Vanguard Financials ETF (VFH) Valuation
VFH valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.5 trailing earnings
- Forward P/E
- 13.5 analyst estimates
- Price / sales
- 2.93
- Price / book
- 2.19
- EV / EBITDA
- 11.8
- Earnings yield
- 6.44% inverse of P/E
- Dividend yield
- 1.69% of the holdings
- Return on equity
- 14.1% combined
- Net margin
- 18.9% combined
- Beta
- 0.96 weighted, vs S&P 500
VFH valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VFH | 15.5 | 13.5 | 2.93 | 2.19 | 1.69% | 14.1% | 18.9% | 1.3% |
| 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.
VFH valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 95.2% | 15.5 | 13.7 | 2.98 | 2.21 | 1.65% | 14.3% |
| Technology | 1.9% | 17.9 | 9.7 | 1.87 | 2.08 | 0.63% | 11.6% |
| Real Estate | 0.4% | 8.2 | 7.3 | 3.44 | 0.78 | 17.32% | 9.5% |
| Industrials | 0.3% | 43.4 | 5.5 | 1.64 | 1.03 | 1.22% | 2.4% |
| Healthcare | 0.1% | 24.7 | 588.2 | 0.64 | 4.59 | 0.00% | 18.6% |
| Financials | 0.0% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
| Consumer Cyclical | 0.0% | n/m | 8.9 | 1.68 | 0.72 | 3.78% | −12.9% |
| Communication Services | 0.0% | 11.1 | 8.1 | 0.75 | 1.67 | 0.00% | 15.0% |
VFH 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 VFH weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VFH largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| JPM | JPMorgan Chase & Co. | 9.95% | 14.2 | 13.5 | 4.7 | 1.94% | 11.11% |
| BRK.B | Berkshire Hathaway Inc. | 8.70% | 13.4 | 22.7 | 3.0 | — | 10.35% |
| V | Visa Inc. | 6.82% | 34.3 | 24.0 | 17.0 | 0.67% | 3.17% |
| MA | Mastercard Incorporated | 5.24% | 34.0 | 24.2 | 15.4 | 0.56% | 2.46% |
| BAC | Bank of America Corporation | 4.00% | 12.2 | 10.8 | 3.1 | 2.50% | 5.21% |
| WFC | Wells Fargo & Company | 2.95% | 11.8 | 10.2 | 3.0 | 2.38% | 3.97% |
| GS | The Goldman Sachs Group, Inc. | 2.95% | 12.7 | 12.8 | 3.6 | 2.27% | 3.71% |
| MS | Morgan Stanley | 2.73% | 14.3 | 14.9 | 3.6 | 2.55% | 3.03% |
| C | Citigroup Inc. | 2.62% | 12.1 | 10.2 | 2.5 | 2.16% | 3.44% |
| SCHW | The Charles Schwab Corporation | 1.86% | 15.7 | 12.9 | 5.9 | 1.39% | 1.88% |
| AXP | American Express Company | 1.85% | 19.0 | 15.1 | 3.0 | 1.21% | 1.55% |
| BLK | BlackRock, Inc. | 1.81% | 25.8 | 16.4 | 6.5 | 2.02% | 1.12% |
| PGR | The Progressive Corporation | 1.42% | 11.0 | 12.7 | 1.4 | 0.18% | 2.06% |
| SPGI | S&P Global Inc. | 1.35% | 26.1 | 19.9 | 7.9 | 0.90% | 0.82% |
| CB | Chubb Limited | 1.34% | 12.7 | 11.6 | 2.2 | 1.13% | 1.68% |
| COF | Capital One Financial Corporation | 1.27% | 13.0 | 8.5 | 2.6 | 1.59% | 1.56% |
| BNY | The Bank of New York Mellon Corporation | 1.12% | 15.9 | 15.0 | 4.4 | 1.55% | 1.12% |
| USB | U.S. Bancorp | 1.10% | 11.4 | 10.4 | 3.3 | 3.68% | 1.54% |
| CME | CME Group Inc. | 1.10% | 24.9 | 21.9 | 15.6 | 1.77% | 0.70% |
| ICE | Intercontinental Exchange, Inc. | 1.05% | 22.8 | 18.1 | 8.6 | 1.29% | 0.73% |
| HOOD | Robinhood Markets, Inc. | 1.03% | 43.6 | 45.0 | 18.0 | — | 0.38% |
| PNC | The PNC Financial Services Group, Inc. | 1.01% | 11.6 | 10.7 | 3.5 | 3.68% | 1.38% |
| MRSH | Marsh & McLennan Companies, Inc. | 0.95% | 22.5 | 15.0 | 3.2 | 2.10% | 0.67% |
| BX | Blackstone Inc. | 0.95% | 23.9 | 15.9 | 8.2 | 4.91% | 0.63% |
| TRV | The Travelers Companies, Inc. | 0.91% | 10.5 | 10.8 | 1.7 | 1.28% | 1.39% |
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 VFH valuation
Adding up its 408 holdings with company data, VFH trades at 15.5 times trailing earnings and 13.5 times analysts' forward estimates, with a price-to-book ratio of 2.19 and a dividend yield of 1.69%. Its earnings yield of 6.44% is 1.11 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 47.8% of the fund and earn 48.3% of its combined profit. By sector, Industrials is the most expensive at 43.4 times earnings and Real Estate the cheapest at 8.2. Companies that lost money over the past year are 1.3% 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 99.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VFH chart, VFH performance, VFH holdings, VFH dividends.
VFH valuation FAQ
What is the P/E ratio of VFH?
Based on its holdings, VFH has a trailing P/E of 15.5 and a forward P/E of 13.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VFH?
The trailing earnings yield is 6.44% (1 ÷ P/E) and the forward earnings yield 7.39%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VFH more expensive than the S&P 500?
VFH trades at 15.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.5 and 19.9.
What is the price-to-book ratio of VFH?
The holdings of VFH trade at 2.19 times book value, with a combined return on equity of 14.1%.
Which sector in VFH has the highest P/E?
Industrials has the highest P/E at 43.4 and Real Estate the lowest at 8.2.