Janus Henderson Small/Mid Cap Growth Alpha ETF (JSMD) Valuation
JSMD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 68.8 trailing earnings
- Forward P/E
- 16.3 analyst estimates
- Price / sales
- 2.01
- Price / book
- 6.45
- EV / EBITDA
- 13.9
- Earnings yield
- 1.45% inverse of P/E
- Dividend yield
- 0.75% of the holdings
- Return on equity
- 9.4% combined
- Net margin
- 2.9% combined
- Beta
- 1.29 weighted, vs S&P 500
JSMD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JSMD | 68.8 | 16.3 | 2.01 | 6.45 | 0.75% | 9.4% | 2.9% | 16.7% |
| 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.
JSMD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 25.8% | n/m | 18.8 | 2.74 | 7.20 | 0.05% | −20.1% |
| Technology | 24.9% | 45.4 | 16.3 | 2.74 | 7.71 | 0.18% | 17.0% |
| Industrials | 15.0% | 35.3 | 19.0 | 1.88 | 6.97 | 0.71% | 19.7% |
| Consumer Cyclical | 12.4% | 19.0 | 14.3 | 1.39 | 7.41 | 1.78% | 39.1% |
| Financial Services | 9.7% | 621.7 | 11.9 | 2.07 | 4.01 | 1.79% | 0.6% |
| Consumer Defensive | 2.6% | 19.1 | 17.1 | 2.32 | 3.44 | 1.33% | 18.1% |
| Real Estate | 2.5% | 26.7 | 24.2 | 2.97 | 4.82 | 3.69% | 18.1% |
| Basic Materials | 2.5% | 16.8 | 17.4 | 0.59 | 4.33 | 0.50% | 25.9% |
| Energy | 2.4% | 27.3 | 28.4 | 0.74 | 5.51 | 0.95% | 20.2% |
| Communication Services | 2.2% | 22.1 | 8.9 | 2.25 | 8.40 | 0.67% | 38.0% |
JSMD 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 JSMD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JSMD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CVLT | Commvault Systems, Inc. | 2.08% | 95.0 | 28.0 | 5.1 | — | 1.59% |
| CON | Concentra Group Holdings Parent, Inc. | 2.00% | 24.9 | 18.0 | 2.1 | 0.65% | 5.83% |
| MEDP | Medpace Holdings, Inc. | 1.99% | 36.3 | 31.9 | 6.2 | — | 3.95% |
| RHP | Ryman Hospitality Properties, Inc. | 1.96% | 30.7 | 25.8 | 3.2 | 3.81% | 4.62% |
| QLYS | Qualys, Inc. | 1.95% | 31.4 | 21.9 | 9.1 | — | 4.49% |
| CART | Instacart (Maplebear Inc.) | 1.95% | 27.2 | 13.0 | 3.0 | — | 5.17% |
| HALO | Halozyme Therapeutics, Inc. | 1.95% | 35.6 | 11.5 | 8.3 | — | 3.95% |
| EQH | Equitable Holdings, Inc. | 1.91% | — | 5.8 | 1.4 | 2.14% | −8.76% |
| EXEL | Exelixis, Inc. | 1.71% | 19.6 | 13.6 | 6.3 | — | 6.30% |
| GEN | Gen Digital Inc. | 1.65% | 14.1 | 9.3 | 2.8 | 2.07% | 8.43% |
| TNET | TriNet Group, Inc. | 1.64% | 18.8 | 11.7 | 0.7 | 1.64% | 6.31% |
| STEP | StepStone Group Inc. | 1.53% | — | 18.5 | 2.7 | 4.13% | −12.99% |
| LSTR | Landstar System, Inc. | 1.51% | 44.5 | 22.5 | 1.2 | 1.03% | 2.45% |
| LION | Lionsgate Studios Holding Corp. | 1.45% | — | 23.3 | 1.1 | — | −0.07% |
| TDC | Teradata Corporation | 1.44% | 6.4 | 9.6 | 1.7 | — | 16.29% |
| CYTK | Cytokinetics, Incorporated | 1.41% | — | 117.6 | 127.3 | — | −11.90% |
| MTN | Vail Resorts, Inc. | 1.31% | 36.9 | 21.9 | 1.9 | 5.88% | 2.57% |
| HRB | H&R Block, Inc. | 1.27% | 8.6 | 6.8 | 1.5 | 3.78% | 10.74% |
| AFRM | Affirm Holdings, Inc. | 1.26% | 13.4 | 35.6 | 5.9 | — | 6.79% |
| ARQT | Arcutis Biotherapeutics, Inc. | 1.26% | 131.0 | 26.4 | 7.8 | — | 0.69% |
| RELY_old | RELY | 1.21% | — | — | — | — | — |
| CARG | CarGurus, Inc. | 1.21% | 16.1 | 8.5 | 2.8 | — | 5.44% |
| LSCC | Lattice Semiconductor Corporation | 1.21% | 414.6 | 38.8 | 22.6 | — | 0.21% |
| PD | PagerDuty, Inc. | 1.19% | 8.0 | 11.0 | 2.6 | — | 10.75% |
| GDDY | GoDaddy Inc. | 1.18% | 15.8 | 8.7 | 2.6 | — | 5.39% |
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 JSMD valuation
Adding up its 114 holdings with company data, JSMD trades at 68.8 times trailing earnings and 16.3 times analysts' forward estimates, with a price-to-book ratio of 6.45 and a dividend yield of 0.75%. Its earnings yield of 1.45% is 3.87 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.2% of the fund and earn 35.5% of its combined profit. By sector, Financial Services is the most expensive at 621.7 times earnings and Basic Materials the cheapest at 16.8. Companies that lost money over the past year are 16.7% 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 95.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JSMD chart, JSMD performance, JSMD holdings, JSMD dividends.
JSMD valuation FAQ
What is the P/E ratio of JSMD?
Based on its holdings, JSMD has a trailing P/E of 68.8 and a forward P/E of 16.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JSMD?
The trailing earnings yield is 1.45% (1 ÷ P/E) and the forward earnings yield 6.12%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JSMD more expensive than the S&P 500?
JSMD trades at 68.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.3 and 19.9.
What is the price-to-book ratio of JSMD?
The holdings of JSMD trade at 6.45 times book value, with a combined return on equity of 9.4%.
Which sector in JSMD has the highest P/E?
Financial Services has the highest P/E at 621.7 and Basic Materials the lowest at 16.8.