Vanguard Value ETF (VTV) Valuation
VTV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 20.7 trailing earnings
- Forward P/E
- 14.6 analyst estimates
- Price / sales
- 2.22
- Price / book
- 3.26
- EV / EBITDA
- 13.3
- Earnings yield
- 4.83% inverse of P/E
- Dividend yield
- 1.94% of the holdings
- Return on equity
- 15.8% combined
- Net margin
- 10.7% combined
- Beta
- 0.84 weighted, vs S&P 500
VTV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VTV | 20.7 | 14.6 | 2.22 | 3.26 | 1.94% | 15.8% | 10.7% | 1.8% |
| 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.
VTV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 22.4% | 13.9 | 13.3 | 2.97 | 1.94 | 1.70% | 13.9% |
| Healthcare | 17.0% | 35.8 | 16.0 | 1.44 | 4.53 | 1.95% | 12.7% |
| Technology | 14.4% | 21.4 | 11.3 | 4.42 | 5.94 | 1.04% | 27.8% |
| Industrials | 12.4% | 25.7 | 19.8 | 2.60 | 5.42 | 1.46% | 21.1% |
| Consumer Defensive | 8.9% | 26.9 | 20.2 | 1.86 | 7.01 | 2.67% | 26.0% |
| Energy | 7.9% | 20.1 | 12.7 | 1.83 | 2.57 | 2.28% | 12.8% |
| Utilities | 4.2% | 19.3 | 15.7 | 2.90 | 2.09 | 3.00% | 10.8% |
| Consumer Cyclical | 3.7% | 25.5 | 13.8 | 1.18 | 4.59 | 2.40% | 18.0% |
| Basic Materials | 3.1% | 24.5 | 17.0 | 3.12 | 4.05 | 1.58% | 16.6% |
| Communication Services | 2.9% | 11.0 | 9.5 | 1.26 | 1.60 | 4.15% | 14.5% |
| Real Estate | 2.5% | 27.6 | 26.6 | 5.73 | 3.20 | 3.78% | 11.6% |
VTV 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 VTV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VTV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MU | Micron Technology, Inc. | 4.65% | 11.8 | 7.0 | 7.5 | 0.07% | 8.25% |
| JPM | JPMorgan Chase & Co. | 3.31% | 14.2 | 13.5 | 4.7 | 1.94% | 4.88% |
| BRK.B | Berkshire Hathaway Inc. | 2.91% | 13.4 | 22.7 | 3.0 | — | 4.56% |
| XOM | Exxon Mobil Corporation | 2.50% | 23.0 | 14.8 | 2.0 | 2.30% | 2.27% |
| JNJ | Johnson & Johnson | 2.44% | 38.8 | 21.0 | 6.2 | 2.10% | 1.32% |
| ABBV | AbbVie Inc. | 1.81% | 80.6 | 16.4 | 7.8 | 2.42% | 0.47% |
| WMT | Walmart Inc. | 1.80% | 43.0 | 38.0 | 1.3 | 0.83% | 0.88% |
| CSCO | Cisco Systems, Inc. | 1.48% | 32.2 | 19.8 | 6.7 | 1.56% | 0.96% |
| CVX | Chevron Corporation | 1.44% | 21.2 | 15.2 | 2.1 | 3.16% | 1.42% |
| CAT | Caterpillar Inc. | 1.39% | 31.5 | 25.4 | 4.5 | 0.89% | 0.93% |
| MRK | Merck & Co., Inc. | 1.39% | 115.8 | 15.3 | 5.4 | 2.33% | 0.25% |
| BAC | Bank of America Corporation | 1.33% | 12.2 | 10.8 | 3.1 | 2.50% | 2.27% |
| KO | The Coca-Cola Company | 1.30% | 28.2 | 25.3 | 8.1 | 2.26% | 0.97% |
| PG | The Procter & Gamble Company | 1.29% | 24.1 | 21.2 | 4.3 | 2.73% | 1.12% |
| UNH | UnitedHealth Group Incorporated | 1.22% | 25.8 | 16.6 | 0.8 | 2.31% | 0.99% |
| PM | Philip Morris International Inc. | 1.16% | 29.5 | 20.9 | 7.5 | 3.12% | 0.82% |
| HD | The Home Depot, Inc. | 1.03% | 21.5 | 19.8 | 1.8 | 3.01% | 1.01% |
| TMO | Thermo Fisher Scientific Inc. | 0.99% | 37.1 | 24.2 | 5.5 | 0.27% | 0.56% |
| RTX | RTX Corporation | 0.98% | 34.1 | 24.6 | 2.8 | 1.51% | 0.60% |
| WFC | Wells Fargo & Company | 0.94% | 11.8 | 10.2 | 3.0 | 2.38% | 1.66% |
| GS | The Goldman Sachs Group, Inc. | 0.93% | 12.7 | 12.8 | 3.6 | 2.27% | 1.54% |
| AMGN | Amgen Inc. | 0.89% | 26.9 | 16.7 | 6.1 | 2.33% | 0.69% |
| MS | Morgan Stanley | 0.86% | 14.3 | 14.9 | 3.6 | 2.55% | 1.27% |
| C | Citigroup Inc. | 0.85% | 12.1 | 10.2 | 2.5 | 2.16% | 1.46% |
| LIN | Linde plc | 0.84% | 32.2 | 23.6 | 6.5 | 1.28% | 0.55% |
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 VTV valuation
Adding up its 292 holdings with company data, VTV trades at 20.7 times trailing earnings and 14.6 times analysts' forward estimates, with a price-to-book ratio of 3.26 and a dividend yield of 1.94%. Its earnings yield of 4.83% is 0.50 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 23.7% of the fund and earn 25.9% of its combined profit. By sector, Healthcare is the most expensive at 35.8 times earnings and Communication Services the cheapest at 11.0. Companies that lost money over the past year are 1.8% 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 98.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VTV chart, VTV performance, VTV holdings, VTV dividends.
VTV valuation FAQ
What is the P/E ratio of VTV?
Based on its holdings, VTV has a trailing P/E of 20.7 and a forward P/E of 14.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of VTV?
The trailing earnings yield is 4.83% (1 ÷ P/E) and the forward earnings yield 6.87%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VTV more expensive than the S&P 500?
VTV trades at 20.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.6 and 19.9.
What is the price-to-book ratio of VTV?
The holdings of VTV trade at 3.26 times book value, with a combined return on equity of 15.8%.
Which sector in VTV has the highest P/E?
Healthcare has the highest P/E at 35.8 and Communication Services the lowest at 11.0.