Invesco S&P SmallCap 600 QVM Multi-factor ETF (QVMS) Valuation
QVMS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.7 trailing earnings
- Forward P/E
- 13.5 analyst estimates
- Price / sales
- 1.04
- Price / book
- 1.89
- EV / EBITDA
- 10.9
- Earnings yield
- 3.61% inverse of P/E
- Dividend yield
- 1.68% of the holdings
- Return on equity
- 6.8% combined
- Net margin
- 3.8% combined
- Beta
- 1.07 weighted, vs S&P 500
QVMS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| QVMS | 27.7 | 13.5 | 1.04 | 1.89 | 1.68% | 6.8% | 3.8% | 12.9% |
| 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.
QVMS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 18.8% | 12.6 | 10.6 | 1.11 | 1.40 | 2.53% | 11.1% |
| Industrials | 14.9% | 26.4 | 15.4 | 1.01 | 2.59 | 1.12% | 9.8% |
| Technology | 13.8% | 37.3 | 13.7 | 1.42 | 2.59 | 0.32% | 6.9% |
| Consumer Cyclical | 12.7% | 31.1 | 12.4 | 0.55 | 1.78 | 1.14% | 5.7% |
| Healthcare | 10.9% | n/m | 15.9 | 1.89 | 2.78 | 0.21% | −5.2% |
| Real Estate | 7.6% | 23.6 | 24.6 | 2.43 | 1.50 | 5.39% | 6.4% |
| Energy | 5.7% | 19.2 | 11.5 | 0.85 | 1.48 | 2.21% | 7.7% |
| Consumer Defensive | 5.0% | n/m | 13.8 | 0.62 | 1.82 | 2.08% | −0.0% |
| Basic Materials | 4.6% | 65.5 | 11.3 | 1.11 | 2.11 | 1.42% | 3.2% |
| Communication Services | 2.6% | 19.3 | 15.5 | 1.63 | 1.53 | 0.99% | 7.9% |
| Utilities | 2.0% | 18.0 | 18.2 | 2.10 | 1.63 | 3.39% | 9.0% |
| Services | 0.2% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
QVMS 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 QVMS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
QVMS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PAYC | Paycom Software, Inc. | 0.81% | 26.6 | 16.7 | 5.3 | 0.60% | 0.87% |
| GKOS | Glaukos Corporation | 0.68% | — | — | 15.9 | — | −0.39% |
| RHP | Ryman Hospitality Properties, Inc. | 0.61% | 30.7 | 25.8 | 3.2 | 3.81% | 0.58% |
| SM | SM Energy Company | 0.60% | 7.0 | 4.4 | 1.9 | 2.23% | 2.47% |
| JXN | Jackson Financial Inc. | 0.57% | 143.5 | — | 1.4 | 2.76% | 0.11% |
| LW | Lamb Weston Holdings, Inc. | 0.55% | 29.3 | 14.7 | 1.1 | 2.84% | 0.54% |
| PTGX | Protagonist Therapeutics, Inc. | 0.53% | 125.0 | 36.9 | 29.5 | — | 0.12% |
| VSXY | Victoria's Secret & Co | 0.52% | 19.5 | 13.6 | 1.0 | — | 0.77% |
| ZWS | Zurn Elkay Water Solutions Corporation | 0.49% | 29.2 | 22.9 | 4.4 | 0.94% | 0.49% |
| ALKS | Alkermes plc | 0.49% | 108.5 | 133.3 | 4.1 | — | 0.13% |
| EMN | Eastman Chemical Company | 0.49% | 16.3 | 9.2 | 0.8 | 5.39% | 0.86% |
| EPAM | EPAM Systems, Inc. | 0.48% | 16.6 | 8.3 | 1.1 | — | 0.84% |
| AWI | Armstrong World Industries, Inc. | 0.48% | 23.0 | 17.1 | 4.2 | 0.81% | 0.60% |
| LYFT | Lyft, Inc. | 0.48% | 2.5 | 9.3 | 0.9 | — | 5.56% |
| VSAT | Viasat, Inc. | 0.47% | — | 144.9 | 1.8 | — | −0.05% |
| TGTX | TG Therapeutics, Inc. | 0.47% | 19.6 | 25.9 | 10.3 | — | 0.69% |
| CAG | Conagra Brands, Inc. | 0.47% | — | 10.6 | 0.6 | 4.84% | −3.83% |
| ESI | Element Solutions Inc | 0.47% | 47.4 | 17.0 | 2.7 | 0.91% | 0.28% |
| MATX | Matson, Inc. | 0.46% | 15.8 | 19.2 | 2.0 | 0.65% | 0.84% |
| RAL | Ralliant Corporation | 0.46% | — | 21.7 | 3.4 | 0.30% | −2.19% |
| KMX | CarMax, Inc. | 0.46% | 25.3 | 21.6 | 0.3 | — | 0.52% |
| MSGS | Madison Square Garden Sports Corp. | 0.45% | — | 72.5 | 8.3 | — | 0.01% |
| TRNO | Terreno Realty Corporation | 0.44% | 17.2 | 80.0 | 13.9 | 3.56% | 0.74% |
| POOL | Pool Corporation | 0.44% | 15.8 | 17.1 | 1.2 | 3.01% | 0.80% |
| FSS | Federal Signal Corporation | 0.44% | 24.2 | 19.8 | 2.8 | 0.53% | 0.52% |
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 QVMS valuation
Adding up its 516 holdings with company data, QVMS trades at 27.7 times trailing earnings and 13.5 times analysts' forward estimates, with a price-to-book ratio of 1.89 and a dividend yield of 1.68%. Its earnings yield of 3.61% is 1.72 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 5.9% of the fund and earn 5.7% of its combined profit. By sector, Basic Materials is the most expensive at 65.5 times earnings and Financial Services the cheapest at 12.6. Companies that lost money over the past year are 12.9% 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 96.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: QVMS chart, QVMS performance, QVMS holdings, QVMS dividends.
QVMS valuation FAQ
What is the P/E ratio of QVMS?
Based on its holdings, QVMS has a trailing P/E of 27.7 and a forward P/E of 13.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of QVMS?
The trailing earnings yield is 3.61% (1 ÷ P/E) and the forward earnings yield 7.41%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is QVMS more expensive than the S&P 500?
QVMS trades at 27.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.5 and 19.9.
What is the price-to-book ratio of QVMS?
The holdings of QVMS trade at 1.89 times book value, with a combined return on equity of 6.8%.
Which sector in QVMS has the highest P/E?
Basic Materials has the highest P/E at 65.5 and Financial Services the lowest at 12.6.