T. Rowe Price US Equity Research ETF (TSPA) Valuation
TSPA valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 27.3 trailing earnings
- Forward P/E
- 20.3 analyst estimates
- Price / sales
- 4.18
- Price / book
- 5.95
- EV / EBITDA
- 17.9
- Earnings yield
- 3.66% inverse of P/E
- Dividend yield
- 0.94% of the holdings
- Return on equity
- 21.8% combined
- Net margin
- 15.3% combined
- Beta
- 1.22 weighted, vs S&P 500
TSPA valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TSPA | 27.3 | 20.3 | 4.18 | 5.95 | 0.94% | 21.8% | 15.3% | 2.7% |
| 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.
TSPA valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 41.2% | 33.5 | 23.4 | 10.12 | 13.28 | 0.46% | 39.6% |
| Financial Services | 11.5% | 16.3 | 13.7 | 3.31 | 2.43 | 1.60% | 14.9% |
| Communication Services | 10.1% | 19.6 | 21.1 | 6.85 | 6.49 | 0.43% | 33.2% |
| Healthcare | 9.3% | 46.7 | 18.0 | 1.84 | 5.78 | 1.44% | 12.4% |
| Consumer Cyclical | 8.6% | 26.6 | 23.8 | 3.16 | 6.82 | 0.58% | 25.6% |
| Industrials | 6.7% | 33.9 | 23.8 | 3.00 | 6.27 | 0.78% | 18.5% |
| Consumer Defensive | 4.1% | 29.7 | 23.8 | 2.39 | 8.26 | 2.09% | 27.8% |
| Energy | 3.5% | 21.0 | 13.3 | 1.96 | 2.62 | 2.30% | 12.5% |
| Utilities | 1.8% | 21.2 | 15.9 | 2.94 | 2.26 | 2.80% | 10.6% |
| Basic Materials | 1.6% | 27.4 | 17.8 | 2.82 | 3.75 | 1.59% | 13.6% |
| Real Estate | 1.4% | 40.0 | 33.6 | 6.43 | 3.28 | 2.85% | 8.2% |
TSPA 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 TSPA weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TSPA largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.88% | 27.1 | 24.9 | 17.1 | 0.47% | 9.04% |
| AAPL | Apple Inc. | 7.39% | 39.4 | 35.2 | 10.7 | 0.31% | 5.17% |
| MSFT | Microsoft Corporation | 5.66% | 29.5 | 25.1 | 11.8 | 0.74% | 5.29% |
| AMZN | Amazon.com, Inc. | 3.80% | 20.1 | 23.6 | 3.5 | — | 5.21% |
| GOOG | Alphabet Inc. | 3.26% | 16.9 | 21.8 | 9.2 | 0.26% | 5.31% |
| META | Meta Platforms, Inc. | 2.70% | 26.7 | 22.1 | 7.9 | 0.30% | 2.78% |
| GOOGL | Alphabet Inc. | 2.63% | 17.1 | 22.8 | 9.3 | 0.26% | 4.25% |
| AVGO | Broadcom Inc. | 2.59% | 43.3 | 19.4 | 17.6 | 0.79% | 1.65% |
| AMD | Advanced Micro Devices, Inc. | 1.92% | 134.9 | 39.5 | 20.9 | — | 0.39% |
| MU | Micron Technology, Inc. | 1.91% | 11.8 | 7.0 | 7.5 | 0.07% | 4.45% |
| LLY | Eli Lilly and Company | 1.47% | 42.2 | 24.4 | 14.1 | 0.55% | 0.96% |
| TSLA | Tesla, Inc. | 1.40% | 328.4 | 158.7 | 13.5 | — | 0.12% |
| JPM | JPMorgan Chase & Co. | 1.30% | 14.2 | 13.5 | 4.7 | 1.94% | 2.52% |
| MA | Mastercard Incorporated | 1.08% | 34.0 | 24.2 | 15.4 | 0.56% | 0.88% |
| XOM | Exxon Mobil Corporation | 0.93% | 23.0 | 14.8 | 2.0 | 2.30% | 1.11% |
| BRK.B | Berkshire Hathaway Inc. | 0.91% | 13.4 | 22.7 | 3.0 | — | 1.88% |
| JNJ | Johnson & Johnson | 0.87% | 38.8 | 21.0 | 6.2 | 2.10% | 0.62% |
| CSCO | Cisco Systems, Inc. | 0.85% | 32.2 | 19.8 | 6.7 | 1.56% | 0.72% |
| INTC | Intel Corporation | 0.84% | — | 63.3 | 8.3 | — | −0.54% |
| WMT | Walmart Inc. | 0.70% | 43.0 | 38.0 | 1.3 | 0.83% | 0.45% |
| CVX | Chevron Corporation | 0.70% | 21.2 | 15.2 | 2.1 | 3.16% | 0.91% |
| V | Visa Inc. | 0.69% | 34.3 | 24.0 | 17.0 | 0.67% | 0.56% |
| ABBV | AbbVie Inc. | 0.67% | 80.6 | 16.4 | 7.8 | 2.42% | 0.23% |
| AMAT | Applied Materials, Inc. | 0.66% | 35.3 | 23.4 | 10.5 | 0.52% | 0.52% |
| COST | Costco Wholesale Corporation | 0.64% | 47.6 | 40.3 | 1.4 | 0.59% | 0.37% |
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 TSPA valuation
Adding up its 319 holdings with company data, TSPA trades at 27.3 times trailing earnings and 20.3 times analysts' forward estimates, with a price-to-book ratio of 5.95 and a dividend yield of 0.94%. Its earnings yield of 3.66% is 1.67 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 40.7% of the fund and earn 43.6% of its combined profit. By sector, Healthcare is the most expensive at 46.7 times earnings and Financial Services the cheapest at 16.3. Companies that lost money over the past year are 2.7% 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 98.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TSPA chart, TSPA performance, TSPA holdings, TSPA dividends.
TSPA valuation FAQ
What is the P/E ratio of TSPA?
Based on its holdings, TSPA has a trailing P/E of 27.3 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 TSPA?
The trailing earnings yield is 3.66% (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 TSPA more expensive than the S&P 500?
TSPA trades at 27.3 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 TSPA?
The holdings of TSPA trade at 5.95 times book value, with a combined return on equity of 21.8%.
Which sector in TSPA has the highest P/E?
Healthcare has the highest P/E at 46.7 and Financial Services the lowest at 16.3.