Morgan Stanley Pathway Small-Mid Cap Equity ETF (MSSM) Valuation
MSSM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 48.5 trailing earnings
- Forward P/E
- 14.7 analyst estimates
- Price / sales
- 1.44
- Price / book
- 2.45
- EV / EBITDA
- 11.3
- Earnings yield
- 2.06% inverse of P/E
- Dividend yield
- 1.15% of the holdings
- Return on equity
- 5.0% combined
- Net margin
- 3.0% combined
- Beta
- 1.09 weighted, vs S&P 500
MSSM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MSSM | 48.5 | 14.7 | 1.44 | 2.45 | 1.15% | 5.0% | 3.0% | 20.1% |
| 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.
MSSM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 18.3% | n/m | 17.2 | 1.64 | 3.16 | 0.19% | −1.2% |
| Healthcare | 16.6% | n/m | 19.1 | 2.64 | 3.73 | 0.08% | −7.5% |
| Industrials | 15.3% | 31.4 | 15.4 | 1.12 | 2.80 | 0.96% | 8.9% |
| Financial Services | 14.6% | 19.1 | 10.5 | 1.92 | 1.50 | 2.23% | 7.9% |
| Consumer Cyclical | 9.7% | 29.2 | 12.3 | 0.76 | 2.94 | 1.20% | 10.1% |
| Real Estate | 4.7% | 28.0 | 23.5 | 2.75 | 1.96 | 4.44% | 7.0% |
| Utilities | 4.1% | 24.6 | 16.1 | 2.23 | 1.84 | 2.73% | 7.5% |
| Energy | 3.9% | 15.0 | 11.1 | 1.60 | 1.73 | 1.73% | 11.5% |
| Consumer Defensive | 3.8% | 36.2 | 15.5 | 0.74 | 3.32 | 0.66% | 9.2% |
| Basic Materials | 3.8% | 40.6 | 13.2 | 1.03 | 2.14 | 1.35% | 5.3% |
| Communication Services | 2.3% | 65.6 | 11.8 | 1.41 | 2.09 | 0.57% | 3.2% |
| Information Technology | 0.0% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
| Services | 0.0% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
MSSM 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 MSSM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MSSM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| DT | Dynatrace, Inc. | 1.01% | 122.2 | 29.6 | 8.5 | — | 0.44% |
| ASND | Ascendis Pharma A/S | 0.80% | 17.3 | 19.8 | 14.2 | — | 2.46% |
| KBR | KBR, Inc. | 0.68% | 10.9 | 8.1 | 0.6 | 1.81% | 3.31% |
| VSAT | Viasat, Inc. | 0.61% | — | 144.9 | 1.8 | — | −0.12% |
| HAE | Haemonetics Corporation | 0.60% | 57.1 | 20.3 | 4.0 | — | 0.55% |
| FTI | TechnipFMC plc | 0.53% | 24.3 | 21.3 | 2.6 | 0.29% | 1.17% |
| VECO | Veeco Instruments Inc. | 0.53% | 115.5 | 14.3 | 3.8 | — | 0.24% |
| TCBI | Texas Capital Bancshares, Inc. | 0.52% | 12.0 | 11.1 | 3.1 | 0.88% | 2.31% |
| VRNS | Varonis Systems, Inc. | 0.52% | — | 140.8 | 8.1 | — | −0.69% |
| GTLB | GitLab Inc. | 0.51% | — | 55.2 | 8.3 | — | −0.16% |
| RHP | Ryman Hospitality Properties, Inc. | 0.51% | 30.7 | 25.8 | 3.2 | 3.81% | 0.88% |
| MRNA | Moderna, Inc. | 0.51% | — | 23.0 | 39.1 | — | −0.99% |
| LTH | Life Time Group Holdings, Inc. | 0.51% | 22.1 | 20.2 | 2.8 | — | 1.21% |
| PLXS | Plexus Corp. | 0.48% | 34.0 | 24.2 | 1.3 | — | 0.75% |
| BTSG | BrightSpring Health Services, Inc. | 0.47% | 53.9 | 22.2 | 0.8 | — | 0.46% |
| KAR | KAR Auction Services Inc | 0.47% | — | — | — | — | — |
| IMAX | IMAX Corporation | 0.46% | 70.6 | 29.0 | 6.7 | — | 0.35% |
| THC | Tenet Healthcare Corporation | 0.46% | 10.5 | 12.5 | 1.0 | — | 2.31% |
| CHEF | The Chefs' Warehouse, Inc. | 0.46% | 54.1 | 25.6 | 1.1 | — | 0.45% |
| ITT | ITT Inc. | 0.46% | 38.8 | 21.6 | 3.7 | 0.78% | 0.62% |
| EAT | Brinker International, Inc. | 0.45% | 18.8 | 16.2 | 1.5 | — | 1.27% |
| WTFC | Wintrust Financial Corporation | 0.45% | 11.6 | 10.9 | 3.5 | 1.53% | 2.05% |
| RMBS | Rambus Inc. | 0.44% | 40.0 | 24.2 | 12.5 | — | 0.59% |
| SFM | Sprouts Farmers Market, Inc. | 0.44% | 12.5 | 11.1 | 0.7 | — | 1.88% |
| RRX | Regal Rexnord Corporation | 0.44% | 31.7 | 11.4 | 1.7 | 0.91% | 0.73% |
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 MSSM valuation
Adding up its 1,668 holdings with company data, MSSM trades at 48.5 times trailing earnings and 14.7 times analysts' forward estimates, with a price-to-book ratio of 2.45 and a dividend yield of 1.15%. Its earnings yield of 2.06% is 3.26 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 6.3% of the fund and earn 9.5% of its combined profit. By sector, Communication Services is the most expensive at 65.6 times earnings and Services the cheapest at 14.2. Companies that lost money over the past year are 20.1% 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 93.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MSSM chart, MSSM performance, MSSM holdings, MSSM dividends.
MSSM valuation FAQ
What is the P/E ratio of MSSM?
Based on its holdings, MSSM has a trailing P/E of 48.5 and a forward P/E of 14.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MSSM?
The trailing earnings yield is 2.06% (1 ÷ P/E) and the forward earnings yield 6.82%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MSSM more expensive than the S&P 500?
MSSM trades at 48.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.7 and 19.9.
What is the price-to-book ratio of MSSM?
The holdings of MSSM trade at 2.45 times book value, with a combined return on equity of 5.0%.
Which sector in MSSM has the highest P/E?
Communication Services has the highest P/E at 65.6 and Services the lowest at 14.2.