Vanguard U.S. Multifactor Fund (VFMF) Valuation
VFMF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.1 trailing earnings
- Forward P/E
- 11.5 analyst estimates
- Price / sales
- 1.09
- Price / book
- 2.19
- EV / EBITDA
- 6.3
- Earnings yield
- 5.52% inverse of P/E
- Dividend yield
- 1.71% of the holdings
- Return on equity
- 12.1% combined
- Net margin
- 6.0% combined
- Beta
- 0.90 weighted, vs S&P 500
VFMF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VFMF | 18.1 | 11.5 | 1.09 | 2.19 | 1.71% | 12.1% | 6.0% | 6.1% |
| 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.
VFMF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 24.7% | 10.8 | 10.3 | 2.33 | 1.47 | 2.24% | 13.7% |
| Technology | 14.8% | 24.0 | 12.8 | 1.47 | 4.17 | 0.74% | 17.4% |
| Healthcare | 14.5% | 51.3 | 12.6 | 1.10 | 3.28 | 1.38% | 6.4% |
| Consumer Cyclical | 11.6% | 19.0 | 10.9 | 0.63 | 2.09 | 1.54% | 11.0% |
| Energy | 10.6% | 14.3 | 10.5 | 0.93 | 1.73 | 1.99% | 12.1% |
| Industrials | 8.1% | 25.6 | 13.0 | 0.83 | 2.68 | 1.54% | 10.5% |
| Consumer Defensive | 6.9% | 27.2 | 13.3 | 0.58 | 2.64 | 2.67% | 9.7% |
| Communication Services | 4.4% | 25.1 | 10.8 | 1.25 | 2.06 | 1.87% | 8.2% |
| Basic Materials | 3.3% | 17.9 | 11.9 | 1.81 | 3.09 | 1.61% | 17.3% |
| Real Estate | 0.2% | 26.0 | 19.4 | 2.73 | 3.02 | 1.16% | 11.6% |
| Services | 0.2% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
| Financials | 0.1% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
VFMF 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 VFMF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VFMF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MU | Micron Technology, Inc. | 1.31% | 11.8 | 7.0 | 7.5 | 0.07% | 2.05% |
| BMY | Bristol-Myers Squibb Company | 0.88% | 13.2 | 9.4 | 2.5 | 4.22% | 1.24% |
| NEM | Newmont Corporation | 0.88% | 15.0 | 11.6 | 4.8 | 0.88% | 1.09% |
| MO | Altria Group, Inc. | 0.86% | 15.8 | 11.9 | 6.1 | 5.91% | 1.01% |
| TRV | The Travelers Companies, Inc. | 0.86% | 10.5 | 10.8 | 1.7 | 1.28% | 1.52% |
| BNY | The Bank of New York Mellon Corporation | 0.81% | 15.9 | 15.0 | 4.4 | 1.55% | 0.95% |
| MRK | Merck & Co., Inc. | 0.81% | 115.8 | 15.3 | 5.4 | 2.33% | 0.13% |
| EOG | EOG Resources, Inc. | 0.81% | 12.3 | 10.1 | 3.1 | 2.58% | 1.22% |
| ABBV | AbbVie Inc. | 0.80% | 80.6 | 16.4 | 7.8 | 2.42% | 0.18% |
| COP | ConocoPhillips | 0.78% | 19.4 | 12.7 | 2.7 | 2.29% | 0.75% |
| CVS | CVS Health Corporation | 0.76% | 24.3 | 10.7 | 0.3 | 2.88% | 0.58% |
| AMGN | Amgen Inc. | 0.74% | 26.9 | 16.7 | 6.1 | 2.33% | 0.51% |
| QCOM | QUALCOMM Incorporated | 0.73% | 19.9 | 19.6 | 4.2 | 2.14% | 0.68% |
| ALL | The Allstate Corporation | 0.71% | 5.0 | 8.3 | 0.9 | 1.74% | 2.67% |
| REGN | Regeneron Pharmaceuticals, Inc. | 0.71% | 19.6 | 14.5 | 5.2 | 0.48% | 0.67% |
| CSCO | Cisco Systems, Inc. | 0.71% | 32.2 | 19.8 | 6.7 | 1.56% | 0.41% |
| WDC | Western Digital Corporation | 0.70% | 12.3 | 22.8 | 9.6 | 0.18% | 1.05% |
| DELL | Dell Technologies Inc. | 0.69% | 26.3 | 21.3 | 1.9 | 0.56% | 0.49% |
| HCA | HCA Healthcare, Inc. | 0.69% | 15.4 | 13.9 | 1.3 | 0.68% | 0.83% |
| XOM | Exxon Mobil Corporation | 0.69% | 23.0 | 14.8 | 2.0 | 2.30% | 0.55% |
| LRCX | Lam Research Corporation | 0.68% | 45.8 | 33.7 | 14.2 | 0.50% | 0.27% |
| GOOGL | Alphabet Inc. | 0.67% | 17.1 | 22.8 | 9.3 | 0.26% | 0.73% |
| GILD | Gilead Sciences, Inc. | 0.65% | — | 15.6 | 6.4 | 2.10% | −0.21% |
| PEP | PepsiCo, Inc. | 0.65% | 16.5 | 14.9 | 1.8 | 4.50% | 0.73% |
| FDX | FedEx Corporation | 0.63% | 15.8 | 14.2 | 0.7 | 1.66% | 0.73% |
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 VFMF valuation
Adding up its 591 holdings with company data, VFMF trades at 18.1 times trailing earnings and 11.5 times analysts' forward estimates, with a price-to-book ratio of 2.19 and a dividend yield of 1.71%. Its earnings yield of 5.52% is 0.19 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 8.8% of the fund and earn 10.1% of its combined profit. By sector, Healthcare is the most expensive at 51.3 times earnings and Financial Services the cheapest at 10.8. Companies that lost money over the past year are 6.1% 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: VFMF chart, VFMF performance, VFMF holdings, VFMF dividends.
VFMF valuation FAQ
What is the P/E ratio of VFMF?
Based on its holdings, VFMF has a trailing P/E of 18.1 and a forward P/E of 11.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VFMF?
The trailing earnings yield is 5.52% (1 ÷ P/E) and the forward earnings yield 8.67%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VFMF more expensive than the S&P 500?
VFMF trades at 18.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 11.5 and 19.9.
What is the price-to-book ratio of VFMF?
The holdings of VFMF trade at 2.19 times book value, with a combined return on equity of 12.1%.
Which sector in VFMF has the highest P/E?
Healthcare has the highest P/E at 51.3 and Financial Services the lowest at 10.8.