Fidelity Enhanced Small Cap ETF (FESM) Valuation
FESM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 186.1 trailing earnings
- Forward P/E
- 13.3 analyst estimates
- Price / sales
- 0.96
- Price / book
- 2.28
- EV / EBITDA
- 6.1
- Earnings yield
- 0.54% inverse of P/E
- Dividend yield
- 1.08% of the holdings
- Return on equity
- 1.2% combined
- Net margin
- 0.5% combined
- Beta
- 1.13 weighted, vs S&P 500
FESM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FESM | 186.1 | 13.3 | 0.96 | 2.28 | 1.08% | 1.2% | 0.5% | 26.3% |
| 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.
FESM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 20.8% | n/m | 17.0 | 2.12 | 3.91 | 0.12% | −25.8% |
| Technology | 18.3% | 62.9 | 14.8 | 1.54 | 3.66 | 0.16% | 5.8% |
| Financial Services | 17.7% | 13.7 | 10.7 | 0.95 | 1.45 | 2.05% | 10.6% |
| Industrials | 13.6% | 72.6 | 13.9 | 0.81 | 2.45 | 0.97% | 3.4% |
| Consumer Cyclical | 8.9% | n/m | 11.7 | 0.60 | 2.37 | 0.87% | −4.8% |
| Energy | 4.6% | 55.1 | 11.8 | 0.38 | 1.54 | 2.02% | 2.8% |
| Real Estate | 4.1% | 29.4 | 17.5 | 1.10 | 1.64 | 4.44% | 5.6% |
| Basic Materials | 3.7% | n/m | 12.8 | 1.04 | 2.29 | 1.08% | −5.9% |
| Communication Services | 2.7% | 73.8 | 12.1 | 1.07 | 2.11 | 0.35% | 2.9% |
| Utilities | 1.8% | 18.9 | 14.9 | 1.99 | 1.37 | 3.95% | 7.3% |
| Consumer Defensive | 1.2% | n/m | 10.7 | 0.18 | 1.14 | 0.82% | −7.2% |
| Services | 0.4% | 14.2 | 15.3 | 1.60 | 2.99 | 2.71% | 21.0% |
| Financials | 0.1% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
FESM 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 FESM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FESM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| OSCR | Oscar Health, Inc. | 0.78% | 24.7 | 588.2 | 0.6 | — | 6.45% |
| GKOS | Glaukos Corporation | 0.76% | — | — | 15.9 | — | −3.06% |
| CMC | Commercial Metals Company | 0.74% | 11.1 | 10.4 | 0.8 | 1.23% | 13.50% |
| ANF | Abercrombie & Fitch Co. | 0.73% | 13.2 | 10.0 | 1.2 | — | 11.28% |
| ENS | EnerSys | 0.73% | 18.1 | 14.2 | 1.6 | 0.68% | 8.20% |
| FLR | Fluor Corporation | 0.71% | — | 16.5 | 0.4 | — | −36.81% |
| OUT | Outfront Media Inc. | 0.71% | 21.9 | 19.0 | 2.8 | 4.05% | 6.62% |
| HQY | HealthEquity, Inc. | 0.71% | 33.2 | 19.7 | 5.6 | — | 4.34% |
| OPCH | Option Care Health, Inc. | 0.71% | 23.6 | 11.2 | 0.8 | — | 6.09% |
| IBP | Installed Building Products, Inc. | 0.66% | 20.0 | 17.8 | 1.7 | 0.84% | 6.74% |
| GFF | Griffon Corporation | 0.66% | 20.0 | 10.2 | 1.7 | 0.95% | 6.68% |
| PLXS | Plexus Corp. | 0.65% | 34.0 | 24.2 | 1.3 | — | 3.91% |
| KAR | KAR Auction Services Inc | 0.65% | — | — | — | — | — |
| BCPC | Balchem Corporation | 0.63% | 33.6 | 29.3 | 5.0 | 0.56% | 3.82% |
| PECO | Phillips Edison & Company, Inc. | 0.61% | 33.5 | 65.8 | 7.2 | 3.61% | 3.71% |
| ACIW | ACI Worldwide, Inc. | 0.61% | 24.1 | 12.6 | 2.9 | — | 5.15% |
| KLIC | Kulicke and Soffa Industries, Inc. | 0.60% | 36.1 | 13.3 | 4.3 | 1.04% | 3.36% |
| SONO | Sonos, Inc. | 0.59% | 38.5 | 37.3 | 1.4 | — | 3.13% |
| PAYO | Payoneer Global Inc. | 0.59% | 50.9 | — | 2.2 | — | 2.36% |
| HOMB | Home Bancshares, Inc. (Conway, AR) | 0.57% | 12.0 | 11.0 | 5.2 | 2.95% | 9.62% |
| WSFS | WSFS Financial Corporation | 0.56% | 12.8 | 11.1 | 3.6 | 1.05% | 8.94% |
| BTSG | BrightSpring Health Services, Inc. | 0.56% | 53.9 | 22.2 | 0.8 | — | 2.11% |
| WSBC | WesBanco, Inc. | 0.55% | 10.7 | 9.8 | 3.4 | 4.08% | 10.42% |
| DK | Delek US Holdings, Inc. | 0.54% | 20.8 | 20.3 | 0.4 | 1.33% | 5.33% |
| WK | Workiva Inc. | 0.54% | 89.7 | — | 4.2 | — | 1.23% |
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 FESM valuation
Adding up its 678 holdings with company data, FESM trades at 186.1 times trailing earnings and 13.3 times analysts' forward estimates, with a price-to-book ratio of 2.28 and a dividend yield of 1.08%. Its earnings yield of 0.54% is 4.79 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 7.3% of the fund and earn 23.3% of its combined profit. By sector, Communication Services is the most expensive at 73.8 times earnings and Financial Services the cheapest at 13.7. Companies that lost money over the past year are 26.3% 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 92.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FESM chart, FESM performance, FESM holdings, FESM dividends.
FESM valuation FAQ
What is the P/E ratio of FESM?
Based on its holdings, FESM has a trailing P/E of 186.1 and a forward P/E of 13.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FESM?
The trailing earnings yield is 0.54% (1 ÷ P/E) and the forward earnings yield 7.52%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FESM more expensive than the S&P 500?
FESM trades at 186.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.3 and 19.9.
What is the price-to-book ratio of FESM?
The holdings of FESM trade at 2.28 times book value, with a combined return on equity of 1.2%.
Which sector in FESM has the highest P/E?
Communication Services has the highest P/E at 73.8 and Financial Services the lowest at 13.7.