T. Rowe Price Capital Appreciation Equity ETF (TCAF) Valuation
TCAF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 31.9 trailing earnings
- Forward P/E
- 20.7 analyst estimates
- Price / sales
- 1.27
- Price / book
- 5.25
- EV / EBITDA
- 15.0
- Earnings yield
- 3.14% inverse of P/E
- Dividend yield
- 0.91% of the holdings
- Return on equity
- 16.5% combined
- Net margin
- 4.0% combined
- Beta
- 1.08 weighted, vs S&P 500
TCAF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TCAF | 31.9 | 20.7 | 1.27 | 5.25 | 0.91% | 16.5% | 4.0% | 3.7% |
| 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.
TCAF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 31.8% | 33.6 | 23.7 | 0.65 | 12.39 | 0.49% | 36.9% |
| Healthcare | 16.9% | 105.2 | 21.2 | 1.15 | 4.99 | 0.40% | 4.7% |
| Financial Services | 11.6% | 27.8 | 17.6 | 5.94 | 5.25 | 1.39% | 18.9% |
| Consumer Cyclical | 9.1% | 30.4 | 24.5 | 4.09 | 6.49 | 0.40% | 21.4% |
| Utilities | 9.0% | 22.0 | 17.2 | 3.02 | 1.98 | 2.72% | 9.0% |
| Communication Services | 7.7% | 21.1 | 23.1 | 8.51 | 5.80 | 0.24% | 27.5% |
| Industrials | 5.6% | 24.4 | 18.8 | 2.69 | 5.77 | 1.22% | 23.7% |
| Consumer Defensive | 3.9% | 32.8 | 14.5 | 2.13 | 2.67 | 2.55% | 8.1% |
| Basic Materials | 0.2% | 30.4 | 22.4 | 4.11 | 3.74 | 0.81% | 12.3% |
TCAF 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 TCAF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TCAF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 7.12% | 29.5 | 25.1 | 11.8 | 0.74% | 8.11% |
| NVDA | NVIDIA Corporation | 5.63% | 27.1 | 24.9 | 17.1 | 0.47% | 6.99% |
| AMZN | Amazon.com, Inc. | 5.56% | 20.1 | 23.6 | 3.5 | — | 9.28% |
| AAPL | Apple Inc. | 5.29% | 39.4 | 35.2 | 10.7 | 0.31% | 4.51% |
| GOOGL | Alphabet Inc. | 3.06% | 17.1 | 22.8 | 9.3 | 0.26% | 6.01% |
| CNP | CenterPoint Energy, Inc. | 2.96% | 24.0 | 17.7 | 2.8 | 2.37% | 4.14% |
| AMD | Advanced Micro Devices, Inc. | 2.75% | 134.9 | 39.5 | 20.9 | — | 0.68% |
| META | Meta Platforms, Inc. | 2.46% | 26.7 | 22.1 | 7.9 | 0.30% | 3.09% |
| KDP | Keurig Dr Pepper Inc. | 2.39% | 35.0 | 12.5 | 2.3 | 2.66% | 2.29% |
| COR | Cencora | 2.33% | 25.3 | 15.7 | 0.2 | 0.70% | 3.08% |
| MA | Mastercard Incorporated | 2.19% | 34.0 | 24.2 | 15.4 | 0.56% | 2.16% |
| ALNY | Alnylam Pharmaceuticals, Inc. | 2.12% | 39.1 | 19.7 | 6.5 | — | 1.82% |
| ASND | Ascendis Pharma A/S | 2.06% | 17.3 | 19.8 | 14.2 | — | 4.00% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 2.03% | 26.7 | 21.4 | 0.4 | 0.91% | 2.55% |
| AEE | Ameren Corporation | 1.95% | 18.7 | 17.5 | 3.5 | 2.83% | 3.51% |
| PPL | PPL Corporation | 1.69% | 20.8 | 15.4 | 2.8 | 3.24% | 2.72% |
| NI | NiSource Inc. | 1.69% | 22.7 | 17.4 | 3.0 | 2.81% | 2.49% |
| AVGO | Broadcom Inc. | 1.55% | 43.3 | 19.4 | 17.6 | 0.79% | 1.20% |
| AJG | Arthur J. Gallagher & Co. | 1.54% | 42.3 | 16.3 | 4.3 | 1.10% | 1.22% |
| RVTY | Revvity, Inc. | 1.47% | 73.0 | 24.2 | 5.8 | 0.18% | 0.67% |
| MSCI | MSCI Inc. | 1.41% | 31.1 | 24.7 | 12.4 | 1.44% | 1.53% |
| DHR | Danaher Corporation | 1.40% | 40.8 | 23.8 | 6.4 | 0.70% | 1.15% |
| CNQ | Canadian Natural Resources Ltd | 1.39% | — | — | — | — | — |
| JPM | JPMorgan Chase & Co. | 1.38% | 14.2 | 13.5 | 4.7 | 1.94% | 3.26% |
| WAT | Waters Corporation | 1.38% | 110.6 | 24.8 | 9.2 | — | 0.42% |
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 TCAF valuation
Adding up its 83 holdings with company data, TCAF trades at 31.9 times trailing earnings and 20.7 times analysts' forward estimates, with a price-to-book ratio of 5.25 and a dividend yield of 0.91%. Its earnings yield of 3.14% is 2.19 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 39.5% of the fund and earn 48.2% of its combined profit. By sector, Healthcare is the most expensive at 105.2 times earnings and Communication Services the cheapest at 21.1. Companies that lost money over the past year are 3.7% 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 96.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TCAF chart, TCAF performance, TCAF holdings, TCAF dividends.
TCAF valuation FAQ
What is the P/E ratio of TCAF?
Based on its holdings, TCAF has a trailing P/E of 31.9 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 TCAF?
The trailing earnings yield is 3.14% (1 ÷ P/E) and the forward earnings yield 4.84%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TCAF more expensive than the S&P 500?
TCAF trades at 31.9 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 TCAF?
The holdings of TCAF trade at 5.25 times book value, with a combined return on equity of 16.5%.
Which sector in TCAF has the highest P/E?
Healthcare has the highest P/E at 105.2 and Communication Services the lowest at 21.1.