Vanguard Health Care ETF (VHT) Valuation
VHT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 49.1 trailing earnings
- Forward P/E
- 17.6 analyst estimates
- Price / sales
- 1.92
- Price / book
- 5.18
- EV / EBITDA
- 14.3
- Earnings yield
- 2.04% inverse of P/E
- Dividend yield
- 1.31% of the holdings
- Return on equity
- 10.5% combined
- Net margin
- 3.9% combined
- Beta
- 0.60 weighted, vs S&P 500
VHT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VHT | 49.1 | 17.6 | 1.92 | 5.18 | 1.31% | 10.5% | 3.9% | 11.7% |
| 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.
VHT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 99.1% | 49.1 | 17.6 | 1.91 | 5.18 | 1.31% | 10.5% |
| Industrials | 0.0% | n/m | 79.4 | 4.57 | 1.99 | 0.00% | −9.6% |
VHT 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 VHT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VHT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 13.26% | 42.2 | 24.4 | 14.1 | 0.55% | 15.70% |
| JNJ | Johnson & Johnson | 8.95% | 38.8 | 21.0 | 6.2 | 2.10% | 11.54% |
| ABBV | AbbVie Inc. | 6.43% | 80.6 | 16.4 | 7.8 | 2.42% | 3.98% |
| MRK | Merck & Co., Inc. | 4.76% | 115.8 | 15.3 | 5.4 | 2.33% | 2.06% |
| UNH | UnitedHealth Group Incorporated | 4.68% | 25.8 | 16.6 | 0.8 | 2.31% | 9.06% |
| TMO | Thermo Fisher Scientific Inc. | 3.55% | 37.1 | 24.2 | 5.5 | 0.27% | 4.78% |
| AMGN | Amgen Inc. | 3.18% | 26.9 | 16.7 | 6.1 | 2.33% | 5.91% |
| GILD | Gilead Sciences, Inc. | 2.57% | — | 15.6 | 6.4 | 2.10% | −2.18% |
| ABT | Abbott Laboratories | 2.37% | 33.8 | 17.1 | 3.9 | 2.40% | 3.50% |
| PFE | Pfizer Inc. | 2.18% | 38.9 | 9.7 | 2.6 | 5.81% | 2.80% |
| ISRG | Intuitive Surgical, Inc. | 1.92% | 48.9 | 33.3 | 13.7 | — | 1.96% |
| DHR | Danaher Corporation | 1.91% | 40.8 | 23.8 | 6.4 | 0.70% | 2.33% |
| BMY | Bristol-Myers Squibb Company | 1.80% | 13.2 | 9.4 | 2.5 | 4.22% | 6.83% |
| VRTX | Vertex Pharmaceuticals Incorporated | 1.76% | 28.9 | 24.1 | 10.1 | — | 3.05% |
| MDT | Medtronic plc | 1.55% | 23.3 | 14.9 | 3.2 | 3.04% | 3.33% |
| CVS | CVS Health Corporation | 1.49% | 24.3 | 10.7 | 0.3 | 2.88% | 3.06% |
| MCK | McKesson Corporation | 1.38% | 26.9 | 19.7 | 0.3 | 0.37% | 2.56% |
| SYK | Stryker Corporation | 1.28% | 30.5 | 16.5 | 4.4 | 1.19% | 2.09% |
| ELV | Elevance Health Inc. | 1.14% | 19.0 | 13.7 | 0.5 | 1.61% | 3.01% |
| REGN | Regeneron Pharmaceuticals, Inc. | 1.04% | 19.6 | 14.5 | 5.2 | 0.48% | 2.67% |
| CI | Cigna Corporation | 1.00% | 12.5 | 8.3 | 0.3 | 2.06% | 4.01% |
| HCA | HCA Healthcare, Inc. | 0.97% | 15.4 | 13.9 | 1.3 | 0.68% | 3.14% |
| BSX | Boston Scientific Corporation | 0.92% | 18.0 | 13.2 | 3.1 | — | 2.55% |
| MRNA | Moderna, Inc. | 0.88% | — | 23.0 | 39.1 | — | −1.61% |
| NTRA | Natera, Inc. | 0.79% | — | — | 20.9 | — | −0.13% |
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 VHT valuation
Adding up its 354 holdings with company data, VHT trades at 49.1 times trailing earnings and 17.6 times analysts' forward estimates, with a price-to-book ratio of 5.18 and a dividend yield of 1.31%. Its earnings yield of 2.04% is 3.29 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 51.9% of the fund and earn 57.1% of its combined profit. Companies that lost money over the past year are 11.7% 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 99.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VHT chart, VHT performance, VHT holdings, VHT dividends.
VHT valuation FAQ
What is the P/E ratio of VHT?
Based on its holdings, VHT has a trailing P/E of 49.1 and a forward P/E of 17.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VHT?
The trailing earnings yield is 2.04% (1 ÷ P/E) and the forward earnings yield 5.68%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VHT more expensive than the S&P 500?
VHT trades at 49.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.6 and 19.9.
What is the price-to-book ratio of VHT?
The holdings of VHT trade at 5.18 times book value, with a combined return on equity of 10.5%.