Vanguard Mid-Cap ETF (VO) Valuation
VO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 29.1 trailing earnings
- Forward P/E
- 16.4 analyst estimates
- Price / sales
- 1.95
- Price / book
- 3.41
- EV / EBITDA
- 15.4
- Earnings yield
- 3.43% inverse of P/E
- Dividend yield
- 1.46% of the holdings
- Return on equity
- 11.7% combined
- Net margin
- 6.7% combined
- Beta
- 1.08 weighted, vs S&P 500
VO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VO | 29.1 | 16.4 | 1.95 | 3.41 | 1.46% | 11.7% | 6.7% | 8.3% |
| 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.
VO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 18.3% | 30.3 | 20.8 | 2.80 | 5.47 | 0.84% | 18.0% |
| Technology | 17.4% | n/m | 21.1 | 4.22 | 5.20 | 0.56% | −1.4% |
| Financial Services | 13.8% | 14.4 | 12.3 | 2.21 | 2.04 | 1.93% | 14.1% |
| Healthcare | 9.3% | 39.7 | 19.2 | 1.02 | 4.32 | 0.51% | 10.9% |
| Consumer Cyclical | 8.6% | 32.2 | 14.3 | 1.30 | 3.90 | 1.37% | 12.1% |
| Energy | 8.1% | 19.0 | 11.0 | 1.48 | 3.07 | 1.70% | 16.2% |
| Utilities | 7.6% | 19.4 | 15.1 | 2.59 | 2.00 | 2.89% | 10.3% |
| Consumer Defensive | 4.8% | 28.2 | 14.9 | 0.83 | 3.26 | 2.96% | 11.6% |
| Real Estate | 4.8% | 28.7 | 27.5 | 4.90 | 3.18 | 3.80% | 11.1% |
| Basic Materials | 4.0% | 21.6 | 14.8 | 2.21 | 2.86 | 2.13% | 13.3% |
| Communication Services | 2.2% | 55.9 | 21.3 | 2.14 | 6.28 | 0.18% | 11.2% |
VO 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 VO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| VLO | Valero Energy Corporation | 1.12% | 18.5 | 10.2 | 1.0 | 1.08% | 1.81% |
| NET | Cloudflare, Inc. | 1.08% | — | 178.6 | 42.0 | — | −0.06% |
| MPC | Marathon Petroleum Corporation | 1.04% | 16.6 | 5.5 | 0.9 | 0.84% | 1.89% |
| PSX | Phillips 66 | 1.02% | 16.8 | 9.7 | 0.8 | 1.81% | 1.83% |
| VRT | Vertiv Holdings Co | 0.96% | 46.7 | 27.8 | 6.9 | 0.12% | 0.62% |
| DDOG | Datadog, Inc. | 0.94% | 494.2 | 84.7 | 22.4 | — | 0.06% |
| PWR | Quanta Services, Inc. | 0.93% | 72.4 | 33.0 | 2.9 | 0.07% | 0.39% |
| HWM | Howmet Aerospace Inc. | 0.93% | 47.6 | 36.0 | 9.7 | 0.25% | 0.58% |
| HOOD | Robinhood Markets, Inc. | 0.92% | 43.6 | 45.0 | 18.0 | — | 0.63% |
| LITE | Lumentum Holdings Inc. | 0.86% | — | 42.9 | 24.8 | — | −2.90% |
| CEG | Constellation Energy Corporation | 0.85% | 26.5 | 20.7 | 3.1 | 0.63% | 0.96% |
| HPE | Hewlett Packard Enterprise Company | 0.83% | 28.4 | 13.6 | 1.7 | 1.03% | 0.88% |
| ROST | Ross Stores, Inc. | 0.77% | 28.6 | 27.4 | 3.1 | 0.75% | 0.80% |
| WBD | Warner Bros Discovery Inc | 0.76% | — | — | — | — | — |
| BE | Bloom Energy Corporation | 0.73% | 291.2 | 57.1 | 20.9 | — | 0.08% |
| SLB | Schlumberger Limited | 0.73% | 23.9 | 15.9 | 2.0 | 2.38% | 0.92% |
| MSI | Motorola Solutions, Inc. | 0.73% | 36.5 | 23.9 | 6.3 | 1.05% | 0.60% |
| CMI | Cummins Inc. | 0.71% | 27.2 | 15.4 | 2.1 | 1.66% | 0.79% |
| HLT | Hilton Worldwide Holdings Inc. | 0.69% | 50.6 | 28.7 | 15.2 | 0.17% | 0.41% |
| DASH | DoorDash, Inc. | 0.67% | 99.6 | 38.0 | 5.2 | — | 0.20% |
| TGT | Target Corporation | 0.67% | 16.0 | 15.6 | 0.7 | 3.01% | 1.26% |
| DLR | Digital Realty Trust, Inc. | 0.67% | 85.4 | 66.2 | 9.8 | 2.77% | 0.23% |
| GM | General Motors Company | 0.66% | 37.7 | 5.6 | 0.4 | 0.86% | 0.53% |
| MPWR | Monolithic Power Systems, Inc. | 0.65% | 73.7 | 38.8 | 18.2 | 0.66% | 0.26% |
| RCL | Royal Caribbean Cruises Ltd. | 0.65% | 17.1 | 11.4 | 4.0 | 2.16% | 1.13% |
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 VO valuation
Adding up its 264 holdings with company data, VO trades at 29.1 times trailing earnings and 16.4 times analysts' forward estimates, with a price-to-book ratio of 3.41 and a dividend yield of 1.46%. Its earnings yield of 3.43% is 1.89 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 9.8% of the fund and earn 4.9% of its combined profit. By sector, Communication Services is the most expensive at 55.9 times earnings and Financial Services the cheapest at 14.4. Companies that lost money over the past year are 8.3% 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 97.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VO chart, VO performance, VO holdings, VO dividends.
VO valuation FAQ
What is the P/E ratio of VO?
Based on its holdings, VO has a trailing P/E of 29.1 and a forward P/E of 16.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VO?
The trailing earnings yield is 3.43% (1 ÷ P/E) and the forward earnings yield 6.11%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VO more expensive than the S&P 500?
VO trades at 29.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.4 and 19.9.
What is the price-to-book ratio of VO?
The holdings of VO trade at 3.41 times book value, with a combined return on equity of 11.7%.
Which sector in VO has the highest P/E?
Communication Services has the highest P/E at 55.9 and Financial Services the lowest at 14.4.