Fidelity Covington ETF (FELG) Valuation

NYSE Arca: FELGP/E, earnings yield and other ratios of the holdings combined.

FELG valuation today

Holdings combined · company data as of Oct 26, 2026

P/E (TTM): 27.6
Forward P/E: 22.0
Price / sales: 7.65
Price / book: 11.44
EV / EBITDA: 21.8
Earnings yield: 3.62%
Dividend yield: 0.46%
Return on equity: 41.5%
Net margin: 27.7%
Beta: 1.43

FELG valuation vs other stock ETFs

P/E (TTM)Forward P/E

FELG valuation compared with other stock ETFs
ETF	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE	Net margin	Loss-makers
FELG	27.6	22.0	7.65	11.44	0.46%	41.5%	27.7%	3.3%
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.

FELG valuation by sector

P/E (TTM)Forward P/E

FELG valuation by sector
Sector	Weight	P/E	Fwd P/E	P/S	P/B	Div. yield	ROE
Technology	57.9%	28.7	21.5	10.32	15.09	0.43%	52.6%
Communication Services	15.4%	19.2	22.3	8.61	7.09	0.25%	37.0%
Industrials	6.5%	34.7	28.0	4.26	11.61	0.58%	33.5%
Healthcare	6.2%	40.4	20.7	4.50	14.78	0.95%	36.6%
Consumer Cyclical	6.0%	52.6	29.0	4.62	11.12	0.22%	21.1%
Financial Services	5.5%	21.3	18.0	5.53	5.71	0.92%	26.8%
Basic Materials	0.5%	36.2	28.4	4.75	7.55	1.13%	20.9%
Energy	0.2%	24.3	21.3	2.62	8.49	0.29%	35.0%
Utilities	0.1%	25.6	13.3	2.66	15.41	0.61%	60.1%
Real Estate	0.1%	21.9	19.0	2.77	7.17	4.05%	32.8%
Consumer Defensive	0.0%	36.1	27.8	0.93	12.44	1.16%	34.4%

FELG earnings yield vs bond yields

FELG earnings yield (forward)

4.55%

FELG earnings yield (trailing)

3.62%

FELG dividend yield

0.46%

Bond market yield (AGG)

5.33%

T-bill yield (BIL)

3.91%

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 FELG weight splits by P/E

Share of the covered weight in companies with a trailing P/E in each range.

FELG largest holdings: valuation

FELG largest holdings valuation
Symbol	Company	Weight	P/E	Fwd P/E	P/S	Div. yield	Share of earnings
NVDA	NVIDIA Corporation	15.92%	27.1	24.9	17.1	0.47%	16.48%
AAPL	Apple Inc.	8.46%	39.4	35.2	10.7	0.31%	6.02%
GOOGL	Alphabet Inc.	7.69%	17.1	22.8	9.3	0.26%	12.61%
MSFT	Microsoft Corporation	5.30%	29.5	25.1	11.8	0.74%	5.04%
AVGO	Broadcom Inc.	4.84%	43.3	19.4	17.6	0.79%	3.13%
LLY	Eli Lilly and Company	3.83%	42.2	24.4	14.1	0.55%	2.55%
META	Meta Platforms, Inc.	3.60%	26.7	22.1	7.9	0.30%	3.77%
MU	Micron Technology, Inc.	3.49%	11.8	7.0	7.5	0.07%	8.26%
GOOG	Alphabet Inc.	2.95%	16.9	21.8	9.2	0.26%	4.89%
TSLA	Tesla, Inc.	2.78%	328.4	158.7	13.5	—	0.24%
AMD	Advanced Micro Devices, Inc.	1.98%	134.9	39.5	20.9	—	0.41%
MA	Mastercard Incorporated	1.77%	34.0	24.2	15.4	0.56%	1.46%
V	Visa Inc.	1.50%	34.3	24.0	17.0	0.67%	1.22%
GCP	General Electric Company	1.26%	—	—	—	—	—
TXN	Texas Instruments Incorporated	1.26%	42.1	27.5	13.0	2.20%	0.84%
AMAT	Applied Materials, Inc.	1.25%	35.3	23.4	10.5	0.52%	1.00%
GEV	GE Vernova Inc.	1.17%	26.4	38.8	5.9	0.22%	1.24%
CAT	Caterpillar Inc.	1.08%	31.5	25.4	4.5	0.89%	0.96%
PLTR	Palantir Technologies Inc.	0.99%	160.4	85.5	72.6	—	0.17%
NFLX	Netflix, Inc.	0.97%	22.2	18.7	6.1	—	1.23%
ADBE	Adobe Inc.	0.89%	13.7	8.7	3.7	—	1.83%
FTNT	Fortinet, Inc.	0.87%	59.8	45.0	16.5	—	0.41%
TT	Trane Technologies plc	0.87%	34.2	25.2	4.5	0.92%	0.71%
APH	Amphenol Corporation	0.82%	39.7	24.6	6.7	0.63%	0.58%
SNDK	Sandisk Corporation	0.81%	17.6	8.0	9.3	—	1.29%

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 FELG valuation

Adding up its 112 holdings with company data, FELG trades at 27.6 times trailing earnings and 22.0 times analysts' forward estimates, with a price-to-book ratio of 11.44 and a dividend yield of 0.46%. Its earnings yield of 3.62% is 1.70 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).

The ten largest holdings are 58.9% of the fund and earn 63.0% of its combined profit. By sector, Consumer Cyclical is the most expensive at 52.6 times earnings and Communication Services the cheapest at 19.2. Companies that lost money over the past year are 3.3% 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 98.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.

FELG valuation FAQ

What is the P/E ratio of FELG?

Based on its holdings, FELG has a trailing P/E of 27.6 and a forward P/E of 22.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).

What is the earnings yield of FELG?

The trailing earnings yield is 3.62% (1 ÷ P/E) and the forward earnings yield 4.55%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.

Is FELG more expensive than the S&P 500?

FELG trades at 27.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 22.0 and 19.9.

What is the price-to-book ratio of FELG?

The holdings of FELG trade at 11.44 times book value, with a combined return on equity of 41.5%.

Which sector in FELG has the highest P/E?

Consumer Cyclical has the highest P/E at 52.6 and Communication Services the lowest at 19.2.