Fidelity MSCI Financials ETF (FNCL) Valuation
FNCL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 15.6 trailing earnings
- Forward P/E
- 13.7 analyst estimates
- Price / sales
- 2.99
- Price / book
- 2.24
- EV / EBITDA
- 12.3
- Earnings yield
- 6.41% inverse of P/E
- Dividend yield
- 1.65% of the holdings
- Return on equity
- 14.4% combined
- Net margin
- 19.2% combined
- Beta
- 0.94 weighted, vs S&P 500
FNCL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FNCL | 15.6 | 13.7 | 2.99 | 2.24 | 1.65% | 14.4% | 19.2% | 1.2% |
| 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.
FNCL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 97.0% | 15.6 | 13.9 | 3.04 | 2.26 | 1.62% | 14.5% |
| Technology | 2.0% | 17.1 | 9.6 | 1.89 | 2.09 | 0.67% | 12.2% |
| Real Estate | 0.3% | 6.2 | 7.2 | 3.42 | 0.83 | 17.35% | 13.3% |
| Industrials | 0.2% | 33.2 | 5.3 | 1.77 | 0.99 | 1.24% | 3.0% |
| Healthcare | 0.1% | 24.7 | 588.2 | 0.64 | 4.59 | 0.00% | 18.6% |
| Financials | 0.0% | 16.2 | — | 4.22 | 1.27 | 1.94% | 7.8% |
| Consumer Cyclical | 0.0% | n/m | 8.9 | 1.68 | 0.72 | 3.78% | −12.9% |
| Communication Services | 0.0% | 11.1 | 8.1 | 0.75 | 1.67 | 0.00% | 15.0% |
FNCL 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 FNCL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FNCL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| JPM | JPMorgan Chase & Co. | 9.86% | 14.2 | 13.5 | 4.7 | 1.94% | 10.86% |
| BRK.B | Berkshire Hathaway Inc. | 9.04% | 13.4 | 22.7 | 3.0 | — | 10.60% |
| V | Visa Inc. | 8.00% | 34.3 | 24.0 | 17.0 | 0.67% | 3.66% |
| MA | Mastercard Incorporated | 5.70% | 34.0 | 24.2 | 15.4 | 0.56% | 2.63% |
| BAC | Bank of America Corporation | 3.57% | 12.2 | 10.8 | 3.1 | 2.50% | 4.58% |
| WFC | Wells Fargo & Company | 2.93% | 11.8 | 10.2 | 3.0 | 2.38% | 3.88% |
| GS | The Goldman Sachs Group, Inc. | 2.92% | 12.7 | 12.8 | 3.6 | 2.27% | 3.61% |
| MS | Morgan Stanley | 2.53% | 14.3 | 14.9 | 3.6 | 2.55% | 2.77% |
| C | Citigroup Inc. | 2.25% | 12.1 | 10.2 | 2.5 | 2.16% | 2.91% |
| AXP | American Express Company | 1.96% | 19.0 | 15.1 | 3.0 | 1.21% | 1.62% |
| BLK | BlackRock, Inc. | 1.79% | 25.8 | 16.4 | 6.5 | 2.02% | 1.09% |
| SCHW | The Charles Schwab Corporation | 1.62% | 15.7 | 12.9 | 5.9 | 1.39% | 1.62% |
| SPGI | S&P Global Inc. | 1.54% | 26.1 | 19.9 | 7.9 | 0.90% | 0.92% |
| PGR | The Progressive Corporation | 1.49% | 11.0 | 12.7 | 1.4 | 0.18% | 2.13% |
| CB | Chubb Limited | 1.42% | 12.7 | 11.6 | 2.2 | 1.13% | 1.75% |
| COF | Capital One Financial Corporation | 1.35% | 13.0 | 8.5 | 2.6 | 1.59% | 1.63% |
| CME | CME Group Inc. | 1.26% | 24.9 | 21.9 | 15.6 | 1.77% | 0.79% |
| MRSH | Marsh & McLennan Companies, Inc. | 1.12% | 22.5 | 15.0 | 3.2 | 2.10% | 0.78% |
| ICE | Intercontinental Exchange, Inc. | 1.09% | 22.8 | 18.1 | 8.6 | 1.29% | 0.75% |
| BNY | The Bank of New York Mellon Corporation | 1.09% | 15.9 | 15.0 | 4.4 | 1.55% | 1.07% |
| PNC | The PNC Financial Services Group, Inc. | 1.03% | 11.6 | 10.7 | 3.5 | 3.68% | 1.40% |
| USB | U.S. Bancorp | 1.02% | 11.4 | 10.4 | 3.3 | 3.68% | 1.40% |
| BX | Blackstone Inc. | 1.01% | 23.9 | 15.9 | 8.2 | 4.91% | 0.66% |
| TRV | The Travelers Companies, Inc. | 0.97% | 10.5 | 10.8 | 1.7 | 1.28% | 1.45% |
| HOOD | Robinhood Markets, Inc. | 0.82% | 43.6 | 45.0 | 18.0 | — | 0.29% |
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 FNCL valuation
Adding up its 369 holdings with company data, FNCL trades at 15.6 times trailing earnings and 13.7 times analysts' forward estimates, with a price-to-book ratio of 2.24 and a dividend yield of 1.65%. Its earnings yield of 6.41% is 1.08 points above the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 48.7% of the fund and earn 47.1% of its combined profit. By sector, Industrials is the most expensive at 33.2 times earnings and Real Estate the cheapest at 6.2. Companies that lost money over the past year are 1.2% 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 99.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FNCL chart, FNCL performance, FNCL holdings, FNCL dividends.
FNCL valuation FAQ
What is the P/E ratio of FNCL?
Based on its holdings, FNCL has a trailing P/E of 15.6 and a forward P/E of 13.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FNCL?
The trailing earnings yield is 6.41% (1 ÷ P/E) and the forward earnings yield 7.32%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FNCL more expensive than the S&P 500?
FNCL trades at 15.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.7 and 19.9.
What is the price-to-book ratio of FNCL?
The holdings of FNCL trade at 2.24 times book value, with a combined return on equity of 14.4%.
Which sector in FNCL has the highest P/E?
Industrials has the highest P/E at 33.2 and Real Estate the lowest at 6.2.