Nomura Transformational Technologies ETF (FRWD) Valuation
FRWD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 35.3 trailing earnings
- Forward P/E
- 24.5 analyst estimates
- Price / sales
- 3.84
- Price / book
- 11.46
- EV / EBITDA
- 26.3
- Earnings yield
- 2.83% inverse of P/E
- Dividend yield
- 0.41% of the holdings
- Return on equity
- 32.5% combined
- Net margin
- 10.9% combined
- Beta
- 1.71 weighted, vs S&P 500
FRWD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FRWD | 35.3 | 24.5 | 3.84 | 11.46 | 0.41% | 32.5% | 10.9% | 6.5% |
| 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.
FRWD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 72.8% | 34.9 | 23.2 | 3.58 | 15.29 | 0.51% | 43.8% |
| Consumer Cyclical | 13.5% | 29.4 | 24.2 | 3.61 | 7.93 | 0.18% | 27.0% |
| Communication Services | 5.4% | 25.3 | 24.9 | 7.09 | 8.50 | 0.15% | 33.6% |
| Industrials | 5.4% | n/m | 74.6 | 9.54 | 4.40 | 0.00% | −0.1% |
FRWD 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 FRWD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FRWD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 9.33% | 27.1 | 24.9 | 17.1 | 0.47% | 13.39% |
| AMD | Advanced Micro Devices, Inc. | 6.40% | 134.9 | 39.5 | 20.9 | — | 1.84% |
| STX | Seagate Technology Holdings plc | 6.25% | 46.0 | 25.7 | 11.9 | 0.46% | 5.28% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 6.02% | 26.7 | 21.4 | 0.4 | 0.91% | 8.74% |
| MSFT | Microsoft Corporation | 5.97% | 29.5 | 25.1 | 11.8 | 0.74% | 7.87% |
| AMZN | Amazon.com, Inc. | 4.73% | 20.1 | 23.6 | 3.5 | — | 9.14% |
| ASML | ASML Holding N.V. | 4.31% | 40.4 | 28.9 | 16.0 | 0.55% | 4.15% |
| LRCX | Lam Research Corporation | 4.22% | 45.8 | 33.7 | 14.2 | 0.50% | 3.58% |
| AVGO | Broadcom Inc. | 3.91% | 43.3 | 19.4 | 17.6 | 0.79% | 3.51% |
| SSNLF | Samsung Electronics Co Ltd | 3.91% | — | — | — | — | — |
| TXN | Texas Instruments Incorporated | 3.81% | 42.1 | 27.5 | 13.0 | 2.20% | 3.52% |
| WDC | Western Digital Corporation | 3.71% | 12.3 | 22.8 | 9.6 | 0.18% | 11.69% |
| MU | Micron Technology, Inc. | 3.66% | 11.8 | 7.0 | 7.5 | 0.07% | 12.03% |
| DASH | DoorDash, Inc. | 3.24% | 99.6 | 38.0 | 5.2 | — | 1.26% |
| MELI | MercadoLibre, Inc. | 3.23% | 50.5 | 32.8 | 2.6 | — | 2.49% |
| U | Unity Software Inc. | 3.14% | — | 28.7 | 8.8 | — | −4.11% |
| SPCX | Space Exploration Technologies Corp. | 2.76% | — | 200.0 | 83.5 | — | −0.47% |
| KTOS | Kratos Defense & Security Solutions, Inc. | 2.67% | 237.8 | 45.2 | 5.0 | — | 0.44% |
| NOW | ServiceNow, Inc. | 2.66% | 88.7 | 27.8 | 10.0 | — | 1.16% |
| SPOT | Spotify Technology S.A | 2.55% | 30.5 | 28.6 | 6.0 | — | 3.25% |
| CLS | Celestica Inc. | 2.47% | — | — | — | — | — |
| SHOP | Shopify Inc. | 2.38% | 114.5 | 58.8 | 16.6 | — | 0.81% |
| BKNG | Booking Holdings Inc. | 2.30% | 18.1 | 13.3 | 4.3 | 1.03% | 4.93% |
| META | Meta Platforms, Inc. | 1.79% | 26.7 | 22.1 | 7.9 | 0.30% | 2.60% |
| AGPXX | Invesco Short-Term Investments Trust Government & Agency Portfolio Institutional | 1.75% | — | — | — | — | — |
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 FRWD valuation
Adding up its 24 holdings with company data, FRWD trades at 35.3 times trailing earnings and 24.5 times analysts' forward estimates, with a price-to-book ratio of 11.46 and a dividend yield of 0.41%. Its earnings yield of 2.83% is 2.49 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 55.0% of the fund and earn 61.0% of its combined profit. By sector, Technology is the most expensive at 34.9 times earnings and Communication Services the cheapest at 25.3. Companies that lost money over the past year are 6.5% 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 91.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FRWD chart, FRWD holdings.
FRWD valuation FAQ
What is the P/E ratio of FRWD?
Based on its holdings, FRWD has a trailing P/E of 35.3 and a forward P/E of 24.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FRWD?
The trailing earnings yield is 2.83% (1 ÷ P/E) and the forward earnings yield 4.09%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FRWD more expensive than the S&P 500?
FRWD trades at 35.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 24.5 and 19.9.
What is the price-to-book ratio of FRWD?
The holdings of FRWD trade at 11.46 times book value, with a combined return on equity of 32.5%.
Which sector in FRWD has the highest P/E?
Technology has the highest P/E at 34.9 and Communication Services the lowest at 25.3.