John Hancock Multifactor Large Cap ETF (JHML) Valuation

NYSE Arca: JHMLP/E, earnings yield and other ratios of the holdings combined.

JHML valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 24.3
Forward P/E: 17.6
Price / sales: 2.59
Price / book: 4.24
EV / EBITDA: 15.5
Earnings yield: 4.11%
Dividend yield: 1.28%
Return on equity: 17.4%
Net margin: 10.6%
Beta: 1.06

JHML valuation vs other stock ETFs

P/E (TTM)Forward P/E

JHML valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
JHML	24.3	17.6	2.59	4.24	1.28%	17.4%	10.6%	3.2%
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.

JHML valuation by sector

P/E (TTM)Forward P/E

JHML valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	29.2%	31.7	22.0	6.67	9.84	0.60%	31.0%
Financial Services	14.2%	14.7	12.9	2.69	2.12	1.70%	14.5%
Healthcare	10.9%	37.6	17.0	1.43	4.56	1.25%	12.1%
Industrials	10.5%	28.3	20.7	2.60	5.70	1.20%	20.1%
Consumer Cyclical	9.7%	25.6	18.3	1.87	5.17	1.01%	20.2%
Communication Services	7.0%	18.6	17.4	3.87	4.45	0.91%	23.9%
Consumer Defensive	5.0%	28.0	19.0	1.12	5.31	2.35%	18.9%
Energy	4.6%	18.4	12.0	1.86	2.47	2.04%	13.5%
Utilities	3.5%	19.0	15.1	2.54	1.95	3.14%	10.3%
Basic Materials	2.5%	27.1	15.3	2.22	3.23	1.45%	11.9%
Real Estate	2.2%	30.9	26.7	3.68	2.85	3.43%	9.2%

JHML earnings yield vs bond yields

JHML earnings yield (forward)

5.67%

JHML earnings yield (trailing)

4.11%

JHML dividend yield

1.28%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 JHML weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

JHML largest holdings: valuation

JHML largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
AAPL	Apple Inc.	4.58%	39.4	35.2	10.7	0.31%	2.86%
NVDA	NVIDIA Corporation	3.94%	27.1	24.9	17.1	0.47%	3.58%
MSFT	Microsoft Corporation	3.80%	29.5	25.1	11.8	0.74%	3.17%
AMZN	Amazon.com, Inc.	3.01%	20.1	23.6	3.5	—	3.68%
GOOGL	Alphabet Inc.	2.47%	17.1	22.8	9.3	0.26%	3.55%
META	Meta Platforms, Inc.	1.78%	26.7	22.1	7.9	0.30%	1.63%
AVGO	Broadcom Inc.	1.49%	43.3	19.4	17.6	0.79%	0.85%
MU	Micron Technology, Inc.	1.25%	11.8	7.0	7.5	0.07%	2.60%
LLY	Eli Lilly and Company	1.20%	42.2	24.4	14.1	0.55%	0.70%
JPM	JPMorgan Chase & Co.	1.11%	14.2	13.5	4.7	1.94%	1.92%
BRK.B	Berkshire Hathaway Inc.	0.95%	13.4	22.7	3.0	—	1.75%
AMD	Advanced Micro Devices, Inc.	0.82%	134.9	39.5	20.9	—	0.15%
XOM	Exxon Mobil Corporation	0.82%	23.0	14.8	2.0	2.30%	0.88%
GOOG	Alphabet Inc.	0.77%	16.9	21.8	9.2	0.26%	1.12%
V	Visa Inc.	0.75%	34.3	24.0	17.0	0.67%	0.53%
JNJ	Johnson & Johnson	0.73%	38.8	21.0	6.2	2.10%	0.46%
TSLA	Tesla, Inc.	0.73%	328.4	158.7	13.5	—	0.05%
WMT	Walmart Inc.	0.71%	43.0	38.0	1.3	0.83%	0.41%
MA	Mastercard Incorporated	0.61%	34.0	24.2	15.4	0.56%	0.44%
CSCO	Cisco Systems, Inc.	0.50%	32.2	19.8	6.7	1.56%	0.38%
PG	The Procter & Gamble Company	0.49%	24.1	21.2	4.3	2.73%	0.50%
ABBV	AbbVie Inc.	0.48%	80.6	16.4	7.8	2.42%	0.15%
CVX	Chevron Corporation	0.46%	21.2	15.2	2.1	3.16%	0.54%
INTC	Intel Corporation	0.46%	—	63.3	8.3	—	−0.27%
UNH	UnitedHealth Group Incorporated	0.44%	25.8	16.6	0.8	2.31%	0.42%

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 JHML valuation

Adding up its 756 holdings with company data, JHML trades at 24.3 times trailing earnings and 17.6 times analysts' forward estimates, with a price-to-book ratio of 4.24 and a dividend yield of 1.28%. Its earnings yield of 4.11% is 1.22 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 24.6% of the fund and earn 24.5% of its combined profit. By sector, Healthcare is the most expensive at 37.6 times earnings and Financial Services the cheapest at 14.7. Companies that lost money over the past year are 3.2% 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 99.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

JHML valuation FAQ

What is the P/E ratio of JHML?

Based on its holdings, JHML has a trailing P/E of 24.3 and a forward P/E of 17.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of JHML?

The trailing earnings yield is 4.11% (1 ÷ P/E) and the forward earnings yield 5.67%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is JHML more expensive than the S&P 500?

JHML trades at 24.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.6 and 19.9.

What is the price-to-book ratio of JHML?

The holdings of JHML trade at 4.24 times book value, with a combined return on equity of 17.4%.

Which sector in JHML has the highest P/E?

Healthcare has the highest P/E at 37.6 and Financial Services the lowest at 14.7.