Invesco S&P MidCap 400 QVM Multi-factor ETF (QVMM) Valuation

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

QVMM valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 21.4
Forward P/E: 14.4
Price / sales: 1.39
Price / book: 2.55
EV / EBITDA: 11.6
Earnings yield: 4.66%
Dividend yield: 1.40%
Return on equity: 11.9%
Net margin: 6.5%
Beta: 1.00

QVMM valuation vs other stock ETFs

P/E (TTM)Forward P/E

QVMM valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
QVMM	21.4	14.4	1.39	2.55	1.40%	11.9%	6.5%	5.7%
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.

QVMM valuation by sector

P/E (TTM)Forward P/E

QVMM valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Industrials	22.4%	31.0	18.3	1.42	3.98	0.83%	12.8%
Financial Services	15.2%	11.8	9.9	1.93	1.46	2.24%	12.4%
Technology	14.6%	35.6	16.7	1.64	4.48	0.25%	12.6%
Consumer Cyclical	10.8%	15.9	12.1	0.77	2.66	1.47%	16.8%
Healthcare	10.0%	35.5	16.2	1.92	3.60	0.09%	10.2%
Real Estate	7.7%	28.2	21.8	3.81	1.93	4.73%	6.8%
Energy	6.5%	14.6	11.6	1.56	1.76	1.79%	12.0%
Basic Materials	5.0%	23.4	14.0	1.47	2.47	1.01%	10.5%
Consumer Defensive	3.6%	22.8	14.1	0.43	3.15	0.52%	13.8%
Utilities	2.8%	19.9	15.2	2.46	1.60	3.40%	8.0%
Communication Services	0.9%	21.3	12.3	1.60	2.19	2.76%	10.3%

QVMM earnings yield vs bond yields

QVMM earnings yield (forward)

6.95%

QVMM earnings yield (trailing)

4.66%

QVMM dividend yield

1.40%

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 QVMM weight splits by P/E

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

QVMM largest holdings: valuation

QVMM largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
OKTA	Okta, Inc.	1.16%	112.8	54.3	10.7	—	0.22%
FTI	TechnipFMC plc	0.89%	24.3	21.3	2.6	0.29%	0.81%
USFD	US Foods Holding Corp.	0.81%	31.4	17.0	0.5	—	0.57%
UTHR	United Therapeutics Corporation	0.80%	19.1	16.4	7.2	—	0.92%
THC	Tenet Healthcare Corporation	0.76%	10.5	12.5	1.0	—	1.58%
XPO	XPO Logistics, Inc.	0.74%	54.9	27.0	2.5	—	0.29%
RS	Reliance Steel & Aluminum Co.	0.69%	23.9	16.4	1.3	1.22%	0.63%
YZ8	Permian Resources Corporation	0.68%	—	—	—	—	—
ENTG	Entegris, Inc.	0.67%	69.4	31.6	6.4	0.29%	0.21%
ATI	ATI Inc.	0.67%	54.4	28.8	5.4	—	0.27%
OVV	Ovintiv Inc.	0.66%	19.3	9.0	2.0	1.73%	0.75%
RGLD	Royal Gold, Inc.	0.64%	26.4	24.2	13.1	0.80%	0.53%
SNX	TD SYNNEX Corporation	0.62%	15.0	12.7	0.3	0.78%	0.90%
NVT	nVent Electric plc	0.62%	39.3	25.1	4.8	0.59%	0.34%
CW	Curtiss-Wright Corporation	0.60%	34.6	28.4	5.1	0.21%	0.38%
WWD	Woodward, Inc.	0.60%	36.5	31.6	4.6	0.39%	0.36%
DINO	HF Sinclair Corporation	0.58%	11.9	10.0	0.7	1.68%	1.07%
ITT	ITT Inc.	0.58%	38.8	21.6	3.7	0.78%	0.32%
TRU	TransUnion	0.57%	19.5	12.8	2.9	0.67%	0.64%
EWBC	East West Bancorp, Inc.	0.57%	12.2	12.7	6.0	2.52%	1.03%
RGA	Reinsurance Group of America, Incorporated	0.56%	11.7	7.7	0.7	1.47%	1.05%
DOCU	DocuSign, Inc.	0.55%	45.5	15.1	4.2	—	0.27%
RBA	RB Global, Inc.	0.54%	36.3	17.1	3.2	1.57%	0.32%
BURL	Burlington Stores, Inc.	0.53%	23.6	21.5	1.4	—	0.50%
EXEL	Exelixis, Inc.	0.52%	19.6	13.6	6.3	—	0.58%

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 QVMM valuation

Adding up its 351 holdings with company data, QVMM trades at 21.4 times trailing earnings and 14.4 times analysts' forward estimates, with a price-to-book ratio of 2.55 and a dividend yield of 1.40%. Its earnings yield of 4.66% is 0.66 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 7.9% of the fund and earn 6.2% of its combined profit. By sector, Technology is the most expensive at 35.6 times earnings and Financial Services the cheapest at 11.8. Companies that lost money over the past year are 5.7% 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 97.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

QVMM valuation FAQ

What is the P/E ratio of QVMM?

Based on its holdings, QVMM has a trailing P/E of 21.4 and a forward P/E of 14.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of QVMM?

The trailing earnings yield is 4.66% (1 ÷ P/E) and the forward earnings yield 6.95%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is QVMM more expensive than the S&P 500?

QVMM trades at 21.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.4 and 19.9.

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

The holdings of QVMM trade at 2.55 times book value, with a combined return on equity of 11.9%.

Which sector in QVMM has the highest P/E?

Technology has the highest P/E at 35.6 and Financial Services the lowest at 11.8.