Horizon Dividend Income ETF (DIVN) Valuation
DIVN valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.2 trailing earnings
- Forward P/E
- 14.7 analyst estimates
- Price / sales
- 2.53
- Price / book
- 4.40
- EV / EBITDA
- 12.2
- Earnings yield
- 4.96% inverse of P/E
- Dividend yield
- 2.62% of the holdings
- Return on equity
- 21.8% combined
- Net margin
- 12.5% combined
- Beta
- 0.59 weighted, vs S&P 500
DIVN valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| DIVN | 20.2 | 14.7 | 2.53 | 4.40 | 2.62% | 21.8% | 12.5% | 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.
DIVN valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Consumer Defensive | 19.0% | 23.1 | 18.4 | 3.97 | 12.06 | 3.39% | 52.2% |
| Energy | 16.5% | 17.8 | 11.6 | 1.75 | 2.37 | 2.28% | 13.3% |
| Healthcare | 15.3% | 42.7 | 14.3 | 3.53 | 10.69 | 2.56% | 25.1% |
| Financial Services | 12.4% | 11.9 | 11.5 | 2.06 | 1.98 | 2.08% | 16.7% |
| Technology | 11.3% | 23.9 | 19.7 | 3.55 | 5.29 | 2.02% | 22.2% |
| Consumer Cyclical | 10.8% | 19.8 | 16.7 | 2.23 | 11.04 | 2.34% | 55.7% |
| Industrials | 10.2% | 23.2 | 18.6 | 2.48 | 8.25 | 2.48% | 35.6% |
| Communication Services | 2.6% | 13.7 | 9.2 | 1.39 | 1.97 | 5.76% | 14.4% |
| Utilities | 0.8% | 9.3 | 11.2 | 1.74 | 1.40 | 4.57% | 15.0% |
| Basic Materials | 0.3% | 9.0 | 12.2 | 2.36 | 3.52 | 1.99% | 39.3% |
DIVN 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 DIVN weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
DIVN largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PG | The Procter & Gamble Company | 5.12% | 24.1 | 21.2 | 4.3 | 2.73% | 4.33% |
| CVX | Chevron Corporation | 5.08% | 21.2 | 15.2 | 2.1 | 3.16% | 4.87% |
| PM | Philip Morris International Inc. | 4.87% | 29.5 | 20.9 | 7.5 | 3.12% | 3.36% |
| ABBV | AbbVie Inc. | 4.46% | 80.6 | 16.4 | 7.8 | 2.42% | 1.12% |
| MCD | McDonald's Corporation | 3.14% | 19.7 | 17.1 | 6.2 | 3.18% | 3.23% |
| QCOM | QUALCOMM Incorporated | 3.04% | 19.9 | 19.6 | 4.2 | 2.14% | 3.10% |
| COP | ConocoPhillips | 3.01% | 19.4 | 12.7 | 2.7 | 2.29% | 3.16% |
| AMGN | Amgen Inc. | 2.96% | 26.9 | 16.7 | 6.1 | 2.33% | 2.24% |
| GILD | Gilead Sciences, Inc. | 2.57% | — | 15.6 | 6.4 | 2.10% | −0.89% |
| MO | Altria Group, Inc. | 2.42% | 15.8 | 11.9 | 6.1 | 5.91% | 3.12% |
| PEP | PepsiCo, Inc. | 2.27% | 16.5 | 14.9 | 1.8 | 4.50% | 2.79% |
| MRK | Merck & Co., Inc. | 2.23% | 115.8 | 15.3 | 5.4 | 2.33% | 0.39% |
| BMY | Bristol-Myers Squibb Company | 2.21% | 13.2 | 9.4 | 2.5 | 4.22% | 3.41% |
| VZ | Verizon Communications Inc. | 2.19% | 11.7 | 8.7 | 1.3 | 6.32% | 3.81% |
| ADP | Automatic Data Processing, Inc. | 2.10% | 26.4 | 22.0 | 5.2 | 2.35% | 1.61% |
| KO | The Coca-Cola Company | 1.88% | 28.2 | 25.3 | 8.1 | 2.26% | 1.35% |
| TXN | Texas Instruments Incorporated | 1.86% | 42.1 | 27.5 | 13.0 | 2.20% | 0.90% |
| TJX | The TJX Companies, Inc. | 1.68% | 27.3 | 24.9 | 2.6 | 1.30% | 1.25% |
| LMT | Lockheed Martin Corporation | 1.67% | 20.3 | 16.2 | 1.7 | 2.61% | 1.67% |
| EOG | EOG Resources, Inc. | 1.56% | 12.3 | 10.1 | 3.1 | 2.58% | 2.58% |
| VLO | Valero Energy Corporation | 1.53% | 18.5 | 10.2 | 1.0 | 1.08% | 1.68% |
| CME | CME Group Inc. | 1.46% | 24.9 | 21.9 | 15.6 | 1.77% | 1.19% |
| LOW | Lowe's Companies, Inc. | 1.31% | 16.7 | 15.6 | 1.2 | 2.53% | 1.59% |
| COF | Capital One Financial Corporation | 1.28% | 13.0 | 8.5 | 2.6 | 1.59% | 2.01% |
| ITW | Illinois Tool Works Inc. | 1.26% | 24.7 | 21.9 | 4.7 | 2.53% | 1.04% |
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 DIVN valuation
Adding up its 98 holdings with company data, DIVN trades at 20.2 times trailing earnings and 14.7 times analysts' forward estimates, with a price-to-book ratio of 4.40 and a dividend yield of 2.62%. Its earnings yield of 4.96% is 0.37 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 36.7% of the fund and earn 27.6% of its combined profit. By sector, Healthcare is the most expensive at 42.7 times earnings and Basic Materials the cheapest at 9.0. 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 99.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: DIVN chart, DIVN performance, DIVN holdings, DIVN dividends.
DIVN valuation FAQ
What is the P/E ratio of DIVN?
Based on its holdings, DIVN has a trailing P/E of 20.2 and a forward P/E of 14.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of DIVN?
The trailing earnings yield is 4.96% (1 ÷ P/E) and the forward earnings yield 6.81%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is DIVN more expensive than the S&P 500?
DIVN trades at 20.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.7 and 19.9.
What is the price-to-book ratio of DIVN?
The holdings of DIVN trade at 4.40 times book value, with a combined return on equity of 21.8%.
Which sector in DIVN has the highest P/E?
Healthcare has the highest P/E at 42.7 and Basic Materials the lowest at 9.0.