Invesco S&P 500 Quality ETF (SPHQ) Valuation
SPHQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.9 trailing earnings
- Forward P/E
- 20.2 analyst estimates
- Price / sales
- 4.13
- Price / book
- 9.28
- EV / EBITDA
- 18.6
- Earnings yield
- 4.02% inverse of P/E
- Dividend yield
- 0.91% of the holdings
- Return on equity
- 37.3% combined
- Net margin
- 16.6% combined
- Beta
- 1.08 weighted, vs S&P 500
SPHQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| SPHQ | 24.9 | 20.2 | 4.13 | 9.28 | 0.91% | 37.3% | 16.6% | 0.0% |
| 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.
SPHQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 36.3% | 27.7 | 20.3 | 7.06 | 13.20 | 0.84% | 47.7% |
| Financial Services | 18.9% | 19.4 | 18.1 | 4.31 | 7.38 | 0.80% | 38.1% |
| Industrials | 13.3% | 29.9 | 26.1 | 3.72 | 12.91 | 1.11% | 43.2% |
| Consumer Defensive | 8.9% | 32.2 | 26.7 | 2.04 | 9.67 | 1.64% | 30.0% |
| Consumer Cyclical | 5.9% | 24.0 | 19.8 | 2.35 | 8.29 | 0.97% | 34.5% |
| Communication Services | 4.7% | 21.7 | 17.6 | 7.18 | 12.36 | 0.00% | 57.1% |
| Healthcare | 4.1% | 29.4 | 24.0 | 6.75 | 7.19 | 0.39% | 24.5% |
| Basic Materials | 2.4% | 16.7 | 12.6 | 3.65 | 2.76 | 1.17% | 16.5% |
| Energy | 1.5% | 14.4 | 10.0 | 1.11 | 2.73 | 1.40% | 18.9% |
SPHQ 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 SPHQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
SPHQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MA | Mastercard Incorporated | 6.35% | 34.0 | 24.2 | 15.4 | 0.56% | 4.85% |
| AAPL | Apple Inc. | 6.11% | 39.4 | 35.2 | 10.7 | 0.31% | 4.02% |
| V | Visa Inc. | 6.08% | 34.3 | 24.0 | 17.0 | 0.67% | 4.61% |
| COST | Costco Wholesale Corporation | 4.43% | 47.6 | 40.3 | 1.4 | 0.59% | 2.41% |
| CSCO | Cisco Systems, Inc. | 3.55% | 32.2 | 19.8 | 6.7 | 1.56% | 2.86% |
| GEV | GE Vernova Inc. | 3.42% | 26.4 | 38.8 | 5.9 | 0.22% | 3.35% |
| NFLX | Netflix, Inc. | 3.35% | 22.2 | 18.7 | 6.1 | — | 3.92% |
| GCP | General Electric Company | 3.34% | — | — | — | — | — |
| PG | The Procter & Gamble Company | 3.20% | 24.1 | 21.2 | 4.3 | 2.73% | 3.45% |
| LRCX | Lam Research Corporation | 3.20% | 45.8 | 33.7 | 14.2 | 0.50% | 1.81% |
| SNDK | Sandisk Corporation | 2.51% | 17.6 | 8.0 | 9.3 | — | 3.70% |
| QCOM | QUALCOMM Incorporated | 2.40% | 19.9 | 19.6 | 4.2 | 2.14% | 3.12% |
| TXN | Texas Instruments Incorporated | 2.32% | 42.1 | 27.5 | 13.0 | 2.20% | 1.43% |
| WDC | Western Digital Corporation | 2.05% | 12.3 | 22.8 | 9.6 | 0.18% | 4.31% |
| AMAT | Applied Materials, Inc. | 2.02% | 35.3 | 23.4 | 10.5 | 0.52% | 1.48% |
| KLAC | KLA Corporation | 1.86% | 45.3 | 34.8 | 15.9 | 0.56% | 1.06% |
| FTNT | Fortinet, Inc. | 1.72% | 59.8 | 45.0 | 16.5 | — | 0.75% |
| ISRG | Intuitive Surgical, Inc. | 1.69% | 48.9 | 33.3 | 13.7 | — | 0.90% |
| NEM | Newmont Corporation | 1.66% | 15.0 | 11.6 | 4.8 | 0.88% | 2.87% |
| PGR | The Progressive Corporation | 1.48% | 11.0 | 12.7 | 1.4 | 0.18% | 3.50% |
| TJX | The TJX Companies, Inc. | 1.46% | 27.3 | 24.9 | 2.6 | 1.30% | 1.39% |
| ACN | Accenture plc | 1.40% | 16.9 | 12.4 | 1.9 | 2.98% | 2.14% |
| APP | AppLovin Corporation | 1.35% | 20.5 | 15.4 | 13.1 | — | 1.72% |
| ADBE | Adobe Inc. | 1.31% | 13.7 | 8.7 | 3.7 | — | 2.47% |
| ADP | Automatic Data Processing, Inc. | 1.16% | 26.4 | 22.0 | 5.2 | 2.35% | 1.14% |
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 SPHQ valuation
Adding up its 97 holdings with company data, SPHQ trades at 24.9 times trailing earnings and 20.2 times analysts' forward estimates, with a price-to-book ratio of 9.28 and a dividend yield of 0.91%. Its earnings yield of 4.02% is 1.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 43.0% of the fund and earn 35.0% of its combined profit. By sector, Consumer Defensive is the most expensive at 32.2 times earnings and Energy the cheapest at 14.4. Companies that lost money over the past year are 0.0% 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 96.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: SPHQ chart, SPHQ performance, SPHQ holdings, SPHQ dividends.
SPHQ valuation FAQ
What is the P/E ratio of SPHQ?
Based on its holdings, SPHQ has a trailing P/E of 24.9 and a forward P/E of 20.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of SPHQ?
The trailing earnings yield is 4.02% (1 ÷ P/E) and the forward earnings yield 4.95%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is SPHQ more expensive than the S&P 500?
SPHQ trades at 24.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.2 and 19.9.
What is the price-to-book ratio of SPHQ?
The holdings of SPHQ trade at 9.28 times book value, with a combined return on equity of 37.3%.
Which sector in SPHQ has the highest P/E?
Consumer Defensive has the highest P/E at 32.2 and Energy the lowest at 14.4.