Janus Henderson Global Artificial… (JHAI) Valuation
JHAI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 34.2 trailing earnings
- Forward P/E
- 23.3 analyst estimates
- Price / sales
- 2.12
- Price / book
- 12.18
- EV / EBITDA
- 23.4
- Earnings yield
- 2.92% inverse of P/E
- Dividend yield
- 0.45% of the holdings
- Return on equity
- 35.6% combined
- Net margin
- 6.2% combined
- Beta
- 1.56 weighted, vs S&P 500
JHAI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JHAI | 34.2 | 23.3 | 2.12 | 12.18 | 0.45% | 35.6% | 6.2% | 6.7% |
| 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.
JHAI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 72.4% | 35.7 | 22.5 | 1.78 | 14.46 | 0.50% | 40.5% |
| Industrials | 7.5% | 42.6 | 31.6 | 5.29 | 10.48 | 0.56% | 24.6% |
| Consumer Cyclical | 7.0% | 30.5 | 27.9 | 3.87 | 5.97 | 0.00% | 19.6% |
| Communication Services | 5.8% | 19.7 | 23.6 | 7.88 | 7.55 | 0.18% | 38.2% |
| Financial Services | 2.9% | 21.9 | 19.5 | 4.17 | 11.87 | 0.46% | 54.3% |
| Healthcare | 2.3% | 44.9 | 27.7 | 13.89 | 13.34 | 0.31% | 29.7% |
| Utilities | 0.3% | 26.5 | 20.7 | 3.07 | 3.16 | 0.63% | 11.9% |
JHAI 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 JHAI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JHAI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 15.58% | 26.7 | 21.4 | 0.4 | 0.91% | 20.87% |
| NVDA | NVIDIA Corporation | 14.39% | 27.1 | 24.9 | 17.1 | 0.47% | 19.04% |
| MSFT | Microsoft Corporation | 6.61% | 29.5 | 25.1 | 11.8 | 0.74% | 8.04% |
| MU | Micron Technology, Inc. | 5.33% | 11.8 | 7.0 | 7.5 | 0.07% | 16.13% |
| AMZN | Amazon.com, Inc. | 4.50% | 20.1 | 23.6 | 3.5 | — | 8.02% |
| ASML | ASML Holding N.V. | 3.64% | 40.4 | 28.9 | 16.0 | 0.55% | 3.23% |
| AMD | Advanced Micro Devices, Inc. | 3.34% | 134.9 | 39.5 | 20.9 | — | 0.89% |
| LRCX | Lam Research Corporation | 3.30% | 45.8 | 33.7 | 14.2 | 0.50% | 2.58% |
| SNOW | Snowflake Inc. | 3.25% | — | 169.5 | 19.9 | — | −1.21% |
| DE | Deere & Company | 2.39% | 35.7 | 29.3 | 3.6 | 1.01% | 2.40% |
| GOOG | Alphabet Inc. | 2.35% | 16.9 | 21.8 | 9.2 | 0.26% | 4.98% |
| KLAC | KLA Corporation | 2.27% | 45.3 | 34.8 | 15.9 | 0.56% | 1.80% |
| MA | Mastercard Incorporated | 2.16% | 34.0 | 24.2 | 15.4 | 0.56% | 2.27% |
| AVGO | Broadcom Inc. | 2.05% | 43.3 | 19.4 | 17.6 | 0.79% | 1.69% |
| LITE | Lumentum Holdings Inc. | 1.69% | — | 42.9 | 24.8 | — | −6.81% |
| STX | Seagate Technology Holdings plc | 1.57% | 46.0 | 25.7 | 11.9 | 0.46% | 1.22% |
| AMAT | Applied Materials, Inc. | 1.34% | 35.3 | 23.4 | 10.5 | 0.52% | 1.36% |
| APH | Amphenol Corporation | 1.32% | 39.7 | 24.6 | 6.7 | 0.63% | 1.19% |
| LLY | Eli Lilly and Company | 1.29% | 42.2 | 24.4 | 14.1 | 0.55% | 1.10% |
| YNDX | Yandex NV | 1.26% | — | — | — | — | — |
| ANET | Arista Networks, Inc. | 1.25% | 55.8 | 39.2 | 21.2 | — | 0.80% |
| ETN | Eaton Corporation plc | 1.13% | 39.8 | 27.6 | 5.1 | 1.12% | 1.02% |
| SPOT | Spotify Technology S.A | 1.12% | 30.5 | 28.6 | 6.0 | — | 1.32% |
| VRT | Vertiv Holdings Co | 1.10% | 46.7 | 27.8 | 6.9 | 0.12% | 0.84% |
| SFTBY | SoftBank Group Corp | 1.04% | — | — | — | — | — |
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 JHAI valuation
Adding up its 46 holdings with company data, JHAI trades at 34.2 times trailing earnings and 23.3 times analysts' forward estimates, with a price-to-book ratio of 12.18 and a dividend yield of 0.45%. Its earnings yield of 2.92% is 2.40 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 62.3% of the fund and earn 80.0% of its combined profit. By sector, Healthcare is the most expensive at 44.9 times earnings and Communication Services the cheapest at 19.7. Companies that lost money over the past year are 6.7% 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 97.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JHAI chart, JHAI performance, JHAI holdings, JHAI dividends.
JHAI valuation FAQ
What is the P/E ratio of JHAI?
Based on its holdings, JHAI has a trailing P/E of 34.2 and a forward P/E of 23.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JHAI?
The trailing earnings yield is 2.92% (1 ÷ P/E) and the forward earnings yield 4.28%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JHAI more expensive than the S&P 500?
JHAI trades at 34.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.3 and 19.9.
What is the price-to-book ratio of JHAI?
The holdings of JHAI trade at 12.18 times book value, with a combined return on equity of 35.6%.
Which sector in JHAI has the highest P/E?
Healthcare has the highest P/E at 44.9 and Communication Services the lowest at 19.7.