Harrison Street Infrastructure Active ETF (NFRX) Valuation
NFRX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.8 trailing earnings
- Forward P/E
- 17.3 analyst estimates
- Price / sales
- 3.79
- Price / book
- 2.82
- EV / EBITDA
- 13.3
- Earnings yield
- 4.58% inverse of P/E
- Dividend yield
- 2.52% of the holdings
- Return on equity
- 12.9% combined
- Net margin
- 17.4% combined
- Beta
- 0.60 weighted, vs S&P 500
NFRX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NFRX | 21.8 | 17.3 | 3.79 | 2.82 | 2.52% | 12.9% | 17.4% | 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.
NFRX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Utilities | 48.1% | 19.7 | 15.4 | 3.15 | 1.89 | 2.81% | 9.6% |
| Energy | 15.0% | 26.4 | 20.6 | 4.22 | 9.30 | 1.97% | 35.3% |
| Real Estate | 4.2% | 25.5 | 24.6 | 7.89 | 21.39 | 3.86% | 83.9% |
NFRX 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 NFRX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NFRX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| UNP | Union Pacific Corporation | 6.71% | 23.4 | 19.3 | 6.8 | 1.97% | 10.16% |
| WMB | The Williams Companies, Inc. | 4.84% | 28.4 | 26.8 | 7.1 | 2.95% | 6.05% |
| AENA | Aena SA | 4.63% | — | — | — | — | — |
| ATO | Atmos Energy Corporation | 4.62% | 19.9 | 17.6 | 5.7 | 2.39% | 8.21% |
| NG | National Grid PLC | 4.61% | — | — | — | — | — |
| TRGP | Targa Resources Corp. | 4.24% | 28.2 | 23.2 | 3.8 | 1.70% | 5.33% |
| XEL | Xcel Energy Inc. | 4.18% | 20.9 | 16.0 | 3.3 | 3.11% | 7.09% |
| CNR | Canadian National Railway Co | 4.18% | — | — | — | — | — |
| NEE | NextEra Energy, Inc. | 3.89% | 17.9 | 17.7 | 5.8 | 3.12% | 7.68% |
| CNP | CenterPoint Energy, Inc. | 3.83% | 24.0 | 17.7 | 2.8 | 2.37% | 5.66% |
| AMT | American Tower Corporation | 3.50% | 25.5 | 24.6 | 7.9 | 3.86% | 4.87% |
| ETR | Entergy Corporation | 3.46% | 26.9 | 19.6 | 3.7 | 2.44% | 4.57% |
| AEP | American Electric Power Company, Inc. | 3.45% | 22.0 | 17.2 | 3.0 | 2.99% | 5.54% |
| CSX | CSX Corporation | 3.37% | 28.3 | 21.2 | 6.2 | 1.15% | 4.22% |
| TCL | Transurban Group | 3.07% | — | — | — | — | — |
| LNG | Cheniere Energy, Inc. | 3.05% | 21.9 | 13.5 | 2.9 | 0.77% | 4.93% |
| SRE | Sempra | 2.91% | 24.1 | 14.5 | 4.0 | 3.15% | 4.28% |
| TRP | TC Energy Corp | 2.88% | — | — | — | — | — |
| AEE | Ameren Corporation | 2.62% | 18.7 | 17.5 | 3.5 | 2.83% | 4.96% |
| ELI | Elia Group SA/NV | 2.49% | — | — | — | — | — |
| PCG | PG&E Corporation | 2.46% | 9.5 | 6.9 | 1.5 | 1.53% | 9.18% |
| FER | Ferrovial S.A. | 2.34% | — | — | — | — | — |
| DG | Vinci S.A. | 2.18% | — | — | — | — | — |
| FE | FirstEnergy Corp. | 2.13% | 24.6 | 14.7 | 1.7 | 4.03% | 3.07% |
| IG | Italgas SpA | 2.08% | — | — | — | — | — |
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 NFRX valuation
Adding up its 19 holdings with company data, NFRX trades at 21.8 times trailing earnings and 17.3 times analysts' forward estimates, with a price-to-book ratio of 2.82 and a dividend yield of 2.52%. Its earnings yield of 4.58% is 0.75 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.7% of the fund and earn 65.2% of its combined profit. By sector, Energy is the most expensive at 26.4 times earnings and Utilities the cheapest at 19.7. 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 62.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NFRX chart, NFRX holdings, NFRX dividends.
NFRX valuation FAQ
What is the P/E ratio of NFRX?
Based on its holdings, NFRX has a trailing P/E of 21.8 and a forward P/E of 17.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NFRX?
The trailing earnings yield is 4.58% (1 ÷ P/E) and the forward earnings yield 5.79%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NFRX more expensive than the S&P 500?
NFRX trades at 21.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.3 and 19.9.
What is the price-to-book ratio of NFRX?
The holdings of NFRX trade at 2.82 times book value, with a combined return on equity of 12.9%.
Which sector in NFRX has the highest P/E?
Energy has the highest P/E at 26.4 and Utilities the lowest at 19.7.