The Free Markets ETF (FMKT) Valuation
FMKT valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 28.7 trailing earnings
- Forward P/E
- 17.9 analyst estimates
- Price / sales
- 1.84
- Price / book
- 2.91
- EV / EBITDA
- 9.7
- Earnings yield
- 3.49% inverse of P/E
- Dividend yield
- 1.48% of the holdings
- Return on equity
- 10.1% combined
- Net margin
- 6.4% combined
- Beta
- 0.86 weighted, vs S&P 500
FMKT valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FMKT | 28.7 | 17.9 | 1.84 | 2.91 | 1.48% | 10.1% | 6.4% | 7.9% |
| 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.
FMKT valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Energy | 25.3% | 18.8 | 14.1 | 1.13 | 2.15 | 1.79% | 11.4% |
| Financial Services | 22.8% | 20.6 | 17.1 | 6.33 | 2.70 | 1.97% | 13.1% |
| Healthcare | 17.9% | 29.7 | 16.3 | 0.92 | 3.55 | 0.40% | 11.9% |
| Real Estate | 9.5% | 43.3 | 38.6 | 11.80 | 3.61 | 2.56% | 8.3% |
| Industrials | 8.5% | n/m | 25.4 | 3.71 | 5.21 | 0.89% | −10.9% |
| Technology | 4.5% | n/m | 34.9 | 7.06 | 5.60 | 0.00% | −1.0% |
FMKT 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 FMKT weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FMKT largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| FGXXX | First American Funds Inc. - Government Obligations Fund | 11.67% | — | — | — | — | — |
| WELL | Welltower Inc. | 5.46% | 105.3 | 78.1 | 13.3 | 1.45% | 1.72% |
| CVX | Chevron Corporation | 5.02% | 21.2 | 15.2 | 2.1 | 3.16% | 7.83% |
| COP | ConocoPhillips | 5.01% | 19.4 | 12.7 | 2.7 | 2.29% | 8.56% |
| HOOD | Robinhood Markets, Inc. | 4.77% | 43.6 | 45.0 | 18.0 | — | 3.63% |
| BIIB | Biogen Inc. | 4.73% | 41.3 | 13.9 | 3.4 | — | 3.79% |
| LLY | Eli Lilly and Company | 4.26% | 42.2 | 24.4 | 14.1 | 0.55% | 3.35% |
| IBKR | Interactive Brokers Group, Inc. | 4.22% | 31.6 | 28.2 | 20.0 | 0.42% | 4.43% |
| REGN | Regeneron Pharmaceuticals, Inc. | 3.97% | 19.6 | 14.5 | 5.2 | 0.48% | 6.73% |
| CFG | Citizens Financial Group, Inc. | 3.14% | 13.8 | 9.9 | 3.3 | 2.90% | 7.53% |
| DK | Delek US Holdings, Inc. | 3.02% | 20.8 | 20.3 | 0.4 | 1.33% | 4.83% |
| COR | Cencora | 2.91% | 25.3 | 15.7 | 0.2 | 0.70% | 3.81% |
| PARR | Par Pacific Holdings, Inc. | 2.91% | 4.9 | 10.5 | 0.5 | — | 19.78% |
| DE | Deere & Company | 2.87% | 35.7 | 29.3 | 3.6 | 1.01% | 2.67% |
| MUR | Murphy Oil Corporation | 2.84% | 20.7 | 13.4 | 2.0 | 3.35% | 4.56% |
| USB | U.S. Bancorp | 2.80% | 11.4 | 10.4 | 3.3 | 3.68% | 8.13% |
| BX | Blackstone Inc. | 2.80% | 23.9 | 15.9 | 8.2 | 4.91% | 3.89% |
| PNC | The PNC Financial Services Group, Inc. | 2.45% | 11.6 | 10.7 | 3.5 | 3.68% | 7.02% |
| INTC | Intel Corporation | 2.31% | — | 63.3 | 8.3 | — | −1.81% |
| HWM | Howmet Aerospace Inc. | 2.27% | 47.6 | 36.0 | 9.7 | 0.25% | 1.58% |
| TYL | Tyler Technologies, Inc. | 2.20% | 47.5 | 23.7 | 6.1 | — | 1.54% |
| NOC | Northrop Grumman Corporation | 2.15% | 16.5 | 17.0 | 1.7 | 1.90% | 4.32% |
| AMT | American Tower Corporation | 2.08% | 25.5 | 24.6 | 7.9 | 3.86% | 2.70% |
| TEVA | Teva Pharmaceutical Industries Ltd | 2.05% | — | — | — | — | — |
| TALO | Talos Energy Inc. | 2.04% | — | 15.1 | 1.5 | — | −8.97% |
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 FMKT valuation
Adding up its 31 holdings with company data, FMKT trades at 28.7 times trailing earnings and 17.9 times analysts' forward estimates, with a price-to-book ratio of 2.91 and a dividend yield of 1.48%. Its earnings yield of 3.49% is 1.84 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.2% of the fund and earn 52.4% of its combined profit. By sector, Real Estate is the most expensive at 43.3 times earnings and Energy the cheapest at 18.8. Companies that lost money over the past year are 7.9% 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 86.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FMKT chart, FMKT performance, FMKT holdings, FMKT dividends.
FMKT valuation FAQ
What is the P/E ratio of FMKT?
Based on its holdings, FMKT has a trailing P/E of 28.7 and a forward P/E of 17.9 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FMKT?
The trailing earnings yield is 3.49% (1 ÷ P/E) and the forward earnings yield 5.58%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FMKT more expensive than the S&P 500?
FMKT trades at 28.7 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.9 and 19.9.
What is the price-to-book ratio of FMKT?
The holdings of FMKT trade at 2.91 times book value, with a combined return on equity of 10.1%.
Which sector in FMKT has the highest P/E?
Real Estate has the highest P/E at 43.3 and Energy the lowest at 18.8.