The Alger ETF (CNEQ) Valuation
CNEQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.0 trailing earnings
- Forward P/E
- 22.8 analyst estimates
- Price / sales
- 3.65
- Price / book
- 9.39
- EV / EBITDA
- 21.9
- Earnings yield
- 3.12% inverse of P/E
- Dividend yield
- 0.33% of the holdings
- Return on equity
- 29.3% combined
- Net margin
- 11.4% combined
- Beta
- 1.60 weighted, vs S&P 500
CNEQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| CNEQ | 32.0 | 22.8 | 3.65 | 9.39 | 0.33% | 29.3% | 11.4% | 11.5% |
| 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.
CNEQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 49.1% | 26.0 | 21.4 | 2.93 | 15.48 | 0.51% | 59.6% |
| Communication Services | 14.5% | 19.7 | 21.1 | 8.99 | 7.38 | 0.25% | 37.5% |
| Industrials | 10.1% | n/m | 36.4 | 3.54 | 4.41 | 0.09% | −1.0% |
| Consumer Cyclical | 9.6% | 33.0 | 33.4 | 3.90 | 6.36 | 0.00% | 19.3% |
| Healthcare | 6.2% | 78.0 | 36.4 | 9.77 | 8.33 | 0.17% | 10.7% |
| Utilities | 3.7% | n/m | 9.9 | 4.49 | 8.91 | 0.00% | −10.4% |
| Financial Services | 1.2% | 31.5 | — | 9.83 | 5.50 | 0.00% | 17.4% |
CNEQ 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 CNEQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
CNEQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 15.14% | 27.1 | 24.9 | 17.1 | 0.47% | 19.98% |
| MSFT | Microsoft Corporation | 8.78% | 29.5 | 25.1 | 11.8 | 0.74% | 10.65% |
| GOOG | Alphabet Inc. | 6.23% | 16.9 | 21.8 | 9.2 | 0.26% | 13.17% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 5.85% | 26.7 | 21.4 | 0.4 | 0.91% | 7.83% |
| AVGO | Broadcom Inc. | 4.90% | 43.3 | 19.4 | 17.6 | 0.79% | 4.05% |
| AMZN | Amazon.com, Inc. | 4.63% | 20.1 | 23.6 | 3.5 | — | 8.22% |
| AAPL | Apple Inc. | 4.63% | 39.4 | 35.2 | 10.7 | 0.31% | 4.20% |
| TLN | Talen Energy Corporation | 3.71% | — | 9.9 | 4.5 | — | −1.54% |
| META | Meta Platforms, Inc. | 3.70% | 26.7 | 22.1 | 7.9 | 0.30% | 4.95% |
| WDC | Western Digital Corporation | 3.67% | 12.3 | 22.8 | 9.6 | 0.18% | 10.63% |
| YNDX | Yandex NV | 3.54% | — | — | — | — | — |
| MU | Micron Technology, Inc. | 3.15% | 11.8 | 7.0 | 7.5 | 0.07% | 9.51% |
| TSLA | Tesla, Inc. | 3.12% | 328.4 | 158.7 | 13.5 | — | 0.34% |
| GEV | GE Vernova Inc. | 2.61% | 26.4 | 38.8 | 5.9 | 0.22% | 3.53% |
| NTRA | Natera, Inc. | 2.40% | — | — | 20.9 | — | −0.29% |
| SPCX | Space Exploration Technologies Corp. | 2.27% | — | 200.0 | 83.5 | — | −0.36% |
| QXO | QXO, Inc. | 1.94% | — | 19.2 | 1.1 | — | −5.67% |
| HEI.A | HEICO Corporation | 1.94% | 38.8 | 31.7 | 6.3 | 0.11% | 1.78% |
| LLY | Eli Lilly and Company | 1.91% | 42.2 | 24.4 | 14.1 | 0.55% | 1.62% |
| SE | Sea Limited | 1.89% | 36.2 | 25.8 | 2.1 | — | 1.86% |
| AMD | Advanced Micro Devices, Inc. | 1.78% | 134.9 | 39.5 | 20.9 | — | 0.47% |
| GFL | Gfl Environmental Holdings Inc | 1.33% | — | — | — | — | — |
| FIGR | Figure Technology Solutions, Inc. | 1.23% | 31.5 | — | 9.8 | — | 1.40% |
| ALAB | Astera Labs, Inc. | 1.23% | 140.8 | 55.6 | 41.3 | — | 0.31% |
| APP | AppLovin Corporation | 1.05% | 20.5 | 15.4 | 13.1 | — | 1.83% |
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 CNEQ valuation
Adding up its 25 holdings with company data, CNEQ trades at 32.0 times trailing earnings and 22.8 times analysts' forward estimates, with a price-to-book ratio of 9.39 and a dividend yield of 0.33%. Its earnings yield of 3.12% is 2.21 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 61.2% of the fund and earn 82.1% of its combined profit. By sector, Healthcare is the most expensive at 78.0 times earnings and Communication Services the cheapest at 19.7. Companies that lost money over the past year are 11.5% 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 94.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: CNEQ chart, CNEQ performance, CNEQ holdings, CNEQ dividends.
CNEQ valuation FAQ
What is the P/E ratio of CNEQ?
Based on its holdings, CNEQ has a trailing P/E of 32.0 and a forward P/E of 22.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of CNEQ?
The trailing earnings yield is 3.12% (1 ÷ P/E) and the forward earnings yield 4.39%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is CNEQ more expensive than the S&P 500?
CNEQ trades at 32.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.8 and 19.9.
What is the price-to-book ratio of CNEQ?
The holdings of CNEQ trade at 9.39 times book value, with a combined return on equity of 29.3%.
Which sector in CNEQ has the highest P/E?
Healthcare has the highest P/E at 78.0 and Communication Services the lowest at 19.7.