Northern Funds (NOEQ) Valuation
NOEQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.5 trailing earnings
- Forward P/E
- 20.7 analyst estimates
- Price / sales
- 3.70
- Price / book
- 5.57
- EV / EBITDA
- 15.9
- Earnings yield
- 3.51% inverse of P/E
- Dividend yield
- 1.02% of the holdings
- Return on equity
- 19.5% combined
- Net margin
- 13.0% combined
- Beta
- 1.03 weighted, vs S&P 500
NOEQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NOEQ | 28.5 | 20.7 | 3.70 | 5.57 | 1.02% | 19.5% | 13.0% | 3.3% |
| 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.
NOEQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 15.7% | 37.5 | 25.6 | 10.54 | 14.00 | 0.46% | 37.4% |
| Healthcare | 13.1% | 50.5 | 18.7 | 3.59 | 7.53 | 1.52% | 14.9% |
| Communication Services | 7.8% | 18.0 | 19.8 | 5.64 | 4.62 | 0.50% | 25.6% |
| Financial Services | 6.7% | 18.8 | 17.3 | 4.74 | 3.31 | 1.17% | 17.6% |
| Energy | 6.7% | 21.4 | 14.1 | 1.97 | 2.38 | 2.57% | 11.1% |
| Consumer Cyclical | 6.5% | 25.4 | 25.4 | 2.73 | 5.37 | 0.30% | 21.1% |
| Industrials | 5.4% | 39.0 | 32.9 | 2.24 | 13.05 | 0.45% | 33.5% |
| Consumer Defensive | 1.3% | 31.4 | 23.9 | 1.50 | 7.31 | 1.91% | 23.3% |
| Basic Materials | 0.4% | 34.4 | 17.7 | 2.30 | 3.64 | 1.54% | 10.6% |
| Utilities | 0.2% | 18.5 | 16.3 | 2.92 | 1.96 | 3.01% | 10.6% |
| Real Estate | 0.1% | 102.3 | 30.4 | 4.22 | 2.09 | 4.43% | 2.0% |
NOEQ 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 NOEQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NOEQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SPY | SPDR S&P 500 ETF Trust | 14.15% | — | — | — | — | — |
| VGT | Vanguard World Fund - Vanguard Information Technology ETF | 13.29% | — | — | — | — | — |
| GOOG | Alphabet Inc. | 5.66% | 16.9 | 21.8 | 9.2 | 0.26% | 14.91% |
| AMZN | Amazon.com, Inc. | 4.37% | 20.1 | 23.6 | 3.5 | — | 9.68% |
| JNJ | Johnson & Johnson | 4.26% | 38.8 | 21.0 | 6.2 | 2.10% | 4.89% |
| XLC | Communication Services Select Sector SPDR® Fund | 3.80% | — | — | — | — | — |
| AAPL | Apple Inc. | 3.75% | 39.4 | 35.2 | 10.7 | 0.31% | 4.24% |
| LLY | Eli Lilly and Company | 3.70% | 42.2 | 24.4 | 14.1 | 0.55% | 3.91% |
| NVDA | NVIDIA Corporation | 3.58% | 27.1 | 24.9 | 17.1 | 0.47% | 5.88% |
| XOM | Exxon Mobil Corporation | 3.28% | 23.0 | 14.8 | 2.0 | 2.30% | 6.33% |
| MRK | Merck & Co., Inc. | 2.95% | 115.8 | 15.3 | 5.4 | 2.33% | 1.13% |
| MSFT | Microsoft Corporation | 2.81% | 29.5 | 25.1 | 11.8 | 0.74% | 4.25% |
| CVX | Chevron Corporation | 2.79% | 21.2 | 15.2 | 2.1 | 3.16% | 5.85% |
| BA | The Boeing Company | 2.37% | 67.9 | 49.5 | 1.6 | — | 1.56% |
| MCO | Moody's Corporation | 2.15% | 30.8 | 24.3 | 10.3 | 0.85% | 3.12% |
| GCP | General Electric Company | 2.03% | — | — | — | — | — |
| GEV | GE Vernova Inc. | 1.47% | 26.4 | 38.8 | 5.9 | 0.22% | 2.47% |
| INTC | Intel Corporation | 1.36% | — | 63.3 | 8.3 | — | −1.43% |
| TSLA | Tesla, Inc. | 1.31% | 328.4 | 158.7 | 13.5 | — | 0.18% |
| AVGO | Broadcom Inc. | 1.14% | 43.3 | 19.4 | 17.6 | 0.79% | 1.17% |
| DIS | The Walt Disney Company | 0.94% | 22.8 | 13.8 | 1.9 | 1.36% | 1.84% |
| IWM | iShares Trust - iShares Russell 2000 ETF | 0.93% | — | — | — | — | — |
| JPM | JPMorgan Chase & Co. | 0.89% | 14.2 | 13.5 | 4.7 | 1.94% | 2.80% |
| BRK.B | Berkshire Hathaway Inc. | 0.87% | 13.4 | 22.7 | 3.0 | — | 2.91% |
| META | Meta Platforms, Inc. | 0.83% | 26.7 | 22.1 | 7.9 | 0.30% | 1.38% |
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 NOEQ valuation
Adding up its 385 holdings with company data, NOEQ trades at 28.5 times trailing earnings and 20.7 times analysts' forward estimates, with a price-to-book ratio of 5.57 and a dividend yield of 1.02%. Its earnings yield of 3.51% is 1.82 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 59.8% of the fund and earn 61.1% of its combined profit. By sector, Real Estate is the most expensive at 102.3 times earnings and Communication Services the cheapest at 18.0. Companies that lost money over the past year are 3.3% 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 64.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: NOEQ chart, NOEQ holdings, NOEQ dividends.
NOEQ valuation FAQ
What is the P/E ratio of NOEQ?
Based on its holdings, NOEQ has a trailing P/E of 28.5 and a forward P/E of 20.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NOEQ?
The trailing earnings yield is 3.51% (1 ÷ P/E) and the forward earnings yield 4.83%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NOEQ more expensive than the S&P 500?
NOEQ trades at 28.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.7 and 19.9.
What is the price-to-book ratio of NOEQ?
The holdings of NOEQ trade at 5.57 times book value, with a combined return on equity of 19.5%.
Which sector in NOEQ has the highest P/E?
Real Estate has the highest P/E at 102.3 and Communication Services the lowest at 18.0.