iShares U.S. Regional Banks ETF (IAT) Valuation
IAT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 11.7 trailing earnings
- Forward P/E
- 10.2 analyst estimates
- Price / sales
- 3.44
- Price / book
- 1.28
- EV / EBITDA
- —
- Earnings yield
- 8.53% inverse of P/E
- Dividend yield
- 3.28% of the holdings
- Return on equity
- 10.9% combined
- Net margin
- 29.4% combined
- Beta
- 0.91 weighted, vs S&P 500
IAT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IAT | 11.7 | 10.2 | 3.44 | 1.28 | 3.28% | 10.9% | 29.4% | 0.0% |
| 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.
IAT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 100.2% | 11.7 | 10.2 | 3.44 | 1.28 | 3.28% | 10.9% |
IAT 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 IAT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IAT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| USB | U.S. Bancorp | 15.80% | 11.4 | 10.4 | 3.3 | 3.68% | 16.18% |
| PNC | The PNC Financial Services Group, Inc. | 13.84% | 11.6 | 10.7 | 3.5 | 3.68% | 14.00% |
| TFC | Truist Financial Corporation | 9.48% | 10.8 | 9.6 | 3.0 | 4.47% | 10.26% |
| FITB | Fifth Third Bancorp | 5.02% | 17.0 | 10.8 | 4.5 | 3.34% | 3.46% |
| MTB | M&T Bank Corporation | 4.53% | 11.4 | 10.6 | 3.3 | 2.79% | 4.66% |
| CFG | Citizens Financial Group, Inc. | 4.49% | 13.8 | 9.9 | 3.3 | 2.90% | 3.80% |
| RF | Regions Financial Corporation | 4.45% | 11.2 | 9.4 | 3.2 | 4.39% | 4.65% |
| HBAN | Huntington Bancshares Incorporated | 4.33% | 11.7 | 8.6 | 3.4 | 4.06% | 4.32% |
| KEY | KeyCorp | 3.65% | 11.6 | 9.9 | 2.9 | 4.10% | 3.67% |
| FCNCA | First Citizens BancShares, Inc. | 3.42% | 11.4 | 10.8 | 2.6 | 0.40% | 3.52% |
| EWBC | East West Bancorp, Inc. | 3.42% | 12.2 | 12.7 | 6.0 | 2.52% | 3.28% |
| PNFP | Pinnacle Financial Partners, Inc. | 2.80% | 13.0 | 8.2 | 4.3 | 2.11% | 2.52% |
| FHN | First Horizon Corporation | 2.11% | 16.6 | 10.0 | 3.6 | 2.97% | 1.49% |
| SSB | SouthState Corporation | 1.90% | 10.7 | 10.3 | 3.7 | 2.59% | 2.08% |
| UMBF | UMB Financial Corporation | 1.86% | 10.9 | 9.6 | 3.5 | 1.53% | 2.00% |
| WTFC | Wintrust Financial Corporation | 1.86% | 11.6 | 10.9 | 3.5 | 1.53% | 1.88% |
| BPOP | Popular, Inc. | 1.84% | 10.7 | 9.7 | 3.3 | 2.27% | 2.00% |
| CFR | Cullen/Frost Bankers, Inc. | 1.74% | 14.7 | 14.0 | 4.3 | 2.66% | 1.39% |
| ZION | Zions Bancorporation, NA | 1.71% | 8.1 | 9.1 | 2.5 | 3.03% | 2.48% |
| PB | Prosperity Bancshares, Inc. | 1.45% | 11.7 | 9.3 | 5.9 | 3.54% | 1.45% |
| WAL | Western Alliance Bancorporation | 1.45% | 8.4 | 6.6 | 2.3 | 2.25% | 2.01% |
| CBSH | Commerce Bancshares, Inc. | 1.32% | 13.6 | 13.2 | 4.3 | 1.98% | 1.13% |
| VLY | Valley National Bancorp | 1.25% | 10.7 | 8.4 | 3.5 | 3.48% | 1.36% |
| FNB | F.N.B. Corporation | 1.19% | 10.3 | 9.7 | 3.5 | 3.02% | 1.35% |
| UBSI | United Bankshares, Inc. | 1.16% | 12.7 | 13.6 | 5.1 | 3.26% | 1.06% |
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 IAT valuation
Adding up its 30 holdings with company data, IAT trades at 11.7 times trailing earnings and 10.2 times analysts' forward estimates, with a price-to-book ratio of 1.28 and a dividend yield of 3.28%. Its earnings yield of 8.53% is 3.20 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 69.0% of the fund and earn 68.5% of its combined profit. Companies that lost money over the past year are 0.0% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: IAT chart, IAT performance, IAT holdings, IAT dividends.
IAT valuation FAQ
What is the P/E ratio of IAT?
Based on its holdings, IAT has a trailing P/E of 11.7 and a forward P/E of 10.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IAT?
The trailing earnings yield is 8.53% (1 ÷ P/E) and the forward earnings yield 9.81%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IAT more expensive than the S&P 500?
IAT trades at 11.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 10.2 and 19.9.
What is the price-to-book ratio of IAT?
The holdings of IAT trade at 1.28 times book value, with a combined return on equity of 10.9%.