Vanguard Mid-Cap Value ETF (VOE) Valuation
VOE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 22.2 trailing earnings
- Forward P/E
- 12.7 analyst estimates
- Price / sales
- 1.34
- Price / book
- 2.42
- EV / EBITDA
- 11.9
- Earnings yield
- 4.51% inverse of P/E
- Dividend yield
- 2.08% of the holdings
- Return on equity
- 10.9% combined
- Net margin
- 6.0% combined
- Beta
- 0.85 weighted, vs S&P 500
VOE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VOE | 22.2 | 12.7 | 1.34 | 2.42 | 2.08% | 10.9% | 6.0% | 4.7% |
| 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.
VOE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 18.7% | 12.3 | 11.1 | 1.93 | 1.80 | 2.21% | 14.7% |
| Industrials | 13.5% | 21.4 | 15.1 | 1.70 | 3.57 | 1.30% | 16.7% |
| Energy | 12.8% | 18.4 | 10.4 | 1.40 | 2.85 | 1.71% | 15.5% |
| Utilities | 11.0% | 18.5 | 14.8 | 2.54 | 1.80 | 3.35% | 9.8% |
| Healthcare | 8.7% | 38.3 | 16.1 | 0.62 | 3.35 | 0.69% | 8.7% |
| Consumer Defensive | 7.7% | 26.9 | 14.5 | 0.78 | 3.25 | 3.08% | 12.1% |
| Technology | 7.5% | n/m | 11.4 | 2.15 | 2.16 | 1.13% | −7.1% |
| Basic Materials | 5.9% | 20.1 | 13.9 | 2.00 | 2.79 | 2.41% | 13.9% |
| Consumer Cyclical | 5.9% | 56.3 | 9.9 | 0.66 | 1.92 | 2.41% | 3.4% |
| Real Estate | 5.3% | 23.2 | 22.4 | 4.11 | 3.56 | 3.73% | 15.4% |
VOE 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 VOE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VOE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| VLO | Valero Energy Corporation | 1.91% | 18.5 | 10.2 | 1.0 | 1.08% | 2.39% |
| MPC | Marathon Petroleum Corporation | 1.85% | 16.6 | 5.5 | 0.9 | 0.84% | 2.60% |
| PSX | Phillips 66 | 1.70% | 16.8 | 9.7 | 0.8 | 1.81% | 2.35% |
| HPE | Hewlett Packard Enterprise Company | 1.40% | 28.4 | 13.6 | 1.7 | 1.03% | 1.14% |
| WBD | Warner Bros Discovery Inc | 1.31% | — | — | — | — | — |
| SLB | Schlumberger Limited | 1.28% | 23.9 | 15.9 | 2.0 | 2.38% | 1.24% |
| TGT | Target Corporation | 1.27% | 16.0 | 15.6 | 0.7 | 3.01% | 1.83% |
| GM | General Motors Company | 1.18% | 37.7 | 5.6 | 0.4 | 0.86% | 0.73% |
| CMI | Cummins Inc. | 1.18% | 27.2 | 15.4 | 2.1 | 1.66% | 1.00% |
| DLR | Digital Realty Trust, Inc. | 1.13% | 85.4 | 66.2 | 9.8 | 2.77% | 0.31% |
| AEP | American Electric Power Company, Inc. | 1.11% | 22.0 | 17.2 | 3.0 | 2.99% | 1.16% |
| URI | United Rentals, Inc. | 1.08% | 24.8 | 18.5 | 3.8 | 0.77% | 1.01% |
| APD | Air Products and Chemicals, Inc. | 1.05% | — | 19.9 | 5.3 | 2.42% | −0.02% |
| NEM | Newmont Corporation | 1.05% | 15.0 | 11.6 | 4.8 | 0.88% | 1.62% |
| TEL | TE Connectivity Ltd. | 1.04% | 20.8 | 16.6 | 3.2 | 1.47% | 1.16% |
| PCAR | PACCAR Inc | 1.02% | 23.3 | 15.1 | 2.1 | 1.26% | 1.02% |
| SPG | Simon Property Group, Inc. | 1.00% | 14.5 | 30.7 | 11.2 | 4.33% | 1.61% |
| TFC | Truist Financial Corporation | 0.96% | 10.8 | 9.6 | 3.0 | 4.47% | 2.07% |
| AJG | Arthur J. Gallagher & Co. | 0.96% | 42.3 | 16.3 | 4.3 | 1.10% | 0.53% |
| LNG | Cheniere Energy, Inc. | 0.96% | 21.9 | 13.5 | 2.9 | 0.77% | 1.01% |
| CRH | CRH PLC | 0.95% | — | — | — | — | — |
| AON | Aon plc | 0.95% | 16.1 | 13.5 | 3.5 | 1.12% | 1.37% |
| D | Dominion Energy, Inc. | 0.94% | 22.0 | 15.9 | 3.1 | 4.20% | 0.99% |
| BKR | Baker Hughes Company | 0.93% | 17.9 | 18.0 | 2.0 | 1.65% | 1.21% |
| MSTR | MicroStrategy Incorporated | 0.93% | — | 6.8 | 116.3 | — | −14.87% |
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 VOE valuation
Adding up its 163 holdings with company data, VOE trades at 22.2 times trailing earnings and 12.7 times analysts' forward estimates, with a price-to-book ratio of 2.42 and a dividend yield of 2.08%. Its earnings yield of 4.51% is 0.82 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 14.2% of the fund and earn 14.8% of its combined profit. By sector, Consumer Cyclical is the most expensive at 56.3 times earnings and Financial Services the cheapest at 12.3. Companies that lost money over the past year are 4.7% 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 96.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VOE chart, VOE performance, VOE holdings, VOE dividends.
VOE valuation FAQ
What is the P/E ratio of VOE?
Based on its holdings, VOE has a trailing P/E of 22.2 and a forward P/E of 12.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VOE?
The trailing earnings yield is 4.51% (1 ÷ P/E) and the forward earnings yield 7.85%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VOE more expensive than the S&P 500?
VOE trades at 22.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.7 and 19.9.
What is the price-to-book ratio of VOE?
The holdings of VOE trade at 2.42 times book value, with a combined return on equity of 10.9%.
Which sector in VOE has the highest P/E?
Consumer Cyclical has the highest P/E at 56.3 and Financial Services the lowest at 12.3.