Tema Cardiovascular and Metabolic ETF (HRTS) Valuation
HRTS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 190.6 trailing earnings
- Forward P/E
- 20.8 analyst estimates
- Price / sales
- 2.72
- Price / book
- 6.52
- EV / EBITDA
- 18.4
- Earnings yield
- 0.52% inverse of P/E
- Dividend yield
- 0.95% of the holdings
- Return on equity
- 3.4% combined
- Net margin
- 1.4% combined
- Beta
- 0.61 weighted, vs S&P 500
HRTS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HRTS | 190.6 | 20.8 | 2.72 | 6.52 | 0.95% | 3.4% | 1.4% | 23.5% |
| 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.
HRTS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 95.6% | 190.6 | 20.8 | 2.72 | 6.52 | 0.95% | 3.4% |
HRTS 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 HRTS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HRTS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 11.53% | 42.2 | 24.4 | 14.1 | 0.55% | 68.30% |
| TMO | Thermo Fisher Scientific Inc. | 5.37% | 37.1 | 24.2 | 5.5 | 0.27% | 36.14% |
| MRK | Merck & Co., Inc. | 4.84% | 115.8 | 15.3 | 5.4 | 2.33% | 10.43% |
| RHHBY | Roche Holding Ltd ADR | 4.57% | — | — | — | — | — |
| UNH | UnitedHealth Group Incorporated | 3.88% | 25.8 | 16.6 | 0.8 | 2.31% | 37.55% |
| RVMD | Revolution Medicines, Inc. | 3.55% | — | — | 9,035.1 | — | −44.24% |
| KOD | Kodiak Sciences Inc. | 3.42% | — | — | — | — | — |
| BBIO | BridgeBio Pharma, Inc. | 3.41% | — | — | 18.2 | — | −45.72% |
| DHR | Danaher Corporation | 3.30% | 40.8 | 23.8 | 6.4 | 0.70% | 20.18% |
| JNJ | Johnson & Johnson | 3.11% | 38.8 | 21.0 | 6.2 | 2.10% | 20.07% |
| 0QIU | Novo Nordisk A/S Class B | 3.08% | — | — | — | — | — |
| NOVN | Novartis AG | 3.04% | — | — | — | — | — |
| CYTK | Cytokinetics, Incorporated | 2.98% | — | 117.6 | 127.3 | — | −86.70% |
| AZN | AstraZeneca PLC | 2.97% | — | — | — | — | — |
| VRTX | Vertex Pharmaceuticals Incorporated | 2.92% | 28.9 | 24.1 | 10.1 | — | 25.25% |
| GILD | Gilead Sciences, Inc. | 2.88% | — | 15.6 | 6.4 | 2.10% | −12.20% |
| ABT | Abbott Laboratories | 2.83% | 33.8 | 17.1 | 3.9 | 2.40% | 20.91% |
| ABBV | AbbVie Inc. | 2.72% | 80.6 | 16.4 | 7.8 | 2.42% | 8.44% |
| ISRG | Intuitive Surgical, Inc. | 2.42% | 48.9 | 33.3 | 13.7 | — | 12.38% |
| MDT | Medtronic plc | 2.24% | 23.3 | 14.9 | 3.2 | 3.04% | 24.00% |
| MCK | McKesson Corporation | 2.09% | 26.9 | 19.7 | 0.3 | 0.37% | 19.41% |
| SYK | Stryker Corporation | 1.66% | 30.5 | 16.5 | 4.4 | 1.19% | 13.58% |
| 4578 | Otsuka Holdings Ltd | 1.57% | — | — | — | — | — |
| EW | Edwards Lifesciences Corporation | 1.41% | 51.5 | 25.6 | 7.7 | — | 6.85% |
| DXCM | DexCom, Inc. | 1.35% | 34.1 | 28.2 | 6.5 | — | 9.92% |
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 HRTS valuation
Adding up its 33 holdings with company data, HRTS trades at 190.6 times trailing earnings and 20.8 times analysts' forward estimates, with a price-to-book ratio of 6.52 and a dividend yield of 0.95%. Its earnings yield of 0.52% is 4.80 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.0% of the fund and earn 41.2% of its combined profit. Companies that lost money over the past year are 23.5% 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 76.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HRTS chart, HRTS performance, HRTS holdings, HRTS dividends.
HRTS valuation FAQ
What is the P/E ratio of HRTS?
Based on its holdings, HRTS has a trailing P/E of 190.6 and a forward P/E of 20.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HRTS?
The trailing earnings yield is 0.52% (1 ÷ P/E) and the forward earnings yield 4.80%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HRTS more expensive than the S&P 500?
HRTS trades at 190.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.8 and 19.9.
What is the price-to-book ratio of HRTS?
The holdings of HRTS trade at 6.52 times book value, with a combined return on equity of 3.4%.