PIMCO RAFI Dynamic Multi-Factor U.S. Equity (MFUS) Valuation
MFUS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.3 trailing earnings
- Forward P/E
- 14.8 analyst estimates
- Price / sales
- 1.47
- Price / book
- 3.35
- EV / EBITDA
- 13.1
- Earnings yield
- 4.12% inverse of P/E
- Dividend yield
- 1.86% of the holdings
- Return on equity
- 13.8% combined
- Net margin
- 6.1% combined
- Beta
- 0.85 weighted, vs S&P 500
MFUS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MFUS | 24.3 | 14.8 | 1.47 | 3.35 | 1.86% | 13.8% | 6.1% | 6.9% |
| 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.
MFUS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 19.2% | 34.4 | 21.3 | 3.33 | 6.69 | 0.82% | 19.5% |
| Healthcare | 18.2% | 40.2 | 15.1 | 1.28 | 4.45 | 1.80% | 11.1% |
| Financial Services | 11.7% | 13.1 | 11.5 | 2.15 | 1.77 | 1.81% | 13.5% |
| Consumer Defensive | 10.8% | 30.0 | 17.4 | 1.09 | 4.28 | 2.73% | 14.3% |
| Industrials | 10.4% | 26.9 | 18.9 | 1.77 | 5.02 | 1.46% | 18.7% |
| Consumer Cyclical | 8.9% | 28.8 | 12.2 | 0.77 | 3.13 | 1.92% | 10.9% |
| Energy | 8.8% | 18.4 | 11.3 | 1.19 | 2.61 | 2.06% | 14.2% |
| Communication Services | 4.7% | 11.0 | 9.9 | 1.31 | 2.01 | 3.23% | 18.2% |
| Basic Materials | 2.7% | 40.5 | 11.9 | 1.18 | 2.27 | 1.89% | 5.6% |
| Real Estate | 2.2% | 28.7 | 22.7 | 3.85 | 2.21 | 4.69% | 7.7% |
| Utilities | 1.1% | 18.9 | 14.2 | 2.03 | 1.90 | 3.12% | 10.1% |
| Services | 0.0% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
MFUS 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 MFUS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MFUS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 2.39% | 39.4 | 35.2 | 10.7 | 0.31% | 1.50% |
| XOM | Exxon Mobil Corporation | 1.86% | 23.0 | 14.8 | 2.0 | 2.30% | 2.00% |
| JNJ | Johnson & Johnson | 1.80% | 38.8 | 21.0 | 6.2 | 2.10% | 1.15% |
| CVX | Chevron Corporation | 1.67% | 21.2 | 15.2 | 2.1 | 3.16% | 1.95% |
| LLY | Eli Lilly and Company | 1.65% | 42.2 | 24.4 | 14.1 | 0.55% | 0.97% |
| WMT | Walmart Inc. | 1.48% | 43.0 | 38.0 | 1.3 | 0.83% | 0.85% |
| ABBV | AbbVie Inc. | 1.43% | 80.6 | 16.4 | 7.8 | 2.42% | 0.44% |
| INTC | Intel Corporation | 1.40% | — | 63.3 | 8.3 | — | −0.81% |
| T | AT&T Inc. | 1.25% | 7.7 | 9.9 | 1.3 | 4.74% | 4.00% |
| CSCO | Cisco Systems, Inc. | 1.17% | 32.2 | 19.8 | 6.7 | 1.56% | 0.89% |
| BRK.B | Berkshire Hathaway Inc. | 1.16% | 13.4 | 22.7 | 3.0 | — | 2.15% |
| MRK | Merck & Co., Inc. | 1.16% | 115.8 | 15.3 | 5.4 | 2.33% | 0.25% |
| PFE | Pfizer Inc. | 1.15% | 38.9 | 9.7 | 2.6 | 5.81% | 0.73% |
| C | Citigroup Inc. | 1.11% | 12.1 | 10.2 | 2.5 | 2.16% | 2.27% |
| VLO | Valero Energy Corporation | 1.09% | 18.5 | 10.2 | 1.0 | 1.08% | 1.46% |
| KO | The Coca-Cola Company | 1.07% | 28.2 | 25.3 | 8.1 | 2.26% | 0.94% |
| AMGN | Amgen Inc. | 1.04% | 26.9 | 16.7 | 6.1 | 2.33% | 0.96% |
| PG | The Procter & Gamble Company | 1.00% | 24.1 | 21.2 | 4.3 | 2.73% | 1.02% |
| VZ | Verizon Communications Inc. | 1.00% | 11.7 | 8.7 | 1.3 | 6.32% | 2.11% |
| MPC | Marathon Petroleum Corporation | 0.91% | 16.6 | 5.5 | 0.9 | 0.84% | 1.37% |
| GILD | Gilead Sciences, Inc. | 0.91% | — | 15.6 | 6.4 | 2.10% | −0.38% |
| IBM | International Business Machines Corporation | 0.88% | 20.6 | 17.4 | 3.2 | 2.91% | 1.05% |
| WFC | Wells Fargo & Company | 0.83% | 11.8 | 10.2 | 3.0 | 2.38% | 1.73% |
| PM | Philip Morris International Inc. | 0.82% | 29.5 | 20.9 | 7.5 | 3.12% | 0.68% |
| PEP | PepsiCo, Inc. | 0.81% | 16.5 | 14.9 | 1.8 | 4.50% | 1.21% |
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 MFUS valuation
Adding up its 885 holdings with company data, MFUS trades at 24.3 times trailing earnings and 14.8 times analysts' forward estimates, with a price-to-book ratio of 3.35 and a dividend yield of 1.86%. Its earnings yield of 4.12% is 1.20 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 16.1% of the fund and earn 12.9% of its combined profit. By sector, Basic Materials is the most expensive at 40.5 times earnings and Communication Services the cheapest at 11.0. Companies that lost money over the past year are 6.9% 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.
Related: MFUS chart, MFUS performance, MFUS holdings, MFUS dividends.
MFUS valuation FAQ
What is the P/E ratio of MFUS?
Based on its holdings, MFUS has a trailing P/E of 24.3 and a forward P/E of 14.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MFUS?
The trailing earnings yield is 4.12% (1 ÷ P/E) and the forward earnings yield 6.75%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MFUS more expensive than the S&P 500?
MFUS trades at 24.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.8 and 19.9.
What is the price-to-book ratio of MFUS?
The holdings of MFUS trade at 3.35 times book value, with a combined return on equity of 13.8%.
Which sector in MFUS has the highest P/E?
Basic Materials has the highest P/E at 40.5 and Communication Services the lowest at 11.0.