T. Rowe Price Capital Appreciation Premium… (TCAL) Valuation
TCAL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.4 trailing earnings
- Forward P/E
- 19.5 analyst estimates
- Price / sales
- 2.36
- Price / book
- 4.41
- EV / EBITDA
- 16.3
- Earnings yield
- 3.52% inverse of P/E
- Dividend yield
- 1.41% of the holdings
- Return on equity
- 15.5% combined
- Net margin
- 8.3% combined
- Beta
- 0.78 weighted, vs S&P 500
TCAL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TCAL | 28.4 | 19.5 | 2.36 | 4.41 | 1.41% | 15.5% | 8.3% | 2.3% |
| 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.
TCAL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 21.5% | 40.8 | 18.2 | 1.29 | 4.71 | 1.13% | 11.6% |
| Industrials | 18.2% | 27.6 | 21.1 | 3.12 | 5.71 | 1.32% | 20.7% |
| Financial Services | 14.2% | 23.1 | 17.3 | 5.31 | 4.14 | 1.26% | 17.9% |
| Technology | 14.2% | 36.3 | 24.4 | 2.80 | 6.44 | 0.58% | 17.7% |
| Utilities | 9.9% | 21.0 | 16.5 | 2.65 | 2.01 | 3.16% | 9.6% |
| Consumer Defensive | 8.8% | 29.7 | 20.8 | 1.84 | 5.62 | 2.01% | 18.9% |
| Consumer Cyclical | 7.1% | 23.4 | 21.3 | 3.42 | 10.86 | 1.61% | 46.3% |
| Communication Services | 2.6% | 32.4 | 24.8 | 7.14 | 3.94 | 0.10% | 12.2% |
| Basic Materials | 2.0% | 31.2 | 23.0 | 4.98 | 4.41 | 1.03% | 14.1% |
| Energy | 1.9% | 15.0 | 12.8 | 1.95 | 1.80 | 2.35% | 12.0% |
TCAL 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 TCAL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TCAL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MA | Mastercard Incorporated | 1.94% | 34.0 | 24.2 | 15.4 | 0.56% | 1.64% |
| MSFT | Microsoft Corporation | 1.74% | 29.5 | 25.1 | 11.8 | 0.74% | 1.70% |
| VLTO | Veralto Corporation | 1.69% | 25.8 | 20.0 | 4.3 | 0.51% | 1.89% |
| ABT | Abbott Laboratories | 1.64% | 33.8 | 17.1 | 3.9 | 2.40% | 1.40% |
| AMZN | Amazon.com, Inc. | 1.62% | 20.1 | 23.6 | 3.5 | — | 2.32% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 1.52% | 26.7 | 21.4 | 0.4 | 0.91% | 1.64% |
| WCN | Waste Connections, Inc. | 1.51% | 40.6 | 18.1 | 4.3 | 0.83% | 1.07% |
| AMD | Advanced Micro Devices, Inc. | 1.49% | 134.9 | 39.5 | 20.9 | — | 0.32% |
| IEX | IDEX Corporation | 1.47% | 33.9 | 24.0 | 4.8 | 1.24% | 1.25% |
| DHR | Danaher Corporation | 1.46% | 40.8 | 23.8 | 6.4 | 0.70% | 1.03% |
| NOC | Northrop Grumman Corporation | 1.46% | 16.5 | 17.0 | 1.7 | 1.90% | 2.54% |
| DTE | DTE Energy Company | 1.44% | 20.6 | 15.6 | 1.6 | 3.59% | 2.02% |
| AME | AMETEK, Inc. | 1.42% | 36.3 | 28.2 | 7.2 | 0.55% | 1.12% |
| TDY | Teledyne Technologies Incorporated | 1.41% | 29.9 | 23.6 | 4.5 | — | 1.36% |
| ANET | Arista Networks, Inc. | 1.40% | 55.8 | 39.2 | 21.2 | — | 0.72% |
| GEHC | GE HealthCare Technologies Inc. | 1.37% | 16.0 | 12.1 | 1.5 | 0.23% | 2.47% |
| LMT | Lockheed Martin Corporation | 1.36% | 20.3 | 16.2 | 1.7 | 2.61% | 1.92% |
| XOM | Exxon Mobil Corporation | 1.35% | 23.0 | 14.8 | 2.0 | 2.30% | 1.69% |
| BDX | Becton, Dickinson and Company | 1.35% | 44.6 | 13.7 | 2.3 | 2.19% | 0.87% |
| NVDA | NVIDIA Corporation | 1.31% | 27.1 | 24.9 | 17.1 | 0.47% | 1.39% |
| WAT | Waters Corporation | 1.29% | 110.6 | 24.8 | 9.2 | — | 0.34% |
| MSCI | MSCI Inc. | 1.27% | 31.1 | 24.7 | 12.4 | 1.44% | 1.17% |
| SPGI | S&P Global Inc. | 1.26% | 26.1 | 19.9 | 7.9 | 0.90% | 1.39% |
| SPW0 | SPX TECHNOLOGIES DL 10 | 1.26% | — | — | — | — | — |
| GILD | Gilead Sciences, Inc. | 1.26% | — | 15.6 | 6.4 | 2.10% | −0.61% |
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 TCAL valuation
Adding up its 102 holdings with company data, TCAL trades at 28.4 times trailing earnings and 19.5 times analysts' forward estimates, with a price-to-book ratio of 4.41 and a dividend yield of 1.41%. Its earnings yield of 3.52% is 1.80 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 16.1% of the fund and earn 14.2% of its combined profit. By sector, Healthcare is the most expensive at 40.8 times earnings and Energy the cheapest at 15.0. Companies that lost money over the past year are 2.3% 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 98.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TCAL chart, TCAL performance, TCAL holdings, TCAL dividends.
TCAL valuation FAQ
What is the P/E ratio of TCAL?
Based on its holdings, TCAL has a trailing P/E of 28.4 and a forward P/E of 19.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TCAL?
The trailing earnings yield is 3.52% (1 ÷ P/E) and the forward earnings yield 5.13%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TCAL more expensive than the S&P 500?
TCAL trades at 28.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.5 and 19.9.
What is the price-to-book ratio of TCAL?
The holdings of TCAL trade at 4.41 times book value, with a combined return on equity of 15.5%.
Which sector in TCAL has the highest P/E?
Healthcare has the highest P/E at 40.8 and Energy the lowest at 15.0.