Fidelity Enhanced Mid Cap ETF (FMDE) Valuation
FMDE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.7 trailing earnings
- Forward P/E
- 14.9 analyst estimates
- Price / sales
- 1.60
- Price / book
- 3.07
- EV / EBITDA
- 13.4
- Earnings yield
- 4.04% inverse of P/E
- Dividend yield
- 1.33% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 6.5% combined
- Beta
- 1.07 weighted, vs S&P 500
FMDE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FMDE | 24.7 | 14.9 | 1.60 | 3.07 | 1.33% | 12.4% | 6.5% | 10.5% |
| 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.
FMDE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 22.6% | 27.8 | 17.0 | 2.32 | 4.43 | 0.36% | 16.0% |
| Industrials | 16.5% | 28.8 | 18.7 | 1.79 | 4.43 | 0.87% | 15.4% |
| Healthcare | 13.1% | 59.5 | 17.8 | 1.00 | 4.20 | 0.45% | 7.1% |
| Financial Services | 12.5% | 12.7 | 11.5 | 2.08 | 2.11 | 1.58% | 16.6% |
| Consumer Cyclical | 10.2% | 25.0 | 12.1 | 1.01 | 3.15 | 1.44% | 12.6% |
| Energy | 6.3% | 16.6 | 10.3 | 1.51 | 2.60 | 1.77% | 15.7% |
| Real Estate | 5.3% | 22.0 | 23.6 | 6.36 | 1.84 | 5.41% | 8.4% |
| Utilities | 4.1% | 20.1 | 14.7 | 2.35 | 1.95 | 2.68% | 9.7% |
| Basic Materials | 3.2% | 35.6 | 13.5 | 1.49 | 2.17 | 2.13% | 6.1% |
| Consumer Defensive | 2.9% | 272.5 | 13.3 | 0.82 | 2.41 | 2.70% | 0.9% |
| Communication Services | 1.6% | 30.1 | 13.2 | 1.59 | 1.87 | 1.84% | 6.2% |
FMDE 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 FMDE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FMDE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| MPC | Marathon Petroleum Corporation | 1.39% | 16.6 | 5.5 | 0.9 | 0.84% | 2.12% |
| ALL | The Allstate Corporation | 1.01% | 5.0 | 8.3 | 0.9 | 1.74% | 5.15% |
| SNOW | Snowflake Inc. | 0.99% | — | 169.5 | 19.9 | — | −0.26% |
| AME | AMETEK, Inc. | 0.95% | 36.3 | 28.2 | 7.2 | 0.55% | 0.66% |
| NUE | Nucor Corporation | 0.89% | 20.4 | 11.4 | 1.6 | 0.87% | 1.10% |
| LHX | L3Harris Technologies, Inc. | 0.88% | 25.1 | 17.9 | 2.0 | 2.01% | 0.89% |
| OXY | Occidental Petroleum Corporation | 0.88% | 17.7 | 14.6 | 2.6 | 1.80% | 1.25% |
| KEYS | Keysight Technologies, Inc. | 0.87% | 44.8 | 22.4 | 8.6 | — | 0.49% |
| HUM | Humana Inc. | 0.85% | 39.1 | 24.3 | 0.3 | 0.86% | 0.55% |
| F | Ford Motor Company | 0.85% | — | 7.0 | 0.3 | 4.83% | −3.19% |
| NTAP | NetApp, Inc. | 0.80% | 28.7 | 21.4 | 5.4 | 1.02% | 0.70% |
| XYZ | Block, Inc | 0.79% | 139.1 | 14.5 | 1.9 | — | 0.14% |
| EXPE | Expedia Group, Inc. | 0.79% | 18.0 | 11.3 | 2.2 | 0.66% | 1.10% |
| VTR | Ventas, Inc. | 0.76% | 159.0 | 128.2 | 6.9 | 2.42% | 0.12% |
| STT | State Street Corporation | 0.76% | 13.5 | 11.9 | 2.9 | 2.22% | 1.41% |
| SYY | Sysco Corporation | 0.75% | 21.9 | 15.2 | 0.5 | 2.68% | 0.86% |
| DOCU | DocuSign, Inc. | 0.73% | 45.5 | 15.1 | 4.2 | — | 0.41% |
| CAH | Cardinal Health, Inc. | 0.72% | 35.1 | 17.7 | 0.2 | 0.81% | 0.51% |
| KMI | Kinder Morgan, Inc. | 0.72% | 22.1 | 20.0 | 4.2 | 3.45% | 0.82% |
| ILMN | Illumina, Inc. | 0.71% | 49.0 | 40.3 | 8.8 | — | 0.36% |
| FIX | Comfort Systems USA, Inc. | 0.69% | 35.4 | 26.0 | 4.5 | 0.25% | 0.49% |
| NTRS | Northern Trust Corporation | 0.69% | 14.2 | 13.8 | 3.3 | 1.98% | 1.22% |
| PPL | PPL Corporation | 0.69% | 20.8 | 15.4 | 2.8 | 3.24% | 0.83% |
| VLTO | Veralto Corporation | 0.66% | 25.8 | 20.0 | 4.3 | 0.51% | 0.65% |
| MDB | MongoDB, Inc. | 0.66% | 468.8 | 70.4 | 9.8 | — | 0.04% |
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 FMDE valuation
Adding up its 415 holdings with company data, FMDE trades at 24.7 times trailing earnings and 14.9 times analysts' forward estimates, with a price-to-book ratio of 3.07 and a dividend yield of 1.33%. Its earnings yield of 4.04% is 1.28 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 9.6% of the fund and earn 8.8% of its combined profit. By sector, Consumer Defensive is the most expensive at 272.5 times earnings and Financial Services the cheapest at 12.7. Companies that lost money over the past year are 10.5% 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 99.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FMDE chart, FMDE performance, FMDE holdings, FMDE dividends.
FMDE valuation FAQ
What is the P/E ratio of FMDE?
Based on its holdings, FMDE has a trailing P/E of 24.7 and a forward P/E of 14.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FMDE?
The trailing earnings yield is 4.04% (1 ÷ P/E) and the forward earnings yield 6.70%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FMDE more expensive than the S&P 500?
FMDE trades at 24.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.9 and 19.9.
What is the price-to-book ratio of FMDE?
The holdings of FMDE trade at 3.07 times book value, with a combined return on equity of 12.4%.
Which sector in FMDE has the highest P/E?
Consumer Defensive has the highest P/E at 272.5 and Financial Services the lowest at 12.7.