Harbor Active Small Cap ETF (SMLL) Valuation
SMLL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.1 trailing earnings
- Forward P/E
- 15.2 analyst estimates
- Price / sales
- 1.83
- Price / book
- 2.58
- EV / EBITDA
- 11.9
- Earnings yield
- 4.32% inverse of P/E
- Dividend yield
- 1.61% of the holdings
- Return on equity
- 11.1% combined
- Net margin
- 7.9% combined
- Beta
- 1.01 weighted, vs S&P 500
SMLL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SMLL | 23.1 | 15.2 | 1.83 | 2.58 | 1.61% | 11.1% | 7.9% | 7.0% |
| 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.
SMLL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 23.3% | 34.2 | 16.6 | 1.32 | 2.98 | 1.16% | 8.7% |
| Financial Services | 22.3% | 14.3 | 13.4 | 3.35 | 2.68 | 2.69% | 18.8% |
| Technology | 18.8% | 20.9 | 11.5 | 1.99 | 3.17 | 0.31% | 15.1% |
| Healthcare | 7.9% | 39.2 | 21.3 | 2.74 | 3.59 | 1.02% | 9.2% |
| Real Estate | 7.2% | 117.9 | 41.3 | 2.23 | 1.25 | 2.86% | 1.1% |
| Consumer Cyclical | 6.4% | 17.7 | 12.9 | 1.35 | 2.91 | 2.27% | 16.5% |
| Energy | 4.5% | 17.0 | 15.9 | 1.30 | 1.83 | 1.81% | 10.7% |
| Basic Materials | 2.3% | 23.9 | 16.4 | 1.33 | 2.65 | 1.22% | 11.1% |
| Utilities | 1.4% | 20.6 | 15.2 | 2.44 | 2.07 | 3.32% | 10.1% |
| Consumer Defensive | 0.9% | n/m | 16.4 | 0.98 | 2.42 | 0.00% | −7.1% |
SMLL 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 SMLL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SMLL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MORN | Morningstar, Inc. | 5.31% | 19.7 | 19.8 | 3.0 | 0.96% | 6.87% |
| POOL | Pool Corporation | 5.29% | 15.8 | 17.1 | 1.2 | 3.01% | 8.54% |
| PCTY | Paylocity Holding Corporation | 4.41% | 33.8 | 15.4 | 5.2 | — | 3.33% |
| WTFC | Wintrust Financial Corporation | 3.60% | 11.6 | 10.9 | 3.5 | 1.53% | 7.96% |
| SSNC | SS&C Technologies Holdings, Inc. | 3.54% | 24.2 | 10.6 | 3.0 | 1.43% | 3.73% |
| DOCS | Doximity, Inc. | 3.52% | 36.4 | 19.8 | 8.4 | — | 2.47% |
| FDS | FactSet Research Systems Inc. | 3.22% | 20.7 | 13.9 | 4.3 | 1.54% | 3.97% |
| UBSI | United Bankshares, Inc. | 3.21% | 12.7 | 13.6 | 5.1 | 3.26% | 6.45% |
| PLOW | Douglas Dynamics, Inc. | 3.07% | 18.0 | 13.3 | 1.3 | 2.98% | 4.37% |
| RLJ | RLJ Lodging Trust | 2.91% | — | — | 1.3 | 5.15% | 0.00% |
| CSGP | CoStar Group, Inc. | 2.72% | 179.5 | 18.3 | 3.7 | — | 0.39% |
| WSC | WillScot Mobile Mini Holdings Corp. | 2.72% | — | 14.1 | 1.3 | 1.76% | −1.66% |
| TTC | The Toro Company | 2.64% | 26.9 | 17.0 | 2.0 | 1.55% | 2.51% |
| FOUR | Shift4 Payments, Inc. | 2.55% | 62.6 | 6.4 | 0.7 | — | 1.04% |
| RELY_old | RELY | 2.53% | — | — | — | — | — |
| RS | Reliance Steel & Aluminum Co. | 2.32% | 23.9 | 16.4 | 1.3 | 1.22% | 2.49% |
| ATR | AptarGroup, Inc. | 2.29% | 22.5 | 19.8 | 2.0 | 1.54% | 2.60% |
| JBI | Janus International Group, Inc. | 2.26% | 17.4 | 13.8 | 0.6 | — | 3.32% |
| APAM | Artisan Partners Asset Management Inc. | 2.22% | 7.8 | 8.6 | 1.8 | 10.72% | 7.29% |
| USPH | U.S. Physical Therapy, Inc. | 2.14% | 476.2 | 27.2 | 1.6 | 2.15% | 0.11% |
| FRSH | Freshworks Inc. | 2.06% | 21.8 | 15.7 | 4.0 | — | 2.41% |
| LCY | Landcadia Holdings III Inc | 1.91% | — | — | — | — | — |
| RRC | Range Resources Corporation | 1.79% | 11.9 | 10.0 | 3.1 | 0.93% | 3.83% |
| LBRT | Liberty Energy Inc. | 1.77% | 22.4 | 29.5 | 0.6 | 2.17% | 2.02% |
| MIDD | The Middleby Corporation | 1.75% | — | 14.6 | 1.4 | — | −2.25% |
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 SMLL valuation
Adding up its 47 holdings with company data, SMLL trades at 23.1 times trailing earnings and 15.2 times analysts' forward estimates, with a price-to-book ratio of 2.58 and a dividend yield of 1.61%. Its earnings yield of 4.32% is 1.01 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.1% of the fund and earn 47.7% of its combined profit. By sector, Real Estate is the most expensive at 117.9 times earnings and Financial Services the cheapest at 14.3. Companies that lost money over the past year are 7.0% 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 95.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SMLL chart, SMLL performance, SMLL holdings, SMLL dividends.
SMLL valuation FAQ
What is the P/E ratio of SMLL?
Based on its holdings, SMLL has a trailing P/E of 23.1 and a forward P/E of 15.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SMLL?
The trailing earnings yield is 4.32% (1 ÷ P/E) and the forward earnings yield 6.57%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SMLL more expensive than the S&P 500?
SMLL trades at 23.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.2 and 19.9.
What is the price-to-book ratio of SMLL?
The holdings of SMLL trade at 2.58 times book value, with a combined return on equity of 11.1%.
Which sector in SMLL has the highest P/E?
Real Estate has the highest P/E at 117.9 and Financial Services the lowest at 14.3.