First Trust Large Cap Core AlphaDEX Fund (FEX) Valuation
FEX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.8 trailing earnings
- Forward P/E
- 14.2 analyst estimates
- Price / sales
- 1.85
- Price / book
- 2.76
- EV / EBITDA
- 12.0
- Earnings yield
- 5.32% inverse of P/E
- Dividend yield
- 1.58% of the holdings
- Return on equity
- 14.7% combined
- Net margin
- 9.9% combined
- Beta
- 0.95 weighted, vs S&P 500
FEX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FEX | 18.8 | 14.2 | 1.85 | 2.76 | 1.58% | 14.7% | 9.9% | 3.8% |
| 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.
FEX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 22.8% | 26.9 | 17.8 | 3.31 | 5.13 | 0.68% | 19.1% |
| Financial Services | 15.0% | 11.9 | 11.5 | 2.12 | 1.69 | 1.87% | 14.2% |
| Healthcare | 12.2% | 28.5 | 16.1 | 1.74 | 4.31 | 1.00% | 15.1% |
| Industrials | 10.7% | 23.8 | 17.4 | 2.04 | 4.13 | 1.10% | 17.3% |
| Consumer Cyclical | 8.4% | 20.3 | 14.5 | 1.32 | 3.25 | 1.62% | 16.1% |
| Energy | 8.1% | 15.8 | 11.0 | 1.67 | 1.95 | 2.02% | 12.3% |
| Utilities | 7.4% | 16.8 | 14.0 | 2.27 | 1.77 | 3.26% | 10.6% |
| Basic Materials | 4.4% | 22.5 | 13.9 | 1.94 | 2.65 | 1.54% | 11.8% |
| Consumer Defensive | 4.2% | 19.5 | 14.5 | 0.74 | 3.43 | 2.41% | 17.6% |
| Communication Services | 3.8% | 9.7 | 8.2 | 0.97 | 1.70 | 2.43% | 17.5% |
| Real Estate | 2.1% | 18.7 | 16.6 | 2.18 | 1.75 | 4.01% | 9.4% |
FEX 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 FEX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FEX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| PTC | PTC Inc. | 0.60% | 18.7 | 16.3 | 7.1 | — | 0.61% |
| CTSH | Cognizant Technology Solutions Corporation | 0.58% | 14.2 | 9.4 | 1.4 | 2.00% | 0.78% |
| ROP | Roper Technologies, Inc. | 0.56% | 15.9 | 15.0 | 4.6 | 0.95% | 0.67% |
| OVV | Ovintiv Inc. | 0.54% | 19.3 | 9.0 | 2.0 | 1.73% | 0.53% |
| STZ | Constellation Brands, Inc. | 0.54% | 11.8 | 10.0 | 2.4 | 3.14% | 0.87% |
| ALL | The Allstate Corporation | 0.52% | 5.0 | 8.3 | 0.9 | 1.74% | 2.02% |
| DINO | HF Sinclair Corporation | 0.51% | 11.9 | 10.0 | 0.7 | 1.68% | 0.82% |
| HIG | The Hartford Financial Services Group, Inc. | 0.51% | 9.6 | 9.2 | 1.2 | 1.78% | 1.02% |
| EQT | EQT Corporation | 0.50% | 12.6 | 14.1 | 3.7 | 1.25% | 0.76% |
| YZ8 | Permian Resources Corporation | 0.50% | — | — | — | — | — |
| BR | Broadridge Financial Solutions, Inc. | 0.50% | 18.2 | 15.5 | 2.6 | 2.49% | 0.52% |
| MKL | Markel Corporation | 0.49% | 10.2 | 15.2 | 1.4 | — | 0.93% |
| LDOS | Leidos Holdings, Inc. | 0.49% | 11.7 | 9.6 | 0.9 | 1.38% | 0.81% |
| AMCR | Amcor plc | 0.49% | 18.4 | 10.6 | 0.9 | 5.93% | 0.51% |
| BRK.B | Berkshire Hathaway Inc. | 0.49% | 13.4 | 22.7 | 3.0 | — | 0.70% |
| FIS | Fidelity National Information Services, Inc. | 0.49% | 5.5 | 5.1 | 1.5 | 4.89% | 1.70% |
| COP | ConocoPhillips | 0.49% | 19.4 | 12.7 | 2.7 | 2.29% | 0.48% |
| CI | Cigna Corporation | 0.49% | 12.5 | 8.3 | 0.3 | 2.06% | 0.75% |
| CCL | Carnival Corporation & plc | 0.49% | 11.4 | 8.4 | 1.3 | 1.74% | 0.82% |
| FISV | Fiserv, Inc. | 0.48% | 9.1 | 5.7 | 1.2 | — | 1.02% |
| PYPL | PayPal Holdings, Inc. | 0.48% | 10.7 | 9.1 | 1.4 | 0.99% | 0.86% |
| CINF | Cincinnati Financial Corporation | 0.48% | 8.1 | 18.5 | 1.9 | 2.20% | 1.14% |
| FOXA | Fox Corporation | 0.48% | 16.7 | 11.1 | 1.6 | 0.90% | 0.55% |
| EXPD | Expeditors International of Washington, Inc. | 0.48% | 28.5 | 24.4 | 2.1 | 0.83% | 0.32% |
| EOG | EOG Resources, Inc. | 0.48% | 12.3 | 10.1 | 3.1 | 2.58% | 0.74% |
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 FEX valuation
Adding up its 369 holdings with company data, FEX trades at 18.8 times trailing earnings and 14.2 times analysts' forward estimates, with a price-to-book ratio of 2.76 and a dividend yield of 1.58%. Its earnings yield of 5.32% is 0.01 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 5.3% of the fund and earn 8.6% of its combined profit. By sector, Healthcare is the most expensive at 28.5 times earnings and Communication Services the cheapest at 9.7. Companies that lost money over the past year are 3.8% 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 98.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FEX chart, FEX performance, FEX holdings, FEX dividends.
FEX valuation FAQ
What is the P/E ratio of FEX?
Based on its holdings, FEX has a trailing P/E of 18.8 and a forward P/E of 14.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FEX?
The trailing earnings yield is 5.32% (1 ÷ P/E) and the forward earnings yield 7.06%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FEX more expensive than the S&P 500?
FEX trades at 18.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.2 and 19.9.
What is the price-to-book ratio of FEX?
The holdings of FEX trade at 2.76 times book value, with a combined return on equity of 14.7%.
Which sector in FEX has the highest P/E?
Healthcare has the highest P/E at 28.5 and Communication Services the lowest at 9.7.