Madison Dividend Value ETF (DIVL) Valuation
DIVL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.5 trailing earnings
- Forward P/E
- 17.3 analyst estimates
- Price / sales
- 3.76
- Price / book
- 4.08
- EV / EBITDA
- 13.7
- Earnings yield
- 4.25% inverse of P/E
- Dividend yield
- 2.47% of the holdings
- Return on equity
- 17.3% combined
- Net margin
- 16.0% combined
- Beta
- 0.67 weighted, vs S&P 500
DIVL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| DIVL | 23.5 | 17.3 | 3.76 | 4.08 | 2.47% | 17.3% | 16.0% | 3.0% |
| 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.
DIVL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 18.6% | 20.7 | 14.2 | 2.22 | 2.40 | 2.59% | 11.6% |
| Healthcare | 17.7% | 36.0 | 15.5 | 4.70 | 4.82 | 2.94% | 13.4% |
| Financial Services | 16.9% | 16.3 | 14.4 | 4.89 | 2.50 | 2.20% | 15.4% |
| Industrials | 14.0% | 21.2 | 23.5 | 4.15 | 9.07 | 1.93% | 42.8% |
| Consumer Defensive | 9.9% | 28.4 | 22.3 | 4.71 | 11.17 | 2.43% | 39.3% |
| Technology | 7.7% | 39.1 | 24.5 | 10.22 | 8.84 | 1.78% | 22.6% |
| Consumer Cyclical | 6.8% | 19.3 | 17.5 | 1.93 | 39.78 | 2.91% | 206.4% |
| Utilities | 3.6% | 17.9 | 17.7 | 5.80 | 2.81 | 3.12% | 15.7% |
| Basic Materials | 3.0% | n/m | 19.9 | 5.29 | 4.60 | 2.42% | −0.3% |
| Real Estate | 2.6% | 27.7 | 29.2 | 12.36 | 2.37 | 3.40% | 8.6% |
DIVL 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 DIVL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
DIVL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CVX | Chevron Corporation | 5.63% | 21.2 | 15.2 | 2.1 | 3.16% | 6.19% |
| XOM | Exxon Mobil Corporation | 5.59% | 23.0 | 14.8 | 2.0 | 2.30% | 5.66% |
| JNJ | Johnson & Johnson | 5.17% | 38.8 | 21.0 | 6.2 | 2.10% | 3.11% |
| CME | CME Group Inc. | 4.21% | 24.9 | 21.9 | 15.6 | 1.77% | 3.95% |
| ABBV | AbbVie Inc. | 3.79% | 80.6 | 16.4 | 7.8 | 2.42% | 1.10% |
| PG | The Procter & Gamble Company | 3.69% | 24.1 | 21.2 | 4.3 | 2.73% | 3.58% |
| COP | ConocoPhillips | 3.64% | 19.4 | 12.7 | 2.7 | 2.29% | 4.38% |
| NEE | NextEra Energy, Inc. | 3.58% | 17.9 | 17.7 | 5.8 | 3.12% | 4.66% |
| UNP | Union Pacific Corporation | 3.45% | 23.4 | 19.3 | 6.8 | 1.97% | 3.44% |
| KO | The Coca-Cola Company | 3.24% | 28.2 | 25.3 | 8.1 | 2.26% | 2.69% |
| ITW | Illinois Tool Works Inc. | 3.23% | 24.7 | 21.9 | 4.7 | 2.53% | 3.06% |
| ADI | Analog Devices, Inc. | 3.16% | 47.0 | 23.2 | 13.8 | 1.11% | 1.57% |
| TXN | Texas Instruments Incorporated | 3.03% | 42.1 | 27.5 | 13.0 | 2.20% | 1.68% |
| APD | Air Products and Chemicals, Inc. | 3.02% | — | 19.9 | 5.3 | 2.42% | −0.05% |
| CL | Colgate-Palmolive Company | 3.00% | 37.1 | 21.0 | 3.6 | 2.25% | 1.89% |
| AMGN | Amgen Inc. | 3.00% | 26.9 | 16.7 | 6.1 | 2.33% | 2.61% |
| MDT | Medtronic plc | 3.00% | 23.3 | 14.9 | 3.2 | 3.04% | 3.01% |
| PFE | Pfizer Inc. | 2.70% | 38.9 | 9.7 | 2.6 | 5.81% | 1.62% |
| HD | The Home Depot, Inc. | 2.70% | 21.5 | 19.8 | 1.8 | 3.01% | 2.92% |
| JPM | JPMorgan Chase & Co. | 2.69% | 14.2 | 13.5 | 4.7 | 1.94% | 4.41% |
| PLD | Prologis, Inc. | 2.57% | 27.7 | 29.2 | 12.4 | 3.40% | 2.16% |
| SLB | Schlumberger Limited | 2.54% | 23.9 | 15.9 | 2.0 | 2.38% | 2.48% |
| FAST | Fastenal Company | 2.51% | 41.5 | 37.5 | 6.4 | 2.04% | 1.41% |
| BAC | Bank of America Corporation | 2.45% | 12.2 | 10.8 | 3.1 | 2.50% | 4.67% |
| BLK | BlackRock, Inc. | 2.24% | 25.8 | 16.4 | 6.5 | 2.02% | 2.03% |
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 DIVL valuation
Adding up its 36 holdings with company data, DIVL trades at 23.5 times trailing earnings and 17.3 times analysts' forward estimates, with a price-to-book ratio of 4.08 and a dividend yield of 2.47%. Its earnings yield of 4.25% is 1.08 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 42.0% of the fund and earn 38.8% of its combined profit. By sector, Technology is the most expensive at 39.1 times earnings and Financial Services the cheapest at 16.3. Companies that lost money over the past year are 3.0% 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: DIVL chart, DIVL performance, DIVL holdings, DIVL dividends.
DIVL valuation FAQ
What is the P/E ratio of DIVL?
Based on its holdings, DIVL has a trailing P/E of 23.5 and a forward P/E of 17.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of DIVL?
The trailing earnings yield is 4.25% (1 ÷ P/E) and the forward earnings yield 5.77%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is DIVL more expensive than the S&P 500?
DIVL trades at 23.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.3 and 19.9.
What is the price-to-book ratio of DIVL?
The holdings of DIVL trade at 4.08 times book value, with a combined return on equity of 17.3%.
Which sector in DIVL has the highest P/E?
Technology has the highest P/E at 39.1 and Financial Services the lowest at 16.3.