Invesco Dividend Achievers ETF (PFM) Valuation
PFM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.8 trailing earnings
- Forward P/E
- 18.3 analyst estimates
- Price / sales
- 2.75
- Price / book
- 4.66
- EV / EBITDA
- 16.7
- Earnings yield
- 4.03% inverse of P/E
- Dividend yield
- 1.88% of the holdings
- Return on equity
- 18.8% combined
- Net margin
- 11.1% combined
- Beta
- 0.80 weighted, vs S&P 500
PFM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PFM | 24.8 | 18.3 | 2.75 | 4.66 | 1.88% | 18.8% | 11.1% | 1.2% |
| 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.
PFM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 22.7% | 31.4 | 22.8 | 6.95 | 9.85 | 1.10% | 31.3% |
| Financial Services | 19.6% | 16.5 | 14.6 | 3.77 | 2.83 | 1.74% | 17.1% |
| Healthcare | 17.5% | 38.6 | 17.6 | 2.08 | 6.43 | 1.85% | 16.7% |
| Consumer Defensive | 11.8% | 28.9 | 23.4 | 1.67 | 8.02 | 2.15% | 27.7% |
| Industrials | 10.2% | 25.9 | 21.1 | 2.72 | 6.08 | 1.62% | 23.5% |
| Energy | 5.2% | 20.4 | 14.1 | 1.84 | 2.53 | 2.92% | 12.4% |
| Utilities | 3.8% | 18.6 | 16.1 | 3.06 | 1.99 | 3.31% | 10.7% |
| Consumer Cyclical | 3.7% | 21.2 | 18.0 | 1.58 | 9.33 | 2.78% | 44.1% |
| Basic Materials | 2.9% | 34.2 | 18.2 | 2.72 | 3.93 | 1.42% | 11.5% |
| Real Estate | 1.8% | 32.6 | 32.2 | 9.35 | 2.95 | 3.81% | 9.0% |
| Communication Services | 1.0% | 9.9 | 7.7 | 1.00 | 1.42 | 6.20% | 14.3% |
| Services | 0.0% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
PFM 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 PFM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PFM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 4.38% | 39.4 | 35.2 | 10.7 | 0.31% | 2.76% |
| LLY | Eli Lilly and Company | 4.06% | 42.2 | 24.4 | 14.1 | 0.55% | 2.39% |
| MSFT | Microsoft Corporation | 4.05% | 29.5 | 25.1 | 11.8 | 0.74% | 3.41% |
| AVGO | Broadcom Inc. | 3.42% | 43.3 | 19.4 | 17.6 | 0.79% | 1.96% |
| WMT | Walmart Inc. | 3.38% | 43.0 | 38.0 | 1.3 | 0.83% | 1.95% |
| JPM | JPMorgan Chase & Co. | 3.25% | 14.2 | 13.5 | 4.7 | 1.94% | 5.66% |
| XOM | Exxon Mobil Corporation | 2.65% | 23.0 | 14.8 | 2.0 | 2.30% | 2.85% |
| V | Visa Inc. | 2.55% | 34.3 | 24.0 | 17.0 | 0.67% | 1.84% |
| JNJ | Johnson & Johnson | 2.33% | 38.8 | 21.0 | 6.2 | 2.10% | 1.49% |
| MA | Mastercard Incorporated | 2.00% | 34.0 | 24.2 | 15.4 | 0.56% | 1.46% |
| ABBV | AbbVie Inc. | 1.72% | 80.6 | 16.4 | 7.8 | 2.42% | 0.53% |
| COST | Costco Wholesale Corporation | 1.58% | 47.6 | 40.3 | 1.4 | 0.59% | 0.82% |
| CVX | Chevron Corporation | 1.56% | 21.2 | 15.2 | 2.1 | 3.16% | 1.83% |
| KO | The Coca-Cola Company | 1.47% | 28.2 | 25.3 | 8.1 | 2.26% | 1.30% |
| CSCO | Cisco Systems, Inc. | 1.45% | 32.2 | 19.8 | 6.7 | 1.56% | 1.11% |
| UNH | UnitedHealth Group Incorporated | 1.35% | 25.8 | 16.6 | 0.8 | 2.31% | 1.30% |
| PG | The Procter & Gamble Company | 1.35% | 24.1 | 21.2 | 4.3 | 2.73% | 1.39% |
| BAC | Bank of America Corporation | 1.30% | 12.2 | 10.8 | 3.1 | 2.50% | 2.63% |
| ORCL | Oracle Corporation | 1.29% | 20.1 | 17.8 | 5.4 | 1.56% | 1.60% |
| MRK | Merck & Co., Inc. | 1.26% | 115.8 | 15.3 | 5.4 | 2.33% | 0.27% |
| HD | The Home Depot, Inc. | 1.19% | 21.5 | 19.8 | 1.8 | 3.01% | 1.36% |
| CAT | Caterpillar Inc. | 1.16% | 31.5 | 25.4 | 4.5 | 0.89% | 0.91% |
| PM | Philip Morris International Inc. | 1.06% | 29.5 | 20.9 | 7.5 | 3.12% | 0.89% |
| LRCX | Lam Research Corporation | 1.05% | 45.8 | 33.7 | 14.2 | 0.50% | 0.57% |
| MS | Morgan Stanley | 1.03% | 14.3 | 14.9 | 3.6 | 2.55% | 1.78% |
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 PFM valuation
Adding up its 423 holdings with company data, PFM trades at 24.8 times trailing earnings and 18.3 times analysts' forward estimates, with a price-to-book ratio of 4.66 and a dividend yield of 1.88%. Its earnings yield of 4.03% is 1.30 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 32.1% of the fund and earn 25.8% of its combined profit. By sector, Healthcare is the most expensive at 38.6 times earnings and Communication Services the cheapest at 9.9. Companies that lost money over the past year are 1.2% 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 99.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PFM chart, PFM performance, PFM holdings, PFM dividends.
PFM valuation FAQ
What is the P/E ratio of PFM?
Based on its holdings, PFM has a trailing P/E of 24.8 and a forward P/E of 18.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PFM?
The trailing earnings yield is 4.03% (1 ÷ P/E) and the forward earnings yield 5.46%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PFM more expensive than the S&P 500?
PFM trades at 24.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.3 and 19.9.
What is the price-to-book ratio of PFM?
The holdings of PFM trade at 4.66 times book value, with a combined return on equity of 18.8%.
Which sector in PFM has the highest P/E?
Healthcare has the highest P/E at 38.6 and Communication Services the lowest at 9.9.