ProShares S&P 500 Dividend Aristocrats ETF (NOBL) Valuation
NOBL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.3 trailing earnings
- Forward P/E
- 17.1 analyst estimates
- Price / sales
- 1.89
- Price / book
- 3.41
- EV / EBITDA
- 14.5
- Earnings yield
- 4.30% inverse of P/E
- Dividend yield
- 2.49% of the holdings
- Return on equity
- 14.7% combined
- Net margin
- 8.1% combined
- Beta
- 0.72 weighted, vs S&P 500
NOBL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NOBL | 23.3 | 17.1 | 1.89 | 3.41 | 2.49% | 14.7% | 8.1% | 1.5% |
| 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.
NOBL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Consumer Defensive | 23.2% | 22.0 | 16.6 | 1.34 | 4.14 | 3.27% | 18.8% |
| Industrials | 19.6% | 25.9 | 20.2 | 2.47 | 4.96 | 1.70% | 19.1% |
| Financial Services | 13.3% | 15.3 | 14.3 | 2.89 | 2.21 | 2.18% | 14.4% |
| Healthcare | 11.0% | 38.4 | 17.8 | 1.17 | 4.33 | 1.87% | 11.3% |
| Basic Materials | 9.8% | 33.7 | 16.9 | 2.67 | 3.84 | 1.54% | 11.4% |
| Consumer Cyclical | 5.7% | 24.5 | 14.0 | 1.11 | 4.33 | 3.77% | 17.7% |
| Utilities | 5.3% | 18.3 | 16.0 | 3.04 | 1.76 | 3.31% | 9.6% |
| Technology | 5.3% | 20.1 | 17.7 | 4.14 | 4.06 | 2.06% | 20.2% |
| Real Estate | 3.7% | 31.8 | 37.1 | 8.26 | 2.21 | 4.64% | 6.9% |
| Energy | 3.1% | 22.1 | 15.0 | 2.07 | 2.32 | 2.74% | 10.5% |
NOBL 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 NOBL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NOBL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| FDS | FactSet Research Systems Inc. | 1.83% | 20.7 | 13.9 | 4.3 | 1.54% | 2.05% |
| ROP | Roper Technologies, Inc. | 1.79% | 15.9 | 15.0 | 4.6 | 0.95% | 2.60% |
| ADP | Automatic Data Processing, Inc. | 1.77% | 26.4 | 22.0 | 5.2 | 2.35% | 1.56% |
| BDX | Becton, Dickinson and Company | 1.75% | 44.6 | 13.7 | 2.3 | 2.19% | 0.91% |
| IBM | International Business Machines Corporation | 1.72% | 20.6 | 17.4 | 3.2 | 2.91% | 1.94% |
| ERIE | Erie Indemnity Company | 1.71% | 22.1 | 26.7 | 3.1 | 2.40% | 1.80% |
| BF.B | Brown-Forman Corporation | 1.66% | 18.6 | 15.6 | 3.4 | 3.20% | 2.07% |
| CAH | Cardinal Health, Inc. | 1.65% | 35.1 | 17.7 | 0.2 | 0.81% | 1.09% |
| TGT | Target Corporation | 1.61% | 16.0 | 15.6 | 0.7 | 3.01% | 2.34% |
| MDT | Medtronic plc | 1.60% | 23.3 | 14.9 | 3.2 | 3.04% | 1.60% |
| FAST | Fastenal Company | 1.60% | 41.5 | 37.5 | 6.4 | 2.04% | 0.90% |
| SWK | Stanley Black & Decker, Inc. | 1.60% | 22.6 | 14.5 | 0.9 | 3.63% | 1.64% |
| WST | West Pharmaceutical Services, Inc. | 1.59% | 49.4 | 37.0 | 8.1 | 0.23% | 0.75% |
| EMR | Emerson Electric Co. | 1.59% | 35.3 | 21.5 | 4.9 | 1.37% | 1.05% |
| CVX | Chevron Corporation | 1.58% | 21.2 | 15.2 | 2.1 | 3.16% | 1.73% |
| CTAS | Cintas Corporation | 1.58% | 42.1 | 36.2 | 7.3 | 0.97% | 0.87% |
| KO | The Coca-Cola Company | 1.56% | 28.2 | 25.3 | 8.1 | 2.26% | 1.29% |
| NUE | Nucor Corporation | 1.55% | 20.4 | 11.4 | 1.6 | 0.87% | 1.76% |
| SJM | The J. M. Smucker Company | 1.55% | 59.5 | 12.0 | 1.5 | 3.52% | 0.61% |
| NDSN | Nordson Corporation | 1.55% | 32.6 | 24.8 | 6.0 | 1.17% | 1.10% |
| WMT | Walmart Inc. | 1.55% | 43.0 | 38.0 | 1.3 | 0.83% | 0.84% |
| BRO | Brown & Brown, Inc. | 1.55% | 21.9 | 12.6 | 3.5 | 0.95% | 1.64% |
| ECL | Ecolab Inc. | 1.54% | 38.8 | 29.7 | 4.8 | 1.01% | 0.93% |
| CHD | Church & Dwight Co., Inc. | 1.53% | 33.5 | 23.4 | 4.0 | 1.18% | 1.06% |
| EXPD | Expeditors International of Washington, Inc. | 1.53% | 28.5 | 24.4 | 2.1 | 0.83% | 1.25% |
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 NOBL valuation
Adding up its 69 holdings with company data, NOBL trades at 23.3 times trailing earnings and 17.1 times analysts' forward estimates, with a price-to-book ratio of 3.41 and a dividend yield of 2.49%. Its earnings yield of 4.30% is 1.03 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 17.1% of the fund and earn 18.0% of its combined profit. By sector, Healthcare is the most expensive at 38.4 times earnings and Financial Services the cheapest at 15.3. Companies that lost money over the past year are 1.5% 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: NOBL chart, NOBL performance, NOBL holdings, NOBL dividends.
NOBL valuation FAQ
What is the P/E ratio of NOBL?
Based on its holdings, NOBL has a trailing P/E of 23.3 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 NOBL?
The trailing earnings yield is 4.30% (1 ÷ P/E) and the forward earnings yield 5.84%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NOBL more expensive than the S&P 500?
NOBL trades at 23.3 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 NOBL?
The holdings of NOBL trade at 3.41 times book value, with a combined return on equity of 14.7%.
Which sector in NOBL has the highest P/E?
Healthcare has the highest P/E at 38.4 and Financial Services the lowest at 15.3.