First Trust Morningstar Dividend Leaders… (FDL) Valuation
FDL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 17.5 trailing earnings
- Forward P/E
- 12.1 analyst estimates
- Price / sales
- 1.67
- Price / book
- 2.28
- EV / EBITDA
- 10.4
- Earnings yield
- 5.71% inverse of P/E
- Dividend yield
- 4.44% of the holdings
- Return on equity
- 13.0% combined
- Net margin
- 9.5% combined
- Beta
- 0.59 weighted, vs S&P 500
FDL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FDL | 17.5 | 12.1 | 1.67 | 2.28 | 4.44% | 13.0% | 9.5% | 2.1% |
| 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.
FDL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Consumer Defensive | 25.2% | 25.5 | 14.8 | 1.77 | 5.65 | 4.42% | 22.1% |
| Utilities | 14.8% | 16.5 | 14.4 | 2.25 | 1.76 | 3.86% | 10.7% |
| Healthcare | 12.0% | 24.0 | 10.3 | 2.70 | 2.35 | 4.86% | 9.8% |
| Financial Services | 11.9% | 12.4 | 10.6 | 2.04 | 1.61 | 4.51% | 13.0% |
| Energy | 11.0% | 21.0 | 15.7 | 2.28 | 2.08 | 3.23% | 9.9% |
| Communication Services | 10.0% | 10.5 | 7.7 | 1.01 | 1.44 | 6.06% | 13.7% |
| Technology | 5.8% | 14.4 | 11.3 | 1.48 | 2.05 | 3.33% | 14.3% |
| Consumer Cyclical | 3.9% | 19.3 | 13.5 | 0.80 | 2.53 | 4.48% | 13.1% |
| Industrials | 3.4% | 18.1 | 12.0 | 0.92 | 4.15 | 6.36% | 22.9% |
| Basic Materials | 0.3% | 190.1 | 9.3 | 0.66 | 1.10 | 5.15% | 0.6% |
FDL 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 FDL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FDL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| CVX | Chevron Corporation | 8.92% | 21.2 | 15.2 | 2.1 | 3.16% | 7.48% |
| PFE | Pfizer Inc. | 6.63% | 38.9 | 9.7 | 2.6 | 5.81% | 3.03% |
| PM | Philip Morris International Inc. | 6.62% | 29.5 | 20.9 | 7.5 | 3.12% | 4.00% |
| VZ | Verizon Communications Inc. | 6.53% | 11.7 | 8.7 | 1.3 | 6.32% | 9.97% |
| PEP | PepsiCo, Inc. | 5.38% | 16.5 | 14.9 | 1.8 | 4.50% | 5.80% |
| MO | Altria Group, Inc. | 5.00% | 15.8 | 11.9 | 6.1 | 5.91% | 5.64% |
| ACN | Accenture plc | 3.34% | 16.9 | 12.4 | 1.9 | 2.98% | 3.52% |
| BMY | Bristol-Myers Squibb Company | 3.00% | 13.2 | 9.4 | 2.5 | 4.22% | 4.06% |
| UPS | United Parcel Service, Inc. | 2.96% | 18.1 | 12.0 | 0.9 | 6.73% | 2.91% |
| CMCSA | Comcast Corporation | 2.62% | 7.1 | 5.9 | 0.6 | 6.03% | 6.60% |
| MDT | Medtronic plc | 2.41% | 23.3 | 14.9 | 3.2 | 3.04% | 1.84% |
| SO | The Southern Company | 2.35% | 22.0 | 17.0 | 3.5 | 3.33% | 1.91% |
| DUK | Duke Energy Corporation | 2.22% | 18.3 | 15.9 | 2.9 | 3.57% | 2.16% |
| BX | Blackstone Inc. | 2.19% | 23.9 | 15.9 | 8.2 | 4.91% | 1.64% |
| USB | U.S. Bancorp | 1.94% | 11.4 | 10.4 | 3.3 | 3.68% | 3.03% |
| MDLZ | Mondelez International, Inc. | 1.76% | 23.5 | 18.2 | 2.1 | 3.25% | 1.33% |
| KMI | Kinder Morgan, Inc. | 1.63% | 22.1 | 20.0 | 4.2 | 3.45% | 1.31% |
| TFC | Truist Financial Corporation | 1.43% | 10.8 | 9.6 | 3.0 | 4.47% | 2.35% |
| D | Dominion Energy, Inc. | 1.40% | 22.0 | 15.9 | 3.1 | 4.20% | 1.14% |
| TGT | Target Corporation | 1.27% | 16.0 | 15.6 | 0.7 | 3.01% | 1.41% |
| NKE | NIKE, Inc. | 1.23% | 17.9 | 21.0 | 1.2 | 4.42% | 1.23% |
| KMB | Kimberly-Clark Corporation | 1.16% | 20.8 | 13.1 | 2.1 | 4.85% | 0.99% |
| PRU | Prudential Financial, Inc. | 1.15% | 10.5 | 9.8 | 0.6 | 4.83% | 1.95% |
| EXC | Exelon Corporation | 1.06% | 16.0 | 13.7 | 1.8 | 3.86% | 1.18% |
| PAYX | Paychex, Inc. | 0.89% | 22.1 | 17.5 | 6.0 | 4.26% | 0.72% |
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 FDL valuation
Adding up its 99 holdings with company data, FDL trades at 17.5 times trailing earnings and 12.1 times analysts' forward estimates, with a price-to-book ratio of 2.28 and a dividend yield of 4.44%. Its earnings yield of 5.71% is 0.38 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 51.0% of the fund and earn 53.0% of its combined profit. By sector, Basic Materials is the most expensive at 190.1 times earnings and Communication Services the cheapest at 10.5. Companies that lost money over the past year are 2.1% 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: FDL chart, FDL performance, FDL holdings, FDL dividends.
FDL valuation FAQ
What is the P/E ratio of FDL?
Based on its holdings, FDL has a trailing P/E of 17.5 and a forward P/E of 12.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FDL?
The trailing earnings yield is 5.71% (1 ÷ P/E) and the forward earnings yield 8.28%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FDL more expensive than the S&P 500?
FDL trades at 17.5 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.1 and 19.9.
What is the price-to-book ratio of FDL?
The holdings of FDL trade at 2.28 times book value, with a combined return on equity of 13.0%.
Which sector in FDL has the highest P/E?
Basic Materials has the highest P/E at 190.1 and Communication Services the lowest at 10.5.