Pacer Solactive Whitney Future of Warfare ETF (FOWF) Valuation
FOWF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 32.3 trailing earnings
- Forward P/E
- 18.7 analyst estimates
- Price / sales
- 2.27
- Price / book
- 4.69
- EV / EBITDA
- 16.3
- Earnings yield
- 3.09% inverse of P/E
- Dividend yield
- 1.26% of the holdings
- Return on equity
- 14.5% combined
- Net margin
- 7.0% combined
- Beta
- 0.82 weighted, vs S&P 500
FOWF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FOWF | 32.3 | 18.7 | 2.27 | 4.69 | 1.26% | 14.5% | 7.0% | 5.2% |
| 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.
FOWF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Industrials | 58.3% | 24.8 | 21.0 | 2.04 | 5.08 | 1.52% | 20.5% |
| Technology | 30.7% | 400.9 | 18.7 | 3.54 | 5.47 | 0.67% | 1.4% |
| Basic Materials | 2.7% | 27.0 | 15.5 | 2.36 | 2.09 | 1.17% | 7.7% |
| Consumer Cyclical | 1.3% | 20.1 | 23.6 | 3.48 | 4.87 | 0.00% | 24.2% |
FOWF 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 FOWF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FOWF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NOC | Northrop Grumman Corporation | 7.58% | 16.5 | 17.0 | 1.7 | 1.90% | 18.78% |
| LMT | Lockheed Martin Corporation | 7.43% | 20.3 | 16.2 | 1.7 | 2.61% | 14.96% |
| GD | General Dynamics Corporation | 6.62% | 21.0 | 18.5 | 1.7 | 1.85% | 12.91% |
| RTX | RTX Corporation | 6.55% | 34.1 | 24.6 | 2.8 | 1.51% | 7.85% |
| BA | The Boeing Company | 6.36% | 67.9 | 49.5 | 1.6 | — | 3.83% |
| LDOS | Leidos Holdings, Inc. | 3.70% | 11.7 | 9.6 | 0.9 | 1.38% | 13.00% |
| LHX | L3Harris Technologies, Inc. | 3.31% | 25.1 | 17.9 | 2.0 | 2.01% | 5.40% |
| BA | BAE Systems plc | 2.45% | — | — | — | — | — |
| PLTR | Palantir Technologies Inc. | 1.70% | 160.4 | 85.5 | 72.6 | — | 0.43% |
| ZS | Zscaler, Inc. | 1.12% | — | 43.9 | 10.1 | — | −0.09% |
| MSTR | MicroStrategy Incorporated | 1.06% | — | 6.8 | 116.3 | — | −30.08% |
| CRM | Salesforce, Inc. | 0.96% | 22.0 | 14.0 | 4.5 | 0.73% | 1.79% |
| CRWD | CrowdStrike Holdings, Inc. | 0.90% | — | 208.3 | 43.1 | — | 0.01% |
| SGE | Sage Group PLC | 0.88% | — | — | — | — | — |
| CAP | Capgemini SE | 0.81% | — | — | — | — | — |
| HPE | Hewlett Packard Enterprise Company | 0.81% | 28.4 | 13.6 | 1.7 | 1.03% | 1.17% |
| DASTF | Dassault Systemes SE | 0.81% | — | — | — | — | — |
| ROP | Roper Technologies, Inc. | 0.79% | 15.9 | 15.0 | 4.6 | 0.95% | 2.02% |
| IBM | International Business Machines Corporation | 0.79% | 20.6 | 17.4 | 3.2 | 2.91% | 1.56% |
| ADBE | Adobe Inc. | 0.78% | 13.7 | 8.7 | 3.7 | — | 2.32% |
| MSFT | Microsoft Corporation | 0.77% | 29.5 | 25.1 | 11.8 | 0.74% | 1.07% |
| MSI | Motorola Solutions, Inc. | 0.77% | 36.5 | 23.9 | 6.3 | 1.05% | 0.86% |
| SNPS | Synopsys, Inc. | 0.76% | 80.3 | 23.3 | 9.3 | — | 0.39% |
| DELL | Dell Technologies Inc. | 0.75% | 26.3 | 21.3 | 1.9 | 0.56% | 1.17% |
| SAAB-B | Saab AB (publ) | 0.74% | — | — | — | — | — |
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 FOWF valuation
Adding up its 59 holdings with company data, FOWF trades at 32.3 times trailing earnings and 18.7 times analysts' forward estimates, with a price-to-book ratio of 4.69 and a dividend yield of 1.26%. Its earnings yield of 3.09% is 2.23 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 46.8% of the fund and earn 47.0% of its combined profit. By sector, Technology is the most expensive at 400.9 times earnings and Consumer Cyclical the cheapest at 20.1. Companies that lost money over the past year are 5.2% 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 79.9% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FOWF chart, FOWF performance, FOWF holdings, FOWF dividends.
FOWF valuation FAQ
What is the P/E ratio of FOWF?
Based on its holdings, FOWF has a trailing P/E of 32.3 and a forward P/E of 18.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FOWF?
The trailing earnings yield is 3.09% (1 ÷ P/E) and the forward earnings yield 5.34%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FOWF more expensive than the S&P 500?
FOWF trades at 32.3 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.7 and 19.9.
What is the price-to-book ratio of FOWF?
The holdings of FOWF trade at 4.69 times book value, with a combined return on equity of 14.5%.
Which sector in FOWF has the highest P/E?
Technology has the highest P/E at 400.9 and Consumer Cyclical the lowest at 20.1.