VanEck Morningstar Wide Moat ETF (MOAT) Valuation

Cboe BZX: MOATP/E, earnings yield and other ratios of the holdings combined.

MOAT valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 22.2
Forward P/E: 17.1
Price / sales: 2.73
Price / book: 4.83
EV / EBITDA: 15.2
Earnings yield: 4.50%
Dividend yield: 1.66%
Return on equity: 21.7%
Net margin: 12.3%
Beta: 0.88

MOAT valuation vs other stock ETFs

P/E (TTM)Forward P/E

MOAT valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
MOAT	22.2	17.1	2.73	4.83	1.66%	21.7%	12.3%	0.0%
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.

MOAT valuation by sector

P/E (TTM)Forward P/E

MOAT valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	29.0%	32.5	21.6	6.76	8.20	0.79%	25.2%
Consumer Defensive	20.7%	17.9	15.5	2.21	3.76	3.58%	20.9%
Consumer Cyclical	14.8%	21.6	19.5	1.85	7.58	1.76%	35.0%
Healthcare	13.9%	20.7	13.9	2.96	3.04	1.26%	14.7%
Industrials	11.9%	18.5	15.6	1.71	4.60	1.58%	24.8%
Communication Services	5.0%	22.7	19.3	4.55	3.86	0.56%	17.0%
Financial Services	4.7%	19.6	11.8	2.11	4.03	0.86%	20.5%

MOAT earnings yield vs bond yields

MOAT earnings yield (forward)

5.85%

MOAT earnings yield (trailing)

4.50%

MOAT dividend yield

1.66%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 MOAT weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

MOAT largest holdings: valuation

MOAT largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
DHR	Danaher Corporation	2.91%	40.8	23.8	6.4	0.70%	1.58%
TYL	Tyler Technologies, Inc.	2.86%	47.5	23.7	6.1	—	1.34%
MSFT	Microsoft Corporation	2.83%	29.5	25.1	11.8	0.74%	2.13%
BR	Broadridge Financial Solutions, Inc.	2.80%	18.2	15.5	2.6	2.49%	3.41%
EL	The Estée Lauder Companies Inc.	2.62%	209.1	29.8	2.5	1.34%	0.28%
ZTS	Zoetis Inc.	2.61%	13.1	12.0	3.4	2.67%	4.44%
TSCO	Tractor Supply Company	2.61%	17.3	14.5	1.1	2.90%	3.35%
BF.B	Brown-Forman Corporation	2.59%	18.6	15.6	3.4	3.20%	3.09%
META	Meta Platforms, Inc.	2.58%	26.7	22.1	7.9	0.30%	2.15%
STZ	Constellation Brands, Inc.	2.57%	11.8	10.0	2.4	3.14%	4.85%
KVUE	Kenvue Inc.	2.53%	22.0	14.7	2.4	4.44%	2.56%
ZBH	Zimmer Biomet Holdings, Inc.	2.50%	23.1	10.1	2.1	1.01%	2.40%
GEHC	GE HealthCare Technologies Inc.	2.44%	16.0	12.1	1.5	0.23%	3.39%
MDLZ	Mondelez International, Inc.	2.44%	23.5	18.2	2.1	3.25%	2.30%
OTIS	Otis Worldwide Corporation	2.41%	18.3	15.1	1.8	2.47%	2.92%
LPLA	LPL Financial Holdings Inc.	2.40%	25.5	10.9	1.3	0.37%	2.09%
HSY	The Hershey Company	2.36%	23.3	17.8	2.8	3.40%	2.25%
NVDA	NVIDIA Corporation	2.34%	27.1	24.9	17.1	0.47%	1.92%
MKC	McCormick & Company, Incorporated	2.33%	8.4	14.3	1.6	4.14%	6.19%
HII	Huntington Ingalls Industries, Inc.	2.33%	16.2	12.6	0.8	2.03%	3.19%
NKE	NIKE, Inc.	2.26%	17.9	21.0	1.2	4.42%	2.82%
SCHW	The Charles Schwab Corporation	2.25%	15.7	12.9	5.9	1.39%	3.18%
VEEV	Veeva Systems Inc.	2.20%	50.9	30.2	14.5	—	0.96%
CLX	The Clorox Company	2.14%	18.1	14.9	1.6	5.74%	2.62%
CPRT	Copart, Inc.	2.10%	18.0	17.2	5.5	—	2.59%

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 MOAT valuation

Adding up its 54 holdings with company data, MOAT trades at 22.2 times trailing earnings and 17.1 times analysts' forward estimates, with a price-to-book ratio of 4.83 and a dividend yield of 1.66%. Its earnings yield of 4.50% is 0.82 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 27.0% of the fund and earn 26.6% of its combined profit. By sector, Technology is the most expensive at 32.5 times earnings and Consumer Defensive the cheapest at 17.9. Companies that lost money over the past year are 0.0% 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.

MOAT valuation FAQ

What is the P/E ratio of MOAT?

Based on its holdings, MOAT has a trailing P/E of 22.2 and a forward P/E of 17.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of MOAT?

The trailing earnings yield is 4.50% (1 ÷ P/E) and the forward earnings yield 5.85%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is MOAT more expensive than the S&P 500?

MOAT trades at 22.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.1 and 19.9.

What is the price-to-book ratio of MOAT?

The holdings of MOAT trade at 4.83 times book value, with a combined return on equity of 21.7%.

Which sector in MOAT has the highest P/E?

Technology has the highest P/E at 32.5 and Consumer Defensive the lowest at 17.9.