iShares U.S. Real Estate ETF (IYR) Valuation
IYR valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 29.0 trailing earnings
- Forward P/E
- 26.4 analyst estimates
- Price / sales
- 5.35
- Price / book
- 2.69
- EV / EBITDA
- 19.0
- Earnings yield
- 3.45% inverse of P/E
- Dividend yield
- 3.94% of the holdings
- Return on equity
- 9.3% combined
- Net margin
- 18.5% combined
- Beta
- 0.96 weighted, vs S&P 500
IYR valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| IYR | 29.0 | 26.4 | 5.35 | 2.69 | 3.94% | 9.3% | 18.5% | 1.8% |
| 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.
IYR valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 98.5% | 28.9 | 26.6 | 5.39 | 2.70 | 3.97% | 9.3% |
| Communication Services | 0.5% | 134.9 | 11.5 | 2.48 | 1.70 | 0.00% | 1.3% |
IYR 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 IYR weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
IYR largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 10.03% | 105.3 | 78.1 | 13.3 | 1.45% | 2.79% |
| PLD | Prologis, Inc. | 8.43% | 27.7 | 29.2 | 12.4 | 3.40% | 8.91% |
| SPG | Simon Property Group, Inc. | 4.78% | 14.5 | 30.7 | 11.2 | 4.33% | 9.64% |
| AMT | American Tower Corporation | 4.76% | 25.5 | 24.6 | 7.9 | 3.86% | 5.46% |
| DLR | Digital Realty Trust, Inc. | 4.54% | 85.4 | 66.2 | 9.8 | 2.77% | 1.55% |
| EQIX | Equinix, Inc. | 4.22% | 63.4 | 52.1 | 9.8 | 2.09% | 1.94% |
| O | Realty Income Corporation | 3.99% | 40.6 | 33.7 | 8.7 | 5.81% | 2.87% |
| PSA | Public Storage | 3.86% | 28.5 | 27.2 | 11.4 | 4.02% | 3.97% |
| VMRK | Vivmark Residential | 3.56% | 23.5 | 36.1 | 15.3 | 4.59% | 4.44% |
| VTR | Ventas, Inc. | 3.50% | 159.0 | 128.2 | 6.9 | 2.42% | 0.64% |
| CBRE | CBRE Group, Inc. | 3.04% | 30.5 | 14.9 | 0.9 | — | 2.92% |
| CCI | Crown Castle Inc. | 2.58% | 33.4 | 21.2 | 8.4 | 5.17% | 2.26% |
| IRM | Iron Mountain Incorporated | 2.53% | 80.4 | 58.5 | 4.4 | 3.07% | 0.92% |
| EXR | Extra Space Storage Inc. | 2.40% | 30.8 | 29.0 | 8.8 | 4.64% | 2.27% |
| VICI | VICI Properties Inc. | 2.11% | 9.2 | 7.8 | 6.3 | 7.80% | 6.71% |
| SBAC | SBA Communications Corporation | 1.41% | 20.2 | 19.4 | 6.9 | 2.67% | 2.04% |
| ESS | Essex Property Trust, Inc. | 1.37% | 41.9 | 43.9 | 9.4 | 3.85% | 0.95% |
| HST | Host Hotels & Resorts, Inc. | 1.30% | 16.2 | 22.2 | 2.7 | 3.34% | 2.34% |
| KIM | Kimco Realty Corporation | 1.28% | 27.0 | 27.5 | 7.0 | 4.89% | 1.39% |
| SUI | Sun Communities, Inc. | 1.19% | 89.5 | 33.8 | 6.5 | 3.79% | 0.39% |
| CSGP | CoStar Group, Inc. | 1.16% | 179.5 | 18.3 | 3.7 | — | 0.19% |
| INVH | Invitation Homes Inc. | 1.14% | 24.8 | 30.4 | 5.6 | 4.43% | 1.35% |
| OHI | Omega Healthcare Investors, Inc. | 1.14% | 16.3 | 10.1 | 11.6 | 5.96% | 2.04% |
| WPC | W. P. Carey Inc. | 1.12% | 22.3 | 24.2 | 8.2 | 5.83% | 1.47% |
| MAA | Mid-America Apartment Communities, Inc. | 1.11% | 34.1 | 33.6 | 6.3 | 5.25% | 0.95% |
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 IYR valuation
Adding up its 58 holdings with company data, IYR trades at 29.0 times trailing earnings and 26.4 times analysts' forward estimates, with a price-to-book ratio of 2.69 and a dividend yield of 3.94%. Its earnings yield of 3.45% is 1.88 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 51.7% of the fund and earn 42.2% of its combined profit. By sector, Communication Services is the most expensive at 134.9 times earnings and Real Estate the cheapest at 28.9. Companies that lost money over the past year are 1.8% 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: IYR chart, IYR performance, IYR holdings, IYR dividends.
IYR valuation FAQ
What is the P/E ratio of IYR?
Based on its holdings, IYR has a trailing P/E of 29.0 and a forward P/E of 26.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of IYR?
The trailing earnings yield is 3.45% (1 ÷ P/E) and the forward earnings yield 3.79%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is IYR more expensive than the S&P 500?
IYR trades at 29.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 26.4 and 19.9.
What is the price-to-book ratio of IYR?
The holdings of IYR trade at 2.69 times book value, with a combined return on equity of 9.3%.
Which sector in IYR has the highest P/E?
Communication Services has the highest P/E at 134.9 and Real Estate the lowest at 28.9.