Invesco S&P MidCap Quality ETF (XMHQ) Valuation
XMHQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.4 trailing earnings
- Forward P/E
- 16.2 analyst estimates
- Price / sales
- 2.21
- Price / book
- 4.35
- EV / EBITDA
- 12.9
- Earnings yield
- 5.15% inverse of P/E
- Dividend yield
- 0.86% of the holdings
- Return on equity
- 22.4% combined
- Net margin
- 11.4% combined
- Beta
- 0.91 weighted, vs S&P 500
XMHQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| XMHQ | 19.4 | 16.2 | 2.21 | 4.35 | 0.86% | 22.4% | 11.4% | 1.5% |
| 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.
XMHQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 26.9% | 29.5 | 18.4 | 1.78 | 5.24 | 1.19% | 17.8% |
| Technology | 18.7% | 29.6 | 20.7 | 4.33 | 7.11 | 0.25% | 24.0% |
| Financial Services | 16.4% | 11.4 | 12.2 | 2.10 | 2.48 | 1.60% | 21.8% |
| Healthcare | 14.8% | 23.6 | 17.8 | 5.32 | 6.15 | 0.04% | 26.1% |
| Consumer Cyclical | 10.6% | 13.2 | 12.9 | 1.07 | 3.65 | 1.10% | 27.8% |
| Energy | 7.9% | 16.0 | 14.3 | 2.49 | 3.44 | 0.90% | 21.5% |
| Basic Materials | 1.5% | 19.9 | 21.0 | 5.89 | 4.58 | 0.10% | 23.1% |
| Communication Services | 1.5% | 28.2 | 21.1 | 3.70 | 5.16 | 1.36% | 18.3% |
| Consumer Defensive | 0.9% | 12.5 | 11.1 | 0.68 | 4.10 | 0.00% | 32.9% |
XMHQ 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 XMHQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
XMHQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| FTI | TechnipFMC plc | 4.24% | 24.3 | 21.3 | 2.6 | 0.29% | 3.43% |
| MEDP | Medpace Holdings, Inc. | 3.92% | 36.3 | 31.9 | 6.2 | — | 2.12% |
| MANH | Manhattan Associates, Inc. | 3.89% | 63.8 | 40.3 | 11.5 | — | 1.19% |
| EXEL | Exelixis, Inc. | 3.51% | 19.6 | 13.6 | 6.3 | — | 3.51% |
| UTHR | United Therapeutics Corporation | 3.06% | 19.1 | 16.4 | 7.2 | — | 3.14% |
| DOCU | DocuSign, Inc. | 2.60% | 45.5 | 15.1 | 4.2 | — | 1.12% |
| NVT | nVent Electric plc | 2.49% | 39.3 | 25.1 | 4.8 | 0.59% | 1.24% |
| CW | Curtiss-Wright Corporation | 2.36% | 34.6 | 28.4 | 5.1 | 0.21% | 1.34% |
| CSL | Carlisle Companies Incorporated | 2.22% | 19.0 | 13.5 | 2.6 | 1.50% | 2.29% |
| RNR | RenaissanceRe Holdings Ltd. | 2.11% | 6.1 | 8.1 | 1.3 | 0.47% | 6.84% |
| NXT | Nextracker Inc. | 1.95% | 20.7 | 18.2 | 3.4 | — | 1.85% |
| LECO | Lincoln Electric Holdings, Inc. | 1.94% | 26.2 | 21.2 | 3.2 | 1.33% | 1.45% |
| EVR | Evercore Inc. | 1.83% | 14.3 | 12.2 | 2.1 | 1.40% | 2.52% |
| SN | SharkNinja, Inc. | 1.78% | 38.1 | 23.1 | 3.8 | — | 0.92% |
| NBIX | Neurocrine Biosciences, Inc. | 1.72% | 19.9 | 14.1 | 4.1 | — | 1.69% |
| MLI | Mueller Industries, Inc. | 1.69% | 15.6 | 18.2 | 2.9 | 1.17% | 2.12% |
| SEIC | SEI Investments Company | 1.62% | 18.4 | 15.8 | 5.1 | 1.00% | 1.72% |
| CRS | Carpenter Technology Corporation | 1.59% | 35.8 | 23.4 | 6.0 | 0.21% | 0.87% |
| BAH | Booz Allen Hamilton Holding Corporation | 1.55% | 11.7 | 16.5 | 0.8 | 3.18% | 2.60% |
| TTC | The Toro Company | 1.50% | 26.9 | 17.0 | 2.0 | 1.55% | 1.09% |
| HL | Hecla Mining Company | 1.49% | 19.9 | 21.0 | 5.9 | 0.10% | 1.47% |
| NYT | The New York Times Company | 1.46% | 28.2 | 21.1 | 3.7 | 1.36% | 1.01% |
| RRC | Range Resources Corporation | 1.40% | 11.9 | 10.0 | 3.1 | 0.93% | 2.30% |
| GGG | Graco Inc. | 1.39% | 25.8 | 22.1 | 5.9 | 1.44% | 1.06% |
| TXRH | Texas Roadhouse, Inc. | 1.33% | 26.9 | 21.0 | 1.8 | 1.78% | 0.97% |
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 XMHQ valuation
Adding up its 77 holdings with company data, XMHQ trades at 19.4 times trailing earnings and 16.2 times analysts' forward estimates, with a price-to-book ratio of 4.35 and a dividend yield of 0.86%. Its earnings yield of 5.15% is 0.18 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 30.4% of the fund and earn 26.2% of its combined profit. By sector, Technology is the most expensive at 29.6 times earnings and Financial Services the cheapest at 11.4. Companies that lost money over the past year are 1.5% 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 99.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: XMHQ chart, XMHQ performance, XMHQ holdings, XMHQ dividends.
XMHQ valuation FAQ
What is the P/E ratio of XMHQ?
Based on its holdings, XMHQ has a trailing P/E of 19.4 and a forward P/E of 16.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of XMHQ?
The trailing earnings yield is 5.15% (1 ÷ P/E) and the forward earnings yield 6.18%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is XMHQ more expensive than the S&P 500?
XMHQ trades at 19.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.2 and 19.9.
What is the price-to-book ratio of XMHQ?
The holdings of XMHQ trade at 4.35 times book value, with a combined return on equity of 22.4%.
Which sector in XMHQ has the highest P/E?
Technology has the highest P/E at 29.6 and Financial Services the lowest at 11.4.