iShares MSCI USA Quality GARP ETF (GARP) Valuation

Cboe BZX: GARPP/E, earnings yield and other ratios of the holdings combined.

GARP valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 30.0
Forward P/E: 21.6
Price / sales: 5.65
Price / book: 11.26
EV / EBITDA: 21.4
Earnings yield: 3.34%
Dividend yield: 0.39%
Return on equity: 37.6%
Net margin: 18.9%
Beta: 1.46

GARP valuation vs other stock ETFs

P/E (TTM)Forward P/E

GARP valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
GARP	30.0	21.6	5.65	11.26	0.39%	37.6%	18.9%	3.4%
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.

GARP valuation by sector

P/E (TTM)Forward P/E

GARP valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	56.7%	31.9	21.8	8.31	14.07	0.32%	44.2%
Consumer Cyclical	11.7%	26.6	18.9	2.99	7.92	0.56%	29.8%
Communication Services	10.8%	21.0	21.4	8.42	7.56	0.25%	36.0%
Industrials	8.0%	35.9	27.3	4.00	13.82	0.53%	38.5%
Financial Services	6.5%	34.2	24.0	13.44	16.66	0.61%	48.7%
Healthcare	3.5%	46.9	23.1	1.50	10.15	0.37%	21.6%
Basic Materials	1.5%	19.6	11.5	3.02	3.31	0.72%	16.8%
Utilities	0.6%	25.8	14.6	2.75	7.92	0.61%	30.6%
Energy	0.4%	27.2	22.7	3.42	13.53	1.37%	49.8%
Real Estate	0.3%	105.3	78.1	13.26	3.57	1.45%	3.4%

GARP earnings yield vs bond yields

GARP earnings yield (forward)

4.63%

GARP earnings yield (trailing)

3.34%

GARP dividend yield

0.39%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 GARP weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

GARP largest holdings: valuation

GARP largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
MSFT	Microsoft Corporation	5.86%	29.5	25.1	11.8	0.74%	5.96%
AAPL	Apple Inc.	5.58%	39.4	35.2	10.7	0.31%	4.25%
V	Visa Inc.	5.15%	34.3	24.0	17.0	0.67%	4.50%
NVDA	NVIDIA Corporation	5.09%	27.1	24.9	17.1	0.47%	5.64%
META	Meta Platforms, Inc.	4.79%	26.7	22.1	7.9	0.30%	5.38%
MU	Micron Technology, Inc.	4.41%	11.8	7.0	7.5	0.07%	11.19%
CAT	Caterpillar Inc.	3.19%	31.5	25.4	4.5	0.89%	3.04%
KLAC	KLA Corporation	3.17%	45.3	34.8	15.9	0.56%	2.10%
LRCX	Lam Research Corporation	3.11%	45.8	33.7	14.2	0.50%	2.03%
PLTR	Palantir Technologies Inc.	2.97%	160.4	85.5	72.6	—	0.56%
ADBE	Adobe Inc.	2.46%	13.7	8.7	3.7	—	5.38%
GOOGL	Alphabet Inc.	2.40%	17.1	22.8	9.3	0.26%	4.21%
GOOG	Alphabet Inc.	2.24%	16.9	21.8	9.2	0.26%	3.97%
AMZN	Amazon.com, Inc.	2.13%	20.1	23.6	3.5	—	3.17%
MELI	MercadoLibre, Inc.	2.10%	50.5	32.8	2.6	—	1.24%
AMAT	Applied Materials, Inc.	2.09%	35.3	23.4	10.5	0.52%	1.78%
LLY	Eli Lilly and Company	1.83%	42.2	24.4	14.1	0.55%	1.30%
AMD	Advanced Micro Devices, Inc.	1.81%	134.9	39.5	20.9	—	0.40%
INTC	Intel Corporation	1.75%	—	63.3	8.3	—	−1.24%
RCL	Royal Caribbean Cruises Ltd.	1.71%	17.1	11.4	4.0	2.16%	3.00%
WDC	Western Digital Corporation	1.69%	12.3	22.8	9.6	0.18%	4.11%
FTNT	Fortinet, Inc.	1.67%	59.8	45.0	16.5	—	0.84%
AVGO	Broadcom Inc.	1.61%	43.3	19.4	17.6	0.79%	1.12%
ANET	Arista Networks, Inc.	1.28%	55.8	39.2	21.2	—	0.69%
ADSK	Autodesk, Inc.	1.26%	31.1	17.6	6.4	—	1.21%

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 GARP valuation

Adding up its 130 holdings with company data, GARP trades at 30.0 times trailing earnings and 21.6 times analysts' forward estimates, with a price-to-book ratio of 11.26 and a dividend yield of 0.39%. Its earnings yield of 3.34% is 1.99 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 43.3% of the fund and earn 44.7% of its combined profit. By sector, Real Estate is the most expensive at 105.3 times earnings and Basic Materials the cheapest at 19.6. Companies that lost money over the past year are 3.4% 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.

GARP valuation FAQ

What is the P/E ratio of GARP?

Based on its holdings, GARP has a trailing P/E of 30.0 and a forward P/E of 21.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of GARP?

The trailing earnings yield is 3.34% (1 ÷ P/E) and the forward earnings yield 4.63%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is GARP more expensive than the S&P 500?

GARP trades at 30.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.6 and 19.9.

What is the price-to-book ratio of GARP?

The holdings of GARP trade at 11.26 times book value, with a combined return on equity of 37.6%.

Which sector in GARP has the highest P/E?

Real Estate has the highest P/E at 105.3 and Basic Materials the lowest at 19.6.