T. Rowe Price Innovation Leaders ETF (TNXT) Valuation
TNXT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 43.7 trailing earnings
- Forward P/E
- 20.3 analyst estimates
- Price / sales
- 1.05
- Price / book
- 6.68
- EV / EBITDA
- 16.7
- Earnings yield
- 2.29% inverse of P/E
- Dividend yield
- 0.56% of the holdings
- Return on equity
- 15.3% combined
- Net margin
- 2.4% combined
- Beta
- 1.31 weighted, vs S&P 500
TNXT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TNXT | 43.7 | 20.3 | 1.05 | 6.68 | 0.56% | 15.3% | 2.4% | 15.5% |
| 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.
TNXT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 43.5% | 42.1 | 23.9 | 0.70 | 9.97 | 0.36% | 23.7% |
| Healthcare | 24.8% | n/m | 14.9 | 1.94 | 5.45 | 0.89% | −0.8% |
| Financial Services | 11.0% | 20.0 | 15.5 | 0.99 | 4.04 | 0.90% | 20.2% |
| Consumer Cyclical | 6.6% | 31.3 | 31.6 | 3.24 | 6.38 | 0.02% | 20.4% |
| Communication Services | 6.4% | 20.1 | 22.4 | 8.23 | 6.78 | 0.27% | 33.7% |
| Industrials | 3.9% | 56.2 | 22.4 | 3.95 | 4.56 | 0.57% | 8.1% |
| Consumer Defensive | 1.6% | 33.2 | 23.6 | 0.55 | 10.07 | 2.26% | 30.3% |
| Real Estate | 0.3% | 179.5 | 18.3 | 3.68 | 1.47 | 0.00% | 0.8% |
| Energy | 0.2% | 23.9 | 15.9 | 2.02 | 2.97 | 2.38% | 12.4% |
TNXT 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 TNXT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TNXT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 7.21% | 27.1 | 24.9 | 17.1 | 0.47% | 12.94% |
| AAPL | Apple Inc. | 5.56% | 39.4 | 35.2 | 10.7 | 0.31% | 6.85% |
| MSFT | Microsoft Corporation | 3.72% | 29.5 | 25.1 | 11.8 | 0.74% | 6.12% |
| AMZN | Amazon.com, Inc. | 3.24% | 20.1 | 23.6 | 3.5 | — | 7.83% |
| AMD | Advanced Micro Devices, Inc. | 2.49% | 134.9 | 39.5 | 20.9 | — | 0.90% |
| AVGO | Broadcom Inc. | 2.35% | 43.3 | 19.4 | 17.6 | 0.79% | 2.64% |
| META | Meta Platforms, Inc. | 2.20% | 26.7 | 22.1 | 7.9 | 0.30% | 3.99% |
| LLY | Eli Lilly and Company | 1.85% | 42.2 | 24.4 | 14.1 | 0.55% | 2.13% |
| GOOGL | Alphabet Inc. | 1.84% | 17.1 | 22.8 | 9.3 | 0.26% | 5.22% |
| GOOG | Alphabet Inc. | 1.78% | 16.9 | 21.8 | 9.2 | 0.26% | 5.12% |
| V | Visa Inc. | 1.68% | 34.3 | 24.0 | 17.0 | 0.67% | 2.38% |
| TSLA | Tesla, Inc. | 1.60% | 328.4 | 158.7 | 13.5 | — | 0.24% |
| MU | Micron Technology, Inc. | 1.56% | 11.8 | 7.0 | 7.5 | 0.07% | 6.42% |
| MA | Mastercard Incorporated | 1.53% | 34.0 | 24.2 | 15.4 | 0.56% | 2.18% |
| MRK | Merck & Co., Inc. | 1.32% | 115.8 | 15.3 | 5.4 | 2.33% | 0.55% |
| INTC | Intel Corporation | 1.18% | — | 63.3 | 8.3 | — | −1.35% |
| TRU | TransUnion | 1.07% | 19.5 | 12.8 | 2.9 | 0.67% | 2.67% |
| UNH | UnitedHealth Group Incorporated | 1.06% | 25.8 | 16.6 | 0.8 | 2.31% | 1.99% |
| XYZ | Block, Inc | 1.01% | 139.1 | 14.5 | 1.9 | — | 0.35% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 0.99% | 26.7 | 21.4 | 0.4 | 0.91% | 1.79% |
| MRNA | Moderna, Inc. | 0.92% | — | 23.0 | 39.1 | — | −1.64% |
| PG | The Procter & Gamble Company | 0.84% | 24.1 | 21.2 | 4.3 | 2.73% | 1.69% |
| NOW | ServiceNow, Inc. | 0.81% | 88.7 | 27.8 | 10.0 | — | 0.44% |
| CPAY | Corpay, Inc. | 0.79% | 24.3 | 12.8 | 5.2 | — | 1.57% |
| GILD | Gilead Sciences, Inc. | 0.79% | — | 15.6 | 6.4 | 2.10% | −0.65% |
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 TNXT valuation
Adding up its 199 holdings with company data, TNXT trades at 43.7 times trailing earnings and 20.3 times analysts' forward estimates, with a price-to-book ratio of 6.68 and a dividend yield of 0.56%. Its earnings yield of 2.29% is 3.04 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 32.2% of the fund and earn 53.7% of its combined profit. By sector, Real Estate is the most expensive at 179.5 times earnings and Financial Services the cheapest at 20.0. Companies that lost money over the past year are 15.5% 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 91.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TNXT chart, TNXT holdings.
TNXT valuation FAQ
What is the P/E ratio of TNXT?
Based on its holdings, TNXT has a trailing P/E of 43.7 and a forward P/E of 20.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TNXT?
The trailing earnings yield is 2.29% (1 ÷ P/E) and the forward earnings yield 4.93%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TNXT more expensive than the S&P 500?
TNXT trades at 43.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.3 and 19.9.
What is the price-to-book ratio of TNXT?
The holdings of TNXT trade at 6.68 times book value, with a combined return on equity of 15.3%.
Which sector in TNXT has the highest P/E?
Real Estate has the highest P/E at 179.5 and Financial Services the lowest at 20.0.