Tremblant Global ETF (TOGA) Valuation
TOGA valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 50.5 trailing earnings
- Forward P/E
- 21.9 analyst estimates
- Price / sales
- 3.06
- Price / book
- 5.86
- EV / EBITDA
- 22.5
- Earnings yield
- 1.98% inverse of P/E
- Dividend yield
- 0.38% of the holdings
- Return on equity
- 11.6% combined
- Net margin
- 6.1% combined
- Beta
- 1.50 weighted, vs S&P 500
TOGA valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TOGA | 50.5 | 21.9 | 3.06 | 5.86 | 0.38% | 11.6% | 6.1% | 19.0% |
| 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.
TOGA valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 30.9% | 54.5 | 23.5 | 4.71 | 5.11 | 0.02% | 9.4% |
| Consumer Cyclical | 27.3% | n/m | 23.9 | 2.06 | 8.85 | 0.48% | −1.3% |
| Communication Services | 26.6% | 34.0 | 22.3 | 3.67 | 9.50 | 0.68% | 28.0% |
| Financial Services | 7.6% | 12.7 | 16.2 | 2.20 | 4.19 | 0.49% | 33.0% |
| Real Estate | 3.8% | 179.5 | 18.3 | 3.68 | 1.47 | 0.00% | 0.8% |
| Industrials | 2.4% | 35.8 | 13.5 | 5.43 | 47.28 | 1.22% | 132.2% |
TOGA 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 TOGA weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TOGA largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| RDDT | Reddit, Inc. | 5.36% | 36.3 | 23.2 | 10.8 | — | 7.90% |
| SPOT | Spotify Technology S.A | 4.88% | 30.5 | 28.6 | 6.0 | — | 8.57% |
| MTCH | Match Group, Inc. | 4.82% | 15.2 | 9.7 | 2.8 | 1.86% | 16.95% |
| VRNS | Varonis Systems, Inc. | 4.55% | — | 140.8 | 8.1 | — | −6.10% |
| DASH | DoorDash, Inc. | 4.55% | 99.6 | 38.0 | 5.2 | — | 2.45% |
| SHOP | Shopify Inc. | 4.41% | 114.5 | 58.8 | 16.6 | — | 2.06% |
| UBER | Uber Technologies, Inc. | 4.39% | 15.4 | 15.9 | 2.6 | — | 15.24% |
| WH | Wyndham Hotels & Resorts, Inc. | 4.32% | 27.4 | 12.7 | 4.0 | 2.28% | 8.44% |
| EVD | CTS Eventim AG & Co KgaA | 4.29% | — | — | — | — | — |
| REAL | The RealReal, Inc. | 3.91% | — | 38.2 | 1.7 | — | −18.93% |
| CSGP | CoStar Group, Inc. | 3.78% | 179.5 | 18.3 | 3.7 | — | 1.13% |
| LYV | Live Nation Entertainment, Inc. | 3.77% | — | 119.0 | 1.5 | — | −1.31% |
| MELI | MercadoLibre, Inc. | 3.60% | 50.5 | 32.8 | 2.6 | — | 3.82% |
| GRAB | Grab Holdings Limited | 3.57% | 26.7 | 25.5 | 3.2 | — | 7.16% |
| MDB | MongoDB, Inc. | 3.55% | 468.8 | 70.4 | 9.8 | — | 0.41% |
| CPNG | Coupang, Inc. | 3.49% | — | 69.4 | 0.7 | — | −5.14% |
| QTWO | Q2 Holdings, Inc. | 3.48% | 43.9 | 18.0 | 4.6 | — | 4.24% |
| TKO | TKO Group Holdings, Inc. | 3.46% | 61.4 | 48.8 | 6.3 | 1.80% | 3.02% |
| WING | Wingstop Inc. | 3.17% | 31.2 | 18.2 | 5.0 | 1.00% | 5.44% |
| AFRM | Affirm Holdings, Inc. | 2.66% | 13.4 | 35.6 | 5.9 | — | 10.64% |
| PGR | The Progressive Corporation | 2.58% | 11.0 | 12.7 | 1.4 | 0.18% | 12.56% |
| FTAI | FTAI Aviation Ltd. | 2.44% | 35.8 | 13.5 | 5.4 | 1.22% | 3.66% |
| NCNO | nCino, Inc. | 2.40% | 64.1 | 24.8 | 3.5 | — | 2.01% |
| EVR | Evercore Inc. | 2.32% | 14.3 | 12.2 | 2.1 | 1.40% | 8.68% |
| DKNG | DraftKings Inc. | 2.23% | — | 12.6 | 1.5 | — | −2.21% |
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 TOGA valuation
Adding up its 28 holdings with company data, TOGA trades at 50.5 times trailing earnings and 21.9 times analysts' forward estimates, with a price-to-book ratio of 5.86 and a dividend yield of 0.38%. Its earnings yield of 1.98% is 3.35 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.5% of the fund and earn 37.7% of its combined profit. By sector, Real Estate is the most expensive at 179.5 times earnings and Financial Services the cheapest at 12.7. Companies that lost money over the past year are 19.0% 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 94.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TOGA chart, TOGA performance, TOGA holdings.
TOGA valuation FAQ
What is the P/E ratio of TOGA?
Based on its holdings, TOGA has a trailing P/E of 50.5 and a forward P/E of 21.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TOGA?
The trailing earnings yield is 1.98% (1 ÷ P/E) and the forward earnings yield 4.57%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TOGA more expensive than the S&P 500?
TOGA trades at 50.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.9 and 19.9.
What is the price-to-book ratio of TOGA?
The holdings of TOGA trade at 5.86 times book value, with a combined return on equity of 11.6%.
Which sector in TOGA has the highest P/E?
Real Estate has the highest P/E at 179.5 and Financial Services the lowest at 12.7.