Fidelity Covington ETF (FELV) Valuation
FELV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 21.9 trailing earnings
- Forward P/E
- 16.4 analyst estimates
- Price / sales
- 2.33
- Price / book
- 3.32
- EV / EBITDA
- 14.1
- Earnings yield
- 4.56% inverse of P/E
- Dividend yield
- 1.52% of the holdings
- Return on equity
- 15.2% combined
- Net margin
- 10.6% combined
- Beta
- 0.89 weighted, vs S&P 500
FELV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FELV | 21.9 | 16.4 | 2.33 | 3.32 | 1.52% | 15.2% | 10.6% | 4.0% |
| 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.
FELV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 23.3% | 27.1 | 20.2 | 4.30 | 6.52 | 0.63% | 24.1% |
| Financial Services | 18.0% | 13.0 | 13.3 | 2.65 | 1.97 | 1.47% | 15.2% |
| Healthcare | 14.1% | 33.5 | 15.0 | 1.77 | 3.79 | 1.93% | 11.3% |
| Industrials | 10.6% | 24.1 | 19.0 | 2.03 | 4.44 | 1.35% | 18.4% |
| Consumer Cyclical | 9.5% | 25.7 | 18.4 | 1.63 | 3.89 | 0.45% | 15.1% |
| Consumer Defensive | 6.2% | 32.0 | 19.5 | 1.72 | 6.42 | 2.58% | 20.1% |
| Energy | 6.1% | 20.6 | 13.2 | 1.92 | 2.34 | 2.36% | 11.3% |
| Real Estate | 3.1% | 25.0 | 24.1 | 6.86 | 2.83 | 4.01% | 11.3% |
| Utilities | 2.7% | 20.0 | 15.6 | 3.07 | 1.79 | 3.18% | 9.0% |
| Communication Services | 2.5% | 12.0 | 10.1 | 1.38 | 1.79 | 3.26% | 15.0% |
| Basic Materials | 2.2% | 74.4 | 16.8 | 2.03 | 3.11 | 1.41% | 4.2% |
FELV 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 FELV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FELV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 6.59% | 39.4 | 35.2 | 10.7 | 0.31% | 3.75% |
| AMZN | Amazon.com, Inc. | 6.01% | 20.1 | 23.6 | 3.5 | — | 6.70% |
| MSFT | Microsoft Corporation | 4.71% | 29.5 | 25.1 | 11.8 | 0.74% | 3.58% |
| BRK.B | Berkshire Hathaway Inc. | 3.20% | 13.4 | 22.7 | 3.0 | — | 5.37% |
| JPM | JPMorgan Chase & Co. | 2.43% | 14.2 | 13.5 | 4.7 | 1.94% | 3.82% |
| XOM | Exxon Mobil Corporation | 2.05% | 23.0 | 14.8 | 2.0 | 2.30% | 2.00% |
| UNH | UnitedHealth Group Incorporated | 1.43% | 25.8 | 16.6 | 0.8 | 2.31% | 1.24% |
| CVX | Chevron Corporation | 1.33% | 21.2 | 15.2 | 2.1 | 3.16% | 1.41% |
| CSCO | Cisco Systems, Inc. | 1.12% | 32.2 | 19.8 | 6.7 | 1.56% | 0.78% |
| JNJ | Johnson & Johnson | 1.11% | 38.8 | 21.0 | 6.2 | 2.10% | 0.64% |
| PG | The Procter & Gamble Company | 1.06% | 24.1 | 21.2 | 4.3 | 2.73% | 0.99% |
| INTC | Intel Corporation | 1.06% | — | 63.3 | 8.3 | — | −0.56% |
| GILD | Gilead Sciences, Inc. | 1.06% | — | 15.6 | 6.4 | 2.10% | −0.40% |
| MRK | Merck & Co., Inc. | 0.98% | 115.8 | 15.3 | 5.4 | 2.33% | 0.19% |
| ABBV | AbbVie Inc. | 0.95% | 80.6 | 16.4 | 7.8 | 2.42% | 0.26% |
| PFE | Pfizer Inc. | 0.95% | 38.9 | 9.7 | 2.6 | 5.81% | 0.55% |
| WMT | Walmart Inc. | 0.94% | 43.0 | 38.0 | 1.3 | 0.83% | 0.49% |
| WFC | Wells Fargo & Company | 0.91% | 11.8 | 10.2 | 3.0 | 2.38% | 1.73% |
| PGR | The Progressive Corporation | 0.89% | 11.0 | 12.7 | 1.4 | 0.18% | 1.82% |
| RTX | RTX Corporation | 0.88% | 34.1 | 24.6 | 2.8 | 1.51% | 0.58% |
| BMY | Bristol-Myers Squibb Company | 0.84% | 13.2 | 9.4 | 2.5 | 4.22% | 1.43% |
| ABT | Abbott Laboratories | 0.84% | 33.8 | 17.1 | 3.9 | 2.40% | 0.56% |
| SCHW | The Charles Schwab Corporation | 0.82% | 15.7 | 12.9 | 5.9 | 1.39% | 1.17% |
| BAC | Bank of America Corporation | 0.76% | 12.2 | 10.8 | 3.1 | 2.50% | 1.39% |
| PM | Philip Morris International Inc. | 0.74% | 29.5 | 20.9 | 7.5 | 3.12% | 0.56% |
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 FELV valuation
Adding up its 343 holdings with company data, FELV trades at 21.9 times trailing earnings and 16.4 times analysts' forward estimates, with a price-to-book ratio of 3.32 and a dividend yield of 1.52%. Its earnings yield of 4.56% is 0.76 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 30.0% of the fund and earn 29.3% of its combined profit. By sector, Basic Materials is the most expensive at 74.4 times earnings and Communication Services the cheapest at 12.0. Companies that lost money over the past year are 4.0% 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 98.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FELV chart, FELV performance, FELV holdings, FELV dividends.
FELV valuation FAQ
What is the P/E ratio of FELV?
Based on its holdings, FELV has a trailing P/E of 21.9 and a forward P/E of 16.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FELV?
The trailing earnings yield is 4.56% (1 ÷ P/E) and the forward earnings yield 6.09%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FELV more expensive than the S&P 500?
FELV trades at 21.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 16.4 and 19.9.
What is the price-to-book ratio of FELV?
The holdings of FELV trade at 3.32 times book value, with a combined return on equity of 15.2%.
Which sector in FELV has the highest P/E?
Basic Materials has the highest P/E at 74.4 and Communication Services the lowest at 12.0.