Vanguard Extended Market ETF (VXF) Valuation
VXF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 241.2 trailing earnings
- Forward P/E
- 16.4 analyst estimates
- Price / sales
- 1.63
- Price / book
- 2.75
- EV / EBITDA
- 11.8
- Earnings yield
- 0.41% inverse of P/E
- Dividend yield
- 1.06% of the holdings
- Return on equity
- 1.1% combined
- Net margin
- 0.7% combined
- Beta
- 1.17 weighted, vs S&P 500
VXF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| VXF | 241.2 | 16.4 | 1.63 | 2.75 | 1.06% | 1.1% | 0.7% | 28.2% |
| 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.
VXF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 20.4% | n/m | 21.6 | 2.88 | 5.03 | 0.13% | −11.5% |
| Industrials | 18.3% | 47.3 | 21.5 | 1.61 | 3.88 | 0.64% | 8.2% |
| Healthcare | 14.6% | n/m | 18.2 | 3.11 | 4.67 | 0.09% | −13.3% |
| Financial Services | 14.6% | 31.2 | 11.0 | 1.58 | 1.57 | 1.98% | 5.0% |
| Consumer Cyclical | 8.2% | 52.0 | 13.1 | 0.72 | 2.50 | 1.07% | 4.8% |
| Real Estate | 5.2% | 93.3 | 19.6 | 2.75 | 1.59 | 5.44% | 1.7% |
| Energy | 4.6% | 22.3 | 12.1 | 1.30 | 1.93 | 1.69% | 8.6% |
| Basic Materials | 3.8% | 397.2 | 13.7 | 1.28 | 2.34 | 1.04% | 0.6% |
| Communication Services | 2.7% | n/m | 18.2 | 1.59 | 1.93 | 0.61% | −6.3% |
| Consumer Defensive | 2.6% | 71.7 | 13.1 | 0.54 | 2.15 | 1.17% | 3.0% |
| Utilities | 1.7% | 27.7 | 15.1 | 2.43 | 1.82 | 2.73% | 6.6% |
| Information Technology | 0.0% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
| Services | 0.0% | 30.3 | 15.0 | 1.13 | 2.55 | 3.22% | 8.4% |
| Financials | 0.0% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
| Banks | 0.0% | n/m | — | 5.49 | 8.70 | 0.00% | −1,602.4% |
VXF 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 VXF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
VXF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp. | 2.62% | — | 200.0 | 83.5 | — | −3.00% |
| SNOW | Snowflake Inc. | 1.48% | — | 169.5 | 19.9 | — | −4.00% |
| NET | Cloudflare, Inc. | 1.33% | — | 178.6 | 42.0 | — | −0.61% |
| NTRA | Natera, Inc. | 0.71% | — | — | 20.9 | — | −0.64% |
| ALAB | Astera Labs, Inc. | 0.67% | 140.8 | 55.6 | 41.3 | — | 1.25% |
| LNG | Cheniere Energy, Inc. | 0.67% | 21.9 | 13.5 | 2.9 | 0.77% | 8.02% |
| MSTR | MicroStrategy Incorporated | 0.66% | — | 6.8 | 116.3 | — | −119.27% |
| TWLO | Twilio Inc | 0.55% | 33.8 | 43.7 | 6.7 | — | 4.21% |
| RVMD | Revolution Medicines, Inc. | 0.49% | — | — | 9,035.1 | — | −6.34% |
| RKLB | Rocket Lab USA, Inc. | 0.46% | — | — | 42.3 | — | −0.60% |
| OKTA | Okta, Inc. | 0.42% | 112.8 | 54.3 | 10.7 | — | 0.97% |
| CRDO | Credo Technology Group Holding Ltd | 0.41% | 60.2 | 30.9 | 20.0 | — | 1.79% |
| ALNY | Alnylam Pharmaceuticals, Inc. | 0.41% | 39.1 | 19.7 | 6.5 | — | 2.76% |
| CRWV | CoreWeave, Inc. | 0.40% | — | — | 4.5 | — | −5.25% |
| SUNB | Sunbelt Rentals Holdings, Inc. | 0.37% | 23.0 | 18.1 | 2.7 | 1.38% | 4.24% |
| TEAM | Atlassian Corporation | 0.34% | — | 36.2 | 8.0 | — | −0.06% |
| RBLX | Roblox Corporation | 0.33% | — | 192.3 | 6.2 | — | −2.30% |
| FTI | TechnipFMC plc | 0.33% | 24.3 | 21.3 | 2.6 | 0.29% | 3.52% |
| MDB | MongoDB, Inc. | 0.33% | 468.8 | 70.4 | 9.8 | — | 0.18% |
| ATI | ATI Inc. | 0.32% | 54.4 | 28.8 | 5.4 | — | 1.51% |
| RPRX | Royalty Pharma plc | 0.31% | 32.4 | 29.4 | 13.9 | 1.54% | 2.52% |
| NVT | nVent Electric plc | 0.31% | 39.3 | 25.1 | 4.8 | 0.59% | 2.08% |
| INSM | Insmed Incorporated | 0.30% | — | 97.1 | 18.5 | — | −3.37% |
| ZM | Zoom Video Communications, Inc. | 0.30% | 8.7 | 15.1 | 5.5 | — | 8.95% |
| LPLA | LPL Financial Holdings Inc. | 0.30% | 25.5 | 10.9 | 1.3 | 0.37% | 3.01% |
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 VXF valuation
Adding up its 2,678 holdings with company data, VXF trades at 241.2 times trailing earnings and 16.4 times analysts' forward estimates, with a price-to-book ratio of 2.75 and a dividend yield of 1.06%. Its earnings yield of 0.41% is 4.91 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 9.7% of the fund and earn −121.0% of its combined profit. By sector, Basic Materials is the most expensive at 397.2 times earnings and Financials the cheapest at 16.2. Companies that lost money over the past year are 28.2% 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 95.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: VXF chart, VXF performance, VXF holdings, VXF dividends.
VXF valuation FAQ
What is the P/E ratio of VXF?
Based on its holdings, VXF has a trailing P/E of 241.2 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 VXF?
The trailing earnings yield is 0.41% (1 ÷ P/E) and the forward earnings yield 6.12%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is VXF more expensive than the S&P 500?
VXF trades at 241.2 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 VXF?
The holdings of VXF trade at 2.75 times book value, with a combined return on equity of 1.1%.
Which sector in VXF has the highest P/E?
Basic Materials has the highest P/E at 397.2 and Financials the lowest at 16.2.