U.S. Global Technology and Aerospace… (WAR) Valuation
WAR valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 84.1 trailing earnings
- Forward P/E
- 22.4 analyst estimates
- Price / sales
- 6.31
- Price / book
- 6.48
- EV / EBITDA
- 42.2
- Earnings yield
- 1.19% inverse of P/E
- Dividend yield
- 0.09% of the holdings
- Return on equity
- 7.7% combined
- Net margin
- 7.5% combined
- Beta
- 1.79 weighted, vs S&P 500
WAR valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| WAR | 84.1 | 22.4 | 6.31 | 6.48 | 0.09% | 7.7% | 7.5% | 20.0% |
| 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.
WAR valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 47.7% | 57.8 | 19.9 | 8.74 | 13.19 | 0.07% | 22.8% |
| Industrials | 47.7% | 429.0 | 28.9 | 4.23 | 3.45 | 0.12% | 0.8% |
WAR 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 WAR weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
WAR largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| DRO | Droneshield Ltd | 7.71% | — | — | — | — | — |
| MU | Micron Technology, Inc. | 7.24% | 11.8 | 7.0 | 7.5 | 0.07% | 74.61% |
| AVAV | AeroVironment, Inc. | 6.90% | — | 55.2 | 3.1 | — | −27.92% |
| RHM | Rheinmetall AG | 6.70% | — | — | — | — | — |
| AXTI | AXT, Inc. | 6.20% | — | 30.8 | 26.9 | — | 0.59% |
| AXON | Axon Enterprise, Inc. | 5.26% | 161.9 | 58.1 | 9.8 | — | 3.96% |
| NPK | National Presto Industries, Inc. | 4.42% | 24.9 | 9.8 | 2.0 | 0.67% | 21.60% |
| NET | Cloudflare, Inc. | 4.37% | — | 178.6 | 42.0 | — | −0.94% |
| SAAB-B | Saab AB (publ) | 4.28% | — | — | — | — | — |
| FGXXX | First American Funds Inc. - Government Obligations Fund | 4.28% | — | — | — | — | — |
| NVDA | NVIDIA Corporation | 4.21% | 27.1 | 24.9 | 17.1 | 0.47% | 18.92% |
| LOAR | Loar Holdings Inc. | 4.14% | 87.6 | 40.3 | 9.9 | — | 5.75% |
| ISSC | Innovative Solutions and Support | 3.97% | — | — | — | — | — |
| ALAB | Astera Labs, Inc. | 3.89% | 140.8 | 55.6 | 41.3 | — | 3.37% |
| TER | Teradyne, Inc. | 3.84% | 44.6 | 30.7 | 11.4 | 0.16% | 10.46% |
| BESI | BE Semiconductor Industries NV | 3.66% | — | — | — | — | — |
| PLTR | Palantir Technologies Inc. | 3.53% | 160.4 | 85.5 | 72.6 | — | 2.68% |
| KRMN | Karman Holdings Inc. | 3.21% | 119.6 | 41.3 | 7.8 | — | 3.27% |
| CRWD | CrowdStrike Holdings, Inc. | 2.34% | — | 208.3 | 43.1 | — | 0.08% |
| SNDK | Sandisk Corporation | 1.90% | 17.6 | 8.0 | 9.3 | — | 13.15% |
| TENB | Tenable Holdings, Inc. | 1.31% | 620.0 | 16.3 | 3.9 | — | 0.26% |
| BE | Bloom Energy Corporation | 1.08% | 291.2 | 57.1 | 20.9 | — | 0.45% |
| SMCI | Super Micro Computer, Inc. | 1.04% | 9.7 | 10.2 | 0.5 | — | 13.03% |
| CIEN | Ciena Corporation | 0.92% | 74.4 | 39.8 | 7.8 | — | 1.50% |
| CORZ | Core Scientific, Inc. | 0.88% | — | 30.7 | 9.8 | — | −33.79% |
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 WAR valuation
Adding up its 22 holdings with company data, WAR trades at 84.1 times trailing earnings and 22.4 times analysts' forward estimates, with a price-to-book ratio of 6.48 and a dividend yield of 0.09%. Its earnings yield of 1.19% is 4.14 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 57.4% of the fund and earn 110.4% of its combined profit. By sector, Industrials is the most expensive at 429.0 times earnings and Technology the cheapest at 57.8. Companies that lost money over the past year are 20.0% 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 68.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: WAR chart, WAR performance, WAR holdings, WAR dividends.
WAR valuation FAQ
What is the P/E ratio of WAR?
Based on its holdings, WAR has a trailing P/E of 84.1 and a forward P/E of 22.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of WAR?
The trailing earnings yield is 1.19% (1 ÷ P/E) and the forward earnings yield 4.46%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is WAR more expensive than the S&P 500?
WAR trades at 84.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.4 and 19.9.
What is the price-to-book ratio of WAR?
The holdings of WAR trade at 6.48 times book value, with a combined return on equity of 7.7%.
Which sector in WAR has the highest P/E?
Industrials has the highest P/E at 429.0 and Technology the lowest at 57.8.