Fidelity MSCI Materials ETF (FMAT) Valuation
FMAT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 36.4 trailing earnings
- Forward P/E
- 15.7 analyst estimates
- Price / sales
- 1.92
- Price / book
- 3.17
- EV / EBITDA
- 13.5
- Earnings yield
- 2.74% inverse of P/E
- Dividend yield
- 1.57% of the holdings
- Return on equity
- 8.7% combined
- Net margin
- 5.3% combined
- Beta
- 0.95 weighted, vs S&P 500
FMAT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FMAT | 36.4 | 15.7 | 1.92 | 3.17 | 1.57% | 8.7% | 5.3% | 13.0% |
| 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.
FMAT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Basic Materials | 88.5% | 34.9 | 16.2 | 2.27 | 3.44 | 1.35% | 9.8% |
| Consumer Cyclical | 10.0% | 64.6 | 12.5 | 0.89 | 2.02 | 3.47% | 3.1% |
| Industrials | 0.6% | 22.0 | 8.4 | 0.64 | 1.51 | 1.38% | 6.9% |
| Healthcare | 0.6% | 22.5 | 19.8 | 2.01 | 3.02 | 1.54% | 13.4% |
FMAT 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 FMAT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FMAT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LIN | Linde plc | 15.89% | 32.2 | 23.6 | 6.5 | 1.28% | 19.05% |
| NEM | Newmont Corporation | 8.01% | 15.0 | 11.6 | 4.8 | 0.88% | 20.66% |
| FCX | Freeport-McMoRan Inc. | 6.54% | 34.3 | 18.1 | 3.9 | 0.86% | 7.37% |
| SHW | The Sherwin-Williams Company | 5.65% | 30.9 | 23.8 | 3.3 | 0.95% | 7.06% |
| ECL | Ecolab Inc. | 5.02% | 38.8 | 29.7 | 4.8 | 1.01% | 4.99% |
| APD | Air Products and Chemicals, Inc. | 4.78% | — | 19.9 | 5.3 | 2.42% | −0.13% |
| NUE | Nucor Corporation | 3.88% | 20.4 | 11.4 | 1.6 | 0.87% | 7.32% |
| CRH | CRH PLC | 3.79% | — | — | — | — | — |
| VMC | Vulcan Materials Company | 2.46% | 30.4 | 22.4 | 4.1 | 0.81% | 3.13% |
| STLD | Steel Dynamics, Inc. | 2.35% | 21.8 | 10.0 | 1.7 | 0.88% | 4.16% |
| MLM | Martin Marietta Materials, Inc. | 2.18% | 32.6 | 20.6 | 5.3 | 0.67% | 2.58% |
| PPG | PPG Industries, Inc. | 1.82% | 15.4 | 12.4 | 1.5 | 2.76% | 4.55% |
| SW | Smurfit WestRock plc | 1.59% | 43.3 | 13.8 | 0.7 | 4.40% | 1.42% |
| DOW | Dow Inc. | 1.57% | — | 14.1 | 0.5 | 4.68% | −3.73% |
| IFF | International Flavors & Fragrances Inc. | 1.57% | 89.8 | 17.7 | 2.1 | 1.76% | 0.67% |
| AMCR | Amcor plc | 1.52% | 18.4 | 10.6 | 0.9 | 5.93% | 3.18% |
| PKG | Packaging Corporation of America | 1.52% | 30.7 | 18.7 | 2.2 | 2.54% | 1.91% |
| RS | Reliance Steel & Aluminum Co. | 1.49% | 23.9 | 16.4 | 1.3 | 1.22% | 2.40% |
| RGLD | Royal Gold, Inc. | 1.37% | 26.4 | 24.2 | 13.1 | 0.80% | 2.00% |
| AMRZ | Amerize Inc. | 1.32% | — | — | — | — | — |
| LYB | LyondellBasell Industries N.V. | 1.22% | — | 9.1 | 0.7 | 4.31% | −0.61% |
| CF | CF Industries Holdings, Inc. | 1.21% | 9.0 | 12.2 | 2.4 | 1.99% | 5.21% |
| IP | International Paper Company | 1.20% | — | 11.7 | 0.7 | 5.43% | −7.03% |
| BALL | Ball Corporation | 1.15% | 18.0 | 13.2 | 1.2 | 1.27% | 2.46% |
| JHX | James Hardie Industries plc | 1.08% | 103.3 | 21.8 | 2.8 | — | 0.40% |
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 FMAT valuation
Adding up its 96 holdings with company data, FMAT trades at 36.4 times trailing earnings and 15.7 times analysts' forward estimates, with a price-to-book ratio of 3.17 and a dividend yield of 1.57%. Its earnings yield of 2.74% is 2.58 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 58.4% of the fund and earn 76.2% of its combined profit. By sector, Consumer Cyclical is the most expensive at 64.6 times earnings and Industrials the cheapest at 22.0. Companies that lost money over the past year are 13.0% 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 94.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FMAT chart, FMAT performance, FMAT holdings, FMAT dividends.
FMAT valuation FAQ
What is the P/E ratio of FMAT?
Based on its holdings, FMAT has a trailing P/E of 36.4 and a forward P/E of 15.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FMAT?
The trailing earnings yield is 2.74% (1 ÷ P/E) and the forward earnings yield 6.38%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FMAT more expensive than the S&P 500?
FMAT trades at 36.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 15.7 and 19.9.
What is the price-to-book ratio of FMAT?
The holdings of FMAT trade at 3.17 times book value, with a combined return on equity of 8.7%.
Which sector in FMAT has the highest P/E?
Consumer Cyclical has the highest P/E at 64.6 and Industrials the lowest at 22.0.