First Trust NYSE Arca Biotechnology Index Fund (FBT) Valuation
FBT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 56.0 trailing earnings
- Forward P/E
- 19.2 analyst estimates
- Price / sales
- 5.80
- Price / book
- 4.74
- EV / EBITDA
- 22.6
- Earnings yield
- 1.79% inverse of P/E
- Dividend yield
- 0.20% of the holdings
- Return on equity
- 8.5% combined
- Net margin
- 10.4% combined
- Beta
- 0.69 weighted, vs S&P 500
FBT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FBT | 56.0 | 19.2 | 5.80 | 4.74 | 0.20% | 8.5% | 10.4% | 25.2% |
| 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.
FBT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 99.5% | 56.0 | 19.2 | 5.80 | 4.74 | 0.20% | 8.5% |
FBT 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 FBT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FBT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| HALO | Halozyme Therapeutics, Inc. | 3.66% | 35.6 | 11.5 | 8.3 | — | 5.77% |
| EXEL | Exelixis, Inc. | 3.65% | 19.6 | 13.6 | 6.3 | — | 10.47% |
| GMAB | Genmab A/S | 3.62% | 29.1 | 15.1 | 5.5 | — | 6.98% |
| ONC | BeiGene, Ltd. | 3.60% | 66.0 | 35.2 | 6.9 | — | 3.06% |
| AMGN | Amgen Inc. | 3.60% | 26.9 | 16.7 | 6.1 | 2.33% | 7.53% |
| BIIB | Biogen Inc. | 3.52% | 41.3 | 13.9 | 3.4 | — | 4.79% |
| ALKS | Alkermes plc | 3.50% | 108.5 | 133.3 | 4.1 | — | 1.82% |
| VRTX | Vertex Pharmaceuticals Incorporated | 3.50% | 28.9 | 24.1 | 10.1 | — | 6.79% |
| ARGX | argenx SE | 3.49% | 31.2 | 25.9 | 9.7 | — | 6.29% |
| REGN | Regeneron Pharmaceuticals, Inc. | 3.48% | 19.6 | 14.5 | 5.2 | 0.48% | 10.01% |
| UTHR | United Therapeutics Corporation | 3.43% | 19.1 | 16.4 | 7.2 | — | 10.09% |
| BMRN | BioMarin Pharmaceutical Inc. | 3.39% | 147.8 | 9.4 | 3.1 | — | 1.29% |
| NBIX | Neurocrine Biosciences, Inc. | 3.38% | 19.9 | 14.1 | 4.1 | — | 9.57% |
| INCY | Incyte Corporation | 3.38% | 14.4 | 14.7 | 3.9 | — | 13.21% |
| VCYT | Veracyte, Inc. | 3.35% | 30.8 | 23.6 | 6.2 | — | 6.11% |
| GILD | Gilead Sciences, Inc. | 3.31% | — | 15.6 | 6.4 | 2.10% | −3.16% |
| ADMA | ADMA Biologics, Inc. | 3.28% | 15.3 | 9.8 | 4.7 | — | 12.10% |
| ALNY | Alnylam Pharmaceuticals, Inc. | 3.28% | 39.1 | 19.7 | 6.5 | — | 4.71% |
| NTRA | Natera, Inc. | 3.27% | — | — | 20.9 | — | −0.63% |
| TECH | Bio-Techne Corporation | 3.19% | 62.6 | 34.6 | 9.4 | 0.44% | 2.87% |
| RGEN | Repligen Corporation | 3.17% | 240.3 | 67.1 | 14.2 | — | 0.74% |
| TARS | Tarsus Pharmaceuticals, Inc. | 3.15% | — | 68.0 | 5.3 | — | −2.81% |
| BRKR | Bruker Corporation | 3.15% | — | 13.8 | 2.4 | 0.37% | −2.26% |
| ILMN | Illumina, Inc. | 3.15% | 49.0 | 40.3 | 8.8 | — | 3.61% |
| NEO | NeoGenomics, Inc. | 3.10% | — | 222.2 | 2.8 | — | −4.09% |
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 FBT valuation
Adding up its 30 holdings with company data, FBT trades at 56.0 times trailing earnings and 19.2 times analysts' forward estimates, with a price-to-book ratio of 4.74 and a dividend yield of 0.20%. Its earnings yield of 1.79% is 3.54 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 35.6% of the fund and earn 63.5% of its combined profit. Companies that lost money over the past year are 25.2% 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 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FBT chart, FBT performance, FBT holdings.
FBT valuation FAQ
What is the P/E ratio of FBT?
Based on its holdings, FBT has a trailing P/E of 56.0 and a forward P/E of 19.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FBT?
The trailing earnings yield is 1.79% (1 ÷ P/E) and the forward earnings yield 5.20%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FBT more expensive than the S&P 500?
FBT trades at 56.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.2 and 19.9.
What is the price-to-book ratio of FBT?
The holdings of FBT trade at 4.74 times book value, with a combined return on equity of 8.5%.