T. Rowe Price Value ETF (TVAL) Valuation
TVAL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.2 trailing earnings
- Forward P/E
- 17.4 analyst estimates
- Price / sales
- 2.47
- Price / book
- 3.60
- EV / EBITDA
- 14.6
- Earnings yield
- 4.13% inverse of P/E
- Dividend yield
- 1.57% of the holdings
- Return on equity
- 14.9% combined
- Net margin
- 10.2% combined
- Beta
- 0.87 weighted, vs S&P 500
TVAL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| TVAL | 24.2 | 17.4 | 2.47 | 3.60 | 1.57% | 14.9% | 10.2% | 4.6% |
| 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.
TVAL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 21.2% | 35.5 | 25.4 | 5.01 | 8.36 | 0.69% | 23.5% |
| Financial Services | 18.2% | 14.8 | 12.2 | 2.70 | 2.05 | 1.80% | 13.8% |
| Healthcare | 14.0% | 35.7 | 15.2 | 1.19 | 3.91 | 1.84% | 10.9% |
| Consumer Cyclical | 10.7% | 24.8 | 21.9 | 2.98 | 5.89 | 0.77% | 23.7% |
| Industrials | 9.1% | 32.8 | 21.8 | 2.10 | 3.98 | 1.23% | 12.1% |
| Energy | 7.7% | 18.6 | 12.9 | 2.06 | 2.12 | 2.49% | 11.4% |
| Consumer Defensive | 7.3% | 27.2 | 21.4 | 2.76 | 9.51 | 2.45% | 35.0% |
| Utilities | 4.0% | 21.5 | 17.2 | 3.71 | 2.20 | 2.90% | 10.2% |
| Basic Materials | 3.1% | 19.9 | 16.9 | 3.17 | 4.52 | 1.43% | 22.7% |
| Real Estate | 2.6% | 92.3 | 28.2 | 5.40 | 2.85 | 3.26% | 3.1% |
| Communication Services | 2.0% | 17.2 | 13.9 | 2.26 | 2.28 | 2.05% | 13.2% |
TVAL 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 TVAL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
TVAL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AMZN | Amazon.com, Inc. | 6.56% | 20.1 | 23.6 | 3.5 | — | 8.03% |
| AAPL | Apple Inc. | 5.77% | 39.4 | 35.2 | 10.7 | 0.31% | 3.60% |
| MSFT | Microsoft Corporation | 5.59% | 29.5 | 25.1 | 11.8 | 0.74% | 4.66% |
| XOM | Exxon Mobil Corporation | 2.23% | 23.0 | 14.8 | 2.0 | 2.30% | 2.38% |
| COP | ConocoPhillips | 1.96% | 19.4 | 12.7 | 2.7 | 2.29% | 2.48% |
| JPM | JPMorgan Chase & Co. | 1.93% | 14.2 | 13.5 | 4.7 | 1.94% | 3.33% |
| JNJ | Johnson & Johnson | 1.83% | 38.8 | 21.0 | 6.2 | 2.10% | 1.16% |
| PG | The Procter & Gamble Company | 1.75% | 24.1 | 21.2 | 4.3 | 2.73% | 1.79% |
| CB | Chubb Limited | 1.55% | 12.7 | 11.6 | 2.2 | 1.13% | 2.99% |
| UNH | UnitedHealth Group Incorporated | 1.51% | 25.8 | 16.6 | 0.8 | 2.31% | 1.44% |
| CSX | CSX Corporation | 1.46% | 28.3 | 21.2 | 6.2 | 1.15% | 1.27% |
| LIN | Linde plc | 1.45% | 32.2 | 23.6 | 6.5 | 1.28% | 1.11% |
| SCHW | The Charles Schwab Corporation | 1.44% | 15.7 | 12.9 | 5.9 | 1.39% | 2.25% |
| CL | Colgate-Palmolive Company | 1.42% | 37.1 | 21.0 | 3.6 | 2.25% | 0.94% |
| PM | Philip Morris International Inc. | 1.36% | 29.5 | 20.9 | 7.5 | 3.12% | 1.14% |
| BRK.B | Berkshire Hathaway Inc. | 1.35% | 13.4 | 22.7 | 3.0 | — | 2.48% |
| SO | The Southern Company | 1.31% | 22.0 | 17.0 | 3.5 | 3.33% | 1.47% |
| GILD | Gilead Sciences, Inc. | 1.31% | — | 15.6 | 6.4 | 2.10% | −0.55% |
| CSCO | Cisco Systems, Inc. | 1.31% | 32.2 | 19.8 | 6.7 | 1.56% | 1.00% |
| ELV | Elevance Health Inc. | 1.28% | 19.0 | 13.7 | 0.5 | 1.61% | 1.66% |
| USB | U.S. Bancorp | 1.23% | 11.4 | 10.4 | 3.3 | 3.68% | 2.64% |
| MRK | Merck & Co., Inc. | 1.16% | 115.8 | 15.3 | 5.4 | 2.33% | 0.25% |
| INTC | Intel Corporation | 1.13% | — | 63.3 | 8.3 | — | −0.66% |
| WFC | Wells Fargo & Company | 1.08% | 11.8 | 10.2 | 3.0 | 2.38% | 2.25% |
| BLK | BlackRock, Inc. | 1.07% | 25.8 | 16.4 | 6.5 | 2.02% | 1.02% |
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 TVAL valuation
Adding up its 136 holdings with company data, TVAL trades at 24.2 times trailing earnings and 17.4 times analysts' forward estimates, with a price-to-book ratio of 3.60 and a dividend yield of 1.57%. Its earnings yield of 4.13% is 1.20 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 30.7% of the fund and earn 31.9% of its combined profit. By sector, Real Estate is the most expensive at 92.3 times earnings and Financial Services the cheapest at 14.8. Companies that lost money over the past year are 4.6% 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 98.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: TVAL chart, TVAL performance, TVAL holdings, TVAL dividends.
TVAL valuation FAQ
What is the P/E ratio of TVAL?
Based on its holdings, TVAL has a trailing P/E of 24.2 and a forward P/E of 17.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of TVAL?
The trailing earnings yield is 4.13% (1 ÷ P/E) and the forward earnings yield 5.75%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is TVAL more expensive than the S&P 500?
TVAL trades at 24.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.4 and 19.9.
What is the price-to-book ratio of TVAL?
The holdings of TVAL trade at 3.60 times book value, with a combined return on equity of 14.9%.
Which sector in TVAL has the highest P/E?
Real Estate has the highest P/E at 92.3 and Financial Services the lowest at 14.8.