ProShares Russell US Dividend Growers ETF (TMDV) Valuation
TMDV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.8 trailing earnings
- Forward P/E
- 15.7 analyst estimates
- Price / sales
- 1.64
- Price / book
- 2.45
- EV / EBITDA
- 12.8
- Earnings yield
- 5.06% inverse of P/E
- Dividend yield
- 2.76% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 8.3% combined
- Beta
- 0.71 weighted, vs S&P 500
TMDV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TMDV | 19.8 | 15.7 | 1.64 | 2.45 | 2.76% | 12.4% | 8.3% | 3.2% |
| 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.
TMDV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Consumer Defensive | 23.0% | 21.3 | 16.5 | 1.06 | 3.45 | 3.65% | 16.2% |
| Industrials | 17.3% | 24.2 | 17.7 | 1.61 | 3.56 | 1.66% | 14.7% |
| Financial Services | 15.1% | 12.3 | 13.6 | 2.57 | 1.75 | 2.73% | 14.2% |
| Utilities | 11.9% | 19.5 | 17.7 | 2.89 | 1.64 | 3.08% | 8.4% |
| Basic Materials | 11.0% | 26.1 | 14.5 | 1.30 | 2.48 | 1.96% | 9.5% |
| Healthcare | 6.4% | 33.1 | 16.2 | 3.41 | 2.92 | 2.44% | 8.8% |
| Consumer Cyclical | 6.0% | 16.7 | 12.8 | 1.04 | 4.10 | 3.30% | 24.5% |
| Energy | 3.2% | 14.8 | 12.0 | 2.47 | 2.01 | 2.98% | 13.6% |
| Technology | 3.1% | 32.5 | 15.4 | 4.08 | 1.25 | 1.84% | 3.8% |
| Real Estate | 2.8% | 21.0 | 25.8 | 7.59 | 2.23 | 5.16% | 10.6% |
TMDV 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 TMDV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TMDV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| EMR | Emerson Electric Co. | 1.74% | 35.3 | 21.5 | 4.9 | 1.37% | 1.00% |
| BDX | Becton, Dickinson and Company | 1.69% | 44.6 | 13.7 | 2.3 | 2.19% | 0.77% |
| ABM | ABM Industries Incorporated | 1.67% | 18.5 | 11.1 | 0.3 | 2.27% | 1.84% |
| WMT | Walmart Inc. | 1.67% | 43.0 | 38.0 | 1.3 | 0.83% | 0.79% |
| CVX | Chevron Corporation | 1.66% | 21.2 | 15.2 | 2.1 | 3.16% | 1.60% |
| PG | The Procter & Gamble Company | 1.66% | 24.1 | 21.2 | 4.3 | 2.73% | 1.40% |
| CL | Colgate-Palmolive Company | 1.65% | 37.1 | 21.0 | 3.6 | 2.25% | 0.91% |
| AFL | Aflac Incorporated | 1.65% | 12.9 | 15.2 | 3.3 | 2.03% | 2.61% |
| ITW | Illinois Tool Works Inc. | 1.64% | 24.7 | 21.9 | 4.7 | 2.53% | 1.35% |
| NUE | Nucor Corporation | 1.64% | 20.4 | 11.4 | 1.6 | 0.87% | 1.63% |
| MDT | Medtronic plc | 1.63% | 23.3 | 14.9 | 3.2 | 3.04% | 1.43% |
| LANC | Lancaster Colony Corporation | 1.63% | — | — | — | — | — |
| SYY | Sysco Corporation | 1.63% | 21.9 | 15.2 | 0.5 | 2.68% | 1.51% |
| BF.B | Brown-Forman Corporation | 1.61% | 18.6 | 15.6 | 3.4 | 3.20% | 1.77% |
| ADP | Automatic Data Processing, Inc. | 1.61% | 26.4 | 22.0 | 5.2 | 2.35% | 1.24% |
| NWN | Northwest Natural Holding Company | 1.61% | 16.3 | 14.5 | 1.6 | 4.08% | 2.01% |
| PPG | PPG Industries, Inc. | 1.61% | 15.4 | 12.4 | 1.5 | 2.76% | 2.12% |
| CINF | Cincinnati Financial Corporation | 1.60% | 8.1 | 18.5 | 1.9 | 2.20% | 4.05% |
| DOV | Dover Corporation | 1.60% | 23.7 | 16.9 | 3.1 | 1.07% | 1.38% |
| UBSI | United Bankshares, Inc. | 1.60% | 12.7 | 13.6 | 5.1 | 3.26% | 2.57% |
| KO | The Coca-Cola Company | 1.60% | 28.2 | 25.3 | 8.1 | 2.26% | 1.16% |
| BKH | Black Hills Corporation | 1.60% | 19.3 | 15.0 | 2.5 | 3.67% | 1.69% |
| RPM | RPM International Inc. | 1.60% | 18.4 | 16.6 | 1.6 | 2.29% | 1.77% |
| SHW | The Sherwin-Williams Company | 1.60% | 30.9 | 23.8 | 3.3 | 0.95% | 1.05% |
| NDSN | Nordson Corporation | 1.58% | 32.6 | 24.8 | 6.0 | 1.17% | 0.98% |
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 TMDV valuation
Adding up its 63 holdings with company data, TMDV trades at 19.8 times trailing earnings and 15.7 times analysts' forward estimates, with a price-to-book ratio of 2.45 and a dividend yield of 2.76%. Its earnings yield of 5.06% is 0.26 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 16.7% of the fund and earn 13.9% of its combined profit. By sector, Healthcare is the most expensive at 33.1 times earnings and Financial Services the cheapest at 12.3. Companies that lost money over the past year are 3.2% 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 97.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TMDV chart, TMDV performance, TMDV holdings, TMDV dividends.
TMDV valuation FAQ
What is the P/E ratio of TMDV?
Based on its holdings, TMDV has a trailing P/E of 19.8 and a forward P/E of 15.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TMDV?
The trailing earnings yield is 5.06% (1 ÷ P/E) and the forward earnings yield 6.38%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TMDV more expensive than the S&P 500?
TMDV trades at 19.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.7 and 19.9.
What is the price-to-book ratio of TMDV?
The holdings of TMDV trade at 2.45 times book value, with a combined return on equity of 12.4%.
Which sector in TMDV has the highest P/E?
Healthcare has the highest P/E at 33.1 and Financial Services the lowest at 12.3.