Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) Valuation
JUST valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.3 trailing earnings
- Forward P/E
- 19.1 analyst estimates
- Price / sales
- 3.40
- Price / book
- 5.48
- EV / EBITDA
- 17.0
- Earnings yield
- 3.95% inverse of P/E
- Dividend yield
- 1.13% of the holdings
- Return on equity
- 21.7% combined
- Net margin
- 13.4% combined
- Beta
- 1.14 weighted, vs S&P 500
JUST valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JUST | 25.3 | 19.1 | 3.40 | 5.48 | 1.13% | 21.7% | 13.4% | 2.2% |
| 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.
JUST valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 38.9% | 32.0 | 23.2 | 9.11 | 12.47 | 0.59% | 38.9% |
| Financial Services | 12.2% | 15.8 | 13.4 | 3.31 | 2.57 | 1.75% | 16.2% |
| Healthcare | 9.8% | 40.0 | 17.4 | 1.76 | 5.27 | 1.57% | 13.2% |
| Consumer Cyclical | 9.1% | 21.9 | 19.2 | 2.23 | 5.71 | 0.83% | 26.1% |
| Communication Services | 7.4% | 17.2 | 19.4 | 5.54 | 5.08 | 0.66% | 29.5% |
| Industrials | 7.0% | 27.8 | 21.3 | 2.45 | 6.02 | 1.12% | 21.7% |
| Consumer Defensive | 5.1% | 28.7 | 22.0 | 1.59 | 6.64 | 2.28% | 23.2% |
| Energy | 3.8% | 19.6 | 12.2 | 1.72 | 2.73 | 2.06% | 13.9% |
| Real Estate | 2.0% | 41.9 | 36.0 | 4.97 | 3.49 | 2.57% | 8.3% |
| Basic Materials | 1.9% | 31.1 | 16.8 | 2.64 | 3.71 | 1.42% | 11.9% |
| Utilities | 1.9% | 18.9 | 14.8 | 2.53 | 2.04 | 2.94% | 10.8% |
JUST 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 JUST weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JUST largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.39% | 27.1 | 24.9 | 17.1 | 0.47% | 7.93% |
| AAPL | Apple Inc. | 7.91% | 39.4 | 35.2 | 10.7 | 0.31% | 5.14% |
| MSFT | Microsoft Corporation | 6.51% | 29.5 | 25.1 | 11.8 | 0.74% | 5.66% |
| AMZN | Amazon.com, Inc. | 5.20% | 20.1 | 23.6 | 3.5 | — | 6.62% |
| GOOGL | Alphabet Inc. | 3.13% | 17.1 | 22.8 | 9.3 | 0.26% | 4.69% |
| GOOG | Alphabet Inc. | 2.73% | 16.9 | 21.8 | 9.2 | 0.26% | 4.13% |
| AVGO | Broadcom Inc. | 2.45% | 43.3 | 19.4 | 17.6 | 0.79% | 1.45% |
| JPM | JPMorgan Chase & Co. | 1.91% | 14.2 | 13.5 | 4.7 | 1.94% | 3.42% |
| LLY | Eli Lilly and Company | 1.66% | 42.2 | 24.4 | 14.1 | 0.55% | 1.01% |
| XOM | Exxon Mobil Corporation | 1.57% | 23.0 | 14.8 | 2.0 | 2.30% | 1.75% |
| MU | Micron Technology, Inc. | 1.57% | 11.8 | 7.0 | 7.5 | 0.07% | 3.40% |
| AMD | Advanced Micro Devices, Inc. | 1.42% | 134.9 | 39.5 | 20.9 | — | 0.27% |
| V | Visa Inc. | 1.27% | 34.3 | 24.0 | 17.0 | 0.67% | 0.95% |
| WMT | Walmart Inc. | 1.06% | 43.0 | 38.0 | 1.3 | 0.83% | 0.63% |
| JNJ | Johnson & Johnson | 1.00% | 38.8 | 21.0 | 6.2 | 2.10% | 0.66% |
| MA | Mastercard Incorporated | 0.93% | 34.0 | 24.2 | 15.4 | 0.56% | 0.70% |
| CSCO | Cisco Systems, Inc. | 0.87% | 32.2 | 19.8 | 6.7 | 1.56% | 0.69% |
| COST | Costco Wholesale Corporation | 0.86% | 47.6 | 40.3 | 1.4 | 0.59% | 0.46% |
| ABBV | AbbVie Inc. | 0.85% | 80.6 | 16.4 | 7.8 | 2.42% | 0.27% |
| PG | The Procter & Gamble Company | 0.71% | 24.1 | 21.2 | 4.3 | 2.73% | 0.76% |
| KO | The Coca-Cola Company | 0.69% | 28.2 | 25.3 | 8.1 | 2.26% | 0.63% |
| INTC | Intel Corporation | 0.69% | — | 63.3 | 8.3 | — | −0.42% |
| BAC | Bank of America Corporation | 0.68% | 12.2 | 10.8 | 3.1 | 2.50% | 1.41% |
| HD | The Home Depot, Inc. | 0.65% | 21.5 | 19.8 | 1.8 | 3.01% | 0.77% |
| CAT | Caterpillar Inc. | 0.64% | 31.5 | 25.4 | 4.5 | 0.89% | 0.52% |
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 JUST valuation
Adding up its 452 holdings with company data, JUST trades at 25.3 times trailing earnings and 19.1 times analysts' forward estimates, with a price-to-book ratio of 5.48 and a dividend yield of 1.13%. Its earnings yield of 3.95% is 1.38 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 41.5% of the fund and earn 41.8% of its combined profit. By sector, Real Estate is the most expensive at 41.9 times earnings and Financial Services the cheapest at 15.8. Companies that lost money over the past year are 2.2% 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 99.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JUST chart, JUST performance, JUST holdings, JUST dividends.
JUST valuation FAQ
What is the P/E ratio of JUST?
Based on its holdings, JUST has a trailing P/E of 25.3 and a forward P/E of 19.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JUST?
The trailing earnings yield is 3.95% (1 ÷ P/E) and the forward earnings yield 5.22%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JUST more expensive than the S&P 500?
JUST trades at 25.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.1 and 19.9.
What is the price-to-book ratio of JUST?
The holdings of JUST trade at 5.48 times book value, with a combined return on equity of 21.7%.
Which sector in JUST has the highest P/E?
Real Estate has the highest P/E at 41.9 and Financial Services the lowest at 15.8.