First Trust Active Factor Small Cap ETF (AFSM) Valuation
AFSM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 17.8 trailing earnings
- Forward P/E
- 12.3 analyst estimates
- Price / sales
- 1.10
- Price / book
- 2.04
- EV / EBITDA
- 4.8
- Earnings yield
- 5.62% inverse of P/E
- Dividend yield
- 1.33% of the holdings
- Return on equity
- 11.5% combined
- Net margin
- 6.2% combined
- Beta
- 1.08 weighted, vs S&P 500
AFSM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| AFSM | 17.8 | 12.3 | 1.10 | 2.04 | 1.33% | 11.5% | 6.2% | 12.6% |
| 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.
AFSM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 19.4% | 26.1 | 17.1 | 2.81 | 3.71 | 0.07% | 14.2% |
| Technology | 18.9% | 33.2 | 11.4 | 1.03 | 2.90 | 0.63% | 8.7% |
| Financial Services | 17.8% | 9.3 | 10.6 | 2.10 | 1.39 | 2.04% | 15.0% |
| Industrials | 11.5% | 21.9 | 14.7 | 1.05 | 2.81 | 1.38% | 12.8% |
| Consumer Cyclical | 10.5% | 15.3 | 10.5 | 0.62 | 1.82 | 1.37% | 11.9% |
| Energy | 7.6% | 9.1 | 11.0 | 0.69 | 1.63 | 2.78% | 17.9% |
| Communication Services | 3.9% | 658.7 | 10.2 | 0.83 | 1.33 | 0.34% | 0.2% |
| Real Estate | 3.8% | 16.5 | 22.0 | 1.84 | 1.34 | 5.73% | 8.1% |
| Basic Materials | 2.9% | 22.7 | 12.3 | 0.72 | 2.26 | 0.92% | 10.0% |
| Consumer Defensive | 2.6% | n/m | 7.8 | 0.46 | 1.27 | 0.77% | −5.2% |
| Utilities | 0.5% | 10.8 | 12.3 | 0.96 | 1.16 | 3.08% | 10.8% |
| Services | 0.1% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
AFSM 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 AFSM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
AFSM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PARR | Par Pacific Holdings, Inc. | 1.09% | 4.9 | 10.5 | 0.5 | — | 4.17% |
| NHC | National HealthCare Corporation | 1.06% | 27.0 | 9.9 | 2.4 | 1.10% | 0.73% |
| ANF | Abercrombie & Fitch Co. | 0.92% | 13.2 | 10.0 | 1.2 | — | 1.30% |
| MATX | Matson, Inc. | 0.87% | 15.8 | 19.2 | 2.0 | 0.65% | 1.02% |
| KNSA | Kiniksa Pharmaceuticals, Ltd. | 0.80% | 79.4 | 59.5 | 7.3 | — | 0.19% |
| HRTG | Heritage Insurance Holdings, Inc. | 0.80% | 5.1 | — | 1.2 | — | 2.90% |
| TNK | Teekay Tankers Ltd. | 0.78% | 5.8 | 8.3 | 2.9 | 1.03% | 2.48% |
| TRST | TrustCo Bank Corp NY | 0.78% | 15.1 | 14.0 | 4.7 | 2.95% | 0.95% |
| ASGN | ASGN Inc | 0.75% | — | — | — | — | — |
| HALO | Halozyme Therapeutics, Inc. | 0.74% | 35.6 | 11.5 | 8.3 | — | 0.39% |
| ATLO | Ames National Corporation | 0.74% | 12.5 | 12.8 | 3.7 | 2.98% | 1.10% |
| APLE | Apple Hospitality REIT, Inc. | 0.73% | 23.0 | 23.5 | 2.8 | 5.63% | 0.59% |
| PTGX | Protagonist Therapeutics, Inc. | 0.70% | 125.0 | 36.9 | 29.5 | — | 0.10% |
| TILE | Interface, Inc. | 0.69% | 14.7 | 14.3 | 1.5 | 0.33% | 0.88% |
| ECPG | Encore Capital Group, Inc. | 0.69% | 7.7 | 5.5 | 1.1 | — | 1.66% |
| ETON | Eton Pharmaceuticals, Inc. | 0.69% | 125.8 | 23.9 | 13.6 | — | 0.10% |
| PENG | Penguin Solutions, Inc. | 0.68% | 22.0 | 12.5 | 1.7 | — | 0.58% |
| MCY | Mercury General Corporation | 0.67% | 6.1 | 19.8 | 0.9 | 1.24% | 2.06% |
| KSS | Kohl's Corporation | 0.67% | 9.6 | 8.5 | 0.2 | 2.32% | 1.29% |
| SIG | Signet Jewelers Limited | 0.67% | 13.7 | 9.3 | 0.7 | 1.18% | 0.90% |
| BSIG | Brightsphere Investment Group Inc | 0.67% | — | — | — | — | — |
| CATY | Cathay General Bancorp | 0.65% | 11.7 | 10.1 | 5.0 | 2.54% | 1.03% |
| EPAM | EPAM Systems, Inc. | 0.65% | 16.6 | 8.3 | 1.1 | — | 0.73% |
| UVE | Universal Insurance Holdings, Inc. | 0.64% | 6.2 | 10.0 | 0.8 | 1.36% | 1.91% |
| MYE | Myers Industries, Inc. | 0.63% | 23.2 | 13.9 | 1.4 | 1.73% | 0.51% |
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 AFSM valuation
Adding up its 306 holdings with company data, AFSM trades at 17.8 times trailing earnings and 12.3 times analysts' forward estimates, with a price-to-book ratio of 2.04 and a dividend yield of 1.33%. Its earnings yield of 5.62% is 0.29 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 8.6% of the fund and earn 15.2% of its combined profit. By sector, Communication Services is the most expensive at 658.7 times earnings and Energy the cheapest at 9.1. Companies that lost money over the past year are 12.6% 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 96.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: AFSM chart, AFSM performance, AFSM holdings, AFSM dividends.
AFSM valuation FAQ
What is the P/E ratio of AFSM?
Based on its holdings, AFSM has a trailing P/E of 17.8 and a forward P/E of 12.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of AFSM?
The trailing earnings yield is 5.62% (1 ÷ P/E) and the forward earnings yield 8.15%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is AFSM more expensive than the S&P 500?
AFSM trades at 17.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.3 and 19.9.
What is the price-to-book ratio of AFSM?
The holdings of AFSM trade at 2.04 times book value, with a combined return on equity of 11.5%.
Which sector in AFSM has the highest P/E?
Communication Services has the highest P/E at 658.7 and Energy the lowest at 9.1.