AdvisorShares ETF (HVAC) Valuation
HVAC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 34.5 trailing earnings
- Forward P/E
- 22.3 analyst estimates
- Price / sales
- 2.76
- Price / book
- 7.59
- EV / EBITDA
- 21.9
- Earnings yield
- 2.90% inverse of P/E
- Dividend yield
- 0.60% of the holdings
- Return on equity
- 22.0% combined
- Net margin
- 8.0% combined
- Beta
- 1.41 weighted, vs S&P 500
HVAC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| HVAC | 34.5 | 22.3 | 2.76 | 7.59 | 0.60% | 22.0% | 8.0% | 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.
HVAC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 77.3% | 37.3 | 23.2 | 3.42 | 7.68 | 0.66% | 20.6% |
| Technology | 18.5% | 25.2 | 18.9 | 1.42 | 7.20 | 0.31% | 28.6% |
HVAC 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 HVAC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
HVAC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AME | AMETEK, Inc. | 6.25% | 36.3 | 28.2 | 7.2 | 0.55% | 6.83% |
| HTHIY | Hitachi Ltd ADR | 5.23% | — | — | — | — | — |
| JBL | Jabil Inc. | 5.13% | 28.5 | 19.3 | 0.8 | 0.11% | 7.14% |
| JCI | Johnson Controls International plc | 5.05% | 41.1 | 23.9 | 3.5 | 1.10% | 4.87% |
| APH | Amphenol Corporation | 4.97% | 39.7 | 24.6 | 6.7 | 0.63% | 4.97% |
| EMR | Emerson Electric Co. | 4.95% | 35.3 | 21.5 | 4.9 | 1.37% | 5.56% |
| EME | EMCOR Group, Inc. | 4.75% | 22.5 | 19.8 | 1.7 | 0.22% | 8.39% |
| BDC | Belden Inc. | 4.74% | 16.7 | 14.9 | 1.4 | 0.19% | 11.26% |
| PWR | Quanta Services, Inc. | 4.45% | 72.4 | 33.0 | 2.9 | 0.07% | 2.44% |
| GNRC | Generac Holdings Inc. | 4.25% | 44.3 | 15.9 | 2.6 | — | 3.80% |
| MMM | 3M Company | 4.21% | 29.3 | 17.8 | 3.4 | 1.89% | 5.71% |
| TT | Trane Technologies plc | 4.20% | 34.2 | 25.2 | 4.5 | 0.92% | 4.88% |
| PH | Parker-Hannifin Corporation | 4.18% | 33.8 | 27.5 | 5.7 | 0.83% | 4.91% |
| FERG | Ferguson plc | 4.14% | 22.8 | 17.6 | 1.4 | 1.54% | 7.21% |
| BE | Bloom Energy Corporation | 3.90% | 291.2 | 57.1 | 20.9 | — | 0.53% |
| VRT | Vertiv Holdings Co | 3.80% | 46.7 | 27.8 | 6.9 | 0.12% | 3.23% |
| FIX | Comfort Systems USA, Inc. | 3.66% | 35.4 | 26.0 | 4.5 | 0.25% | 4.10% |
| CLS | Celestica Inc. | 3.65% | — | — | — | — | — |
| NVT | nVent Electric plc | 3.60% | 39.3 | 25.1 | 4.8 | 0.59% | 3.63% |
| GEV | GE Vernova Inc. | 3.20% | 26.4 | 38.8 | 5.9 | 0.22% | 4.81% |
| STRL | Sterling Infrastructure, Inc. | 2.82% | 30.6 | 19.6 | 3.8 | — | 3.66% |
| CARR | Carrier Global Corporation | 2.75% | 39.9 | 16.3 | 2.1 | 1.75% | 2.74% |
| LGN | Legence Corp. | 1.95% | — | 14.9 | 1.9 | — | −0.67% |
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 HVAC valuation
Adding up its 21 holdings with company data, HVAC trades at 34.5 times trailing earnings and 22.3 times analysts' forward estimates, with a price-to-book ratio of 7.59 and a dividend yield of 0.60%. Its earnings yield of 2.90% is 2.43 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 49.8% of the fund and earn 61.0% of its combined profit. By sector, Industrials is the most expensive at 37.3 times earnings and Technology the cheapest at 25.2. 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 90.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: HVAC chart, HVAC performance, HVAC holdings, HVAC dividends.
HVAC valuation FAQ
What is the P/E ratio of HVAC?
Based on its holdings, HVAC has a trailing P/E of 34.5 and a forward P/E of 22.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of HVAC?
The trailing earnings yield is 2.90% (1 ÷ P/E) and the forward earnings yield 4.48%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is HVAC more expensive than the S&P 500?
HVAC trades at 34.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.3 and 19.9.
What is the price-to-book ratio of HVAC?
The holdings of HVAC trade at 7.59 times book value, with a combined return on equity of 22.0%.
Which sector in HVAC has the highest P/E?
Industrials has the highest P/E at 37.3 and Technology the lowest at 25.2.