Fidelity Magellan ETF (FMAG) Valuation
FMAG valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 29.7 trailing earnings
- Forward P/E
- 24.2 analyst estimates
- Price / sales
- 3.30
- Price / book
- 8.64
- EV / EBITDA
- 20.7
- Earnings yield
- 3.37% inverse of P/E
- Dividend yield
- 0.66% of the holdings
- Return on equity
- 29.1% combined
- Net margin
- 11.1% combined
- Beta
- 1.29 weighted, vs S&P 500
FMAG valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FMAG | 29.7 | 24.2 | 3.30 | 8.64 | 0.66% | 29.1% | 11.1% | 1.0% |
| 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.
FMAG valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 40.6% | 33.9 | 26.0 | 5.34 | 16.63 | 0.50% | 49.0% |
| Industrials | 15.3% | 40.3 | 24.7 | 3.81 | 6.95 | 0.76% | 17.3% |
| Financial Services | 10.9% | 21.1 | 18.2 | 6.04 | 5.08 | 1.30% | 24.1% |
| Consumer Cyclical | 10.3% | 24.5 | 24.6 | 4.42 | 7.72 | 0.11% | 31.5% |
| Communication Services | 7.3% | 17.0 | 22.3 | 9.30 | 6.75 | 0.26% | 39.7% |
| Healthcare | 5.0% | 32.1 | 20.4 | 0.45 | 12.00 | 0.53% | 37.3% |
| Basic Materials | 3.6% | 31.7 | 22.2 | 5.21 | 3.92 | 0.95% | 12.4% |
| Consumer Defensive | 3.0% | 37.2 | 28.3 | 2.28 | 21.79 | 1.74% | 58.5% |
| Real Estate | 2.3% | 124.4 | 94.9 | 9.32 | 3.30 | 1.89% | 2.7% |
FMAG 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 FMAG weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FMAG largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 10.12% | 27.1 | 24.9 | 17.1 | 0.47% | 11.30% |
| AMZN | Amazon.com, Inc. | 6.42% | 20.1 | 23.6 | 3.5 | — | 9.64% |
| MSFT | Microsoft Corporation | 5.63% | 29.5 | 25.1 | 11.8 | 0.74% | 5.77% |
| AVGO | Broadcom Inc. | 4.59% | 43.3 | 19.4 | 17.6 | 0.79% | 3.20% |
| GOOGL | Alphabet Inc. | 3.96% | 17.1 | 22.8 | 9.3 | 0.26% | 6.99% |
| GOOG | Alphabet Inc. | 3.34% | 16.9 | 21.8 | 9.2 | 0.26% | 5.97% |
| AMD | Advanced Micro Devices, Inc. | 3.01% | 134.9 | 39.5 | 20.9 | — | 0.67% |
| LLY | Eli Lilly and Company | 2.42% | 42.2 | 24.4 | 14.1 | 0.55% | 1.73% |
| V | Visa Inc. | 2.41% | 34.3 | 24.0 | 17.0 | 0.67% | 2.13% |
| MA | Mastercard Incorporated | 2.26% | 34.0 | 24.2 | 15.4 | 0.56% | 2.01% |
| KLAC | KLA Corporation | 2.14% | 45.3 | 34.8 | 15.9 | 0.56% | 1.43% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 2.03% | 26.7 | 21.4 | 0.4 | 0.91% | 2.29% |
| STX | Seagate Technology Holdings plc | 1.90% | 46.0 | 25.7 | 11.9 | 0.46% | 1.25% |
| LRCX | Lam Research Corporation | 1.90% | 45.8 | 33.7 | 14.2 | 0.50% | 1.25% |
| WDC | Western Digital Corporation | 1.79% | 12.3 | 22.8 | 9.6 | 0.18% | 4.39% |
| GCP | General Electric Company | 1.77% | — | — | — | — | — |
| APH | Amphenol Corporation | 1.65% | 39.7 | 24.6 | 6.7 | 0.63% | 1.26% |
| COST | Costco Wholesale Corporation | 1.65% | 47.6 | 40.3 | 1.4 | 0.59% | 1.05% |
| CDNS | Cadence Design Systems, Inc. | 1.62% | 63.5 | 31.5 | 15.1 | — | 0.77% |
| CAT | Caterpillar Inc. | 1.60% | 31.5 | 25.4 | 4.5 | 0.89% | 1.54% |
| MSI | Motorola Solutions, Inc. | 1.55% | 36.5 | 23.9 | 6.3 | 1.05% | 1.28% |
| RTX | RTX Corporation | 1.51% | 34.1 | 24.6 | 2.8 | 1.51% | 1.34% |
| HLT | Hilton Worldwide Holdings Inc. | 1.48% | 50.6 | 28.7 | 15.2 | 0.17% | 0.89% |
| TDG | TransDigm Group Incorporated | 1.45% | 34.6 | 23.1 | 6.3 | — | 1.26% |
| MS | Morgan Stanley | 1.43% | 14.3 | 14.9 | 3.6 | 2.55% | 3.02% |
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 FMAG valuation
Adding up its 49 holdings with company data, FMAG trades at 29.7 times trailing earnings and 24.2 times analysts' forward estimates, with a price-to-book ratio of 8.64 and a dividend yield of 0.66%. Its earnings yield of 3.37% is 1.96 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 44.2% of the fund and earn 49.4% of its combined profit. By sector, Real Estate is the most expensive at 124.4 times earnings and Communication Services the cheapest at 17.0. Companies that lost money over the past year are 1.0% 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 98.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FMAG chart, FMAG performance, FMAG holdings, FMAG dividends.
FMAG valuation FAQ
What is the P/E ratio of FMAG?
Based on its holdings, FMAG has a trailing P/E of 29.7 and a forward P/E of 24.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FMAG?
The trailing earnings yield is 3.37% (1 ÷ P/E) and the forward earnings yield 4.13%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FMAG more expensive than the S&P 500?
FMAG trades at 29.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 24.2 and 19.9.
What is the price-to-book ratio of FMAG?
The holdings of FMAG trade at 8.64 times book value, with a combined return on equity of 29.1%.
Which sector in FMAG has the highest P/E?
Real Estate has the highest P/E at 124.4 and Communication Services the lowest at 17.0.