Applied Finance IVS US SMID ETF (IVSS) Valuation
IVSS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.2 trailing earnings
- Forward P/E
- 11.2 analyst estimates
- Price / sales
- 1.03
- Price / book
- 2.30
- EV / EBITDA
- 8.6
- Earnings yield
- 4.72% inverse of P/E
- Dividend yield
- 1.18% of the holdings
- Return on equity
- 10.8% combined
- Net margin
- 4.9% combined
- Beta
- 1.09 weighted, vs S&P 500
IVSS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IVSS | 21.2 | 11.2 | 1.03 | 2.30 | 1.18% | 10.8% | 4.9% | 7.5% |
| 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.
IVSS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 17.0% | 25.2 | 12.5 | 1.48 | 4.03 | 0.52% | 16.0% |
| Industrials | 15.5% | 16.9 | 13.0 | 0.97 | 2.37 | 1.28% | 14.0% |
| Healthcare | 14.8% | 25.0 | 11.9 | 1.07 | 3.09 | 0.05% | 12.4% |
| Financial Services | 13.5% | 10.7 | 11.4 | 1.97 | 1.96 | 1.06% | 18.3% |
| Consumer Cyclical | 10.7% | 13.5 | 10.8 | 0.66 | 2.71 | 0.79% | 20.0% |
| Energy | 10.1% | 11.0 | 9.3 | 1.55 | 1.30 | 2.43% | 11.9% |
| Consumer Defensive | 4.4% | 13.3 | 8.0 | 0.39 | 2.31 | 0.75% | 17.5% |
| Real Estate | 3.8% | n/m | 21.1 | 1.41 | 1.56 | 4.29% | −37.5% |
| Communication Services | 3.7% | n/m | 6.0 | 0.70 | 1.80 | 3.04% | −1.1% |
| Basic Materials | 3.6% | 112.0 | 10.2 | 0.74 | 2.33 | 1.42% | 2.1% |
| Utilities | 1.5% | 21.9 | 17.6 | 3.57 | 1.50 | 2.92% | 6.8% |
| Services | 0.5% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
IVSS 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 IVSS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IVSS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| DAVE | Dave Inc. | 1.81% | 23.7 | 16.9 | 7.3 | — | 1.69% |
| IDCC | InterDigital, Inc | 1.69% | 37.3 | 29.9 | 10.5 | 0.94% | 1.00% |
| HQY | HealthEquity, Inc. | 1.57% | 33.2 | 19.7 | 5.6 | — | 1.04% |
| INDV | Indivior PLC | 1.54% | 11.6 | 9.5 | 2.9 | — | 2.93% |
| OTTR | Otter Tail Corporation | 1.46% | 19.5 | 16.1 | 2.9 | 2.50% | 1.66% |
| PJT | PJT Partners Inc. | 1.41% | 18.7 | 16.5 | 3.1 | 0.73% | 1.66% |
| SWX | Southwest Gas Holdings, Inc. | 1.40% | 21.9 | 17.4 | 3.6 | 2.95% | 1.42% |
| SEZL | Sezzle Inc. | 1.31% | 28.0 | 17.1 | 8.1 | — | 1.04% |
| TNET | TriNet Group, Inc. | 1.22% | 18.8 | 11.7 | 0.7 | 1.64% | 1.44% |
| SM | SM Energy Company | 1.17% | 7.0 | 4.4 | 1.9 | 2.23% | 3.69% |
| MCY | Mercury General Corporation | 1.17% | 6.1 | 19.8 | 0.9 | 1.24% | 4.24% |
| LNTH | Lantheus Holdings, Inc. | 1.10% | 24.1 | 14.3 | 4.2 | — | 1.01% |
| BTSG | BrightSpring Health Services, Inc. | 1.10% | 53.9 | 22.2 | 0.8 | — | 0.45% |
| ACIW | ACI Worldwide, Inc. | 1.10% | 24.1 | 12.6 | 2.9 | — | 1.01% |
| FTDR | Frontdoor, Inc. | 1.01% | 20.8 | 14.5 | 2.5 | — | 1.07% |
| SKT | Tanger Factory Outlet Centers, Inc. | 1.00% | 32.5 | 31.2 | 6.7 | 3.53% | 0.68% |
| DLO | DLocal Limited | 0.95% | 21.6 | 19.6 | 3.2 | 1.32% | 0.98% |
| KNTK | Kinetik Holdings Inc. | 0.93% | 19.3 | 21.4 | 5.0 | 5.86% | 1.06% |
| OPCH | Option Care Health, Inc. | 0.92% | 23.6 | 11.2 | 0.8 | — | 0.86% |
| AMRX | Amneal Pharmaceuticals, Inc. | 0.90% | 39.1 | 6.3 | 2.1 | — | 0.51% |
| MMS | Maximus, Inc. | 0.90% | 9.1 | 19.1 | 0.6 | 2.15% | 2.18% |
| HURN | Huron Consulting Group Inc. | 0.89% | 26.3 | 15.5 | 1.6 | — | 0.74% |
| MATX | Matson, Inc. | 0.88% | 15.8 | 19.2 | 2.0 | 0.65% | 1.23% |
| PACS | PACS Group, Inc. | 0.81% | 27.4 | 15.5 | 1.3 | — | 0.65% |
| PRM | Perimeter Solutions, SA | 0.81% | — | 17.9 | 5.7 | — | −1.51% |
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 IVSS valuation
Adding up its 336 holdings with company data, IVSS trades at 21.2 times trailing earnings and 11.2 times analysts' forward estimates, with a price-to-book ratio of 2.30 and a dividend yield of 1.18%. Its earnings yield of 4.72% is 0.61 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 14.6% of the fund and earn 17.6% of its combined profit. By sector, Basic Materials is the most expensive at 112.0 times earnings and Financial Services the cheapest at 10.7. Companies that lost money over the past year are 7.5% 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 95.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: IVSS chart, IVSS holdings, IVSS dividends.
IVSS valuation FAQ
What is the P/E ratio of IVSS?
Based on its holdings, IVSS has a trailing P/E of 21.2 and a forward P/E of 11.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IVSS?
The trailing earnings yield is 4.72% (1 ÷ P/E) and the forward earnings yield 8.90%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IVSS more expensive than the S&P 500?
IVSS trades at 21.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.2 and 19.9.
What is the price-to-book ratio of IVSS?
The holdings of IVSS trade at 2.30 times book value, with a combined return on equity of 10.8%.
Which sector in IVSS has the highest P/E?
Basic Materials has the highest P/E at 112.0 and Financial Services the lowest at 10.7.