Vanguard U.S. Momentum Factor (VFMO) Valuation

Cboe BZX: VFMOP/E, earnings yield and other ratios of the holdings combined.

VFMO valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 145.0
Forward P/E: 16.0
Price / sales: 1.78
Price / book: 3.88
EV / EBITDA: 5.2
Earnings yield: 0.69%
Dividend yield: 0.82%
Return on equity: 2.7%
Net margin: 1.2%
Beta: 1.33

VFMO valuation vs other stock ETFs

P/E (TTM)Forward P/E

VFMO valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
VFMO	145.0	16.0	1.78	3.88	0.82%	2.7%	1.2%	23.1%
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.

VFMO valuation by sector

P/E (TTM)Forward P/E

VFMO valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	26.9%	72.1	21.2	3.52	6.77	0.28%	9.4%
Industrials	18.6%	62.7	20.7	1.93	4.85	0.70%	7.7%
Healthcare	18.2%	n/m	12.3	2.88	5.32	0.43%	−28.9%
Energy	12.1%	27.6	11.9	1.35	2.12	2.16%	7.7%
Financial Services	6.4%	25.6	12.4	1.07	1.94	1.62%	7.6%
Consumer Cyclical	5.3%	24.8	12.3	0.77	2.89	1.08%	11.7%
Basic Materials	4.9%	966.1	13.9	1.50	2.98	0.94%	0.3%
Communication Services	3.5%	n/m	15.6	1.53	3.75	1.04%	−17.1%
Consumer Defensive	2.0%	20.9	15.1	0.50	2.70	0.77%	12.9%
Utilities	0.1%	n/m	35.4	0.47	3.34	0.00%	−15.3%
Real Estate	0.0%	3.6	11.9	0.38	13.77	0.00%	383.7%
Information Technology	0.0%	n/m	45.0	20.20	2.74	0.00%	−2.7%

VFMO earnings yield vs bond yields

VFMO earnings yield (forward)

6.27%

VFMO earnings yield (trailing)

0.69%

VFMO dividend yield

0.82%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 VFMO weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

VFMO largest holdings: valuation

VFMO largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
MU	Micron Technology, Inc.	1.27%	11.8	7.0	7.5	0.07%	17.02%
AMAT	Applied Materials, Inc.	1.26%	35.3	23.4	10.5	0.52%	5.66%
KLAC	KLA Corporation	1.22%	45.3	34.8	15.9	0.56%	4.26%
AMD	Advanced Micro Devices, Inc.	1.15%	134.9	39.5	20.9	—	1.36%
INTC	Intel Corporation	1.13%	—	63.3	8.3	—	−4.24%
GLW	Corning Incorporated	1.08%	60.6	38.5	6.7	0.85%	2.84%
LRCX	Lam Research Corporation	0.98%	45.8	33.7	14.2	0.50%	3.39%
WDC	Western Digital Corporation	0.97%	12.3	22.8	9.6	0.18%	12.51%
SNDK	Sandisk Corporation	0.95%	17.6	8.0	9.3	—	8.55%
MRVL	Marvell Technology, Inc.	0.93%	72.3	62.1	21.7	0.11%	2.04%
GEV	GE Vernova Inc.	0.85%	26.4	38.8	5.9	0.22%	5.08%
CAT	Caterpillar Inc.	0.82%	31.5	25.4	4.5	0.89%	4.12%
VRT	Vertiv Holdings Co	0.80%	46.7	27.8	6.9	0.12%	2.71%
JNJ	Johnson & Johnson	0.75%	38.8	21.0	6.2	2.10%	3.07%
GOOGL	Alphabet Inc.	0.74%	17.1	22.8	9.3	0.26%	6.88%
BNY	The Bank of New York Mellon Corporation	0.70%	15.9	15.0	4.4	1.55%	7.05%
HWM	Howmet Aerospace Inc.	0.69%	47.6	36.0	9.7	0.25%	2.32%
APH	Amphenol Corporation	0.66%	39.7	24.6	6.7	0.63%	2.65%
MPC	Marathon Petroleum Corporation	0.65%	16.6	5.5	0.9	0.84%	6.24%
MRK	Merck & Co., Inc.	0.61%	115.8	15.3	5.4	2.33%	0.83%
GM	General Motors Company	0.60%	37.7	5.6	0.4	0.86%	2.54%
PSX	Phillips 66	0.57%	16.8	9.7	0.8	1.81%	5.45%
PWR	Quanta Services, Inc.	0.57%	72.4	33.0	2.9	0.07%	1.24%
XOM	Exxon Mobil Corporation	0.50%	23.0	14.8	2.0	2.30%	3.44%
NEM	Newmont Corporation	0.48%	15.0	11.6	4.8	0.88%	5.12%

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 VFMO valuation

Adding up its 597 holdings with company data, VFMO trades at 145.0 times trailing earnings and 16.0 times analysts' forward estimates, with a price-to-book ratio of 3.88 and a dividend yield of 0.82%. Its earnings yield of 0.69% is 4.64 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 10.9% of the fund and earn 53.4% of its combined profit. By sector, Basic Materials is the most expensive at 966.1 times earnings and Real Estate the cheapest at 3.6. Companies that lost money over the past year are 23.1% 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 92.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

VFMO valuation FAQ

What is the P/E ratio of VFMO?

Based on its holdings, VFMO has a trailing P/E of 145.0 and a forward P/E of 16.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of VFMO?

The trailing earnings yield is 0.69% (1 ÷ P/E) and the forward earnings yield 6.27%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is VFMO more expensive than the S&P 500?

VFMO trades at 145.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.0 and 19.9.

What is the price-to-book ratio of VFMO?

The holdings of VFMO trade at 3.88 times book value, with a combined return on equity of 2.7%.

Which sector in VFMO has the highest P/E?

Basic Materials has the highest P/E at 966.1 and Real Estate the lowest at 3.6.