Main Thematic Innovation ETF (TMAT) Valuation
TMAT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 58.2 trailing earnings
- Forward P/E
- 23.8 analyst estimates
- Price / sales
- 5.05
- Price / book
- 7.13
- EV / EBITDA
- 25.5
- Earnings yield
- 1.72% inverse of P/E
- Dividend yield
- 0.25% of the holdings
- Return on equity
- 12.3% combined
- Net margin
- 8.7% combined
- Beta
- 1.41 weighted, vs S&P 500
TMAT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TMAT | 58.2 | 23.8 | 5.05 | 7.13 | 0.25% | 12.3% | 8.7% | 21.0% |
| 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.
TMAT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 52.7% | 64.9 | 24.8 | 6.37 | 9.95 | 0.22% | 15.3% |
| Industrials | 19.8% | 47.4 | 25.7 | 3.49 | 5.30 | 0.41% | 11.2% |
| Healthcare | 14.4% | 69.4 | 25.7 | 8.50 | 7.02 | 0.03% | 10.1% |
| Basic Materials | 7.9% | 41.4 | 13.6 | 2.19 | 3.37 | 0.54% | 8.1% |
| Utilities | 2.0% | 26.0 | 15.7 | 2.82 | 5.80 | 0.62% | 22.3% |
| Consumer Cyclical | 0.9% | 52.9 | 23.2 | 2.09 | 6.02 | 0.00% | 11.4% |
| Information Technology | 0.7% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
TMAT 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 TMAT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TMAT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PANW | Palo Alto Networks, Inc. | 4.99% | 855.0 | 94.3 | 24.4 | — | 0.37% |
| MU | Micron Technology, Inc. | 4.66% | 11.8 | 7.0 | 7.5 | 0.07% | 24.70% |
| RBRK | Rubrik, Inc. | 3.36% | — | 625.0 | 15.0 | — | −1.86% |
| HNGE | Hinge Health, Inc. | 3.09% | 32.7 | 33.0 | 11.1 | — | 5.91% |
| FTNT | Fortinet, Inc. | 3.01% | 59.8 | 45.0 | 16.5 | — | 3.16% |
| LITE | Lumentum Holdings Inc. | 2.22% | — | 42.9 | 24.8 | — | −15.73% |
| NET | Cloudflare, Inc. | 2.20% | — | 178.6 | 42.0 | — | −0.25% |
| VRNS | Varonis Systems, Inc. | 2.20% | — | 140.8 | 8.1 | — | −3.45% |
| AMD | Advanced Micro Devices, Inc. | 2.14% | 134.9 | 39.5 | 20.9 | — | 1.00% |
| YOU | Clear Secure, Inc. | 2.06% | 29.5 | — | 4.5 | 1.31% | 4.37% |
| BSY | Bentley Systems, Incorporated | 2.02% | 38.9 | 20.0 | 6.7 | 0.79% | 3.26% |
| KEYS | Keysight Technologies, Inc. | 2.01% | 44.8 | 22.4 | 8.6 | — | 2.81% |
| VICR | Vicor Corporation | 1.82% | 61.2 | 47.2 | 18.6 | — | 1.86% |
| ADSK | Autodesk, Inc. | 1.77% | 31.1 | 17.6 | 6.4 | — | 3.57% |
| VCYT | Veracyte, Inc. | 1.69% | 30.8 | 23.6 | 6.2 | — | 3.45% |
| ERO | Ero Copper Corp | 1.63% | — | — | — | — | — |
| FFIV | F5, Inc. | 1.61% | 35.2 | 24.6 | 7.6 | — | 2.86% |
| BB | BlackBerry Ltd | 1.56% | — | — | — | — | — |
| HAE | Haemonetics Corporation | 1.56% | 57.1 | 20.3 | 4.0 | — | 1.71% |
| HBM | HudBay Minerals Inc | 1.55% | — | — | — | — | — |
| VEEV | Veeva Systems Inc. | 1.43% | 50.9 | 30.2 | 14.5 | — | 1.76% |
| TER | Teradyne, Inc. | 1.39% | 44.6 | 30.7 | 11.4 | 0.16% | 1.95% |
| MRVL | Marvell Technology, Inc. | 1.38% | 72.3 | 62.1 | 21.7 | 0.11% | 1.20% |
| TWST | Twist Bioscience Corporation | 1.36% | — | — | 20.4 | — | −1.44% |
| AAON | AAON, Inc. | 1.34% | 38.8 | 21.8 | 3.1 | 0.54% | 2.17% |
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 TMAT valuation
Adding up its 77 holdings with company data, TMAT trades at 58.2 times trailing earnings and 23.8 times analysts' forward estimates, with a price-to-book ratio of 7.13 and a dividend yield of 0.25%. Its earnings yield of 1.72% is 3.61 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 29.9% of the fund and earn 18.2% of its combined profit. By sector, Healthcare is the most expensive at 69.4 times earnings and Utilities the cheapest at 26.0. Companies that lost money over the past year are 21.0% 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 93.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TMAT chart, TMAT performance, TMAT holdings, TMAT dividends.
TMAT valuation FAQ
What is the P/E ratio of TMAT?
Based on its holdings, TMAT has a trailing P/E of 58.2 and a forward P/E of 23.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TMAT?
The trailing earnings yield is 1.72% (1 ÷ P/E) and the forward earnings yield 4.19%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TMAT more expensive than the S&P 500?
TMAT trades at 58.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.8 and 19.9.
What is the price-to-book ratio of TMAT?
The holdings of TMAT trade at 7.13 times book value, with a combined return on equity of 12.3%.
Which sector in TMAT has the highest P/E?
Healthcare has the highest P/E at 69.4 and Utilities the lowest at 26.0.