T. Rowe Price Dividend Growth ETF (TDVG) Valuation
TDVG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.5 trailing earnings
- Forward P/E
- 19.4 analyst estimates
- Price / sales
- 3.17
- Price / book
- 5.39
- EV / EBITDA
- 17.3
- Earnings yield
- 3.93% inverse of P/E
- Dividend yield
- 1.42% of the holdings
- Return on equity
- 21.2% combined
- Net margin
- 12.5% combined
- Beta
- 0.87 weighted, vs S&P 500
TDVG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TDVG | 25.5 | 19.4 | 3.17 | 5.39 | 1.42% | 21.2% | 12.5% | 1.3% |
| 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.
TDVG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 28.2% | 33.0 | 24.3 | 4.92 | 11.34 | 0.85% | 34.3% |
| Financial Services | 19.1% | 15.9 | 13.9 | 3.57 | 2.86 | 1.61% | 17.9% |
| Healthcare | 13.7% | 40.5 | 19.1 | 1.56 | 5.85 | 1.35% | 14.4% |
| Industrials | 10.6% | 28.2 | 23.7 | 4.19 | 7.30 | 1.05% | 25.9% |
| Consumer Defensive | 6.7% | 32.3 | 24.8 | 2.59 | 10.22 | 2.10% | 31.7% |
| Consumer Cyclical | 6.2% | 25.3 | 21.4 | 3.10 | 18.76 | 1.71% | 74.1% |
| Energy | 5.2% | 20.6 | 14.4 | 2.49 | 2.72 | 2.42% | 13.2% |
| Utilities | 3.0% | 19.2 | 17.5 | 4.33 | 2.12 | 2.84% | 11.1% |
| Basic Materials | 2.3% | 31.7 | 23.6 | 4.70 | 7.67 | 1.14% | 24.2% |
| Communication Services | 0.6% | 16.6 | 11.7 | 1.85 | 3.16 | 2.94% | 19.0% |
TDVG 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 TDVG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TDVG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 6.19% | 39.4 | 35.2 | 10.7 | 0.31% | 4.21% |
| MSFT | Microsoft Corporation | 5.54% | 29.5 | 25.1 | 11.8 | 0.74% | 5.04% |
| JPM | JPMorgan Chase & Co. | 3.29% | 14.2 | 13.5 | 4.7 | 1.94% | 6.18% |
| V | Visa Inc. | 2.99% | 34.3 | 24.0 | 17.0 | 0.67% | 2.33% |
| AVGO | Broadcom Inc. | 2.94% | 43.3 | 19.4 | 17.6 | 0.79% | 1.82% |
| XOM | Exxon Mobil Corporation | 2.05% | 23.0 | 14.8 | 2.0 | 2.30% | 2.38% |
| GCP | General Electric Company | 2.03% | — | — | — | — | — |
| LLY | Eli Lilly and Company | 2.01% | 42.2 | 24.4 | 14.1 | 0.55% | 1.28% |
| CB | Chubb Limited | 1.89% | 12.7 | 11.6 | 2.2 | 1.13% | 3.96% |
| BAC | Bank of America Corporation | 1.81% | 12.2 | 10.8 | 3.1 | 2.50% | 3.97% |
| ADI | Analog Devices, Inc. | 1.63% | 47.0 | 23.2 | 13.8 | 1.11% | 0.93% |
| KLAC | KLA Corporation | 1.56% | 45.3 | 34.8 | 15.9 | 0.56% | 0.93% |
| UNH | UnitedHealth Group Incorporated | 1.56% | 25.8 | 16.6 | 0.8 | 2.31% | 1.62% |
| MS | Morgan Stanley | 1.56% | 14.3 | 14.9 | 3.6 | 2.55% | 2.91% |
| KO | The Coca-Cola Company | 1.54% | 28.2 | 25.3 | 8.1 | 2.26% | 1.46% |
| ABBV | AbbVie Inc. | 1.51% | 80.6 | 16.4 | 7.8 | 2.42% | 0.50% |
| WMT | Walmart Inc. | 1.51% | 43.0 | 38.0 | 1.3 | 0.83% | 0.94% |
| TMO | Thermo Fisher Scientific Inc. | 1.51% | 37.1 | 24.2 | 5.5 | 0.27% | 1.09% |
| DE | Deere & Company | 1.44% | 35.7 | 29.3 | 3.6 | 1.01% | 1.08% |
| CSCO | Cisco Systems, Inc. | 1.41% | 32.2 | 19.8 | 6.7 | 1.56% | 1.17% |
| ROST | Ross Stores, Inc. | 1.36% | 28.6 | 27.4 | 3.1 | 0.75% | 1.27% |
| AXP | American Express Company | 1.35% | 19.0 | 15.1 | 3.0 | 1.21% | 1.90% |
| LIN | Linde plc | 1.35% | 32.2 | 23.6 | 6.5 | 1.28% | 1.13% |
| APH | Amphenol Corporation | 1.29% | 39.7 | 24.6 | 6.7 | 0.63% | 0.87% |
| PM | Philip Morris International Inc. | 1.26% | 29.5 | 20.9 | 7.5 | 3.12% | 1.15% |
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 TDVG valuation
Adding up its 86 holdings with company data, TDVG trades at 25.5 times trailing earnings and 19.4 times analysts' forward estimates, with a price-to-book ratio of 5.39 and a dividend yield of 1.42%. Its earnings yield of 3.93% is 1.40 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 30.7% of the fund and earn 32.1% of its combined profit. By sector, Healthcare is the most expensive at 40.5 times earnings and Financial Services the cheapest at 15.9. Companies that lost money over the past year are 1.3% 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 95.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TDVG chart, TDVG performance, TDVG holdings, TDVG dividends.
TDVG valuation FAQ
What is the P/E ratio of TDVG?
Based on its holdings, TDVG has a trailing P/E of 25.5 and a forward P/E of 19.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TDVG?
The trailing earnings yield is 3.93% (1 ÷ P/E) and the forward earnings yield 5.16%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TDVG more expensive than the S&P 500?
TDVG trades at 25.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.4 and 19.9.
What is the price-to-book ratio of TDVG?
The holdings of TDVG trade at 5.39 times book value, with a combined return on equity of 21.2%.
Which sector in TDVG has the highest P/E?
Healthcare has the highest P/E at 40.5 and Financial Services the lowest at 15.9.