Invesco Water Resources ETF (PHO) Valuation
PHO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 26.3 trailing earnings
- Forward P/E
- 18.7 analyst estimates
- Price / sales
- 2.48
- Price / book
- 3.83
- EV / EBITDA
- 16.4
- Earnings yield
- 3.80% inverse of P/E
- Dividend yield
- 0.97% of the holdings
- Return on equity
- 14.5% combined
- Net margin
- 9.4% combined
- Beta
- 1.01 weighted, vs S&P 500
PHO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| PHO | 26.3 | 18.7 | 2.48 | 3.83 | 0.97% | 14.5% | 9.4% | 4.1% |
| 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.
PHO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 48.5% | 22.0 | 16.8 | 1.71 | 4.19 | 1.24% | 19.0% |
| Healthcare | 18.7% | 50.0 | 26.7 | 8.59 | 5.22 | 0.14% | 10.4% |
| Technology | 16.7% | 26.0 | 15.7 | 3.88 | 2.57 | 0.66% | 9.9% |
| Basic Materials | 9.0% | 36.7 | 29.0 | 4.18 | 6.71 | 0.94% | 18.3% |
| Utilities | 7.1% | 20.7 | 17.8 | 1.97 | 2.18 | 2.29% | 10.6% |
PHO 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 PHO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
PHO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ECL | Ecolab Inc. | 8.07% | 38.8 | 29.7 | 4.8 | 1.01% | 5.55% |
| FERG | Ferguson plc | 7.72% | 22.8 | 17.6 | 1.4 | 1.54% | 9.04% |
| ROP | Roper Technologies, Inc. | 7.48% | 15.9 | 15.0 | 4.6 | 0.95% | 12.52% |
| IDXX | IDEXX Laboratories, Inc. | 7.20% | 39.8 | 31.4 | 9.7 | — | 4.82% |
| WAT | Waters Corporation | 7.08% | 110.6 | 24.8 | 9.2 | — | 1.71% |
| A | Agilent Technologies, Inc. | 4.42% | 34.1 | 23.9 | 6.6 | 0.59% | 3.46% |
| VLTO | Veralto Corporation | 4.21% | 25.8 | 20.0 | 4.3 | 0.51% | 4.36% |
| TRMB | Trimble Inc. | 4.07% | — | 14.0 | 3.7 | — | −0.88% |
| XYL | Xylem Inc. | 4.01% | 24.8 | 17.4 | 2.7 | 1.65% | 4.32% |
| AWK | American Water Works Company, Inc. | 3.99% | 23.4 | 20.0 | 5.1 | 2.65% | 4.55% |
| PNR | Pentair plc | 3.50% | 13.8 | 10.7 | 2.1 | 2.02% | 6.77% |
| IEX | IDEX Corporation | 3.42% | 33.9 | 24.0 | 4.8 | 1.24% | 2.69% |
| J | Jacobs Engineering Group Inc. | 3.11% | 46.9 | 16.9 | 1.2 | 1.02% | 1.77% |
| ACM | AECOM | 3.09% | 20.8 | 9.6 | 0.5 | 2.10% | 3.97% |
| WTS | Watts Water Technologies, Inc. | 2.44% | 31.2 | 25.3 | 4.4 | 0.64% | 2.09% |
| WMS | Advanced Drainage Systems, Inc. | 2.43% | 21.8 | 20.8 | 3.0 | 0.62% | 2.96% |
| TTEK | Tetra Tech, Inc. | 2.34% | 20.9 | 19.9 | 2.0 | 0.83% | 2.99% |
| CNM | Core & Main, Inc. | 2.30% | 17.3 | 17.2 | 1.0 | — | 3.56% |
| BSY | Bentley Systems, Incorporated | 2.25% | 38.9 | 20.0 | 6.7 | 0.79% | 1.55% |
| AOS | A. O. Smith Corporation | 2.20% | 16.5 | 13.8 | 2.1 | 2.57% | 3.55% |
| VMI | Valmont Industries, Inc. | 2.19% | 17.4 | 18.3 | 2.0 | 0.69% | 3.37% |
| MLI | Mueller Industries, Inc. | 1.72% | 15.6 | 18.2 | 2.9 | 1.17% | 2.93% |
| BMI | Badger Meter, Inc. | 1.55% | 29.6 | 26.2 | 4.2 | 1.39% | 1.40% |
| ITRI | Itron, Inc. | 1.34% | 13.9 | 13.4 | 1.6 | — | 2.57% |
| SBS | Companhia de Saneamento Básico do Estado de São Paulo - SABESP | 1.16% | 14.2 | 11.5 | 0.5 | 0.53% | 2.18% |
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 PHO valuation
Adding up its 38 holdings with company data, PHO trades at 26.3 times trailing earnings and 18.7 times analysts' forward estimates, with a price-to-book ratio of 3.83 and a dividend yield of 0.97%. Its earnings yield of 3.80% is 1.53 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.3% of the fund and earn 49.5% of its combined profit. By sector, Healthcare is the most expensive at 50.0 times earnings and Utilities the cheapest at 20.7. Companies that lost money over the past year are 4.1% 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 98.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: PHO chart, PHO performance, PHO holdings, PHO dividends.
PHO valuation FAQ
What is the P/E ratio of PHO?
Based on its holdings, PHO has a trailing P/E of 26.3 and a forward P/E of 18.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of PHO?
The trailing earnings yield is 3.80% (1 ÷ P/E) and the forward earnings yield 5.36%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is PHO more expensive than the S&P 500?
PHO trades at 26.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.7 and 19.9.
What is the price-to-book ratio of PHO?
The holdings of PHO trade at 3.83 times book value, with a combined return on equity of 14.5%.
Which sector in PHO has the highest P/E?
Healthcare has the highest P/E at 50.0 and Utilities the lowest at 20.7.