T. Rowe Price Financials ETF (TFNS) Valuation
TFNS valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.5 trailing earnings
- Forward P/E
- 12.8 analyst estimates
- Price / sales
- 1.06
- Price / book
- 2.12
- EV / EBITDA
- 10.5
- Earnings yield
- 6.47% inverse of P/E
- Dividend yield
- 1.53% of the holdings
- Return on equity
- 13.7% combined
- Net margin
- 6.9% combined
- Beta
- 0.91 weighted, vs S&P 500
TFNS valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TFNS | 15.5 | 12.8 | 1.06 | 2.12 | 1.53% | 13.7% | 6.9% | 2.1% |
| 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.
TFNS valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 96.5% | 15.3 | 13.1 | 1.05 | 2.15 | 1.56% | 14.1% |
| Technology | 1.8% | 22.1 | 9.7 | 1.81 | 1.68 | 0.00% | 7.6% |
| Industrials | 1.1% | 37.1 | 5.9 | 2.26 | 1.10 | 1.23% | 3.0% |
TFNS 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 TFNS weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TFNS largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| BRK.B | Berkshire Hathaway Inc. | 12.27% | 13.4 | 22.7 | 3.0 | — | 14.33% |
| V | Visa Inc. | 7.79% | 34.3 | 24.0 | 17.0 | 0.67% | 3.56% |
| MA | Mastercard Incorporated | 6.63% | 34.0 | 24.2 | 15.4 | 0.56% | 3.05% |
| JPM | JPMorgan Chase & Co. | 4.67% | 14.2 | 13.5 | 4.7 | 1.94% | 5.12% |
| BAC | Bank of America Corporation | 4.53% | 12.2 | 10.8 | 3.1 | 2.50% | 5.79% |
| WFC | Wells Fargo & Company | 3.88% | 11.8 | 10.2 | 3.0 | 2.38% | 5.12% |
| GS | The Goldman Sachs Group, Inc. | 3.50% | 12.7 | 12.8 | 3.6 | 2.27% | 4.31% |
| C | Citigroup Inc. | 3.15% | 12.1 | 10.2 | 2.5 | 2.16% | 4.06% |
| SCHW | The Charles Schwab Corporation | 3.13% | 15.7 | 12.9 | 5.9 | 1.39% | 3.11% |
| CB | Chubb Limited | 2.80% | 12.7 | 11.6 | 2.2 | 1.13% | 3.43% |
| MS | Morgan Stanley | 2.50% | 14.3 | 14.9 | 3.6 | 2.55% | 2.73% |
| COF | Capital One Financial Corporation | 2.47% | 13.0 | 8.5 | 2.6 | 1.59% | 2.98% |
| BLK | BlackRock, Inc. | 2.29% | 25.8 | 16.4 | 6.5 | 2.02% | 1.39% |
| MRSH | Marsh & McLennan Companies, Inc. | 1.95% | 22.5 | 15.0 | 3.2 | 2.10% | 1.35% |
| ALL | The Allstate Corporation | 1.61% | 5.0 | 8.3 | 0.9 | 1.74% | 5.07% |
| USB | U.S. Bancorp | 1.48% | 11.4 | 10.4 | 3.3 | 3.68% | 2.02% |
| MET | MetLife, Inc. | 1.35% | 19.3 | 10.5 | 0.8 | 2.35% | 1.09% |
| ICE | Intercontinental Exchange, Inc. | 1.24% | 22.8 | 18.1 | 8.6 | 1.29% | 0.85% |
| AXP | American Express Company | 1.11% | 19.0 | 15.1 | 3.0 | 1.21% | 0.91% |
| CME | CME Group Inc. | 1.11% | 24.9 | 21.9 | 15.6 | 1.77% | 0.69% |
| STT | State Street Corporation | 1.10% | 13.5 | 11.9 | 2.9 | 2.22% | 1.27% |
| AON | Aon plc | 1.08% | 16.1 | 13.5 | 3.5 | 1.12% | 1.05% |
| KKR | KKR & Co. Inc. | 1.06% | 27.5 | 13.0 | 3.1 | 0.90% | 0.60% |
| PGR | The Progressive Corporation | 1.06% | 11.0 | 12.7 | 1.4 | 0.18% | 1.50% |
| SPGI | S&P Global Inc. | 0.98% | 26.1 | 19.9 | 7.9 | 0.90% | 0.58% |
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 TFNS valuation
Adding up its 79 holdings with company data, TFNS trades at 15.5 times trailing earnings and 12.8 times analysts' forward estimates, with a price-to-book ratio of 2.12 and a dividend yield of 1.53%. Its earnings yield of 6.47% is 1.14 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.3% of the fund and earn 51.9% of its combined profit. By sector, Industrials is the most expensive at 37.1 times earnings and Financial Services the cheapest at 15.3. Companies that lost money over the past year are 2.1% 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 99.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TFNS chart, TFNS performance, TFNS holdings, TFNS dividends.
TFNS valuation FAQ
What is the P/E ratio of TFNS?
Based on its holdings, TFNS has a trailing P/E of 15.5 and a forward P/E of 12.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TFNS?
The trailing earnings yield is 6.47% (1 ÷ P/E) and the forward earnings yield 7.80%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TFNS more expensive than the S&P 500?
TFNS trades at 15.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.8 and 19.9.
What is the price-to-book ratio of TFNS?
The holdings of TFNS trade at 2.12 times book value, with a combined return on equity of 13.7%.
Which sector in TFNS has the highest P/E?
Industrials has the highest P/E at 37.1 and Financial Services the lowest at 15.3.