Goldman Sachs MarketBeta US Equity ETF (GSUS) Valuation

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

GSUS valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 26.3
Forward P/E: 20.0
Price / sales: 3.78
Price / book: 5.64
EV / EBITDA: 17.5
Earnings yield: 3.80%
Dividend yield: 1.07%
Return on equity: 21.4%
Net margin: 14.4%
Beta: 1.17

GSUS valuation vs other stock ETFs

P/E (TTM)Forward P/E

GSUS valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
GSUS	26.3	20.0	3.78	5.64	1.07%	21.4%	14.4%	2.2%
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.

GSUS valuation by sector

P/E (TTM)Forward P/E

GSUS valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	38.8%	34.1	23.3	9.84	12.74	0.55%	37.3%
Financial Services	11.4%	15.9	14.4	3.47	2.40	1.53%	15.1%
Healthcare	9.8%	36.7	17.6	1.73	5.43	1.56%	14.8%
Communication Services	9.7%	18.1	19.2	5.09	5.12	0.68%	28.3%
Consumer Cyclical	9.4%	28.0	24.1	2.91	6.73	0.63%	24.0%
Industrials	6.8%	29.0	22.5	2.93	6.61	1.18%	22.8%
Consumer Defensive	4.7%	29.3	21.9	1.79	7.25	2.32%	24.7%
Energy	3.6%	20.2	12.7	1.83	2.65	2.26%	13.1%
Utilities	1.9%	19.2	15.6	2.93	2.07	3.01%	10.8%
Basic Materials	1.5%	25.8	18.0	3.93	4.52	1.43%	17.5%
Real Estate	1.5%	34.5	32.7	6.76	3.63	3.17%	10.5%

GSUS earnings yield vs bond yields

GSUS earnings yield (forward)

5.00%

GSUS earnings yield (trailing)

3.80%

GSUS dividend yield

1.07%

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 GSUS weight splits by P/E

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

GSUS largest holdings: valuation

GSUS largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	8.09%	27.1	24.9	17.1	0.47%	7.95%
AAPL	Apple Inc.	7.44%	39.4	35.2	10.7	0.31%	5.02%
MSFT	Microsoft Corporation	5.91%	29.5	25.1	11.8	0.74%	5.34%
AMZN	Amazon.com, Inc.	4.09%	20.1	23.6	3.5	—	5.41%
GOOGL	Alphabet Inc.	2.98%	17.1	22.8	9.3	0.26%	4.64%
GOOG	Alphabet Inc.	2.51%	16.9	21.8	9.2	0.26%	3.96%
AVGO	Broadcom Inc.	2.41%	43.3	19.4	17.6	0.79%	1.48%
META	Meta Platforms, Inc.	2.35%	26.7	22.1	7.9	0.30%	2.34%
TSLA	Tesla, Inc.	1.71%	328.4	158.7	13.5	—	0.14%
LLY	Eli Lilly and Company	1.66%	42.2	24.4	14.1	0.55%	1.05%
MU	Micron Technology, Inc.	1.59%	11.8	7.0	7.5	0.07%	3.57%
AMD	Advanced Micro Devices, Inc.	1.38%	134.9	39.5	20.9	—	0.27%
JPM	JPMorgan Chase & Co.	1.32%	14.2	13.5	4.7	1.94%	2.46%
BRK.B	Berkshire Hathaway Inc.	1.19%	13.4	22.7	3.0	—	2.37%
XOM	Exxon Mobil Corporation	1.12%	23.0	14.8	2.0	2.30%	1.30%
V	Visa Inc.	1.05%	34.3	24.0	17.0	0.67%	0.81%
JNJ	Johnson & Johnson	0.98%	38.8	21.0	6.2	2.10%	0.67%
ABBV	AbbVie Inc.	0.81%	80.6	16.4	7.8	2.42%	0.27%
WMT	Walmart Inc.	0.81%	43.0	38.0	1.3	0.83%	0.50%
MA	Mastercard Incorporated	0.76%	34.0	24.2	15.4	0.56%	0.59%
COST	Costco Wholesale Corporation	0.67%	47.6	40.3	1.4	0.59%	0.38%
CVX	Chevron Corporation	0.63%	21.2	15.2	2.1	3.16%	0.79%
CSCO	Cisco Systems, Inc.	0.63%	32.2	19.8	6.7	1.56%	0.52%
PLTR	Palantir Technologies Inc.	0.62%	160.4	85.5	72.6	—	0.10%
UNH	UnitedHealth Group Incorporated	0.61%	25.8	16.6	0.8	2.31%	0.63%

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 GSUS valuation

Adding up its 399 holdings with company data, GSUS trades at 26.3 times trailing earnings and 20.0 times analysts' forward estimates, with a price-to-book ratio of 5.64 and a dividend yield of 1.07%. Its earnings yield of 3.80% is 1.53 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 39.2% of the fund and earn 37.3% of its combined profit. By sector, Healthcare is the most expensive at 36.7 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 2.2% 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 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

GSUS valuation FAQ

What is the P/E ratio of GSUS?

Based on its holdings, GSUS has a trailing P/E of 26.3 and a forward P/E of 20.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of GSUS?

The trailing earnings yield is 3.80% (1 ÷ P/E) and the forward earnings yield 5.00%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is GSUS more expensive than the S&P 500?

GSUS trades at 26.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.0 and 19.9.

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

The holdings of GSUS trade at 5.64 times book value, with a combined return on equity of 21.4%.

Which sector in GSUS has the highest P/E?

Healthcare has the highest P/E at 36.7 and Financial Services the lowest at 15.9.