iShares MSCI USA ETF (MLRG) Valuation
MLRG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.4 trailing earnings
- Forward P/E
- 19.9 analyst estimates
- Price / sales
- 3.68
- Price / book
- 5.52
- EV / EBITDA
- 17.3
- Earnings yield
- 3.78% inverse of P/E
- Dividend yield
- 1.08% of the holdings
- Return on equity
- 20.9% combined
- Net margin
- 13.9% combined
- Beta
- 1.16 weighted, vs S&P 500
MLRG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MLRG | 26.4 | 19.9 | 3.68 | 5.52 | 1.08% | 20.9% | 13.9% | 2.5% |
| 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.
MLRG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 38.8% | 33.8 | 23.3 | 9.25 | 12.41 | 0.55% | 36.7% |
| Financial Services | 11.5% | 16.0 | 14.4 | 3.44 | 2.40 | 1.52% | 15.0% |
| Healthcare | 9.9% | 37.6 | 17.7 | 1.74 | 5.36 | 1.51% | 14.2% |
| Communication Services | 9.5% | 18.4 | 18.9 | 4.92 | 5.04 | 0.69% | 27.4% |
| Consumer Cyclical | 9.4% | 28.0 | 23.5 | 2.75 | 6.48 | 0.69% | 23.2% |
| Industrials | 7.8% | 30.5 | 23.5 | 3.19 | 7.05 | 1.10% | 23.1% |
| Consumer Defensive | 4.6% | 29.0 | 21.7 | 1.72 | 7.03 | 2.32% | 24.3% |
| Energy | 3.9% | 19.8 | 12.9 | 1.85 | 2.61 | 2.27% | 13.1% |
| Utilities | 1.9% | 19.5 | 15.6 | 2.80 | 2.08 | 3.00% | 10.7% |
| Real Estate | 1.7% | 31.2 | 31.0 | 6.62 | 3.25 | 3.52% | 10.4% |
| Basic Materials | 1.6% | 26.9 | 16.5 | 2.73 | 3.60 | 1.37% | 13.4% |
MLRG 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 MLRG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MLRG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 7.57% | 27.1 | 24.9 | 17.1 | 0.47% | 7.35% |
| AAPL | Apple Inc. | 7.46% | 39.4 | 35.2 | 10.7 | 0.31% | 4.98% |
| MSFT | Microsoft Corporation | 5.92% | 29.5 | 25.1 | 11.8 | 0.74% | 5.28% |
| AMZN | Amazon.com, Inc. | 3.92% | 20.1 | 23.6 | 3.5 | — | 5.12% |
| GOOGL | Alphabet Inc. | 2.90% | 17.1 | 22.8 | 9.3 | 0.26% | 4.45% |
| GOOG | Alphabet Inc. | 2.36% | 16.9 | 21.8 | 9.2 | 0.26% | 3.67% |
| META | Meta Platforms, Inc. | 2.35% | 26.7 | 22.1 | 7.9 | 0.30% | 2.31% |
| AVGO | Broadcom Inc. | 2.27% | 43.3 | 19.4 | 17.6 | 0.79% | 1.38% |
| TSLA | Tesla, Inc. | 1.67% | 328.4 | 158.7 | 13.5 | — | 0.13% |
| MU | Micron Technology, Inc. | 1.56% | 11.8 | 7.0 | 7.5 | 0.07% | 3.48% |
| LLY | Eli Lilly and Company | 1.49% | 42.2 | 24.4 | 14.1 | 0.55% | 0.93% |
| AMD | Advanced Micro Devices, Inc. | 1.37% | 134.9 | 39.5 | 20.9 | — | 0.27% |
| JPM | JPMorgan Chase & Co. | 1.31% | 14.2 | 13.5 | 4.7 | 1.94% | 2.42% |
| BRK.B | Berkshire Hathaway Inc. | 1.17% | 13.4 | 22.7 | 3.0 | — | 2.30% |
| XOM | Exxon Mobil Corporation | 1.16% | 23.0 | 14.8 | 2.0 | 2.30% | 1.32% |
| V | Visa Inc. | 1.01% | 34.3 | 24.0 | 17.0 | 0.67% | 0.78% |
| JNJ | Johnson & Johnson | 0.97% | 38.8 | 21.0 | 6.2 | 2.10% | 0.66% |
| WMT | Walmart Inc. | 0.80% | 43.0 | 38.0 | 1.3 | 0.83% | 0.49% |
| ABBV | AbbVie Inc. | 0.79% | 80.6 | 16.4 | 7.8 | 2.42% | 0.26% |
| MA | Mastercard Incorporated | 0.75% | 34.0 | 24.2 | 15.4 | 0.56% | 0.58% |
| COST | Costco Wholesale Corporation | 0.65% | 47.6 | 40.3 | 1.4 | 0.59% | 0.36% |
| CVX | Chevron Corporation | 0.64% | 21.2 | 15.2 | 2.1 | 3.16% | 0.80% |
| INTC | Intel Corporation | 0.63% | — | 63.3 | 8.3 | — | −0.39% |
| PLTR | Palantir Technologies Inc. | 0.62% | 160.4 | 85.5 | 72.6 | — | 0.10% |
| CSCO | Cisco Systems, Inc. | 0.62% | 32.2 | 19.8 | 6.7 | 1.56% | 0.50% |
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 MLRG valuation
Adding up its 514 holdings with company data, MLRG trades at 26.4 times trailing earnings and 19.9 times analysts' forward estimates, with a price-to-book ratio of 5.52 and a dividend yield of 1.08%. Its earnings yield of 3.78% is 1.54 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.0% of the fund and earn 38.2% of its combined profit. By sector, Healthcare is the most expensive at 37.6 times earnings and Financial Services the cheapest at 16.0. Companies that lost money over the past year are 2.5% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MLRG chart, MLRG performance, MLRG holdings, MLRG dividends.
MLRG valuation FAQ
What is the P/E ratio of MLRG?
Based on its holdings, MLRG has a trailing P/E of 26.4 and a forward P/E of 19.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MLRG?
The trailing earnings yield is 3.78% (1 ÷ P/E) and the forward earnings yield 5.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MLRG more expensive than the S&P 500?
MLRG trades at 26.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.9 and 19.9.
What is the price-to-book ratio of MLRG?
The holdings of MLRG trade at 5.52 times book value, with a combined return on equity of 20.9%.
Which sector in MLRG has the highest P/E?
Healthcare has the highest P/E at 37.6 and Financial Services the lowest at 16.0.