% |
| GWRE | Guidewire Software, Inc. | 3.71% | 103.6 | 34.8 | 9.4 | — | 3.67% |
| NTSK | Netskope, Inc. | 3.41% | — | — | 9.7 | — | −18.31% |
| AXON | Axon Enterprise, Inc. | 2.70% | 161.9 | 58.1 | 9.8 | — | 1.71% |
| RGEN | Repligen Corporation | 2.63% | 240.3 | 67.1 | 14.2 | — | 1.13% |
| LOAR | Loar Holdings Inc. | 2.42% | 87.6 | 40.3 | 9.9 | — | 2.84% |
| TEM | Tempus AI, Inc. | 2.34% | — | — | 8.2 | — | −5.19% |
| SPOT | Spotify Technology S.A | 2.30% | 30.5 | 28.6 | 6.0 | — | 7.74% |
| LLYVK | Liberty Live Holdings, Inc. | 2.24% | — | 129.9 | 22.2 | — | −7.78% |
| MSCI | MSCI Inc. | 2.22% | 31.1 | 24.7 | 12.4 | 1.44% | 7.33% |
| KRMN | Karman Holdings Inc. | 2.22% | 119.6 | 41.3 | 7.8 | — | 1.90% |
| HLT | Hilton Worldwide Holdings Inc. | 2.20% | 50.6 | 28.7 | 15.2 | 0.17% | 4.47% |
| ARGX | argenx SE | 2.20% | 31.2 | 25.9 | 9.7 | — | 7.25% |
| WCN | Waste Connections, Inc. | 2.20% | 40.6 | 18.1 | 4.3 | 0.83% | 5.57% |
| FWONA | Liberty Media Corporation - Formula One Group | 2.17% | 101.4 | 44.1 | 5.2 | — | 2.20% |
| EW | Edwards Lifesciences Corporation | 2.12% | 51.5 | 25.6 | 7.7 | — | 4.22% |
| WAY | Waystar Holding Corp. | 2.09% | 39.1 | 12.8 | 4.4 | — | 5.48% |
| WMS | Advanced Drainage Systems, Inc. | 2.06% | 21.8 | 20.8 | 3.0 | 0.62% | 9.68% |
| MAIR | Madison Air Solutions Corporation | 2.03% | 47.6 | 20.2 | 3.1 | — | 4.37% |
| LPLA | LPL Financial Holdings Inc. | 1.88% | 25.5 | 10.9 | 1.3 | 0.37% | 7.54% |
| ARXS | Arxis, Inc. | 1.86% | 676.2 | 41.5 | 13.2 | — | 0.28% |
| RACE | Ferrari NV | 1.85% | — | — | — | — | — |
| CAVA | CAVA Group, Inc. | 1.70% | 104.1 | 70.4 | 4.9 | — | 1.68% |
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 BCSM valuation
Adding up its 49 holdings with company data, BCSM trades at 94.0 times trailing earnings and 29.7 times analysts' forward estimates, with a price-to-book ratio of 3.79 and a dividend yield of 0.25%. Its earnings yield of 1.06% is 4.26 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 31.3% of the fund and earn −5.4% of its combined profit. By sector, Communication Services is the most expensive at 190.3 times earnings and Financial Services the cheapest at 22.3. Companies that lost money over the past year are 21.6% 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 95.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: BCSM chart, BCSM holdings.
BCSM valuation FAQ
What is the P/E ratio of BCSM?
Based on its holdings, BCSM has a trailing P/E of 94.0 and a forward P/E of 29.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of BCSM?
The trailing earnings yield is 1.06% (1 ÷ P/E) and the forward earnings yield 3.36%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is BCSM more expensive than the S&P 500?
BCSM trades at 94.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 29.7 and 19.9.
What is the price-to-book ratio of BCSM?
The holdings of BCSM trade at 3.79 times book value, with a combined return on equity of 4.0%.
Which sector in BCSM has the highest P/E?
Communication Services has the highest P/E at 190.3 and Financial Services the lowest at 22.3.