Fidelity Covington ETF (FELC) Valuation
FELC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.9 trailing earnings
- Forward P/E
- 18.6 analyst estimates
- Price / sales
- 3.43
- Price / book
- 5.18
- EV / EBITDA
- 17.2
- Earnings yield
- 4.19% inverse of P/E
- Dividend yield
- 0.98% of the holdings
- Return on equity
- 21.7% combined
- Net margin
- 14.4% combined
- Beta
- 1.14 weighted, vs S&P 500
FELC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FELC | 23.9 | 18.6 | 3.43 | 5.18 | 0.98% | 21.7% | 14.4% | 2.9% |
| 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.
FELC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 40.5% | 27.7 | 20.9 | 7.65 | 10.70 | 0.50% | 38.6% |
| Financial Services | 12.7% | 14.1 | 14.5 | 3.16 | 2.37 | 1.25% | 16.8% |
| Healthcare | 10.6% | 34.4 | 16.2 | 1.89 | 5.49 | 1.64% | 16.0% |
| Communication Services | 8.8% | 16.8 | 18.6 | 4.58 | 4.70 | 0.73% | 27.9% |
| Industrials | 8.0% | 25.7 | 22.1 | 2.65 | 5.50 | 1.08% | 21.4% |
| Consumer Cyclical | 7.9% | 38.2 | 18.9 | 1.56 | 4.39 | 0.58% | 11.5% |
| Energy | 3.2% | 19.7 | 13.3 | 2.04 | 2.32 | 2.37% | 11.8% |
| Consumer Defensive | 3.2% | 26.1 | 21.9 | 2.41 | 9.77 | 2.44% | 37.5% |
| Real Estate | 1.5% | 31.4 | 30.1 | 8.05 | 4.34 | 3.30% | 13.8% |
| Basic Materials | 0.9% | 30.9 | 17.2 | 2.23 | 3.74 | 1.09% | 12.1% |
| Utilities | 0.7% | 22.5 | 15.0 | 3.38 | 1.65 | 3.20% | 7.4% |
FELC 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 FELC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FELC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 8.33% | 39.4 | 35.2 | 10.7 | 0.31% | 5.16% |
| NVDA | NVIDIA Corporation | 7.80% | 27.1 | 24.9 | 17.1 | 0.47% | 7.03% |
| MSFT | Microsoft Corporation | 5.32% | 29.5 | 25.1 | 11.8 | 0.74% | 4.41% |
| AMZN | Amazon.com, Inc. | 3.83% | 20.1 | 23.6 | 3.5 | — | 4.64% |
| GOOGL | Alphabet Inc. | 3.26% | 17.1 | 22.8 | 9.3 | 0.26% | 4.66% |
| AVGO | Broadcom Inc. | 2.47% | 43.3 | 19.4 | 17.6 | 0.79% | 1.39% |
| META | Meta Platforms, Inc. | 2.17% | 26.7 | 22.1 | 7.9 | 0.30% | 1.98% |
| BRK.B | Berkshire Hathaway Inc. | 2.09% | 13.4 | 22.7 | 3.0 | — | 3.81% |
| LLY | Eli Lilly and Company | 2.03% | 42.2 | 24.4 | 14.1 | 0.55% | 1.17% |
| GOOG | Alphabet Inc. | 1.94% | 16.9 | 21.8 | 9.2 | 0.26% | 2.80% |
| JPM | JPMorgan Chase & Co. | 1.76% | 14.2 | 13.5 | 4.7 | 1.94% | 3.01% |
| MU | Micron Technology, Inc. | 1.61% | 11.8 | 7.0 | 7.5 | 0.07% | 3.33% |
| XOM | Exxon Mobil Corporation | 1.17% | 23.0 | 14.8 | 2.0 | 2.30% | 1.24% |
| V | Visa Inc. | 1.11% | 34.3 | 24.0 | 17.0 | 0.67% | 0.79% |
| MA | Mastercard Incorporated | 1.07% | 34.0 | 24.2 | 15.4 | 0.56% | 0.77% |
| TSLA | Tesla, Inc. | 1.03% | 328.4 | 158.7 | 13.5 | — | 0.08% |
| UNH | UnitedHealth Group Incorporated | 1.00% | 25.8 | 16.6 | 0.8 | 2.31% | 0.94% |
| CSCO | Cisco Systems, Inc. | 0.99% | 32.2 | 19.8 | 6.7 | 1.56% | 0.75% |
| MRK | Merck & Co., Inc. | 0.88% | 115.8 | 15.3 | 5.4 | 2.33% | 0.19% |
| GILD | Gilead Sciences, Inc. | 0.86% | — | 15.6 | 6.4 | 2.10% | −0.36% |
| CVX | Chevron Corporation | 0.84% | 21.2 | 15.2 | 2.1 | 3.16% | 0.97% |
| ABBV | AbbVie Inc. | 0.82% | 80.6 | 16.4 | 7.8 | 2.42% | 0.25% |
| AMD | Advanced Micro Devices, Inc. | 0.79% | 134.9 | 39.5 | 20.9 | — | 0.14% |
| WFC | Wells Fargo & Company | 0.74% | 11.8 | 10.2 | 3.0 | 2.38% | 1.53% |
| ADBE | Adobe Inc. | 0.74% | 13.7 | 8.7 | 3.7 | — | 1.32% |
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 FELC valuation
Adding up its 206 holdings with company data, FELC trades at 23.9 times trailing earnings and 18.6 times analysts' forward estimates, with a price-to-book ratio of 5.18 and a dividend yield of 0.98%. Its earnings yield of 4.19% is 1.14 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 39.2% of the fund and earn 37.1% of its combined profit. By sector, Consumer Cyclical is the most expensive at 38.2 times earnings and Financial Services the cheapest at 14.1. Companies that lost money over the past year are 2.9% 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 99.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FELC chart, FELC performance, FELC holdings, FELC dividends.
FELC valuation FAQ
What is the P/E ratio of FELC?
Based on its holdings, FELC has a trailing P/E of 23.9 and a forward P/E of 18.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FELC?
The trailing earnings yield is 4.19% (1 ÷ P/E) and the forward earnings yield 5.36%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FELC more expensive than the S&P 500?
FELC trades at 23.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.6 and 19.9.
What is the price-to-book ratio of FELC?
The holdings of FELC trade at 5.18 times book value, with a combined return on equity of 21.7%.
Which sector in FELC has the highest P/E?
Consumer Cyclical has the highest P/E at 38.2 and Financial Services the lowest at 14.1.