Nuveen ESG Large-Cap ETF (NULC) Valuation
NULC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.7 trailing earnings
- Forward P/E
- 20.0 analyst estimates
- Price / sales
- 3.35
- Price / book
- 5.72
- EV / EBITDA
- 19.4
- Earnings yield
- 3.48% inverse of P/E
- Dividend yield
- 1.20% of the holdings
- Return on equity
- 19.9% combined
- Net margin
- 11.6% combined
- Beta
- 1.16 weighted, vs S&P 500
NULC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| NULC | 28.7 | 20.0 | 3.35 | 5.72 | 1.20% | 19.9% | 11.6% | 0.9% |
| 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.
NULC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 39.8% | 33.1 | 23.8 | 9.56 | 10.13 | 0.64% | 30.6% |
| Financial Services | 12.8% | 19.1 | 16.5 | 4.96 | 3.79 | 1.60% | 19.9% |
| Healthcare | 11.8% | 40.2 | 17.4 | 2.08 | 4.91 | 1.62% | 12.2% |
| Industrials | 8.2% | 32.0 | 26.0 | 4.75 | 9.43 | 0.90% | 29.5% |
| Communication Services | 7.6% | 20.5 | 16.7 | 2.79 | 3.45 | 1.32% | 16.8% |
| Consumer Cyclical | 6.8% | 37.9 | 14.8 | 1.47 | 5.60 | 1.08% | 14.8% |
| Consumer Defensive | 6.0% | 24.6 | 18.4 | 0.93 | 5.07 | 2.56% | 20.6% |
| Real Estate | 1.9% | 45.4 | 40.2 | 7.91 | 4.54 | 2.40% | 10.0% |
| Utilities | 1.8% | 20.1 | 14.8 | 2.67 | 1.55 | 3.45% | 7.7% |
| Basic Materials | 1.3% | 30.0 | 22.0 | 4.52 | 5.47 | 0.97% | 18.2% |
| Energy | 1.3% | 19.5 | 18.9 | 2.16 | 3.67 | 1.22% | 18.8% |
NULC 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 NULC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
NULC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.96% | 27.1 | 24.9 | 17.1 | 0.47% | 9.58% |
| MSFT | Microsoft Corporation | 5.41% | 29.5 | 25.1 | 11.8 | 0.74% | 5.31% |
| META | Meta Platforms, Inc. | 3.95% | 26.7 | 22.1 | 7.9 | 0.30% | 4.28% |
| AVGO | Broadcom Inc. | 3.39% | 43.3 | 19.4 | 17.6 | 0.79% | 2.26% |
| AMD | Advanced Micro Devices, Inc. | 2.72% | 134.9 | 39.5 | 20.9 | — | 0.58% |
| V | Visa Inc. | 2.15% | 34.3 | 24.0 | 17.0 | 0.67% | 1.82% |
| MA | Mastercard Incorporated | 2.02% | 34.0 | 24.2 | 15.4 | 0.56% | 1.72% |
| KO | The Coca-Cola Company | 1.86% | 28.2 | 25.3 | 8.1 | 2.26% | 1.91% |
| CSCO | Cisco Systems, Inc. | 1.71% | 32.2 | 19.8 | 6.7 | 1.56% | 1.53% |
| ADI | Analog Devices, Inc. | 1.69% | 47.0 | 23.2 | 13.8 | 1.11% | 1.04% |
| PG | The Procter & Gamble Company | 1.68% | 24.1 | 21.2 | 4.3 | 2.73% | 2.02% |
| MRK | Merck & Co., Inc. | 1.60% | 115.8 | 15.3 | 5.4 | 2.33% | 0.40% |
| GEV | GE Vernova Inc. | 1.47% | 26.4 | 38.8 | 5.9 | 0.22% | 1.61% |
| PANW | Palo Alto Networks, Inc. | 1.45% | 855.0 | 94.3 | 24.4 | — | 0.05% |
| MS | Morgan Stanley | 1.44% | 14.3 | 14.9 | 3.6 | 2.55% | 2.90% |
| ABBV | AbbVie Inc. | 1.43% | 80.6 | 16.4 | 7.8 | 2.42% | 0.51% |
| DHR | Danaher Corporation | 1.34% | 40.8 | 23.8 | 6.4 | 0.70% | 0.95% |
| STX | Seagate Technology Holdings plc | 1.31% | 46.0 | 25.7 | 11.9 | 0.46% | 0.83% |
| EQIX | Equinix, Inc. | 1.29% | 63.4 | 52.1 | 9.8 | 2.09% | 0.59% |
| HLT | Hilton Worldwide Holdings Inc. | 1.27% | 50.6 | 28.7 | 15.2 | 0.17% | 0.73% |
| ETN | Eaton Corporation plc | 1.27% | 39.8 | 27.6 | 5.1 | 1.12% | 0.92% |
| CRM | Salesforce, Inc. | 1.25% | 22.0 | 14.0 | 4.5 | 0.73% | 1.64% |
| LRCX | Lam Research Corporation | 1.24% | 45.8 | 33.7 | 14.2 | 0.50% | 0.78% |
| TJX | The TJX Companies, Inc. | 1.20% | 27.3 | 24.9 | 2.6 | 1.30% | 1.27% |
| WDC | Western Digital Corporation | 1.16% | 12.3 | 22.8 | 9.6 | 0.18% | 2.72% |
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 NULC valuation
Adding up its 127 holdings with company data, NULC trades at 28.7 times trailing earnings and 20.0 times analysts' forward estimates, with a price-to-book ratio of 5.72 and a dividend yield of 1.20%. Its earnings yield of 3.48% is 1.85 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 33.9% of the fund and earn 30.0% of its combined profit. By sector, Real Estate is the most expensive at 45.4 times earnings and Financial Services the cheapest at 19.1. Companies that lost money over the past year are 0.9% 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: NULC chart, NULC performance, NULC holdings, NULC dividends.
NULC valuation FAQ
What is the P/E ratio of NULC?
Based on its holdings, NULC has a trailing P/E of 28.7 and a forward P/E of 20.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of NULC?
The trailing earnings yield is 3.48% (1 ÷ P/E) and the forward earnings yield 5.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is NULC more expensive than the S&P 500?
NULC trades at 28.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.0 and 19.9.
What is the price-to-book ratio of NULC?
The holdings of NULC trade at 5.72 times book value, with a combined return on equity of 19.9%.
Which sector in NULC has the highest P/E?
Real Estate has the highest P/E at 45.4 and Financial Services the lowest at 19.1.