Fidelity MSCI Energy ETF (FENY) Valuation
FENY valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.9 trailing earnings
- Forward P/E
- 12.5 analyst estimates
- Price / sales
- 1.62
- Price / book
- 2.41
- EV / EBITDA
- 7.9
- Earnings yield
- 5.02% inverse of P/E
- Dividend yield
- 2.23% of the holdings
- Return on equity
- 12.1% combined
- Net margin
- 8.1% combined
- Beta
- 0.49 weighted, vs S&P 500
FENY valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FENY | 19.9 | 12.5 | 1.62 | 2.41 | 2.23% | 12.1% | 8.1% | 1.9% |
| 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.
FENY valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 97.5% | 19.9 | 12.5 | 1.62 | 2.40 | 2.23% | 12.1% |
| Basic Materials | 0.3% | 97.4 | 24.7 | 1.23 | 5.14 | 0.00% | 5.3% |
FENY 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 FENY weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FENY largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| XOM | Exxon Mobil Corporation | 22.66% | 23.0 | 14.8 | 2.0 | 2.30% | 20.28% |
| CVX | Chevron Corporation | 14.54% | 21.2 | 15.2 | 2.1 | 3.16% | 14.13% |
| COP | ConocoPhillips | 6.57% | 19.4 | 12.7 | 2.7 | 2.29% | 6.98% |
| MPC | Marathon Petroleum Corporation | 4.73% | 16.6 | 5.5 | 0.9 | 0.84% | 5.89% |
| VLO | Valero Energy Corporation | 4.41% | 18.5 | 10.2 | 1.0 | 1.08% | 4.90% |
| PSX | Phillips 66 | 4.14% | 16.8 | 9.7 | 0.8 | 1.81% | 5.09% |
| EOG | EOG Resources, Inc. | 3.11% | 12.3 | 10.1 | 3.1 | 2.58% | 5.22% |
| WMB | The Williams Companies, Inc. | 2.97% | 28.4 | 26.8 | 7.1 | 2.95% | 2.16% |
| SLB | Schlumberger Limited | 2.70% | 23.9 | 15.9 | 2.0 | 2.38% | 2.33% |
| KMI | Kinder Morgan, Inc. | 2.37% | 22.1 | 20.0 | 4.2 | 3.45% | 2.21% |
| TRGP | Targa Resources Corp. | 2.22% | 28.2 | 23.2 | 3.8 | 1.70% | 1.62% |
| BKR | Baker Hughes Company | 2.01% | 17.9 | 18.0 | 2.0 | 1.65% | 2.31% |
| LNG | Cheniere Energy, Inc. | 1.98% | 21.9 | 13.5 | 2.9 | 0.77% | 1.86% |
| DVN | Devon Energy Corporation | 1.94% | 11.1 | 9.3 | 3.0 | 2.52% | 3.61% |
| OXY | Occidental Petroleum Corporation | 1.67% | 17.7 | 14.6 | 2.6 | 1.80% | 1.94% |
| FANG | Diamondback Energy, Inc. | 1.33% | 38.8 | 10.0 | 3.5 | 2.16% | 0.71% |
| EQT | EQT Corporation | 1.16% | 12.6 | 14.1 | 3.7 | 1.25% | 1.90% |
| HAL | Halliburton Company | 1.03% | 17.6 | 11.4 | 1.2 | 2.03% | 1.21% |
| FTI | TechnipFMC plc | 1.00% | 24.3 | 21.3 | 2.6 | 0.29% | 0.85% |
| EXE | Expand Energy Corporation | 0.81% | 8.1 | 9.6 | 1.8 | 2.46% | 2.08% |
| TPL | Texas Pacific Land Corporation | 0.73% | 44.8 | 37.7 | 27.0 | 0.68% | 0.34% |
| DINO | HF Sinclair Corporation | 0.73% | 11.9 | 10.0 | 0.7 | 1.68% | 1.26% |
| OVV | Ovintiv Inc. | 0.71% | 19.3 | 9.0 | 2.0 | 1.73% | 0.76% |
| YZ8 | Permian Resources Corporation | 0.64% | — | — | — | — | — |
| APA | APA Corporation | 0.64% | 10.4 | 9.4 | 2.0 | 2.03% | 1.26% |
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 FENY valuation
Adding up its 92 holdings with company data, FENY trades at 19.9 times trailing earnings and 12.5 times analysts' forward estimates, with a price-to-book ratio of 2.41 and a dividend yield of 2.23%. Its earnings yield of 5.02% is 0.31 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 68.2% of the fund and earn 69.2% of its combined profit. By sector, Basic Materials is the most expensive at 97.4 times earnings and Energy the cheapest at 19.9. Companies that lost money over the past year are 1.9% 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 98.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FENY chart, FENY performance, FENY holdings, FENY dividends.
FENY valuation FAQ
What is the P/E ratio of FENY?
Based on its holdings, FENY has a trailing P/E of 19.9 and a forward P/E of 12.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FENY?
The trailing earnings yield is 5.02% (1 ÷ P/E) and the forward earnings yield 7.98%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FENY more expensive than the S&P 500?
FENY trades at 19.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 12.5 and 19.9.
What is the price-to-book ratio of FENY?
The holdings of FENY trade at 2.41 times book value, with a combined return on equity of 12.1%.
Which sector in FENY has the highest P/E?
Basic Materials has the highest P/E at 97.4 and Energy the lowest at 19.9.