First Eagle Mid Cap Equity ETF (FEMD) Valuation
FEMD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 22.1 trailing earnings
- Forward P/E
- 14.5 analyst estimates
- Price / sales
- 1.34
- Price / book
- 2.75
- EV / EBITDA
- 13.4
- Earnings yield
- 4.52% inverse of P/E
- Dividend yield
- 1.33% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 6.1% combined
- Beta
- 1.03 weighted, vs S&P 500
FEMD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FEMD | 22.1 | 14.5 | 1.34 | 2.75 | 1.33% | 12.4% | 6.1% | 4.7% |
| 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.
FEMD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 20.6% | 38.6 | 17.8 | 1.85 | 3.83 | 0.66% | 9.9% |
| Financial Services | 14.5% | 14.8 | 11.7 | 1.95 | 1.71 | 2.44% | 11.6% |
| Technology | 13.8% | 19.8 | 13.5 | 2.61 | 4.83 | 0.09% | 24.4% |
| Healthcare | 12.9% | 18.3 | 15.5 | 0.85 | 3.84 | 0.60% | 21.0% |
| Energy | 10.0% | 15.4 | 11.3 | 1.54 | 2.35 | 1.46% | 15.3% |
| Real Estate | 6.4% | 27.6 | 25.6 | 4.02 | 2.86 | 4.68% | 10.4% |
| Consumer Cyclical | 6.4% | 16.8 | 13.2 | 0.83 | 2.60 | 0.79% | 15.5% |
| Basic Materials | 5.4% | n/m | 16.0 | 1.34 | 1.91 | 2.44% | −3.6% |
| Consumer Defensive | 3.0% | 26.7 | 16.0 | 0.33 | 2.89 | 0.73% | 10.8% |
| Utilities | 1.7% | 19.3 | 15.0 | 2.54 | 1.36 | 3.67% | 7.1% |
FEMD 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 FEMD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FEMD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| THC | Tenet Healthcare Corporation | 2.96% | 10.5 | 12.5 | 1.0 | — | 7.12% |
| GEHC | GE HealthCare Technologies Inc. | 2.51% | 16.0 | 12.1 | 1.5 | 0.23% | 3.98% |
| PSX | Phillips 66 | 2.45% | 16.8 | 9.7 | 0.8 | 1.81% | 3.70% |
| ABCB | Ameris Bancorp | 2.31% | 14.4 | 13.0 | 4.5 | 1.00% | 4.05% |
| TRGP | Targa Resources Corp. | 2.26% | 28.2 | 23.2 | 3.8 | 1.70% | 2.03% |
| SN | SharkNinja, Inc. | 2.21% | 38.1 | 23.1 | 3.8 | — | 1.47% |
| DGX | Quest Diagnostics Incorporated | 2.12% | 24.6 | 19.5 | 2.2 | 1.46% | 2.18% |
| YZ8 | Permian Resources Corporation | 2.10% | — | — | — | — | — |
| WDAY | Workday, Inc. | 2.08% | 38.9 | 17.7 | 4.5 | — | 1.36% |
| GBCI | Glacier Bancorp, Inc. | 2.05% | 18.0 | 21.4 | 5.1 | 3.19% | 2.88% |
| VOYA | Voya Financial, Inc. | 2.04% | 15.8 | 8.7 | 1.0 | 2.00% | 3.26% |
| TDY | Teledyne Technologies Incorporated | 2.02% | 29.9 | 23.6 | 4.5 | — | 1.71% |
| RHP | Ryman Hospitality Properties, Inc. | 1.99% | 30.7 | 25.8 | 3.2 | 3.81% | 1.65% |
| TDC | Teradata Corporation | 1.97% | 6.4 | 9.6 | 1.7 | — | 7.83% |
| CNS | Cohen & Steers, Inc. | 1.96% | 21.4 | 18.5 | 6.0 | 3.85% | 2.32% |
| STE | STERIS plc | 1.96% | 27.2 | 19.2 | 3.6 | 1.16% | 1.82% |
| CLH | Clean Harbors, Inc. | 1.96% | 38.8 | 34.5 | 2.7 | — | 1.28% |
| RF | Regions Financial Corporation | 1.96% | 11.2 | 9.4 | 3.2 | 4.39% | 4.42% |
| AAYA | ANNALY CAP.MGMT DL -01 | 1.96% | — | — | — | — | — |
| CP | Canadian Pacific Railway Ltd | 1.94% | — | — | — | — | — |
| FLS | Flowserve Corporation | 1.89% | 24.6 | 16.5 | 1.9 | 1.25% | 1.95% |
| CAH | Cardinal Health, Inc. | 1.88% | 35.1 | 17.7 | 0.2 | 0.81% | 1.35% |
| AR | Antero Resources Corporation | 1.87% | 11.1 | 9.0 | 2.1 | — | 4.27% |
| LPX | Louisiana-Pacific Corporation | 1.86% | 91.0 | 19.1 | 2.0 | 1.71% | 0.52% |
| CIGI | Colliers International Group Inc Bats | 1.82% | — | — | — | — | — |
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 FEMD valuation
Adding up its 57 holdings with company data, FEMD trades at 22.1 times trailing earnings and 14.5 times analysts' forward estimates, with a price-to-book ratio of 2.75 and a dividend yield of 1.33%. Its earnings yield of 4.52% is 0.81 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 23.1% of the fund and earn 32.0% of its combined profit. By sector, Industrials is the most expensive at 38.6 times earnings and Financial Services the cheapest at 14.8. Companies that lost money over the past year are 4.7% 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 89.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FEMD chart, FEMD holdings.
FEMD valuation FAQ
What is the P/E ratio of FEMD?
Based on its holdings, FEMD has a trailing P/E of 22.1 and a forward P/E of 14.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FEMD?
The trailing earnings yield is 4.52% (1 ÷ P/E) and the forward earnings yield 6.90%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FEMD more expensive than the S&P 500?
FEMD trades at 22.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.5 and 19.9.
What is the price-to-book ratio of FEMD?
The holdings of FEMD trade at 2.75 times book value, with a combined return on equity of 12.4%.
Which sector in FEMD has the highest P/E?
Industrials has the highest P/E at 38.6 and Financial Services the lowest at 14.8.