iShares Top 20 U.S. Stocks ETF (TOPT) Valuation
TOPT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.2 trailing earnings
- Forward P/E
- 23.0 analyst estimates
- Price / sales
- 7.36
- Price / book
- 8.18
- EV / EBITDA
- 21.2
- Earnings yield
- 3.55% inverse of P/E
- Dividend yield
- 0.58% of the holdings
- Return on equity
- 29.0% combined
- Net margin
- 26.1% combined
- Beta
- 1.31 weighted, vs S&P 500
TOPT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TOPT | 28.2 | 23.0 | 7.36 | 8.18 | 0.58% | 29.0% | 26.1% | 1.7% |
| 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.
TOPT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 55.2% | 31.3 | 23.2 | 12.58 | 16.45 | 0.44% | 52.5% |
| Financial Services | 12.6% | 17.9 | 19.5 | 5.13 | 2.84 | 0.78% | 15.8% |
| Communication Services | 10.4% | 20.3 | 22.2 | 8.64 | 6.97 | 0.28% | 34.4% |
| Healthcare | 8.6% | 46.2 | 20.9 | 8.94 | 16.77 | 1.46% | 36.3% |
| Consumer Cyclical | 8.6% | 38.1 | 41.3 | 5.55 | 7.63 | 0.00% | 20.0% |
| Energy | 2.9% | 23.0 | 14.8 | 2.04 | 2.56 | 2.30% | 11.1% |
| Consumer Defensive | 2.2% | 43.0 | 38.0 | 1.28 | 8.93 | 0.83% | 20.7% |
TOPT 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 TOPT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TOPT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 16.30% | 27.1 | 24.9 | 17.1 | 0.47% | 16.88% |
| AAPL | Apple Inc. | 14.79% | 39.4 | 35.2 | 10.7 | 0.31% | 10.53% |
| MSFT | Microsoft Corporation | 11.41% | 29.5 | 25.1 | 11.8 | 0.74% | 10.86% |
| META | Meta Platforms, Inc. | 4.58% | 26.7 | 22.1 | 7.9 | 0.30% | 4.81% |
| TSLA | Tesla, Inc. | 4.32% | 328.4 | 158.7 | 13.5 | — | 0.37% |
| AMZN | Amazon.com, Inc. | 4.27% | 20.1 | 23.6 | 3.5 | — | 5.96% |
| BRK.B | Berkshire Hathaway Inc. | 4.19% | 13.4 | 22.7 | 3.0 | — | 8.77% |
| AVGO | Broadcom Inc. | 4.05% | 43.3 | 19.4 | 17.6 | 0.79% | 2.62% |
| LLY | Eli Lilly and Company | 3.97% | 42.2 | 24.4 | 14.1 | 0.55% | 2.64% |
| MU | Micron Technology, Inc. | 3.79% | 11.8 | 7.0 | 7.5 | 0.07% | 8.99% |
| JPM | JPMorgan Chase & Co. | 3.50% | 14.2 | 13.5 | 4.7 | 1.94% | 6.90% |
| GOOGL | Alphabet Inc. | 3.34% | 17.1 | 22.8 | 9.3 | 0.26% | 5.49% |
| AMD | Advanced Micro Devices, Inc. | 3.20% | 134.9 | 39.5 | 20.9 | — | 0.67% |
| V | Visa Inc. | 2.87% | 34.3 | 24.0 | 17.0 | 0.67% | 2.35% |
| XOM | Exxon Mobil Corporation | 2.87% | 23.0 | 14.8 | 2.0 | 2.30% | 3.49% |
| JNJ | Johnson & Johnson | 2.62% | 38.8 | 21.0 | 6.2 | 2.10% | 1.90% |
| GOOG | Alphabet Inc. | 2.48% | 16.9 | 21.8 | 9.2 | 0.26% | 4.11% |
| WMT | Walmart Inc. | 2.15% | 43.0 | 38.0 | 1.3 | 0.83% | 1.40% |
| ABBV | AbbVie Inc. | 2.05% | 80.6 | 16.4 | 7.8 | 2.42% | 0.71% |
| MA | Mastercard Incorporated | 2.04% | 34.0 | 24.2 | 15.4 | 0.56% | 1.69% |
| INTC | Intel Corporation | 1.69% | — | 63.3 | 8.3 | — | −1.12% |
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 TOPT valuation
Adding up its 21 holdings with company data, TOPT trades at 28.2 times trailing earnings and 23.0 times analysts' forward estimates, with a price-to-book ratio of 8.18 and a dividend yield of 0.58%. Its earnings yield of 3.55% is 1.78 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 71.7% of the fund and earn 72.4% of its combined profit. By sector, Healthcare is the most expensive at 46.2 times earnings and Financial Services the cheapest at 17.9. Companies that lost money over the past year are 1.7% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TOPT chart, TOPT performance, TOPT holdings, TOPT dividends.
TOPT valuation FAQ
What is the P/E ratio of TOPT?
Based on its holdings, TOPT has a trailing P/E of 28.2 and a forward P/E of 23.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TOPT?
The trailing earnings yield is 3.55% (1 ÷ P/E) and the forward earnings yield 4.35%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TOPT more expensive than the S&P 500?
TOPT trades at 28.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.0 and 19.9.
What is the price-to-book ratio of TOPT?
The holdings of TOPT trade at 8.18 times book value, with a combined return on equity of 29.0%.
Which sector in TOPT has the highest P/E?
Healthcare has the highest P/E at 46.2 and Financial Services the lowest at 17.9.