FMC Excelsior Focus Equity ETF (FMCX) Valuation
FMCX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 23.9 trailing earnings
- Forward P/E
- 20.6 analyst estimates
- Price / sales
- 3.42
- Price / book
- 4.77
- EV / EBITDA
- 8.2
- Earnings yield
- 4.19% inverse of P/E
- Dividend yield
- 0.80% of the holdings
- Return on equity
- 20.0% combined
- Net margin
- 14.3% combined
- Beta
- 1.08 weighted, vs S&P 500
FMCX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FMCX | 23.9 | 20.6 | 3.42 | 4.77 | 0.80% | 20.0% | 14.3% | 4.6% |
| 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.
FMCX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 28.8% | 38.5 | 24.8 | 7.23 | 8.98 | 0.59% | 23.3% |
| Industrials | 15.0% | 16.6 | 20.8 | 2.85 | 5.72 | 1.15% | 34.4% |
| Consumer Cyclical | 14.7% | 21.3 | 20.5 | 2.26 | 8.62 | 1.02% | 40.5% |
| Financial Services | 13.4% | 16.8 | 15.0 | 2.82 | 1.93 | 0.61% | 11.5% |
| Healthcare | 8.6% | 27.7 | 18.1 | 1.99 | 2.96 | 0.98% | 10.7% |
| Communication Services | 5.0% | 29.4 | 23.3 | 7.61 | 7.61 | 0.21% | 25.9% |
| Basic Materials | 3.7% | 32.2 | 23.6 | 6.48 | 5.48 | 1.28% | 17.0% |
FMCX 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 FMCX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FMCX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corporation | 6.53% | 29.5 | 25.1 | 11.8 | 0.74% | 5.92% |
| KKR | KKR & Co. Inc. | 5.53% | 27.5 | 13.0 | 3.1 | 0.90% | 5.37% |
| GCP | General Electric Company | 5.49% | — | — | — | — | — |
| BRK.A | Berkshire Hathaway Inc. | 5.05% | 13.4 | 22.4 | 3.0 | — | 10.09% |
| ORLY | O'Reilly Automotive, Inc. | 4.55% | 28.3 | 23.4 | 3.9 | — | 4.29% |
| DHR | Danaher Corporation | 4.13% | 40.8 | 23.8 | 6.4 | 0.70% | 2.70% |
| LIN | Linde plc | 3.69% | 32.2 | 23.6 | 6.5 | 1.28% | 3.06% |
| VLTO | Veralto Corporation | 3.57% | 25.8 | 20.0 | 4.3 | 0.51% | 3.70% |
| AVGO | Broadcom Inc. | 3.52% | 43.3 | 19.4 | 17.6 | 0.79% | 2.17% |
| AMAT | Applied Materials, Inc. | 3.44% | 35.3 | 23.4 | 10.5 | 0.52% | 2.60% |
| AMZN | Amazon.com, Inc. | 3.34% | 20.1 | 23.6 | 3.5 | — | 4.44% |
| BL | BlackLine, Inc. | 3.21% | 52.3 | 48.5 | 2.4 | — | 1.64% |
| ASML | ASML Holding N.V. | 3.05% | 40.4 | 28.9 | 16.0 | 0.55% | 2.02% |
| AZO | AutoZone, Inc. | 2.99% | 20.5 | 16.5 | 2.5 | — | 3.91% |
| INTC | Intel Corporation | 2.82% | — | 63.3 | 8.3 | — | −1.78% |
| NKE | NIKE, Inc. | 2.79% | 17.9 | 21.0 | 1.2 | 4.42% | 4.18% |
| CB | Chubb Limited | 2.77% | 12.7 | 11.6 | 2.2 | 1.13% | 5.81% |
| HON | Honeywell International Inc. | 2.57% | 7.8 | 22.2 | 1.8 | 1.32% | 8.79% |
| UNP | Union Pacific Corporation | 2.50% | 23.4 | 19.3 | 6.8 | 1.97% | 2.86% |
| UNH | UnitedHealth Group Incorporated | 2.40% | 25.8 | 16.6 | 0.8 | 2.31% | 2.48% |
| CRM | Salesforce, Inc. | 2.33% | 22.0 | 14.0 | 4.5 | 0.73% | 2.83% |
| GEV | GE Vernova Inc. | 2.27% | 26.4 | 38.8 | 5.9 | 0.22% | 2.30% |
| POOL | Pool Corporation | 2.21% | 15.8 | 17.1 | 1.2 | 3.01% | 3.72% |
| ORCL | Oracle Corporation | 2.18% | 20.1 | 17.8 | 5.4 | 1.56% | 2.90% |
| BSX | Boston Scientific Corporation | 2.10% | 18.0 | 13.2 | 3.1 | — | 3.12% |
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 FMCX valuation
Adding up its 31 holdings with company data, FMCX trades at 23.9 times trailing earnings and 20.6 times analysts' forward estimates, with a price-to-book ratio of 4.77 and a dividend yield of 0.80%. Its earnings yield of 4.19% is 1.14 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.5% of the fund and earn 44.4% of its combined profit. By sector, Technology is the most expensive at 38.5 times earnings and Industrials the cheapest at 16.6. Companies that lost money over the past year are 4.6% 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 94.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FMCX chart, FMCX performance, FMCX holdings, FMCX dividends.
FMCX valuation FAQ
What is the P/E ratio of FMCX?
Based on its holdings, FMCX has a trailing P/E of 23.9 and a forward P/E of 20.6 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FMCX?
The trailing earnings yield is 4.19% (1 ÷ P/E) and the forward earnings yield 4.87%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FMCX more expensive than the S&P 500?
FMCX trades at 23.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.6 and 19.9.
What is the price-to-book ratio of FMCX?
The holdings of FMCX trade at 4.77 times book value, with a combined return on equity of 20.0%.
Which sector in FMCX has the highest P/E?
Technology has the highest P/E at 38.5 and Industrials the lowest at 16.6.