T. Rowe Price Small-Mid Cap ETF (TMSL) Valuation
TMSL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.0 trailing earnings
- Forward P/E
- 14.3 analyst estimates
- Price / sales
- 1.52
- Price / book
- 2.73
- EV / EBITDA
- 12.8
- Earnings yield
- 3.57% inverse of P/E
- Dividend yield
- 1.17% of the holdings
- Return on equity
- 9.7% combined
- Net margin
- 5.4% combined
- Beta
- 1.06 weighted, vs S&P 500
TMSL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TMSL | 28.0 | 14.3 | 1.52 | 2.73 | 1.17% | 9.7% | 5.4% | 16.7% |
| 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.
TMSL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 18.5% | 39.1 | 20.5 | 2.66 | 4.68 | 0.22% | 12.0% |
| Healthcare | 17.3% | n/m | 15.6 | 3.38 | 4.58 | 0.23% | −3.4% |
| Financial Services | 16.3% | 10.7 | 8.6 | 0.74 | 1.52 | 2.36% | 14.2% |
| Industrials | 16.2% | 31.8 | 16.5 | 1.61 | 3.02 | 0.72% | 9.5% |
| Consumer Cyclical | 9.1% | 23.4 | 15.0 | 1.31 | 3.46 | 1.07% | 14.8% |
| Energy | 6.3% | 22.1 | 13.0 | 1.74 | 2.06 | 1.44% | 9.3% |
| Real Estate | 5.8% | 63.7 | 23.4 | 3.44 | 2.02 | 3.81% | 3.2% |
| Basic Materials | 4.2% | 28.8 | 13.7 | 1.30 | 2.16 | 1.43% | 7.5% |
| Consumer Defensive | 2.4% | 22.9 | 15.9 | 0.59 | 3.45 | 1.16% | 15.1% |
| Utilities | 1.9% | 24.1 | 13.6 | 2.57 | 2.03 | 2.88% | 8.4% |
| Communication Services | 0.6% | 31.8 | 15.1 | 2.07 | 4.16 | 1.85% | 13.1% |
TMSL 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 TMSL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TMSL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| THC | Tenet Healthcare Corporation | 1.23% | 10.5 | 12.5 | 1.0 | — | 3.53% |
| BPOP | Popular, Inc. | 1.17% | 10.7 | 9.7 | 3.3 | 2.27% | 3.27% |
| YZ8 | Permian Resources Corporation | 1.07% | — | — | — | — | — |
| RS | Reliance Steel & Aluminum Co. | 0.91% | 23.9 | 16.4 | 1.3 | 1.22% | 1.15% |
| NVT | nVent Electric plc | 0.90% | 39.3 | 25.1 | 4.8 | 0.59% | 0.69% |
| CPAY | Corpay, Inc. | 0.89% | 24.3 | 12.8 | 5.2 | — | 1.11% |
| MRX | Marex Group plc | 0.83% | 14.2 | 7.2 | 1.2 | 0.91% | 1.76% |
| CRL | Charles River Laboratories International, Inc. | 0.83% | — | 22.4 | 3.6 | — | −0.40% |
| AXS | AXIS Capital Holdings Limited | 0.83% | 7.1 | 7.3 | 1.1 | 1.77% | 3.51% |
| RL | Ralph Lauren Corporation | 0.83% | 24.3 | 18.4 | 2.7 | 1.04% | 1.02% |
| SWK | Stanley Black & Decker, Inc. | 0.83% | 22.6 | 14.5 | 0.9 | 3.63% | 1.10% |
| IDCC | InterDigital, Inc | 0.81% | 37.3 | 29.9 | 10.5 | 0.94% | 0.65% |
| GH | Guardant Health, Inc. | 0.79% | — | — | 18.0 | — | −0.53% |
| SNX | TD SYNNEX Corporation | 0.78% | 15.0 | 12.7 | 0.3 | 0.78% | 1.55% |
| TDY | Teledyne Technologies Incorporated | 0.77% | 29.9 | 23.6 | 4.5 | — | 0.77% |
| ZBRA | Zebra Technologies Corporation | 0.76% | 33.8 | 16.9 | 3.0 | — | 0.68% |
| OVV | Ovintiv Inc. | 0.76% | 19.3 | 9.0 | 2.0 | 1.73% | 1.18% |
| USFD | US Foods Holding Corp. | 0.74% | 31.4 | 17.0 | 0.5 | — | 0.71% |
| MIDD | The Middleby Corporation | 0.74% | — | 14.6 | 1.4 | — | −1.12% |
| LNC | Lincoln National Corporation | 0.74% | 3.4 | 5.2 | 0.4 | 4.52% | 6.57% |
| IOT | Samsara Inc. | 0.73% | 282.6 | 52.4 | 12.5 | — | 0.08% |
| APG | APi Group Corporation | 0.73% | — | 17.9 | 2.1 | — | −0.33% |
| TOL | Toll Brothers, Inc. | 0.72% | 10.8 | 10.0 | 1.1 | 0.78% | 2.02% |
| AYI | Acuity Brands, Inc. | 0.71% | 17.8 | 14.1 | 2.0 | 0.26% | 1.21% |
| TXT | Textron Inc. | 0.71% | 14.3 | 10.4 | 0.9 | 0.11% | 1.50% |
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 TMSL valuation
Adding up its 255 holdings with company data, TMSL trades at 28.0 times trailing earnings and 14.3 times analysts' forward estimates, with a price-to-book ratio of 2.73 and a dividend yield of 1.17%. Its earnings yield of 3.57% is 1.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 9.5% of the fund and earn 16.7% of its combined profit. By sector, Real Estate is the most expensive at 63.7 times earnings and Financial Services the cheapest at 10.7. Companies that lost money over the past year are 16.7% 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 93.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TMSL chart, TMSL performance, TMSL holdings, TMSL dividends.
TMSL valuation FAQ
What is the P/E ratio of TMSL?
Based on its holdings, TMSL has a trailing P/E of 28.0 and a forward P/E of 14.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TMSL?
The trailing earnings yield is 3.57% (1 ÷ P/E) and the forward earnings yield 6.99%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TMSL more expensive than the S&P 500?
TMSL trades at 28.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.3 and 19.9.
What is the price-to-book ratio of TMSL?
The holdings of TMSL trade at 2.73 times book value, with a combined return on equity of 9.7%.
Which sector in TMSL has the highest P/E?
Real Estate has the highest P/E at 63.7 and Financial Services the lowest at 10.7.