Davis Select Financial ETF (DFNL) Valuation
DFNL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 12.5 trailing earnings
- Forward P/E
- 11.1 analyst estimates
- Price / sales
- 2.42
- Price / book
- 1.46
- EV / EBITDA
- 6.4
- Earnings yield
- 8.00% inverse of P/E
- Dividend yield
- 1.75% of the holdings
- Return on equity
- 11.7% combined
- Net margin
- 19.4% combined
- Beta
- 0.86 weighted, vs S&P 500
DFNL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| DFNL | 12.5 | 11.1 | 2.42 | 1.46 | 1.75% | 11.7% | 19.4% | 2.6% |
| 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.
DFNL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 92.9% | 12.3 | 11.1 | 2.42 | 1.43 | 1.84% | 11.6% |
| Technology | 3.9% | 19.0 | 11.8 | 2.51 | 2.40 | 0.00% | 12.6% |
DFNL 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 DFNL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
DFNL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| COF | Capital One Financial Corporation | 10.29% | 13.0 | 8.5 | 2.6 | 1.59% | 11.73% |
| USB | U.S. Bancorp | 6.69% | 11.4 | 10.4 | 3.3 | 3.68% | 8.65% |
| MKL | Markel Corporation | 6.29% | 10.2 | 15.2 | 1.4 | — | 9.12% |
| FITB | Fifth Third Bancorp | 5.91% | 17.0 | 10.8 | 4.5 | 3.34% | 5.15% |
| BRK.B | Berkshire Hathaway Inc. | 5.62% | 13.4 | 22.7 | 3.0 | — | 6.21% |
| WFC | Wells Fargo & Company | 5.00% | 11.8 | 10.2 | 3.0 | 2.38% | 6.24% |
| CB | Chubb Limited | 4.92% | 12.7 | 11.6 | 2.2 | 1.13% | 5.70% |
| JPM | JPMorgan Chase & Co. | 4.33% | 14.2 | 13.5 | 4.7 | 1.94% | 4.49% |
| PNC | The PNC Financial Services Group, Inc. | 4.31% | 11.6 | 10.7 | 3.5 | 3.68% | 5.50% |
| BAER | Julius Baer Gruppe AG | 4.17% | — | — | — | — | — |
| RNR | RenaissanceRe Holdings Ltd. | 3.50% | 6.1 | 8.1 | 1.3 | 0.47% | 8.52% |
| L | Loews Corporation | 3.22% | 13.5 | 12.2 | 1.2 | 0.23% | 3.51% |
| D05 | DBS Group Holdings Ltd | 3.17% | — | — | — | — | — |
| AXP | American Express Company | 3.03% | 19.0 | 15.1 | 3.0 | 1.21% | 2.36% |
| CHYM | Chime Financial, Inc. | 2.78% | 33.7 | 20.6 | 4.6 | — | 1.22% |
| EXO | Exor N.V. | 2.50% | — | — | — | — | — |
| EG | Everest Group, Ltd. | 2.48% | 8.2 | 6.2 | 0.9 | 2.06% | 4.46% |
| DANSKE | Danske Bank A/S | 2.41% | — | — | — | — | — |
| BNY | The Bank of New York Mellon Corporation | 2.30% | 15.9 | 15.0 | 4.4 | 1.55% | 2.14% |
| RKT | Rocket Companies, Inc. | 2.18% | — | 15.6 | 3.0 | — | −0.06% |
| TFC | Truist Financial Corporation | 2.17% | 10.8 | 9.6 | 3.0 | 4.47% | 2.97% |
| 0O84 | DnB Bank ASA | 2.11% | — | — | — | — | — |
| BAC | Bank of America Corporation | 2.10% | 12.2 | 10.8 | 3.1 | 2.50% | 2.53% |
| STT | State Street Corporation | 1.98% | 13.5 | 11.9 | 2.9 | 2.22% | 2.17% |
| NTB | The Bank of N.T. Butterfield & Son Limited | 1.98% | 10.3 | — | 3.7 | 3.41% | 2.84% |
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 DFNL valuation
Adding up its 23 holdings with company data, DFNL trades at 12.5 times trailing earnings and 11.1 times analysts' forward estimates, with a price-to-book ratio of 1.46 and a dividend yield of 1.75%. Its earnings yield of 8.00% is 2.67 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 57.5% of the fund and earn 71.3% of its combined profit. By sector, Technology is the most expensive at 19.0 times earnings and Financial Services the cheapest at 12.3. Companies that lost money over the past year are 2.6% 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 84.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: DFNL chart, DFNL performance, DFNL holdings, DFNL dividends.
DFNL valuation FAQ
What is the P/E ratio of DFNL?
Based on its holdings, DFNL has a trailing P/E of 12.5 and a forward P/E of 11.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of DFNL?
The trailing earnings yield is 8.00% (1 ÷ P/E) and the forward earnings yield 8.98%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is DFNL more expensive than the S&P 500?
DFNL trades at 12.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.1 and 19.9.
What is the price-to-book ratio of DFNL?
The holdings of DFNL trade at 1.46 times book value, with a combined return on equity of 11.7%.
Which sector in DFNL has the highest P/E?
Technology has the highest P/E at 19.0 and Financial Services the lowest at 12.3.