VanEck Semiconductor ETF (SMH) Valuation
SMH valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.1 trailing earnings
- Forward P/E
- 20.7 analyst estimates
- Price / sales
- 0.13
- Price / book
- 11.64
- EV / EBITDA
- 24.1
- Earnings yield
- 3.12% inverse of P/E
- Dividend yield
- 0.63% of the holdings
- Return on equity
- 36.3% combined
- Net margin
- 0.4% combined
- Beta
- 1.84 weighted, vs S&P 500
SMH valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SMH | 32.1 | 20.7 | 0.13 | 11.64 | 0.63% | 36.3% | 0.4% | 4.1% |
| 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.
SMH valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 100.2% | 32.1 | 20.7 | 0.13 | 11.64 | 0.63% | 36.3% |
SMH 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 SMH weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SMH largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 21.82% | 27.1 | 24.9 | 17.1 | 0.47% | 25.78% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 9.78% | 26.7 | 21.4 | 0.4 | 0.91% | 11.70% |
| AMD | Advanced Micro Devices, Inc. | 5.47% | 134.9 | 39.5 | 20.9 | — | 1.30% |
| AVGO | Broadcom Inc. | 5.37% | 43.3 | 19.4 | 17.6 | 0.79% | 3.96% |
| TXN | Texas Instruments Incorporated | 5.13% | 42.1 | 27.5 | 13.0 | 2.20% | 3.90% |
| MU | Micron Technology, Inc. | 4.79% | 11.8 | 7.0 | 7.5 | 0.07% | 12.95% |
| ADI | Analog Devices, Inc. | 4.63% | 47.0 | 23.2 | 13.8 | 1.11% | 3.15% |
| ASML | ASML Holding N.V. | 4.55% | 40.4 | 28.9 | 16.0 | 0.55% | 3.60% |
| MRVL | Marvell Technology, Inc. | 4.19% | 72.3 | 62.1 | 21.7 | 0.11% | 1.85% |
| INTC | Intel Corporation | 4.07% | — | 63.3 | 8.3 | — | −3.07% |
| QCOM | QUALCOMM Incorporated | 3.86% | 19.9 | 19.6 | 4.2 | 2.14% | 6.20% |
| AMAT | Applied Materials, Inc. | 3.85% | 35.3 | 23.4 | 10.5 | 0.52% | 3.49% |
| SKHY | SK Hynix Inc. American Depositary Shares | 3.84% | 8.7 | 5.4 | 0.0 | 0.08% | 14.10% |
| KLAC | KLA Corporation | 3.81% | 45.3 | 34.8 | 15.9 | 0.56% | 2.69% |
| LRCX | Lam Research Corporation | 3.46% | 45.8 | 33.7 | 14.2 | 0.50% | 2.41% |
| CDNS | Cadence Design Systems, Inc. | 1.99% | 63.5 | 31.5 | 15.1 | — | 1.00% |
| SNPS | Synopsys, Inc. | 1.99% | 80.3 | 23.3 | 9.3 | — | 0.79% |
| NXPI | NXP Semiconductors N.V. | 1.17% | 19.6 | 12.9 | 4.4 | 1.77% | 1.90% |
| MPWR | Monolithic Power Systems, Inc. | 1.16% | 73.7 | 38.8 | 18.2 | 0.66% | 0.50% |
| TER | Teradyne, Inc. | 1.10% | 44.6 | 30.7 | 11.4 | 0.16% | 0.79% |
| ALAB | Astera Labs, Inc. | 0.99% | 140.8 | 55.6 | 41.3 | — | 0.22% |
| ARM | Arm Holdings plc | 0.94% | 234.8 | 151.5 | 47.2 | — | 0.13% |
| STM | STMicroelectronics N.V. | 0.91% | — | 20.0 | 3.1 | 0.79% | 0.03% |
| MCHP | Microchip Technology Incorporated | 0.84% | 108.6 | 20.5 | 7.8 | 2.46% | 0.25% |
| ON | ON Semiconductor Corporation | 0.53% | 46.5 | 16.5 | 4.5 | — | 0.37% |
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 SMH valuation
Adding up its 25 holdings with company data, SMH trades at 32.1 times trailing earnings and 20.7 times analysts' forward estimates, with a price-to-book ratio of 11.64 and a dividend yield of 0.63%. Its earnings yield of 3.12% is 2.21 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 69.8% of the fund and earn 65.1% of its combined profit. Companies that lost money over the past year are 4.1% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SMH chart, SMH performance, SMH holdings, SMH dividends.
SMH valuation FAQ
What is the P/E ratio of SMH?
Based on its holdings, SMH has a trailing P/E of 32.1 and a forward P/E of 20.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SMH?
The trailing earnings yield is 3.12% (1 ÷ P/E) and the forward earnings yield 4.82%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SMH more expensive than the S&P 500?
SMH trades at 32.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.7 and 19.9.
What is the price-to-book ratio of SMH?
The holdings of SMH trade at 11.64 times book value, with a combined return on equity of 36.3%.