FT Confluence BDC & Specialty Finance Income ETF (FBDC) Valuation
FBDC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 12.9 trailing earnings
- Forward P/E
- 9.7 analyst estimates
- Price / sales
- 4.41
- Price / book
- 1.00
- EV / EBITDA
- 13.1
- Earnings yield
- 7.78% inverse of P/E
- Dividend yield
- 10.91% of the holdings
- Return on equity
- 7.8% combined
- Net margin
- 34.3% combined
- Beta
- 0.67 weighted, vs S&P 500
FBDC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FBDC | 12.9 | 9.7 | 4.41 | 1.00 | 10.91% | 7.8% | 34.3% | 5.2% |
| 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.
FBDC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 86.3% | 12.9 | 9.7 | 4.41 | 1.00 | 10.91% | 7.8% |
FBDC 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 FBDC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FBDC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MAIN | Main Street Capital Corporation | 13.17% | 10.8 | 13.4 | 8.8 | 5.91% | 19.94% |
| HTGC | Hercules Capital, Inc. | 11.17% | 8.1 | 8.6 | 5.4 | 11.48% | 22.46% |
| ARCC | Ares Capital Corporation | 9.43% | 14.0 | 10.0 | 4.3 | 10.26% | 11.05% |
| GBDC | Golub Capital BDC, Inc. | 9.38% | 18.4 | 9.8 | 3.9 | 10.89% | 8.36% |
| TSLX | Sixth Street Specialty Lending, Inc. | 8.46% | 18.3 | 10.2 | 4.0 | 9.86% | 7.56% |
| BXSL | Blackstone Secured Lending Fund | 6.80% | — | — | — | — | — |
| ORCC | Owl Rock Capital Corp | 6.45% | — | — | — | — | — |
| BBDC | Barings BDC, Inc. | 5.03% | 10.3 | 7.9 | 3.3 | 12.32% | 8.00% |
| CSWC | Capital Southwest Corporation | 4.82% | 12.8 | 11.4 | 6.2 | 13.17% | 6.18% |
| NMFC | New Mountain Finance Corporation | 4.10% | — | 6.8 | 2.2 | 16.91% | −4.78% |
| OTF | Blue Owl Technology Finance Corp. | 2.73% | 11.4 | 7.4 | 3.2 | 15.33% | 3.92% |
| AINV | Apollo Investment Corp | 2.45% | — | — | — | — | — |
| BCSF | Bain Capital Specialty Finance, Inc. | 2.19% | 10.4 | 10.1 | 2.5 | 16.37% | 3.47% |
| OCSL | Oaktree Specialty Lending Corporation | 2.13% | 24.1 | 8.9 | 3.5 | 11.41% | 1.45% |
| KBDC | Kayne Anderson BDC, Inc. | 1.88% | 11.4 | 8.4 | 10.5 | 12.87% | 2.71% |
| NCDL | Nuveen Churchill Direct Lending Corp. | 1.67% | 11.2 | 8.4 | 9.8 | 14.31% | 2.45% |
| SLRC | SLR Investment Corp. | 1.38% | 8.4 | 9.0 | 3.0 | 12.65% | 2.70% |
| GAIN | Gladstone Investment Corporation | 0.99% | 3.6 | 41.2 | 3.9 | 6.38% | 4.54% |
| MSCF | MSC Income Fund, Inc. | 0.93% | — | — | — | — | — |
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 FBDC valuation
Adding up its 15 holdings with company data, FBDC trades at 12.9 times trailing earnings and 9.7 times analysts' forward estimates, with a price-to-book ratio of 1.00 and a dividend yield of 10.91%. Its earnings yield of 7.78% is 2.45 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 78.8% of the fund and earn 86.2% of its combined profit. Companies that lost money over the past year are 5.2% 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 82.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FBDC chart, FBDC performance, FBDC holdings, FBDC dividends.
FBDC valuation FAQ
What is the P/E ratio of FBDC?
Based on its holdings, FBDC has a trailing P/E of 12.9 and a forward P/E of 9.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FBDC?
The trailing earnings yield is 7.78% (1 ÷ P/E) and the forward earnings yield 10.30%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FBDC more expensive than the S&P 500?
FBDC trades at 12.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 9.7 and 19.9.
What is the price-to-book ratio of FBDC?
The holdings of FBDC trade at 1.00 times book value, with a combined return on equity of 7.8%.