TBG Dividend Focus ETF (TBG) Valuation
TBG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.2 trailing earnings
- Forward P/E
- 15.5 analyst estimates
- Price / sales
- 2.18
- Price / book
- 3.94
- EV / EBITDA
- 12.2
- Earnings yield
- 3.68% inverse of P/E
- Dividend yield
- 3.81% of the holdings
- Return on equity
- 14.5% combined
- Net margin
- 8.0% combined
- Beta
- 0.75 weighted, vs S&P 500
TBG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TBG | 27.2 | 15.5 | 2.18 | 3.94 | 3.81% | 14.5% | 8.0% | 12.2% |
| 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.
TBG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 16.3% | 58.5 | 16.7 | 2.88 | 7.89 | 2.24% | 13.5% |
| Financial Services | 12.2% | 21.1 | 13.3 | 4.40 | 4.38 | 5.06% | 20.7% |
| Energy | 10.6% | 18.0 | 14.0 | 1.80 | 2.36 | 3.84% | 13.1% |
| Consumer Defensive | 10.6% | 40.8 | 15.5 | 1.81 | 4.91 | 4.55% | 12.0% |
| Consumer Cyclical | 9.5% | 23.7 | 19.0 | 1.71 | 4.19 | 3.49% | 17.7% |
| Technology | 9.5% | 22.1 | 15.9 | 2.97 | 5.19 | 2.56% | 23.5% |
| Real Estate | 7.9% | 26.3 | 38.8 | 4.18 | 3.67 | 4.83% | 13.9% |
| Utilities | 6.6% | n/m | 17.2 | 1.71 | 4.16 | 3.99% | −8.8% |
| Communication Services | 4.9% | 9.8 | 7.7 | 1.00 | 1.41 | 6.23% | 14.4% |
| Industrials | 4.6% | 22.0 | 18.2 | 2.30 | 17.75 | 2.58% | 80.6% |
| Basic Materials | 1.4% | 16.3 | 9.2 | 0.80 | 1.25 | 5.39% | 7.7% |
TBG 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 TBG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TBG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MRK | Merck & Co., Inc. | 4.53% | 115.8 | 15.3 | 5.4 | 2.33% | 1.15% |
| ACN | Accenture plc | 4.42% | 16.9 | 12.4 | 1.9 | 2.98% | 7.67% |
| CVX | Chevron Corporation | 4.25% | 21.2 | 15.2 | 2.1 | 3.16% | 5.89% |
| PG | The Procter & Gamble Company | 4.11% | 24.1 | 21.2 | 4.3 | 2.73% | 5.02% |
| BX | Blackstone Inc. | 3.77% | 23.9 | 15.9 | 8.2 | 4.91% | 4.65% |
| PEP | PepsiCo, Inc. | 3.71% | 16.5 | 14.9 | 1.8 | 4.50% | 6.59% |
| BIPC | Brookfield Infrastructure Corporation | 3.63% | — | — | 1.3 | 4.82% | −8.11% |
| SPG | Simon Property Group, Inc. | 3.54% | 14.5 | 30.7 | 11.2 | 4.33% | 7.16% |
| VZ | Verizon Communications Inc. | 3.46% | 11.7 | 8.7 | 1.3 | 6.32% | 8.70% |
| JNJ | Johnson & Johnson | 3.16% | 38.8 | 21.0 | 6.2 | 2.10% | 2.39% |
| GILD | Gilead Sciences, Inc. | 3.09% | — | 15.6 | 6.4 | 2.10% | −1.54% |
| FGXXX | First American Funds Inc. - Government Obligations Fund | 3.03% | — | — | — | — | — |
| AEP | American Electric Power Company, Inc. | 3.01% | 22.0 | 17.2 | 3.0 | 2.99% | 4.01% |
| AMGN | Amgen Inc. | 2.86% | 26.9 | 16.7 | 6.1 | 2.33% | 3.13% |
| GIS | General Mills, Inc. | 2.74% | — | 11.5 | 1.0 | 7.36% | −3.99% |
| UNH | UnitedHealth Group Incorporated | 2.69% | 25.8 | 16.6 | 0.8 | 2.31% | 3.07% |
| EPD | Enterprise Products Partners L.P. | 2.65% | 12.8 | 11.9 | 1.4 | 6.08% | 6.09% |
| LMT | Lockheed Martin Corporation | 2.63% | 20.3 | 16.2 | 1.7 | 2.61% | 3.80% |
| LAMR | Lamar Advertising Company | 2.51% | 27.4 | 29.5 | 6.6 | 4.40% | 2.69% |
| OWL | Blue Owl Capital Inc. | 2.36% | 73.8 | 9.8 | 4.6 | 10.28% | 0.94% |
| MCD | McDonald's Corporation | 2.30% | 19.7 | 17.1 | 6.2 | 3.18% | 3.43% |
| MTN | Vail Resorts, Inc. | 2.22% | 36.9 | 21.9 | 1.9 | 5.88% | 1.77% |
| MC | Moelis & Company | 2.20% | 19.0 | 13.4 | 2.6 | 4.77% | 3.41% |
| JPM | JPMorgan Chase & Co. | 2.09% | 14.2 | 13.5 | 4.7 | 1.94% | 4.30% |
| SBUX | Starbucks Corporation | 2.05% | 56.4 | 30.9 | 2.9 | 2.58% | 1.07% |
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 TBG valuation
Adding up its 35 holdings with company data, TBG trades at 27.2 times trailing earnings and 15.5 times analysts' forward estimates, with a price-to-book ratio of 3.94 and a dividend yield of 3.81%. Its earnings yield of 3.68% is 1.65 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.6% of the fund and earn 41.1% of its combined profit. By sector, Healthcare is the most expensive at 58.5 times earnings and Communication Services the cheapest at 9.8. Companies that lost money over the past year are 12.2% 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 95.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TBG chart, TBG performance, TBG holdings, TBG dividends.
TBG valuation FAQ
What is the P/E ratio of TBG?
Based on its holdings, TBG has a trailing P/E of 27.2 and a forward P/E of 15.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TBG?
The trailing earnings yield is 3.68% (1 ÷ P/E) and the forward earnings yield 6.45%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TBG more expensive than the S&P 500?
TBG trades at 27.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.5 and 19.9.
What is the price-to-book ratio of TBG?
The holdings of TBG trade at 3.94 times book value, with a combined return on equity of 14.5%.
Which sector in TBG has the highest P/E?
Healthcare has the highest P/E at 58.5 and Communication Services the lowest at 9.8.