T. Rowe Price Growth Stock ETF (TGRW) Valuation
TGRW valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 31.1 trailing earnings
- Forward P/E
- 24.7 analyst estimates
- Price / sales
- 7.44
- Price / book
- 11.94
- EV / EBITDA
- 22.9
- Earnings yield
- 3.21% inverse of P/E
- Dividend yield
- 0.39% of the holdings
- Return on equity
- 38.4% combined
- Net margin
- 23.9% combined
- Beta
- 1.50 weighted, vs S&P 500
TGRW valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TGRW | 31.1 | 24.7 | 7.44 | 11.94 | 0.39% | 38.4% | 23.9% | 3.5% |
| 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.
TGRW valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 53.6% | 34.3 | 23.8 | 8.08 | 16.45 | 0.41% | 47.9% |
| Communication Services | 17.0% | 19.8 | 22.8 | 7.75 | 7.36 | 0.24% | 37.2% |
| Consumer Cyclical | 7.3% | 40.9 | 34.1 | 4.79 | 10.48 | 0.10% | 25.6% |
| Healthcare | 5.4% | 43.2 | 24.8 | 7.13 | 10.07 | 0.50% | 23.3% |
| Industrials | 5.1% | 47.3 | 36.9 | 5.78 | 14.45 | 0.36% | 30.5% |
| Financial Services | 4.8% | 27.1 | 21.0 | 9.06 | 9.73 | 0.84% | 35.9% |
| Real Estate | 0.7% | 105.3 | 78.1 | 13.26 | 3.57 | 1.45% | 3.4% |
| Basic Materials | 0.5% | 31.9 | 23.6 | 5.41 | 6.48 | 1.21% | 20.3% |
| Consumer Defensive | 0.1% | 47.6 | 40.3 | 1.45 | 11.97 | 0.59% | 25.1% |
TGRW 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 TGRW weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TGRW largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 15.59% | 27.1 | 24.9 | 17.1 | 0.47% | 19.04% |
| GOOGL | Alphabet Inc. | 10.93% | 17.1 | 22.8 | 9.3 | 0.26% | 21.15% |
| AAPL | Apple Inc. | 6.64% | 39.4 | 35.2 | 10.7 | 0.31% | 5.57% |
| MSFT | Microsoft Corporation | 5.62% | 29.5 | 25.1 | 11.8 | 0.74% | 6.30% |
| AVGO | Broadcom Inc. | 4.99% | 43.3 | 19.4 | 17.6 | 0.79% | 3.81% |
| AMD | Advanced Micro Devices, Inc. | 4.29% | 134.9 | 39.5 | 20.9 | — | 1.05% |
| META | Meta Platforms, Inc. | 3.94% | 26.7 | 22.1 | 7.9 | 0.30% | 4.88% |
| MU | Micron Technology, Inc. | 3.27% | 11.8 | 7.0 | 7.5 | 0.07% | 9.15% |
| LLY | Eli Lilly and Company | 2.97% | 42.2 | 24.4 | 14.1 | 0.55% | 2.33% |
| TSLA | Tesla, Inc. | 2.38% | 328.4 | 158.7 | 13.5 | — | 0.24% |
| V | Visa Inc. | 2.21% | 34.3 | 24.0 | 17.0 | 0.67% | 2.13% |
| MA | Mastercard Incorporated | 1.76% | 34.0 | 24.2 | 15.4 | 0.56% | 1.72% |
| GCP | General Electric Company | 1.61% | — | — | — | — | — |
| LRCX | Lam Research Corporation | 1.53% | 45.8 | 33.7 | 14.2 | 0.50% | 1.10% |
| AMAT | Applied Materials, Inc. | 1.45% | 35.3 | 23.4 | 10.5 | 0.52% | 1.36% |
| AMZN | Amazon.com, Inc. | 1.39% | 20.1 | 23.6 | 3.5 | — | 2.29% |
| SNOW | Snowflake Inc. | 1.29% | — | 169.5 | 19.9 | — | −0.44% |
| CRWD | CrowdStrike Holdings, Inc. | 1.22% | — | 208.3 | 43.1 | — | 0.01% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 1.15% | 26.7 | 21.4 | 0.4 | 0.91% | 1.42% |
| NFLX | Netflix, Inc. | 1.08% | 22.2 | 18.7 | 6.1 | — | 1.61% |
| APH | Amphenol Corporation | 0.95% | 39.7 | 24.6 | 6.7 | 0.63% | 0.80% |
| ASML | ASML Holding N.V. | 0.87% | 40.4 | 28.9 | 16.0 | 0.55% | 0.71% |
| NOW | ServiceNow, Inc. | 0.80% | 88.7 | 27.8 | 10.0 | — | 0.30% |
| ISRG | Intuitive Surgical, Inc. | 0.80% | 48.9 | 33.3 | 13.7 | — | 0.54% |
| HWM | Howmet Aerospace Inc. | 0.77% | 47.6 | 36.0 | 9.7 | 0.25% | 0.54% |
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 TGRW valuation
Adding up its 68 holdings with company data, TGRW trades at 31.1 times trailing earnings and 24.7 times analysts' forward estimates, with a price-to-book ratio of 11.94 and a dividend yield of 0.39%. Its earnings yield of 3.21% is 2.11 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 60.6% of the fund and earn 73.5% of its combined profit. By sector, Real Estate is the most expensive at 105.3 times earnings and Communication Services the cheapest at 19.8. Companies that lost money over the past year are 3.5% 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 98.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TGRW chart, TGRW performance, TGRW holdings.
TGRW valuation FAQ
What is the P/E ratio of TGRW?
Based on its holdings, TGRW has a trailing P/E of 31.1 and a forward P/E of 24.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TGRW?
The trailing earnings yield is 3.21% (1 ÷ P/E) and the forward earnings yield 4.05%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TGRW more expensive than the S&P 500?
TGRW trades at 31.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 24.7 and 19.9.
What is the price-to-book ratio of TGRW?
The holdings of TGRW trade at 11.94 times book value, with a combined return on equity of 38.4%.
Which sector in TGRW has the highest P/E?
Real Estate has the highest P/E at 105.3 and Communication Services the lowest at 19.8.