iShares U.S. Thematic Rotation Active ETF (THRO) Valuation
THRO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.2 trailing earnings
- Forward P/E
- 19.7 analyst estimates
- Price / sales
- 3.47
- Price / book
- 5.73
- EV / EBITDA
- 17.4
- Earnings yield
- 3.96% inverse of P/E
- Dividend yield
- 1.05% of the holdings
- Return on equity
- 22.7% combined
- Net margin
- 13.8% combined
- Beta
- 1.12 weighted, vs S&P 500
THRO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| THRO | 25.2 | 19.7 | 3.47 | 5.73 | 1.05% | 22.7% | 13.8% | 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.
THRO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 42.6% | 31.3 | 22.0 | 8.41 | 12.52 | 0.51% | 40.0% |
| Financial Services | 10.3% | 14.8 | 14.8 | 3.96 | 2.59 | 1.50% | 17.4% |
| Industrials | 10.2% | 26.0 | 21.6 | 2.49 | 6.73 | 1.35% | 25.8% |
| Communication Services | 7.8% | 19.6 | 19.0 | 5.98 | 4.95 | 0.56% | 25.3% |
| Consumer Cyclical | 7.5% | 25.0 | 27.4 | 3.45 | 6.47 | 0.47% | 25.9% |
| Healthcare | 7.4% | 33.2 | 16.0 | 1.72 | 4.08 | 2.22% | 12.3% |
| Consumer Defensive | 6.0% | 30.4 | 25.0 | 1.21 | 7.08 | 1.60% | 23.3% |
| Energy | 5.7% | 20.6 | 13.4 | 1.73 | 2.50 | 2.33% | 12.1% |
| Utilities | 1.5% | 18.3 | 17.7 | 5.87 | 2.80 | 3.08% | 15.3% |
| Basic Materials | 0.5% | 24.2 | 9.9 | 0.81 | 1.85 | 2.57% | 7.6% |
THRO 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 THRO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
THRO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 8.54% | 39.4 | 35.2 | 10.7 | 0.31% | 5.50% |
| NVDA | NVIDIA Corporation | 7.73% | 27.1 | 24.9 | 17.1 | 0.47% | 7.25% |
| MSFT | Microsoft Corporation | 6.53% | 29.5 | 25.1 | 11.8 | 0.74% | 5.63% |
| AMZN | Amazon.com, Inc. | 4.69% | 20.1 | 23.6 | 3.5 | — | 5.92% |
| GOOGL | Alphabet Inc. | 3.57% | 17.1 | 22.8 | 9.3 | 0.26% | 5.30% |
| XOM | Exxon Mobil Corporation | 2.78% | 23.0 | 14.8 | 2.0 | 2.30% | 3.06% |
| JPM | JPMorgan Chase & Co. | 2.70% | 14.2 | 13.5 | 4.7 | 1.94% | 4.82% |
| WMT | Walmart Inc. | 2.66% | 43.0 | 38.0 | 1.3 | 0.83% | 1.57% |
| V | Visa Inc. | 2.28% | 34.3 | 24.0 | 17.0 | 0.67% | 1.69% |
| JNJ | Johnson & Johnson | 2.10% | 38.8 | 21.0 | 6.2 | 2.10% | 1.37% |
| MU | Micron Technology, Inc. | 2.07% | 11.8 | 7.0 | 7.5 | 0.07% | 4.45% |
| AVGO | Broadcom Inc. | 1.91% | 43.3 | 19.4 | 17.6 | 0.79% | 1.12% |
| CAT | Caterpillar Inc. | 1.87% | 31.5 | 25.4 | 4.5 | 0.89% | 1.51% |
| GOOG | Alphabet Inc. | 1.77% | 16.9 | 21.8 | 9.2 | 0.26% | 2.66% |
| META | Meta Platforms, Inc. | 1.71% | 26.7 | 22.1 | 7.9 | 0.30% | 1.63% |
| RTX | RTX Corporation | 1.62% | 34.1 | 24.6 | 2.8 | 1.51% | 1.21% |
| AMD | Advanced Micro Devices, Inc. | 1.62% | 134.9 | 39.5 | 20.9 | — | 0.30% |
| PG | The Procter & Gamble Company | 1.53% | 24.1 | 21.2 | 4.3 | 2.73% | 1.61% |
| CSCO | Cisco Systems, Inc. | 1.52% | 32.2 | 19.8 | 6.7 | 1.56% | 1.20% |
| CVX | Chevron Corporation | 1.51% | 21.2 | 15.2 | 2.1 | 3.16% | 1.80% |
| PFE | Pfizer Inc. | 1.49% | 38.9 | 9.7 | 2.6 | 5.81% | 0.97% |
| NEE | NextEra Energy, Inc. | 1.48% | 17.9 | 17.7 | 5.8 | 3.12% | 2.09% |
| TSLA | Tesla, Inc. | 1.37% | 328.4 | 158.7 | 13.5 | — | 0.11% |
| AMAT | Applied Materials, Inc. | 1.17% | 35.3 | 23.4 | 10.5 | 0.52% | 0.84% |
| NOC | Northrop Grumman Corporation | 1.16% | 16.5 | 17.0 | 1.7 | 1.90% | 1.78% |
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 THRO valuation
Adding up its 169 holdings with company data, THRO trades at 25.2 times trailing earnings and 19.7 times analysts' forward estimates, with a price-to-book ratio of 5.73 and a dividend yield of 1.05%. Its earnings yield of 3.96% is 1.36 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 43.6% of the fund and earn 42.1% of its combined profit. By sector, Healthcare is the most expensive at 33.2 times earnings and Financial Services the cheapest at 14.8. 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: THRO chart, THRO performance, THRO holdings, THRO dividends.
THRO valuation FAQ
What is the P/E ratio of THRO?
Based on its holdings, THRO has a trailing P/E of 25.2 and a forward P/E of 19.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of THRO?
The trailing earnings yield is 3.96% (1 ÷ P/E) and the forward earnings yield 5.08%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is THRO more expensive than the S&P 500?
THRO trades at 25.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.7 and 19.9.
What is the price-to-book ratio of THRO?
The holdings of THRO trade at 5.73 times book value, with a combined return on equity of 22.7%.
Which sector in THRO has the highest P/E?
Healthcare has the highest P/E at 33.2 and Financial Services the lowest at 14.8.