Vanguard Information Technology ETF (VGT) Valuation
VGT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 39.0 trailing earnings
- Forward P/E
- 22.6 analyst estimates
- Price / sales
- 7.14
- Price / book
- 10.82
- EV / EBITDA
- 24.7
- Earnings yield
- 2.57% inverse of P/E
- Dividend yield
- 0.48% of the holdings
- Return on equity
- 27.8% combined
- Net margin
- 18.3% combined
- Beta
- 1.60 weighted, vs S&P 500
VGT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VGT | 39.0 | 22.6 | 7.14 | 10.82 | 0.48% | 27.8% | 18.3% | 6.2% |
| 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.
VGT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 99.1% | 36.6 | 22.6 | 7.25 | 10.94 | 0.48% | 29.9% |
| Financial Services | 0.5% | n/m | 44.7 | 6.86 | 5.54 | 0.00% | −214.5% |
| Industrials | 0.3% | n/m | 13.5 | 1.13 | 2.93 | 0.87% | −11.7% |
| Consumer Cyclical | 0.1% | n/m | — | 1,946.03 | 6.49 | 0.00% | −52.4% |
| Communication Services | 0.0% | n/m | 20.2 | 0.70 | 14.99 | 0.00% | −422.0% |
| Basic Materials | 0.0% | n/m | — | 2,445.72 | 7.80 | 0.00% | −33.4% |
| Healthcare | 0.0% | n/m | — | 2.31 | 6.40 | 0.00% | −22.5% |
| Information Technology | 0.0% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
VGT 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 VGT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VGT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 18.25% | 27.1 | 24.9 | 17.1 | 0.47% | 26.37% |
| AAPL | Apple Inc. | 15.18% | 39.4 | 35.2 | 10.7 | 0.31% | 15.08% |
| MSFT | Microsoft Corporation | 10.68% | 29.5 | 25.1 | 11.8 | 0.74% | 14.17% |
| MU | Micron Technology, Inc. | 4.67% | 11.8 | 7.0 | 7.5 | 0.07% | 15.44% |
| AVGO | Broadcom Inc. | 4.22% | 43.3 | 19.4 | 17.6 | 0.79% | 3.81% |
| AMD | Advanced Micro Devices, Inc. | 3.77% | 134.9 | 39.5 | 20.9 | — | 1.09% |
| INTC | Intel Corporation | 2.04% | — | 63.3 | 8.3 | — | −1.88% |
| LRCX | Lam Research Corporation | 1.59% | 45.8 | 33.7 | 14.2 | 0.50% | 1.36% |
| PLTR | Palantir Technologies Inc. | 1.59% | 160.4 | 85.5 | 72.6 | — | 0.39% |
| CSCO | Cisco Systems, Inc. | 1.59% | 32.2 | 19.8 | 6.7 | 1.56% | 1.93% |
| AMAT | Applied Materials, Inc. | 1.50% | 35.3 | 23.4 | 10.5 | 0.52% | 1.66% |
| PANW | Palo Alto Networks, Inc. | 1.26% | 855.0 | 94.3 | 24.4 | — | 0.06% |
| KLAC | KLA Corporation | 1.02% | 45.3 | 34.8 | 15.9 | 0.56% | 0.88% |
| CRWD | CrowdStrike Holdings, Inc. | 1.00% | — | 208.3 | 43.1 | — | 0.01% |
| TXN | Texas Instruments Incorporated | 1.00% | 42.1 | 27.5 | 13.0 | 2.20% | 0.93% |
| SNDK | Sandisk Corporation | 0.94% | 17.6 | 8.0 | 9.3 | — | 2.09% |
| MRVL | Marvell Technology, Inc. | 0.91% | 72.3 | 62.1 | 21.7 | 0.11% | 0.49% |
| ORCL | Oracle Corporation | 0.89% | 20.1 | 17.8 | 5.4 | 1.56% | 1.73% |
| ANET | Arista Networks, Inc. | 0.86% | 55.8 | 39.2 | 21.2 | — | 0.60% |
| APH | Amphenol Corporation | 0.81% | 39.7 | 24.6 | 6.7 | 0.63% | 0.80% |
| IBM | International Business Machines Corporation | 0.79% | 20.6 | 17.4 | 3.2 | 2.91% | 1.50% |
| QCOM | QUALCOMM Incorporated | 0.78% | 19.9 | 19.6 | 4.2 | 2.14% | 1.53% |
| ADI | Analog Devices, Inc. | 0.77% | 47.0 | 23.2 | 13.8 | 1.11% | 0.64% |
| STX | Seagate Technology Holdings plc | 0.76% | 46.0 | 25.7 | 11.9 | 0.46% | 0.65% |
| CRM | Salesforce, Inc. | 0.73% | 22.0 | 14.0 | 4.5 | 0.73% | 1.30% |
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 VGT valuation
Adding up its 296 holdings with company data, VGT trades at 39.0 times trailing earnings and 22.6 times analysts' forward estimates, with a price-to-book ratio of 10.82 and a dividend yield of 0.48%. Its earnings yield of 2.57% is 2.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 63.6% of the fund and earn 77.7% of its combined profit. Companies that lost money over the past year are 6.2% 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 99.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VGT chart, VGT performance, VGT holdings, VGT dividends.
VGT valuation FAQ
What is the P/E ratio of VGT?
Based on its holdings, VGT has a trailing P/E of 39.0 and a forward P/E of 22.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VGT?
The trailing earnings yield is 2.57% (1 ÷ P/E) and the forward earnings yield 4.43%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VGT more expensive than the S&P 500?
VGT trades at 39.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.6 and 19.9.
What is the price-to-book ratio of VGT?
The holdings of VGT trade at 10.82 times book value, with a combined return on equity of 27.8%.