Democratic Large Cap Core ETF (DEMZ) Valuation
DEMZ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.7 trailing earnings
- Forward P/E
- 19.7 analyst estimates
- Price / sales
- 3.31
- Price / book
- 4.62
- EV / EBITDA
- 19.1
- Earnings yield
- 3.75% inverse of P/E
- Dividend yield
- 1.03% of the holdings
- Return on equity
- 17.3% combined
- Net margin
- 12.4% combined
- Beta
- 1.15 weighted, vs S&P 500
DEMZ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| DEMZ | 26.7 | 19.7 | 3.31 | 4.62 | 1.03% | 17.3% | 12.4% | 0.0% |
| 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.
DEMZ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 44.6% | 35.8 | 25.6 | 9.42 | 12.30 | 0.72% | 34.4% |
| Communication Services | 13.0% | 23.8 | 15.8 | 3.16 | 3.59 | 0.99% | 15.1% |
| Financial Services | 9.9% | 12.6 | 10.3 | 1.31 | 1.32 | 0.95% | 10.5% |
| Industrials | 7.9% | 28.4 | 21.2 | 4.25 | 4.45 | 1.11% | 15.7% |
| Consumer Cyclical | 7.9% | 21.9 | 18.3 | 2.06 | 7.90 | 1.39% | 36.1% |
| Healthcare | 6.5% | 31.4 | 18.5 | 1.76 | 3.55 | 0.57% | 11.3% |
| Consumer Defensive | 5.6% | 37.9 | 28.6 | 1.54 | 12.90 | 1.44% | 34.0% |
| Real Estate | 3.6% | 26.4 | 26.4 | 7.30 | 2.15 | 4.54% | 8.1% |
DEMZ 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 DEMZ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
DEMZ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 5.15% | 29.5 | 25.1 | 11.8 | 0.74% | 4.71% |
| AAPL | Apple Inc. | 5.00% | 39.4 | 35.2 | 10.7 | 0.31% | 3.42% |
| NVDA | NVIDIA Corporation | 4.95% | 27.1 | 24.9 | 17.1 | 0.47% | 4.93% |
| L | Loews Corporation | 4.82% | 13.5 | 12.2 | 1.2 | 0.23% | 9.59% |
| GOOGL | Alphabet Inc. | 4.59% | 17.1 | 22.8 | 9.3 | 0.26% | 7.24% |
| COST | Costco Wholesale Corporation | 4.48% | 47.6 | 40.3 | 1.4 | 0.59% | 2.54% |
| LRCX | Lam Research Corporation | 3.91% | 45.8 | 33.7 | 14.2 | 0.50% | 2.30% |
| NDSN | Nordson Corporation | 3.84% | 32.6 | 24.8 | 6.0 | 1.17% | 3.18% |
| APH | Amphenol Corporation | 3.80% | 39.7 | 24.6 | 6.7 | 0.63% | 2.58% |
| AMD | Advanced Micro Devices, Inc. | 3.58% | 134.9 | 39.5 | 20.9 | — | 0.72% |
| META | Meta Platforms, Inc. | 3.36% | 26.7 | 22.1 | 7.9 | 0.30% | 3.39% |
| KLAC | KLA Corporation | 3.28% | 45.3 | 34.8 | 15.9 | 0.56% | 1.95% |
| EG | Everest Group, Ltd. | 3.01% | 8.2 | 6.2 | 0.9 | 2.06% | 9.87% |
| AVY | Avery Dennison Corporation | 2.94% | 19.2 | 15.3 | 1.4 | 2.28% | 4.12% |
| ADP | Automatic Data Processing, Inc. | 2.87% | 26.4 | 22.0 | 5.2 | 2.35% | 2.93% |
| DIS | The Walt Disney Company | 2.55% | 22.8 | 13.8 | 1.9 | 1.36% | 3.02% |
| KIM | Kimco Realty Corporation | 2.38% | 27.0 | 27.5 | 7.0 | 4.89% | 2.38% |
| ROST | Ross Stores, Inc. | 2.25% | 28.6 | 27.4 | 3.1 | 0.75% | 2.11% |
| VLTO | Veralto Corporation | 2.15% | 25.8 | 20.0 | 4.3 | 0.51% | 2.25% |
| HSIC | Henry Schein, Inc. | 2.04% | 25.2 | 14.8 | 0.7 | — | 2.18% |
| DHR | Danaher Corporation | 2.02% | 40.8 | 23.8 | 6.4 | 0.70% | 1.34% |
| XYL | Xylem Inc. | 1.95% | 24.8 | 17.4 | 2.7 | 1.65% | 2.12% |
| ANET | Arista Networks, Inc. | 1.90% | 55.8 | 39.2 | 21.2 | — | 0.92% |
| CRM | Salesforce, Inc. | 1.81% | 22.0 | 14.0 | 4.5 | 0.73% | 2.22% |
| OMC | Omnicom Group Inc. | 1.80% | 212.0 | 7.4 | 1.0 | 3.97% | 0.23% |
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 DEMZ valuation
Adding up its 42 holdings with company data, DEMZ trades at 26.7 times trailing earnings and 19.7 times analysts' forward estimates, with a price-to-book ratio of 4.62 and a dividend yield of 1.03%. Its earnings yield of 3.75% is 1.58 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 44.1% of the fund and earn 41.2% of its combined profit. By sector, Consumer Defensive is the most expensive at 37.9 times earnings and Financial Services the cheapest at 12.6. Companies that lost money over the past year are 0.0% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: DEMZ chart, DEMZ performance, DEMZ holdings, DEMZ dividends.
DEMZ valuation FAQ
What is the P/E ratio of DEMZ?
Based on its holdings, DEMZ has a trailing P/E of 26.7 and a forward P/E of 19.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of DEMZ?
The trailing earnings yield is 3.75% (1 ÷ P/E) and the forward earnings yield 5.07%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is DEMZ more expensive than the S&P 500?
DEMZ trades at 26.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.7 and 19.9.
What is the price-to-book ratio of DEMZ?
The holdings of DEMZ trade at 4.62 times book value, with a combined return on equity of 17.3%.
Which sector in DEMZ has the highest P/E?
Consumer Defensive has the highest P/E at 37.9 and Financial Services the lowest at 12.6.