Janus Henderson Small Cap Growth Alpha ETF (JSML) Valuation
JSML valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 47.3 trailing earnings
- Forward P/E
- 17.2 analyst estimates
- Price / sales
- 1.81
- Price / book
- 4.98
- EV / EBITDA
- 13.9
- Earnings yield
- 2.11% inverse of P/E
- Dividend yield
- 0.80% of the holdings
- Return on equity
- 10.5% combined
- Net margin
- 3.8% combined
- Beta
- 1.31 weighted, vs S&P 500
JSML valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JSML | 47.3 | 17.2 | 1.81 | 4.98 | 0.80% | 10.5% | 3.8% | 17.6% |
| 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.
JSML valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 24.8% | 117.8 | 18.3 | 2.42 | 5.36 | 0.06% | 4.5% |
| Technology | 24.7% | 77.5 | 19.6 | 3.31 | 5.56 | 0.16% | 7.2% |
| Industrials | 14.5% | 90.6 | 15.3 | 1.16 | 5.08 | 0.76% | 5.6% |
| Financial Services | 10.0% | 68.9 | 15.2 | 2.82 | 3.39 | 3.06% | 4.9% |
| Consumer Cyclical | 8.0% | 19.2 | 16.1 | 1.09 | 5.95 | 1.17% | 31.0% |
| Energy | 5.0% | 21.3 | 17.4 | 1.06 | 3.97 | 1.79% | 18.7% |
| Basic Materials | 4.2% | 17.3 | 18.6 | 0.78 | 3.42 | 0.62% | 19.8% |
| Communication Services | 3.3% | 19.7 | 12.0 | 2.38 | 6.78 | 0.35% | 34.4% |
| Consumer Defensive | 2.2% | 18.6 | 16.2 | 2.29 | 3.32 | 1.06% | 17.8% |
| Real Estate | 2.1% | 30.7 | 25.8 | 3.18 | 11.21 | 3.81% | 36.6% |
JSML 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 JSML weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JSML largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CVLT | Commvault Systems, Inc. | 2.09% | 95.0 | 28.0 | 5.1 | — | 1.16% |
| RHP | Ryman Hospitality Properties, Inc. | 2.08% | 30.7 | 25.8 | 3.2 | 3.81% | 3.58% |
| ZWS | Zurn Elkay Water Solutions Corporation | 2.07% | 29.2 | 22.9 | 4.4 | 0.94% | 3.74% |
| OPCH | Option Care Health, Inc. | 1.97% | 23.6 | 11.2 | 0.8 | — | 4.41% |
| CON | Concentra Group Holdings Parent, Inc. | 1.94% | 24.9 | 18.0 | 2.1 | 0.65% | 4.13% |
| TNET | TriNet Group, Inc. | 1.94% | 18.8 | 11.7 | 0.7 | 1.64% | 5.45% |
| WHD | Cactus, Inc. | 1.89% | 51.9 | 48.1 | 3.2 | 0.97% | 1.93% |
| QLYS | Qualys, Inc. | 1.88% | 31.4 | 21.9 | 9.1 | — | 3.16% |
| VCTR | Victory Capital Holdings, Inc. | 1.61% | 19.9 | 12.7 | 4.3 | 1.84% | 4.27% |
| PD | PagerDuty, Inc. | 1.61% | 8.0 | 11.0 | 2.6 | — | 10.59% |
| ENS | EnerSys | 1.59% | 18.1 | 14.2 | 1.6 | 0.68% | 4.64% |
| HAE | Haemonetics Corporation | 1.57% | 57.1 | 20.3 | 4.0 | — | 1.45% |
| STEP | StepStone Group Inc. | 1.53% | — | 18.5 | 2.7 | 4.13% | −9.48% |
| APAM | Artisan Partners Asset Management Inc. | 1.45% | 7.8 | 8.6 | 1.8 | 10.72% | 9.82% |
| GFF | Griffon Corporation | 1.43% | 20.0 | 10.2 | 1.7 | 0.95% | 3.77% |
| QTWO | Q2 Holdings, Inc. | 1.36% | 43.9 | 18.0 | 4.6 | — | 1.64% |
| CTS | CTS Corporation | 1.30% | 23.0 | 19.8 | 2.8 | 0.29% | 2.98% |
| EAT | Brinker International, Inc. | 1.24% | 18.8 | 16.2 | 1.5 | — | 3.47% |
| CNK | Cinemark Holdings, Inc | 1.22% | 21.4 | 13.6 | 1.3 | 0.94% | 3.00% |
| HRMY | Harmony Biosciences Holdings, Inc. | 1.19% | 12.2 | 10.1 | 2.3 | — | 5.11% |
| KRYS | Krystal Biotech, Inc. | 1.16% | 39.7 | 46.9 | 21.3 | — | 1.55% |
| MLAB | Mesa Laboratories, Inc. | 1.14% | 144.1 | 34.5 | 2.7 | 0.52% | 0.42% |
| SHOO | Steven Madden, Ltd. | 1.14% | 22.6 | 20.8 | 1.2 | 1.85% | 2.65% |
| CDNA | CareDx, Inc | 1.13% | 30.8 | 156.2 | 7.2 | — | 1.93% |
| CVSA | Covista Inc. | 1.10% | 16.9 | 13.6 | 2.2 | — | 3.42% |
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 JSML valuation
Adding up its 104 holdings with company data, JSML trades at 47.3 times trailing earnings and 17.2 times analysts' forward estimates, with a price-to-book ratio of 4.98 and a dividend yield of 0.80%. Its earnings yield of 2.11% is 3.21 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 19.1% of the fund and earn 42.4% of its combined profit. By sector, Healthcare is the most expensive at 117.8 times earnings and Basic Materials the cheapest at 17.3. Companies that lost money over the past year are 17.6% 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 89.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JSML chart, JSML performance, JSML holdings, JSML dividends.
JSML valuation FAQ
What is the P/E ratio of JSML?
Based on its holdings, JSML has a trailing P/E of 47.3 and a forward P/E of 17.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JSML?
The trailing earnings yield is 2.11% (1 ÷ P/E) and the forward earnings yield 5.81%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JSML more expensive than the S&P 500?
JSML trades at 47.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.2 and 19.9.
What is the price-to-book ratio of JSML?
The holdings of JSML trade at 4.98 times book value, with a combined return on equity of 10.5%.
Which sector in JSML has the highest P/E?
Healthcare has the highest P/E at 117.8 and Basic Materials the lowest at 17.3.