Harbor Human Capital Factor US Large Cap ETF (HAPI) Valuation
HAPI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.7 trailing earnings
- Forward P/E
- 20.0 analyst estimates
- Price / sales
- 4.30
- Price / book
- 5.62
- EV / EBITDA
- 16.5
- Earnings yield
- 3.89% inverse of P/E
- Dividend yield
- 1.12% of the holdings
- Return on equity
- 21.9% combined
- Net margin
- 16.7% combined
- Beta
- 1.10 weighted, vs S&P 500
HAPI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HAPI | 25.7 | 20.0 | 4.30 | 5.62 | 1.12% | 21.9% | 16.7% | 0.6% |
| 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.
HAPI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 34.0% | 33.6 | 24.8 | 8.09 | 9.88 | 0.65% | 29.4% |
| Communication Services | 14.0% | 20.5 | 18.9 | 5.04 | 5.20 | 0.71% | 25.3% |
| Financial Services | 11.8% | 16.5 | 14.5 | 3.51 | 3.04 | 1.64% | 18.5% |
| Healthcare | 9.2% | 40.8 | 19.0 | 6.57 | 8.71 | 1.50% | 21.4% |
| Consumer Cyclical | 8.6% | 23.4 | 19.7 | 2.61 | 5.37 | 0.44% | 23.0% |
| Industrials | 6.8% | 27.3 | 22.5 | 3.03 | 7.64 | 1.09% | 28.0% |
| Consumer Defensive | 6.0% | 29.1 | 21.9 | 2.68 | 9.98 | 2.49% | 34.2% |
| Energy | 3.5% | 20.7 | 14.1 | 1.79 | 2.37 | 2.61% | 11.4% |
| Utilities | 1.6% | 16.0 | 13.6 | 2.39 | 1.77 | 2.34% | 11.0% |
| Real Estate | 1.3% | 34.5 | 35.4 | 10.48 | 2.35 | 3.29% | 6.8% |
| Basic Materials | 1.3% | 26.3 | 15.0 | 2.48 | 3.10 | 1.06% | 11.8% |
HAPI 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 HAPI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HAPI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 6.08% | 29.5 | 25.1 | 11.8 | 0.74% | 5.40% |
| AAPL | Apple Inc. | 6.05% | 39.4 | 35.2 | 10.7 | 0.31% | 4.02% |
| AMZN | Amazon.com, Inc. | 5.32% | 20.1 | 23.6 | 3.5 | — | 6.93% |
| NVDA | NVIDIA Corporation | 5.19% | 27.1 | 24.9 | 17.1 | 0.47% | 5.03% |
| META | Meta Platforms, Inc. | 4.56% | 26.7 | 22.1 | 7.9 | 0.30% | 4.47% |
| GOOGL | Alphabet Inc. | 4.54% | 17.1 | 22.8 | 9.3 | 0.26% | 6.97% |
| CSCO | Cisco Systems, Inc. | 2.97% | 32.2 | 19.8 | 6.7 | 1.56% | 2.41% |
| JPM | JPMorgan Chase & Co. | 2.87% | 14.2 | 13.5 | 4.7 | 1.94% | 5.28% |
| LLY | Eli Lilly and Company | 2.76% | 42.2 | 24.4 | 14.1 | 0.55% | 1.71% |
| CVX | Chevron Corporation | 2.34% | 21.2 | 15.2 | 2.1 | 3.16% | 2.89% |
| NFLX | Netflix, Inc. | 2.06% | 22.2 | 18.7 | 6.1 | — | 2.43% |
| CRM | Salesforce, Inc. | 1.85% | 22.0 | 14.0 | 4.5 | 0.73% | 2.21% |
| MA | Mastercard Incorporated | 1.65% | 34.0 | 24.2 | 15.4 | 0.56% | 1.28% |
| COST | Costco Wholesale Corporation | 1.55% | 47.6 | 40.3 | 1.4 | 0.59% | 0.85% |
| PG | The Procter & Gamble Company | 1.54% | 24.1 | 21.2 | 4.3 | 2.73% | 1.67% |
| JNJ | Johnson & Johnson | 1.51% | 38.8 | 21.0 | 6.2 | 2.10% | 1.02% |
| KLAC | KLA Corporation | 1.35% | 45.3 | 34.8 | 15.9 | 0.56% | 0.78% |
| MRVL | Marvell Technology, Inc. | 1.31% | 72.3 | 62.1 | 21.7 | 0.11% | 0.48% |
| PM | Philip Morris International Inc. | 1.26% | 29.5 | 20.9 | 7.5 | 3.12% | 1.12% |
| NOW | ServiceNow, Inc. | 1.21% | 88.7 | 27.8 | 10.0 | — | 0.36% |
| ANET | Arista Networks, Inc. | 1.19% | 55.8 | 39.2 | 21.2 | — | 0.56% |
| ABBV | AbbVie Inc. | 1.17% | 80.6 | 16.4 | 7.8 | 2.42% | 0.38% |
| BAC | Bank of America Corporation | 1.11% | 12.2 | 10.8 | 3.1 | 2.50% | 2.39% |
| GCP | General Electric Company | 1.05% | — | — | — | — | — |
| ADP | Automatic Data Processing, Inc. | 1.03% | 26.4 | 22.0 | 5.2 | 2.35% | 1.03% |
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 HAPI valuation
Adding up its 151 holdings with company data, HAPI trades at 25.7 times trailing earnings and 20.0 times analysts' forward estimates, with a price-to-book ratio of 5.62 and a dividend yield of 1.12%. Its earnings yield of 3.89% is 1.44 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 42.7% of the fund and earn 45.1% of its combined profit. By sector, Healthcare is the most expensive at 40.8 times earnings and Utilities the cheapest at 16.0. Companies that lost money over the past year are 0.6% 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 98.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HAPI chart, HAPI performance, HAPI holdings, HAPI dividends.
HAPI valuation FAQ
What is the P/E ratio of HAPI?
Based on its holdings, HAPI has a trailing P/E of 25.7 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 HAPI?
The trailing earnings yield is 3.89% (1 ÷ P/E) and the forward earnings yield 5.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HAPI more expensive than the S&P 500?
HAPI trades at 25.7 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 HAPI?
The holdings of HAPI trade at 5.62 times book value, with a combined return on equity of 21.9%.
Which sector in HAPI has the highest P/E?
Healthcare has the highest P/E at 40.8 and Utilities the lowest at 16.0.