FlexShares Quality Dividend Index Fund (QDF) Valuation

NYSE Arca: QDFP/E, earnings yield and other ratios of the holdings combined.

QDF valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 20.6
Forward P/E: 15.9
Price / sales: 2.74
Price / book: 4.12
EV / EBITDA: 13.6
Earnings yield: 4.85%
Dividend yield: 1.95%
Return on equity: 20.0%
Net margin: 13.3%
Beta: 1.08

QDF valuation vs other stock ETFs

P/E (TTM)Forward P/E

QDF valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QDF	20.6	15.9	2.74	4.12	1.95%	20.0%	13.3%	3.5%
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.

QDF valuation by sector

P/E (TTM)Forward P/E

QDF valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	36.4%	27.5	22.0	7.63	12.55	0.77%	45.7%
Financial Services	12.2%	11.9	10.7	2.18	1.98	2.66%	16.6%
Healthcare	8.6%	37.9	14.4	2.28	5.72	2.16%	15.1%
Consumer Cyclical	7.5%	13.0	11.0	1.00	4.95	2.52%	38.1%
Communication Services	7.5%	15.0	15.8	2.97	3.22	1.17%	21.4%
Industrials	6.7%	27.2	22.9	3.12	7.43	1.46%	27.3%
Consumer Defensive	5.7%	n/m	15.6	2.45	3.39	3.71%	−1.2%
Real Estate	4.9%	17.8	21.3	6.24	2.32	4.99%	13.0%
Energy	3.1%	11.0	11.4	1.35	1.80	3.12%	16.3%
Utilities	2.8%	11.4	10.8	1.48	1.64	4.12%	14.4%
Basic Materials	1.3%	124.6	10.3	0.79	1.35	4.53%	1.1%

QDF earnings yield vs bond yields

QDF earnings yield (forward)

6.30%

QDF earnings yield (trailing)

4.85%

QDF dividend yield

1.95%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 QDF weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

QDF largest holdings: valuation

QDF largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
AAPL	Apple Inc.	9.83%	39.4	35.2	10.7	0.31%	5.34%
NVDA	NVIDIA Corporation	7.02%	27.1	24.9	17.1	0.47%	5.54%
MSFT	Microsoft Corporation	4.78%	29.5	25.1	11.8	0.74%	3.47%
JNJ	Johnson & Johnson	2.93%	38.8	21.0	6.2	2.10%	1.62%
AVGO	Broadcom Inc.	2.49%	43.3	19.4	17.6	0.79%	1.23%
JPM	JPMorgan Chase & Co.	2.42%	14.2	13.5	4.7	1.94%	3.63%
GOOGL	Alphabet Inc.	2.31%	17.1	22.8	9.3	0.26%	2.89%
GCP	General Electric Company	2.16%	—	—	—	—	—
LRCX	Lam Research Corporation	1.93%	45.8	33.7	14.2	0.50%	0.90%
PM	Philip Morris International Inc.	1.93%	29.5	20.9	7.5	3.12%	1.40%
GOOG	Alphabet Inc.	1.69%	16.9	21.8	9.2	0.26%	2.13%
GILD	Gilead Sciences, Inc.	1.40%	—	15.6	6.4	2.10%	−0.51%
META	Meta Platforms, Inc.	1.39%	26.7	22.1	7.9	0.30%	1.11%
KLAC	KLA Corporation	1.39%	45.3	34.8	15.9	0.56%	0.66%
QCOM	QUALCOMM Incorporated	1.32%	19.9	19.6	4.2	2.14%	1.41%
MU	Micron Technology, Inc.	1.32%	11.8	7.0	7.5	0.07%	2.38%
GEV	GE Vernova Inc.	1.19%	26.4	38.8	5.9	0.22%	0.96%
ACN	Accenture plc	1.13%	16.9	12.4	1.9	2.98%	1.43%
PG	The Procter & Gamble Company	1.11%	24.1	21.2	4.3	2.73%	0.99%
MS	Morgan Stanley	1.01%	14.3	14.9	3.6	2.55%	1.51%
LLY	Eli Lilly and Company	0.96%	42.2	24.4	14.1	0.55%	0.49%
MO	Altria Group, Inc.	0.91%	15.8	11.9	6.1	5.91%	1.23%
BMY	Bristol-Myers Squibb Company	0.90%	13.2	9.4	2.5	4.22%	1.46%
ADP	Automatic Data Processing, Inc.	0.89%	26.4	22.0	5.2	2.35%	0.72%
BKNG	Booking Holdings Inc.	0.87%	18.1	13.3	4.3	1.03%	1.03%

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 QDF valuation

Adding up its 138 holdings with company data, QDF trades at 20.6 times trailing earnings and 15.9 times analysts' forward estimates, with a price-to-book ratio of 4.12 and a dividend yield of 1.95%. Its earnings yield of 4.85% is 0.48 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 37.8% of the fund and earn 28.1% of its combined profit. By sector, Basic Materials is the most expensive at 124.6 times earnings and Energy the cheapest at 11.0. Companies that lost money over the past year are 3.5% 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 97.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QDF valuation FAQ

What is the P/E ratio of QDF?

Based on its holdings, QDF has a trailing P/E of 20.6 and a forward P/E of 15.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of QDF?

The trailing earnings yield is 4.85% (1 ÷ P/E) and the forward earnings yield 6.30%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is QDF more expensive than the S&P 500?

QDF trades at 20.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.9 and 19.9.

What is the price-to-book ratio of QDF?

The holdings of QDF trade at 4.12 times book value, with a combined return on equity of 20.0%.

Which sector in QDF has the highest P/E?

Basic Materials has the highest P/E at 124.6 and Energy the lowest at 11.0.