Fidelity Fundamental Small-Mid Cap ETF (FFSM) Valuation
FFSM valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.0 trailing earnings
- Forward P/E
- 13.8 analyst estimates
- Price / sales
- 1.33
- Price / book
- 2.73
- EV / EBITDA
- 12.8
- Earnings yield
- 4.16% inverse of P/E
- Dividend yield
- 0.99% of the holdings
- Return on equity
- 11.4% combined
- Net margin
- 5.5% combined
- Beta
- 1.10 weighted, vs S&P 500
FFSM valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FFSM | 24.0 | 13.8 | 1.33 | 2.73 | 0.99% | 11.4% | 5.5% | 8.9% |
| 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.
FFSM valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 21.4% | 32.1 | 19.2 | 1.73 | 4.09 | 0.44% | 12.7% |
| Financial Services | 16.1% | 12.5 | 10.4 | 2.03 | 1.66 | 2.04% | 13.3% |
| Technology | 14.8% | 24.0 | 16.2 | 1.29 | 4.86 | 0.35% | 20.2% |
| Healthcare | 13.0% | n/m | 11.7 | 2.15 | 3.28 | 0.12% | −4.1% |
| Consumer Cyclical | 10.8% | 17.1 | 12.4 | 0.75 | 2.27 | 1.27% | 13.3% |
| Consumer Defensive | 5.8% | 25.1 | 15.0 | 0.60 | 3.37 | 0.43% | 13.4% |
| Real Estate | 5.6% | 27.1 | 15.9 | 1.19 | 2.32 | 1.99% | 8.6% |
| Energy | 4.7% | 16.2 | 12.7 | 1.94 | 1.82 | 1.25% | 11.2% |
| Basic Materials | 3.8% | 23.0 | 12.2 | 1.42 | 2.72 | 1.42% | 11.8% |
| Utilities | 2.4% | 21.8 | 10.3 | 1.73 | 1.74 | 3.20% | 8.0% |
| Communication Services | 0.6% | 31.2 | 8.9 | 0.86 | 2.28 | 4.52% | 7.3% |
FFSM 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 FFSM weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FFSM largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ATI | ATI Inc. | 1.74% | 54.4 | 28.8 | 5.4 | — | 0.84% |
| SNX | TD SYNNEX Corporation | 1.60% | 15.0 | 12.7 | 0.3 | 0.78% | 2.77% |
| JLL | Jones Lang LaSalle Incorporated | 1.45% | 14.7 | 10.4 | 0.5 | — | 2.58% |
| FF60 | FIRSTCASH HLDGS INC.DL-01 | 1.39% | — | — | — | — | — |
| SANM | Sanmina Corporation | 1.36% | 31.4 | 14.8 | 0.7 | — | 1.13% |
| IESC | IES Holdings, Inc. | 1.35% | 22.4 | 208.3 | 2.7 | — | 1.57% |
| FTI | TechnipFMC plc | 1.35% | 24.3 | 21.3 | 2.6 | 0.29% | 1.45% |
| CRS | Carpenter Technology Corporation | 1.25% | 35.8 | 23.4 | 6.0 | 0.21% | 0.91% |
| PFGC | Performance Food Group Company | 1.24% | 42.7 | 16.6 | 0.2 | — | 0.76% |
| ITT | ITT Inc. | 1.21% | 38.8 | 21.6 | 3.7 | 0.78% | 0.81% |
| EXP | Eagle Materials Inc. | 1.18% | 13.4 | 13.7 | 2.2 | 0.59% | 2.29% |
| BTSG | BrightSpring Health Services, Inc. | 1.07% | 53.9 | 22.2 | 0.8 | — | 0.52% |
| STRL | Sterling Infrastructure, Inc. | 1.07% | 30.6 | 19.6 | 3.8 | — | 0.91% |
| MTSI | MACOM Technology Solutions Holdings, Inc. | 1.02% | 83.5 | 32.3 | 17.2 | — | 0.32% |
| EWBC | East West Bancorp, Inc. | 1.02% | 12.2 | 12.7 | 6.0 | 2.52% | 2.18% |
| LAUR | Laureate Education, Inc. | 0.97% | 17.6 | 15.3 | 2.9 | — | 1.45% |
| SF | Stifel Financial Corp. | 0.97% | 12.1 | 12.0 | 1.7 | 2.01% | 2.10% |
| CROX | Crocs, Inc. | 0.96% | 10.8 | 8.2 | 1.5 | — | 2.32% |
| USFD | US Foods Holding Corp. | 0.94% | 31.4 | 17.0 | 0.5 | — | 0.78% |
| VTR | Ventas, Inc. | 0.93% | 159.0 | 128.2 | 6.9 | 2.42% | 0.15% |
| SN | SharkNinja, Inc. | 0.93% | 38.1 | 23.1 | 3.8 | — | 0.64% |
| WDC | Western Digital Corporation | 0.90% | 12.3 | 22.8 | 9.6 | 0.18% | 1.90% |
| AR | Antero Resources Corporation | 0.87% | 11.1 | 9.0 | 2.1 | — | 2.04% |
| TPX | Tempur Sealy International Inc | 0.86% | — | — | — | — | — |
| FN | Fabrinet | 0.85% | 27.9 | 12.8 | 2.8 | — | 0.80% |
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 FFSM valuation
Adding up its 193 holdings with company data, FFSM trades at 24.0 times trailing earnings and 13.8 times analysts' forward estimates, with a price-to-book ratio of 2.73 and a dividend yield of 0.99%. Its earnings yield of 4.16% is 1.17 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 13.9% of the fund and earn 15.1% of its combined profit. By sector, Industrials is the most expensive at 32.1 times earnings and Financial Services the cheapest at 12.5. Companies that lost money over the past year are 8.9% 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 92.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FFSM chart, FFSM performance, FFSM holdings, FFSM dividends.
FFSM valuation FAQ
What is the P/E ratio of FFSM?
Based on its holdings, FFSM has a trailing P/E of 24.0 and a forward P/E of 13.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FFSM?
The trailing earnings yield is 4.16% (1 ÷ P/E) and the forward earnings yield 7.25%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FFSM more expensive than the S&P 500?
FFSM trades at 24.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.8 and 19.9.
What is the price-to-book ratio of FFSM?
The holdings of FFSM trade at 2.73 times book value, with a combined return on equity of 11.4%.
Which sector in FFSM has the highest P/E?
Industrials has the highest P/E at 32.1 and Financial Services the lowest at 12.5.