Tema Monopolies and Oligopolies ETF (TOLL) Valuation
TOLL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 46.4 trailing earnings
- Forward P/E
- 22.5 analyst estimates
- Price / sales
- 0.41
- Price / book
- 6.02
- EV / EBITDA
- 24.0
- Earnings yield
- 2.15% inverse of P/E
- Dividend yield
- 0.55% of the holdings
- Return on equity
- 13.0% combined
- Net margin
- 0.9% combined
- Beta
- 1.19 weighted, vs S&P 500
TOLL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TOLL | 46.4 | 22.5 | 0.41 | 6.02 | 0.55% | 13.0% | 0.9% | 6.7% |
| 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.
TOLL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 31.8% | 67.9 | 25.2 | 0.20 | 9.50 | 0.34% | 14.0% |
| Financial Services | 19.5% | 32.1 | 22.6 | 9.06 | 7.78 | 0.85% | 24.2% |
| Healthcare | 12.0% | 50.9 | 19.5 | 2.10 | 3.54 | 0.69% | 7.0% |
| Consumer Defensive | 6.1% | 38.0 | 16.7 | 0.30 | 3.35 | 0.00% | 8.8% |
| Basic Materials | 2.5% | 32.6 | 20.6 | 5.32 | 3.02 | 0.67% | 9.3% |
| Utilities | 1.6% | 26.9 | 19.6 | 3.72 | 2.60 | 2.44% | 9.7% |
TOLL 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 TOLL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TOLL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| V | Visa Inc. | 5.40% | 34.3 | 24.0 | 17.0 | 0.67% | 10.25% |
| LRCX | Lam Research Corporation | 4.60% | 45.8 | 33.7 | 14.2 | 0.50% | 6.53% |
| GCP | General Electric Company | 4.40% | — | — | — | — | — |
| FTNT | Fortinet, Inc. | 4.22% | 59.8 | 45.0 | 16.5 | — | 4.59% |
| CBOE | Cboe Global Markets, Inc. | 4.20% | 24.6 | 21.9 | 6.5 | 1.09% | 11.14% |
| PFGC | Performance Food Group Company | 4.04% | 42.7 | 16.6 | 0.2 | — | 6.16% |
| KLAC | KLA Corporation | 3.58% | 45.3 | 34.8 | 15.9 | 0.56% | 5.14% |
| TMO | Thermo Fisher Scientific Inc. | 3.35% | 37.1 | 24.2 | 5.5 | 0.27% | 5.86% |
| KEYS | Keysight Technologies, Inc. | 3.19% | 44.8 | 22.4 | 8.6 | — | 4.63% |
| AVGO | Broadcom Inc. | 2.98% | 43.3 | 19.4 | 17.6 | 0.79% | 4.48% |
| MCO | Moody's Corporation | 2.67% | 30.8 | 24.3 | 10.3 | 0.85% | 5.64% |
| MSCI | MSCI Inc. | 2.63% | 31.1 | 24.7 | 12.4 | 1.44% | 5.50% |
| AMAT | Applied Materials, Inc. | 2.57% | 35.3 | 23.4 | 10.5 | 0.52% | 4.73% |
| WAT | Waters Corporation | 2.49% | 110.6 | 24.8 | 9.2 | — | 1.47% |
| SNPS | Synopsys, Inc. | 2.37% | 80.3 | 23.3 | 9.3 | — | 1.92% |
| AENA | Aena SA | 2.15% | — | — | — | — | — |
| STM | STMicroelectronics N.V. | 2.13% | — | 20.0 | 3.1 | 0.79% | 0.12% |
| GILD | Gilead Sciences, Inc. | 2.08% | — | 15.6 | 6.4 | 2.10% | −2.30% |
| USFD | US Foods Holding Corp. | 2.07% | 31.4 | 17.0 | 0.5 | — | 4.30% |
| FER | Ferrovial S.A. | 2.07% | — | — | — | — | — |
| MA | Mastercard Incorporated | 2.06% | 34.0 | 24.2 | 15.4 | 0.56% | 3.96% |
| BE | Bloom Energy Corporation | 1.86% | 291.2 | 57.1 | 20.9 | — | 0.42% |
| ELV | Elevance Health Inc. | 1.85% | 19.0 | 13.7 | 0.5 | 1.61% | 6.34% |
| 3491 | Universal Microwave Technology | 1.75% | — | — | — | — | — |
| VRTX | Vertex Pharmaceuticals Incorporated | 1.66% | 28.9 | 24.1 | 10.1 | — | 3.74% |
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 TOLL valuation
Adding up its 29 holdings with company data, TOLL trades at 46.4 times trailing earnings and 22.5 times analysts' forward estimates, with a price-to-book ratio of 6.02 and a dividend yield of 0.55%. Its earnings yield of 2.15% is 3.17 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 39.9% of the fund and earn 64.4% of its combined profit. By sector, Technology is the most expensive at 67.9 times earnings and Utilities the cheapest at 26.9. Companies that lost money over the past year are 6.7% 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 82.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TOLL chart, TOLL performance, TOLL holdings, TOLL dividends.
TOLL valuation FAQ
What is the P/E ratio of TOLL?
Based on its holdings, TOLL has a trailing P/E of 46.4 and a forward P/E of 22.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TOLL?
The trailing earnings yield is 2.15% (1 ÷ P/E) and the forward earnings yield 4.44%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TOLL more expensive than the S&P 500?
TOLL trades at 46.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.5 and 19.9.
What is the price-to-book ratio of TOLL?
The holdings of TOLL trade at 6.02 times book value, with a combined return on equity of 13.0%.
Which sector in TOLL has the highest P/E?
Technology has the highest P/E at 67.9 and Utilities the lowest at 26.9.