Diamond Hill Funds (DHLX) Valuation
DHLX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.9 trailing earnings
- Forward P/E
- 18.1 analyst estimates
- Price / sales
- 2.41
- Price / book
- 4.10
- EV / EBITDA
- 13.2
- Earnings yield
- 4.56% inverse of P/E
- Dividend yield
- 1.09% of the holdings
- Return on equity
- 18.7% combined
- Net margin
- 11.0% combined
- Beta
- 0.88 weighted, vs S&P 500
DHLX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| DHLX | 21.9 | 18.1 | 2.41 | 4.10 | 1.09% | 18.7% | 11.0% | 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.
DHLX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 20.3% | 16.4 | 17.7 | 4.22 | 2.69 | 0.81% | 16.4% |
| Healthcare | 16.6% | 31.8 | 18.6 | 3.24 | 3.75 | 1.05% | 11.8% |
| Technology | 15.8% | 23.4 | 17.6 | 1.39 | 8.98 | 0.64% | 38.3% |
| Industrials | 12.5% | 25.8 | 19.9 | 2.88 | 7.76 | 1.74% | 30.0% |
| Communication Services | 9.3% | 21.6 | 22.4 | 8.46 | 7.10 | 0.28% | 32.9% |
| Energy | 7.8% | 19.4 | 12.7 | 2.73 | 2.35 | 2.29% | 12.1% |
| Consumer Cyclical | 6.3% | 20.1 | 23.6 | 3.48 | 4.87 | 0.00% | 24.2% |
| Consumer Defensive | 3.9% | 21.9 | 15.2 | 0.48 | 13.88 | 2.68% | 63.3% |
| Basic Materials | 3.1% | 32.6 | 20.6 | 5.32 | 3.02 | 0.67% | 9.3% |
| Utilities | 3.0% | 18.7 | 17.5 | 3.49 | 2.06 | 2.83% | 11.0% |
DHLX 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 DHLX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
DHLX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 8.38% | 29.5 | 25.1 | 11.8 | 0.74% | 6.32% |
| COP | ConocoPhillips | 7.85% | 19.4 | 12.7 | 2.7 | 2.29% | 8.99% |
| BRK.B | Berkshire Hathaway Inc. | 7.05% | 13.4 | 22.7 | 3.0 | — | 11.70% |
| AMZN | Amazon.com, Inc. | 6.26% | 20.1 | 23.6 | 3.5 | — | 6.91% |
| TMO | Thermo Fisher Scientific Inc. | 5.89% | 37.1 | 24.2 | 5.5 | 0.27% | 3.53% |
| META | Meta Platforms, Inc. | 5.37% | 26.7 | 22.1 | 7.9 | 0.30% | 4.46% |
| WM | Waste Management, Inc. | 4.67% | 32.1 | 22.5 | 3.5 | 1.67% | 3.23% |
| LH | Laboratory Corporation of America Holdings | 4.62% | 26.3 | 16.2 | 1.8 | 0.91% | 3.90% |
| JPM | JPMorgan Chase & Co. | 4.50% | 14.2 | 13.5 | 4.7 | 1.94% | 7.02% |
| UNP | Union Pacific Corporation | 4.49% | 23.4 | 19.3 | 6.8 | 1.97% | 4.26% |
| V | Visa Inc. | 4.47% | 34.3 | 24.0 | 17.0 | 0.67% | 2.90% |
| AON | Aon plc | 4.33% | 16.1 | 13.5 | 3.5 | 1.12% | 5.97% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 4.21% | 26.7 | 21.4 | 0.4 | 0.91% | 3.50% |
| GOOGL | Alphabet Inc. | 3.90% | 17.1 | 22.8 | 9.3 | 0.26% | 5.07% |
| SYY | Sysco Corporation | 3.89% | 21.9 | 15.2 | 0.5 | 2.68% | 3.94% |
| ABT | Abbott Laboratories | 3.62% | 33.8 | 17.1 | 3.9 | 2.40% | 2.38% |
| FERG | Ferguson plc | 3.36% | 22.8 | 17.6 | 1.4 | 1.54% | 3.28% |
| ADBE | Adobe Inc. | 3.16% | 13.7 | 8.7 | 3.7 | — | 5.13% |
| MLM | Martin Marietta Materials, Inc. | 3.12% | 32.6 | 20.6 | 5.3 | 0.67% | 2.13% |
| AEE | Ameren Corporation | 3.00% | 18.7 | 17.5 | 3.5 | 2.83% | 3.57% |
| SYK | Stryker Corporation | 2.49% | 30.5 | 16.5 | 4.4 | 1.19% | 1.81% |
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 DHLX valuation
Adding up its 21 holdings with company data, DHLX trades at 21.9 times trailing earnings and 18.1 times analysts' forward estimates, with a price-to-book ratio of 4.10 and a dividend yield of 1.09%. Its earnings yield of 4.56% is 0.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 59.1% of the fund and earn 60.3% of its combined profit. By sector, Basic Materials is the most expensive at 32.6 times earnings and Financial Services the cheapest at 16.4. 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: DHLX chart, DHLX performance, DHLX holdings, DHLX dividends.
DHLX valuation FAQ
What is the P/E ratio of DHLX?
Based on its holdings, DHLX has a trailing P/E of 21.9 and a forward P/E of 18.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of DHLX?
The trailing earnings yield is 4.56% (1 ÷ P/E) and the forward earnings yield 5.52%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is DHLX more expensive than the S&P 500?
DHLX trades at 21.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.1 and 19.9.
What is the price-to-book ratio of DHLX?
The holdings of DHLX trade at 4.10 times book value, with a combined return on equity of 18.7%.
Which sector in DHLX has the highest P/E?
Basic Materials has the highest P/E at 32.6 and Financial Services the lowest at 16.4.