Vanguard U.S. Minimum Volatility (VFMV) Valuation
VFMV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 22.4 trailing earnings
- Forward P/E
- 18.0 analyst estimates
- Price / sales
- 2.40
- Price / book
- 3.25
- EV / EBITDA
- 13.9
- Earnings yield
- 4.47% inverse of P/E
- Dividend yield
- 1.68% of the holdings
- Return on equity
- 14.5% combined
- Net margin
- 10.7% combined
- Beta
- 0.78 weighted, vs S&P 500
VFMV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VFMV | 22.4 | 18.0 | 2.40 | 3.25 | 1.68% | 14.5% | 10.7% | 1.1% |
| 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.
VFMV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 30.3% | 27.6 | 19.3 | 3.61 | 4.62 | 0.89% | 16.8% |
| Communication Services | 10.8% | 15.3 | 13.5 | 2.02 | 2.79 | 2.06% | 18.2% |
| Healthcare | 10.2% | 23.8 | 17.7 | 0.90 | 4.07 | 1.31% | 17.1% |
| Consumer Defensive | 8.6% | 25.0 | 20.0 | 2.35 | 5.20 | 2.03% | 20.8% |
| Financial Services | 8.5% | 13.7 | 14.6 | 2.23 | 1.63 | 0.95% | 11.9% |
| Industrials | 7.2% | 29.0 | 21.9 | 3.37 | 4.45 | 1.40% | 15.3% |
| Utilities | 6.8% | 21.1 | 17.5 | 3.08 | 2.02 | 3.14% | 9.6% |
| Real Estate | 5.9% | 25.4 | 26.9 | 8.06 | 1.86 | 4.86% | 7.3% |
| Energy | 5.7% | 20.8 | 14.0 | 2.52 | 2.55 | 2.53% | 12.2% |
| Consumer Cyclical | 5.2% | 29.0 | 23.9 | 3.62 | 14.60 | 0.86% | 50.3% |
| Basic Materials | 0.0% | 11.4 | 12.5 | 2.10 | 2.17 | 0.00% | 19.0% |
VFMV 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 VFMV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VFMV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| JNJ | Johnson & Johnson | 1.65% | 38.8 | 21.0 | 6.2 | 2.10% | 0.97% |
| ADI | Analog Devices, Inc. | 1.59% | 47.0 | 23.2 | 13.8 | 1.11% | 0.78% |
| CSCO | Cisco Systems, Inc. | 1.57% | 32.2 | 19.8 | 6.7 | 1.56% | 1.12% |
| ROP | Roper Technologies, Inc. | 1.54% | 15.9 | 15.0 | 4.6 | 0.95% | 2.21% |
| TXN | Texas Instruments Incorporated | 1.54% | 42.1 | 27.5 | 13.0 | 2.20% | 0.84% |
| L | Loews Corporation | 1.49% | 13.5 | 12.2 | 1.2 | 0.23% | 2.53% |
| KO | The Coca-Cola Company | 1.49% | 28.2 | 25.3 | 8.1 | 2.26% | 1.21% |
| AAPL | Apple Inc. | 1.49% | 39.4 | 35.2 | 10.7 | 0.31% | 0.87% |
| XOM | Exxon Mobil Corporation | 1.46% | 23.0 | 14.8 | 2.0 | 2.30% | 1.46% |
| COST | Costco Wholesale Corporation | 1.46% | 47.6 | 40.3 | 1.4 | 0.59% | 0.70% |
| CRUS | Cirrus Logic, Inc. | 1.44% | 13.1 | 13.8 | 2.6 | — | 2.52% |
| BRK.B | Berkshire Hathaway Inc. | 1.42% | 13.4 | 22.7 | 3.0 | — | 2.43% |
| VZ | Verizon Communications Inc. | 1.39% | 11.7 | 8.7 | 1.3 | 6.32% | 2.74% |
| NVDA | NVIDIA Corporation | 1.37% | 27.1 | 24.9 | 17.1 | 0.47% | 1.16% |
| LRCX | Lam Research Corporation | 1.37% | 45.8 | 33.7 | 14.2 | 0.50% | 0.68% |
| MSFT | Microsoft Corporation | 1.36% | 29.5 | 25.1 | 11.8 | 0.74% | 1.06% |
| CVX | Chevron Corporation | 1.36% | 21.2 | 15.2 | 2.1 | 3.16% | 1.46% |
| CAH | Cardinal Health, Inc. | 1.35% | 35.1 | 17.7 | 0.2 | 0.81% | 0.88% |
| TJX | The TJX Companies, Inc. | 1.34% | 27.3 | 24.9 | 2.6 | 1.30% | 1.12% |
| AME | AMETEK, Inc. | 1.33% | 36.3 | 28.2 | 7.2 | 0.55% | 0.84% |
| QCOM | QUALCOMM Incorporated | 1.33% | 19.9 | 19.6 | 4.2 | 2.14% | 1.53% |
| DBD | Diebold Nixdorf, Incorporated | 1.33% | 22.1 | 12.2 | 0.6 | — | 1.38% |
| RSG | Republic Services, Inc. | 1.29% | 32.8 | 26.3 | 4.2 | 1.16% | 0.90% |
| T | AT&T Inc. | 1.29% | 7.7 | 9.9 | 1.3 | 4.74% | 3.83% |
| MNST | Monster Beverage Corporation | 1.29% | 42.3 | 33.7 | 9.7 | — | 0.70% |
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 VFMV valuation
Adding up its 192 holdings with company data, VFMV trades at 22.4 times trailing earnings and 18.0 times analysts' forward estimates, with a price-to-book ratio of 3.25 and a dividend yield of 1.68%. Its earnings yield of 4.47% is 0.86 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 15.3% of the fund and earn 12.7% of its combined profit. By sector, Industrials is the most expensive at 29.0 times earnings and Basic Materials the cheapest at 11.4. Companies that lost money over the past year are 1.1% 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 98.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VFMV chart, VFMV performance, VFMV holdings, VFMV dividends.
VFMV valuation FAQ
What is the P/E ratio of VFMV?
Based on its holdings, VFMV has a trailing P/E of 22.4 and a forward P/E of 18.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VFMV?
The trailing earnings yield is 4.47% (1 ÷ P/E) and the forward earnings yield 5.55%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VFMV more expensive than the S&P 500?
VFMV trades at 22.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.0 and 19.9.
What is the price-to-book ratio of VFMV?
The holdings of VFMV trade at 3.25 times book value, with a combined return on equity of 14.5%.
Which sector in VFMV has the highest P/E?
Industrials has the highest P/E at 29.0 and Basic Materials the lowest at 11.4.