Fidelity MSCI Health Care ETF (FHLC) Valuation
FHLC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 46.2 trailing earnings
- Forward P/E
- 17.5 analyst estimates
- Price / sales
- 1.82
- Price / book
- 5.15
- EV / EBITDA
- 14.6
- Earnings yield
- 2.16% inverse of P/E
- Dividend yield
- 1.34% of the holdings
- Return on equity
- 11.1% combined
- Net margin
- 3.9% combined
- Beta
- 0.60 weighted, vs S&P 500
FHLC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FHLC | 46.2 | 17.5 | 1.82 | 5.15 | 1.34% | 11.1% | 3.9% | 11.0% |
| 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.
FHLC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 99.8% | 46.2 | 17.5 | 1.82 | 5.15 | 1.34% | 11.1% |
FHLC 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 FHLC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FHLC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 13.36% | 42.2 | 24.4 | 14.1 | 0.55% | 14.79% |
| JNJ | Johnson & Johnson | 8.27% | 38.8 | 21.0 | 6.2 | 2.10% | 9.96% |
| ABBV | AbbVie Inc. | 6.85% | 80.6 | 16.4 | 7.8 | 2.42% | 3.97% |
| UNH | UnitedHealth Group Incorporated | 4.94% | 25.8 | 16.6 | 0.8 | 2.31% | 8.94% |
| MRK | Merck & Co., Inc. | 4.72% | 115.8 | 15.3 | 5.4 | 2.33% | 1.90% |
| TMO | Thermo Fisher Scientific Inc. | 3.43% | 37.1 | 24.2 | 5.5 | 0.27% | 4.31% |
| AMGN | Amgen Inc. | 3.28% | 26.9 | 16.7 | 6.1 | 2.33% | 5.70% |
| GILD | Gilead Sciences, Inc. | 2.64% | — | 15.6 | 6.4 | 2.10% | −2.09% |
| ABT | Abbott Laboratories | 2.40% | 33.8 | 17.1 | 3.9 | 2.40% | 3.32% |
| PFE | Pfizer Inc. | 2.37% | 38.9 | 9.7 | 2.6 | 5.81% | 2.85% |
| ISRG | Intuitive Surgical, Inc. | 1.96% | 48.9 | 33.3 | 13.7 | — | 1.87% |
| DHR | Danaher Corporation | 1.84% | 40.8 | 23.8 | 6.4 | 0.70% | 2.11% |
| VRTX | Vertex Pharmaceuticals Incorporated | 1.74% | 28.9 | 24.1 | 10.1 | — | 2.81% |
| MCK | McKesson Corporation | 1.66% | 26.9 | 19.7 | 0.3 | 0.37% | 2.89% |
| CVS | CVS Health Corporation | 1.66% | 24.3 | 10.7 | 0.3 | 2.88% | 3.19% |
| BMY | Bristol-Myers Squibb Company | 1.66% | 13.2 | 9.4 | 2.5 | 4.22% | 5.89% |
| MDT | Medtronic plc | 1.62% | 23.3 | 14.9 | 3.2 | 3.04% | 3.25% |
| SYK | Stryker Corporation | 1.45% | 30.5 | 16.5 | 4.4 | 1.19% | 2.22% |
| ELV | Elevance Health Inc. | 1.24% | 19.0 | 13.7 | 0.5 | 1.61% | 3.05% |
| REGN | Regeneron Pharmaceuticals, Inc. | 1.05% | 19.6 | 14.5 | 5.2 | 0.48% | 2.52% |
| CI | Cigna Corporation | 1.04% | 12.5 | 8.3 | 0.3 | 2.06% | 3.90% |
| MRNA | Moderna, Inc. | 1.04% | — | 23.0 | 39.1 | — | −1.77% |
| HCA | HCA Healthcare, Inc. | 0.97% | 15.4 | 13.9 | 1.3 | 0.68% | 2.95% |
| BSX | Boston Scientific Corporation | 0.87% | 18.0 | 13.2 | 3.1 | — | 2.26% |
| COR | Cencora | 0.83% | 25.3 | 15.7 | 0.2 | 0.70% | 1.54% |
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 FHLC valuation
Adding up its 289 holdings with company data, FHLC trades at 46.2 times trailing earnings and 17.5 times analysts' forward estimates, with a price-to-book ratio of 5.15 and a dividend yield of 1.34%. Its earnings yield of 2.16% is 3.16 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.3% of the fund and earn 53.6% of its combined profit. Companies that lost money over the past year are 11.0% 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 99.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FHLC chart, FHLC performance, FHLC holdings, FHLC dividends.
FHLC valuation FAQ
What is the P/E ratio of FHLC?
Based on its holdings, FHLC has a trailing P/E of 46.2 and a forward P/E of 17.5 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FHLC?
The trailing earnings yield is 2.16% (1 ÷ P/E) and the forward earnings yield 5.71%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FHLC more expensive than the S&P 500?
FHLC trades at 46.2 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.5 and 19.9.
What is the price-to-book ratio of FHLC?
The holdings of FHLC trade at 5.15 times book value, with a combined return on equity of 11.1%.