Fidelity Real Estate Investment ETF (FPRO) Valuation
FPRO valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 34.8 trailing earnings
- Forward P/E
- 33.3 analyst estimates
- Price / sales
- 4.69
- Price / book
- 3.05
- EV / EBITDA
- 18.8
- Earnings yield
- 2.87% inverse of P/E
- Dividend yield
- 3.34% of the holdings
- Return on equity
- 8.8% combined
- Net margin
- 13.5% combined
- Beta
- 0.99 weighted, vs S&P 500
FPRO valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FPRO | 34.8 | 33.3 | 4.69 | 3.05 | 3.34% | 8.8% | 13.5% | 2.0% |
| 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.
FPRO valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 99.3% | 34.4 | 33.5 | 4.71 | 3.06 | 3.36% | 8.9% |
| Technology | 0.3% | n/m | — | 2.53 | — | 0.00% | — |
| Communication Services | 0.2% | 134.0 | 9.9 | 2.47 | 1.50 | 0.00% | 1.1% |
FPRO 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 FPRO weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FPRO largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| EQIX | Equinix, Inc. | 10.18% | 63.4 | 52.1 | 9.8 | 2.09% | 5.76% |
| PLD | Prologis, Inc. | 9.96% | 27.7 | 29.2 | 12.4 | 3.40% | 12.92% |
| AMT | American Tower Corporation | 9.02% | 25.5 | 24.6 | 7.9 | 3.86% | 12.72% |
| WELL | Welltower Inc. | 8.26% | 105.3 | 78.1 | 13.3 | 1.45% | 2.82% |
| SPG | Simon Property Group, Inc. | 4.71% | 14.5 | 30.7 | 11.2 | 4.33% | 11.68% |
| DLR | Digital Realty Trust, Inc. | 4.06% | 85.4 | 66.2 | 9.8 | 2.77% | 1.71% |
| CBRE | CBRE Group, Inc. | 3.78% | 30.5 | 14.9 | 0.9 | — | 4.46% |
| UDR | UDR, Inc. | 3.65% | 21.7 | 51.5 | 7.1 | 5.08% | 6.05% |
| VTR | Ventas, Inc. | 3.51% | 159.0 | 128.2 | 6.9 | 2.42% | 0.79% |
| PSA | Public Storage | 3.31% | 28.5 | 27.2 | 11.4 | 4.02% | 4.18% |
| KIM | Kimco Realty Corporation | 3.28% | 27.0 | 27.5 | 7.0 | 4.89% | 4.37% |
| O | Realty Income Corporation | 2.99% | 40.6 | 33.7 | 8.7 | 5.81% | 2.64% |
| EQR | Equity Residential | 2.88% | — | — | — | — | — |
| NNN | NNN REIT Inc | 2.46% | 20.6 | 20.4 | 8.4 | 5.97% | 4.30% |
| STAG | STAG Industrial, Inc. | 2.25% | 27.6 | 144.9 | 8.0 | 4.33% | 2.94% |
| AMH | American Homes 4 Rent | 1.93% | 24.8 | 200.0 | 6.8 | 4.22% | 2.80% |
| IRM | Iron Mountain Incorporated | 1.89% | 80.4 | 58.5 | 4.4 | 3.07% | 0.85% |
| JLL | Jones Lang LaSalle Incorporated | 1.82% | 14.7 | 10.4 | 0.5 | — | 4.46% |
| SBAC | SBA Communications Corporation | 1.60% | 20.2 | 19.4 | 6.9 | 2.67% | 2.86% |
| SUI | Sun Communities, Inc. | 1.54% | 89.5 | 33.8 | 6.5 | 3.79% | 0.62% |
| INVH | Invitation Homes Inc. | 1.54% | 24.8 | 30.4 | 5.6 | 4.43% | 2.23% |
| UE | Urban Edge Properties | 1.27% | 36.8 | 34.7 | 5.5 | 4.31% | 1.24% |
| WY | Weyerhaeuser Company | 1.22% | 30.2 | 29.1 | 2.1 | 4.28% | 1.45% |
| CPT | Camden Property Trust | 1.19% | 32.5 | 62.5 | 7.2 | 4.30% | 1.32% |
| DOC | Healthpeak Properties, Inc. | 1.19% | 54.2 | 169.5 | 4.6 | 6.43% | 0.79% |
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 FPRO valuation
Adding up its 43 holdings with company data, FPRO trades at 34.8 times trailing earnings and 33.3 times analysts' forward estimates, with a price-to-book ratio of 3.05 and a dividend yield of 3.34%. Its earnings yield of 2.87% is 2.46 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 60.4% of the fund and earn 63.1% of its combined profit. By sector, Communication Services is the most expensive at 134.0 times earnings and Real Estate the cheapest at 34.4. Companies that lost money over the past year are 2.0% 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 97.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FPRO chart, FPRO performance, FPRO holdings, FPRO dividends.
FPRO valuation FAQ
What is the P/E ratio of FPRO?
Based on its holdings, FPRO has a trailing P/E of 34.8 and a forward P/E of 33.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FPRO?
The trailing earnings yield is 2.87% (1 ÷ P/E) and the forward earnings yield 3.00%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FPRO more expensive than the S&P 500?
FPRO trades at 34.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 33.3 and 19.9.
What is the price-to-book ratio of FPRO?
The holdings of FPRO trade at 3.05 times book value, with a combined return on equity of 8.8%.
Which sector in FPRO has the highest P/E?
Communication Services has the highest P/E at 134.0 and Real Estate the lowest at 34.4.