Invesco S&P MidCap 400 Pure Growth ETF (RFG) Valuation

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

RFG valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 28.4
Forward P/E: 19.0
Price / sales: 3.06
Price / book: 5.28
EV / EBITDA: 17.4
Earnings yield: 3.52%
Dividend yield: 0.35%
Return on equity: 18.6%
Net margin: 10.8%
Beta: 1.14

RFG valuation vs other stock ETFs

P/E (TTM)Forward P/E

RFG valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
RFG	28.4	19.0	3.06	5.28	0.35%	18.6%	10.8%	7.6%
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.

RFG valuation by sector

P/E (TTM)Forward P/E

RFG valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Healthcare	27.0%	35.1	18.1	3.15	5.89	0.02%	16.8%
Industrials	24.4%	37.8	24.6	2.91	5.71	0.33%	15.1%
Technology	19.8%	43.8	20.4	4.16	7.66	0.10%	17.5%
Consumer Cyclical	7.6%	11.7	13.0	1.43	4.75	0.64%	40.5%
Energy	4.7%	11.4	22.1	2.91	3.24	0.64%	28.5%
Basic Materials	4.0%	18.8	16.4	5.55	3.12	0.56%	16.6%
Financial Services	3.8%	12.4	10.3	3.16	3.38	1.00%	27.2%
Consumer Defensive	2.9%	32.4	16.7	2.22	4.76	0.13%	14.7%
Utilities	2.1%	n/m	12.2	4.52	5.14	0.14%	−1.5%
Real Estate	2.0%	34.1	28.7	7.96	2.03	5.03%	6.0%
Communication Services	1.9%	47.9	31.5	4.18	6.97	0.38%	14.5%

RFG earnings yield vs bond yields

RFG earnings yield (forward)

5.25%

RFG earnings yield (trailing)

3.52%

RFG dividend yield

0.35%

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 RFG weight splits by P/E

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

RFG largest holdings: valuation

RFG largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
HALO	Halozyme Therapeutics, Inc.	3.39%	35.6	11.5	8.3	—	2.79%
FTI	TechnipFMC plc	2.22%	24.3	21.3	2.6	0.29%	2.67%
IDCC	InterDigital, Inc	1.95%	37.3	29.9	10.5	0.94%	1.53%
MEDP	Medpace Holdings, Inc.	1.95%	36.3	31.9	6.2	—	1.57%
CORT	Corcept Therapeutics Incorporated	1.95%	244.8	19.3	14.3	—	0.23%
VAL	Valaris Limited	1.93%	6.4	29.1	2.8	—	8.76%
FIVE	Five Below, Inc.	1.82%	20.0	22.1	2.3	—	2.66%
ARWR	Arrowhead Pharmaceuticals, Inc.	1.76%	—	111.1	11.8	—	−2.10%
CRS	Carpenter Technology Corporation	1.74%	35.8	23.4	6.0	0.21%	1.42%
EXEL	Exelixis, Inc.	1.71%	19.6	13.6	6.3	—	2.55%
STRL	Sterling Infrastructure, Inc.	1.70%	30.6	19.6	3.8	—	1.63%
ATI	ATI Inc.	1.69%	54.4	28.8	5.4	—	0.91%
WWD	Woodward, Inc.	1.64%	36.5	31.6	4.6	0.39%	1.31%
DOCN	DigitalOcean Holdings, Inc.	1.62%	45.5	76.3	11.5	—	1.04%
TLN	Talen Energy Corporation	1.56%	—	9.9	4.5	—	−0.53%
FF60	FIRSTCASH HLDGS INC.DL-01	1.55%	—	—	—	—	—
VICR	Vicor Corporation	1.53%	61.2	47.2	18.6	—	0.73%
RMBS	Rambus Inc.	1.48%	40.0	24.2	12.5	—	1.08%
UTHR	United Therapeutics Corporation	1.46%	19.1	16.4	7.2	—	2.23%
THC	Tenet Healthcare Corporation	1.43%	10.5	12.5	1.0	—	3.98%
KRYS	Krystal Biotech, Inc.	1.41%	39.7	46.9	21.3	—	1.04%
ROKU	Roku, Inc	1.37%	65.8	39.1	4.4	—	0.61%
OKTA	Okta, Inc.	1.31%	112.8	54.3	10.7	—	0.34%
TTMI	TTM Technologies, Inc.	1.25%	42.5	5.6	2.9	—	0.86%
HL	Hecla Mining Company	1.24%	19.9	21.0	5.9	0.10%	1.83%

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 RFG valuation

Adding up its 98 holdings with company data, RFG trades at 28.4 times trailing earnings and 19.0 times analysts' forward estimates, with a price-to-book ratio of 5.28 and a dividend yield of 0.35%. Its earnings yield of 3.52% is 1.81 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 20.4% of the fund and earn 22.1% of its combined profit. By sector, Communication Services is the most expensive at 47.9 times earnings and Energy the cheapest at 11.4. Companies that lost money over the past year are 7.6% 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 97.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

RFG valuation FAQ

What is the P/E ratio of RFG?

Based on its holdings, RFG has a trailing P/E of 28.4 and a forward P/E of 19.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of RFG?

The trailing earnings yield is 3.52% (1 ÷ P/E) and the forward earnings yield 5.25%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is RFG more expensive than the S&P 500?

RFG trades at 28.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.0 and 19.9.

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

The holdings of RFG trade at 5.28 times book value, with a combined return on equity of 18.6%.

Which sector in RFG has the highest P/E?

Communication Services has the highest P/E at 47.9 and Energy the lowest at 11.4.