FlexShares US Quality Low Volatility Index Fund (QLV) Valuation

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

QLV valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 22.6
Forward P/E: 18.0
Price / sales: 2.92
Price / book: 4.33
EV / EBITDA: 15.0
Earnings yield: 4.42%
Dividend yield: 1.52%
Return on equity: 19.1%
Net margin: 12.9%
Beta: 0.75

QLV valuation vs other stock ETFs

P/E (TTM)Forward P/E

QLV valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QLV	22.6	18.0	2.92	4.33	1.52%	19.1%	12.9%	1.7%
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.

QLV valuation by sector

P/E (TTM)Forward P/E

QLV valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	30.6%	28.7	22.4	8.26	9.93	0.67%	34.6%
Healthcare	13.9%	36.3	17.1	2.23	6.48	1.64%	17.8%
Financial Services	13.1%	13.2	14.2	2.25	2.55	0.84%	19.3%
Consumer Defensive	8.0%	44.8	20.4	1.66	4.39	2.76%	9.8%
Energy	7.5%	16.9	13.1	2.36	2.54	2.79%	15.0%
Consumer Cyclical	6.2%	22.3	22.3	2.31	8.40	0.91%	37.7%
Utilities	6.1%	19.8	16.6	2.65	1.89	3.34%	9.5%
Communication Services	5.9%	15.2	15.9	3.37	3.87	1.71%	25.5%
Industrials	5.5%	22.5	17.6	1.94	3.85	1.81%	17.1%
Real Estate	1.2%	26.0	19.3	10.37	2.32	4.84%	8.9%

QLV earnings yield vs bond yields

QLV earnings yield (forward)

5.57%

QLV earnings yield (trailing)

4.42%

QLV dividend yield

1.52%

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 QLV weight splits by P/E

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

QLV largest holdings: valuation

QLV largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
MSFT	Microsoft Corporation	6.33%	29.5	25.1	11.8	0.74%	4.98%
NVDA	NVIDIA Corporation	6.32%	27.1	24.9	17.1	0.47%	5.41%
AAPL	Apple Inc.	6.12%	39.4	35.2	10.7	0.31%	3.60%
JNJ	Johnson & Johnson	4.33%	38.8	21.0	6.2	2.10%	2.59%
XOM	Exxon Mobil Corporation	2.49%	23.0	14.8	2.0	2.30%	2.50%
AMZN	Amazon.com, Inc.	2.48%	20.1	23.6	3.5	—	2.85%
COST	Costco Wholesale Corporation	2.42%	47.6	40.3	1.4	0.59%	1.18%
V	Visa Inc.	2.28%	34.3	24.0	17.0	0.67%	1.54%
BRK.B	Berkshire Hathaway Inc.	2.02%	13.4	22.7	3.0	—	3.50%
GOOGL	Alphabet Inc.	1.85%	17.1	22.8	9.3	0.26%	2.51%
MA	Mastercard Incorporated	1.74%	34.0	24.2	15.4	0.56%	1.19%
ABBV	AbbVie Inc.	1.74%	80.6	16.4	7.8	2.42%	0.50%
AVGO	Broadcom Inc.	1.69%	43.3	19.4	17.6	0.79%	0.90%
LLY	Eli Lilly and Company	1.42%	42.2	24.4	14.1	0.55%	0.78%
PG	The Procter & Gamble Company	1.34%	24.1	21.2	4.3	2.73%	1.29%
PEP	PepsiCo, Inc.	1.31%	16.5	14.9	1.8	4.50%	1.84%
GOOG	Alphabet Inc.	1.30%	16.9	21.8	9.2	0.26%	1.78%
MRK	Merck & Co., Inc.	1.27%	115.8	15.3	5.4	2.33%	0.25%
KO	The Coca-Cola Company	1.20%	28.2	25.3	8.1	2.26%	0.99%
PANW	Palo Alto Networks, Inc.	0.99%	855.0	94.3	24.4	—	0.03%
CI	Cigna Corporation	0.94%	12.5	8.3	0.3	2.06%	1.74%
PGR	The Progressive Corporation	0.93%	11.0	12.7	1.4	0.18%	1.96%
META	Meta Platforms, Inc.	0.91%	26.7	22.1	7.9	0.30%	0.79%
TJX	The TJX Companies, Inc.	0.90%	27.3	24.9	2.6	1.30%	0.76%
VRSN	VeriSign, Inc.	0.88%	32.7	27.0	16.0	1.07%	0.62%

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 QLV valuation

Adding up its 114 holdings with company data, QLV trades at 22.6 times trailing earnings and 18.0 times analysts' forward estimates, with a price-to-book ratio of 4.33 and a dividend yield of 1.52%. Its earnings yield of 4.42% is 0.91 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 36.6% of the fund and earn 30.7% of its combined profit. By sector, Consumer Defensive is the most expensive at 44.8 times earnings and Financial Services the cheapest at 13.2. Companies that lost money over the past year are 1.7% 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 98.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QLV valuation FAQ

What is the P/E ratio of QLV?

Based on its holdings, QLV has a trailing P/E of 22.6 and a forward P/E of 18.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of QLV?

The trailing earnings yield is 4.42% (1 ÷ P/E) and the forward earnings yield 5.57%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is QLV more expensive than the S&P 500?

QLV trades at 22.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.0 and 19.9.

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

The holdings of QLV trade at 4.33 times book value, with a combined return on equity of 19.1%.

Which sector in QLV has the highest P/E?

Consumer Defensive has the highest P/E at 44.8 and Financial Services the lowest at 13.2.