Wahed FTSE USA Shariah ETF (HLAL) Valuation

NASDAQ: HLALP/E, earnings yield and other ratios of the holdings combined.

HLAL valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 29.6
Forward P/E: 21.8
Price / sales: 5.12
Price / book: 7.70
EV / EBITDA: 19.3
Earnings yield: 3.38%
Dividend yield: 0.78%
Return on equity: 26.0%
Net margin: 17.3%
Beta: 1.28

HLAL valuation vs other stock ETFs

P/E (TTM)Forward P/E

HLAL valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
HLAL	29.6	21.8	5.12	7.70	0.78%	26.0%	17.3%	1.5%
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.

HLAL valuation by sector

P/E (TTM)Forward P/E

HLAL valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	56.7%	33.6	23.2	9.88	13.08	0.51%	39.0%
Communication Services	13.6%	18.7	21.5	7.18	6.18	0.42%	33.0%
Healthcare	9.4%	35.3	19.8	2.34	5.44	1.20%	15.4%
Energy	5.4%	19.4	12.2	1.70	2.52	2.24%	13.0%
Consumer Cyclical	4.6%	61.2	42.7	3.81	8.49	0.61%	13.9%
Industrials	4.5%	30.3	21.9	2.64	6.58	1.21%	21.7%
Consumer Defensive	2.9%	26.0	21.5	3.30	6.17	2.46%	23.7%
Basic Materials	2.0%	27.6	16.7	2.79	3.48	1.42%	12.6%
Real Estate	0.7%	69.5	45.6	4.02	3.21	1.68%	4.6%
Utilities	0.2%	22.5	15.4	4.48	1.66	2.89%	7.4%
Financial Services	0.1%	103.1	—	2.70	—	0.00%	—

HLAL earnings yield vs bond yields

HLAL earnings yield (forward)

4.59%

HLAL earnings yield (trailing)

3.38%

HLAL dividend yield

0.78%

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 HLAL weight splits by P/E

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

HLAL largest holdings: valuation

HLAL largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	12.89%	27.1	24.9	17.1	0.47%	14.08%
AAPL	Apple Inc.	12.47%	39.4	35.2	10.7	0.31%	9.36%
MSFT	Microsoft Corporation	9.65%	29.5	25.1	11.8	0.74%	9.68%
GOOGL	Alphabet Inc.	4.97%	17.1	22.8	9.3	0.26%	8.60%
GOOG	Alphabet Inc.	4.09%	16.9	21.8	9.2	0.26%	7.16%
META	Meta Platforms, Inc.	3.76%	26.7	22.1	7.9	0.30%	4.17%
AVGO	Broadcom Inc.	3.69%	43.3	19.4	17.6	0.79%	2.52%
TSLA	Tesla, Inc.	2.90%	328.4	158.7	13.5	—	0.26%
LLY	Eli Lilly and Company	2.74%	42.2	24.4	14.1	0.55%	1.92%
MU	Micron Technology, Inc.	2.39%	11.8	7.0	7.5	0.07%	5.98%
AMD	Advanced Micro Devices, Inc.	2.22%	134.9	39.5	20.9	—	0.49%
XOM	Exxon Mobil Corporation	1.90%	23.0	14.8	2.0	2.30%	2.44%
JNJ	Johnson & Johnson	1.62%	38.8	21.0	6.2	2.10%	1.23%
CSCO	Cisco Systems, Inc.	1.07%	32.2	19.8	6.7	1.56%	0.98%
CVX	Chevron Corporation	1.04%	21.2	15.2	2.1	3.16%	1.45%
PG	The Procter & Gamble Company	1.03%	24.1	21.2	4.3	2.73%	1.26%
INTC	Intel Corporation	1.00%	—	63.3	8.3	—	−0.70%
KO	The Coca-Cola Company	0.97%	28.2	25.3	8.1	2.26%	1.01%
PANW	Palo Alto Networks, Inc.	0.76%	855.0	94.3	24.4	—	0.03%
AMAT	Applied Materials, Inc.	0.76%	35.3	23.4	10.5	0.52%	0.63%
LRCX	Lam Research Corporation	0.72%	45.8	33.7	14.2	0.50%	0.47%
TXN	Texas Instruments Incorporated	0.69%	42.1	27.5	13.0	2.20%	0.48%
LIN	Linde plc	0.61%	32.2	23.6	6.5	1.28%	0.56%
GEV	GE Vernova Inc.	0.56%	26.4	38.8	5.9	0.22%	0.62%
CRM	Salesforce, Inc.	0.52%	22.0	14.0	4.5	0.73%	0.70%

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 HLAL valuation

Adding up its 198 holdings with company data, HLAL trades at 29.6 times trailing earnings and 21.8 times analysts' forward estimates, with a price-to-book ratio of 7.70 and a dividend yield of 0.78%. Its earnings yield of 3.38% is 1.95 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 59.6% of the fund and earn 63.7% of its combined profit. By sector, Financial Services is the most expensive at 103.1 times earnings and Communication Services the cheapest at 18.7. Companies that lost money over the past year are 1.5% 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 99.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

HLAL valuation FAQ

What is the P/E ratio of HLAL?

Based on its holdings, HLAL has a trailing P/E of 29.6 and a forward P/E of 21.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of HLAL?

The trailing earnings yield is 3.38% (1 ÷ P/E) and the forward earnings yield 4.59%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is HLAL more expensive than the S&P 500?

HLAL trades at 29.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.8 and 19.9.

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

The holdings of HLAL trade at 7.70 times book value, with a combined return on equity of 26.0%.

Which sector in HLAL has the highest P/E?

Financial Services has the highest P/E at 103.1 and Communication Services the lowest at 18.7.