First Trust US Equity Opportunities ETF (FPX) Valuation
FPX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 44.8 trailing earnings
- Forward P/E
- 20.0 analyst estimates
- Price / sales
- 2.16
- Price / book
- 4.55
- EV / EBITDA
- 13.8
- Earnings yield
- 2.23% inverse of P/E
- Dividend yield
- 0.56% of the holdings
- Return on equity
- 10.1% combined
- Net margin
- 4.8% combined
- Beta
- 1.11 weighted, vs S&P 500
FPX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FPX | 44.8 | 20.0 | 2.16 | 4.55 | 0.56% | 10.1% | 4.8% | 25.2% |
| 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.
FPX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 26.9% | 97.4 | 16.4 | 1.63 | 6.75 | 0.19% | 6.9% |
| Healthcare | 23.5% | 83.4 | 22.7 | 4.07 | 7.35 | 0.31% | 8.8% |
| Industrials | 18.1% | 72.2 | 59.2 | 7.99 | 12.27 | 0.12% | 17.0% |
| Financial Services | 8.5% | 12.7 | 12.2 | 1.08 | 1.66 | 1.29% | 13.1% |
| Energy | 6.2% | 14.2 | 10.4 | 0.90 | 1.83 | 1.99% | 12.9% |
| Consumer Cyclical | 3.8% | 47.3 | 19.1 | 2.12 | 4.21 | 0.23% | 8.9% |
| Real Estate | 3.1% | 130.2 | 65.9 | 4.98 | 2.86 | 2.27% | 2.2% |
| Consumer Defensive | 2.0% | 59.5 | 12.0 | 1.49 | 2.27 | 3.52% | 3.8% |
| Communication Services | 1.9% | 29.6 | 17.2 | 3.29 | 3.92 | 0.31% | 13.2% |
| Basic Materials | 1.1% | 72.0 | 17.5 | 2.18 | 1.91 | 1.45% | 2.7% |
FPX 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 FPX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FPX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SPCX | Space Exploration Technologies Corp. | 9.05% | — | 200.0 | 83.5 | — | −1.91% |
| LLY | Eli Lilly and Company | 8.70% | 42.2 | 24.4 | 14.1 | 0.55% | 9.89% |
| GEV | GE Vernova Inc. | 6.88% | 26.4 | 38.8 | 5.9 | 0.22% | 12.50% |
| SNDK | Sandisk Corporation | 5.11% | 17.6 | 8.0 | 9.3 | — | 13.90% |
| STX | Seagate Technology Holdings plc | 4.17% | 46.0 | 25.7 | 11.9 | 0.46% | 4.35% |
| DINO | HF Sinclair Corporation | 3.44% | 11.9 | 10.0 | 0.7 | 1.68% | 13.82% |
| LITE | Lumentum Holdings Inc. | 2.46% | — | 42.9 | 24.8 | — | −13.31% |
| CPAY | Corpay, Inc. | 2.15% | 24.3 | 12.8 | 5.2 | — | 4.25% |
| TWLO | Twilio Inc | 2.01% | 33.8 | 43.7 | 6.7 | — | 2.86% |
| GS | The Goldman Sachs Group, Inc. | 1.81% | 12.7 | 12.8 | 3.6 | 2.27% | 6.85% |
| DAVE | Dave Inc. | 1.71% | 23.7 | 16.9 | 7.3 | — | 3.47% |
| DASH | DoorDash, Inc. | 1.71% | 99.6 | 38.0 | 5.2 | — | 0.82% |
| HONAV | Honeywell Aerospace Inc. Common Stock When Issued | 1.71% | — | — | — | — | — |
| ROIV | Roivant Sciences Ltd. | 1.58% | — | — | 3,215.5 | — | −1.20% |
| AHR | American Healthcare REIT, Inc. | 1.58% | 79.4 | 48.1 | 4.6 | 1.88% | 0.95% |
| U | Unity Software Inc. | 1.54% | — | 28.7 | 8.8 | — | −2.48% |
| VTR | Ventas, Inc. | 1.47% | 159.0 | 128.2 | 6.9 | 2.42% | 0.44% |
| SJM | The J. M. Smucker Company | 1.45% | 59.5 | 12.0 | 1.5 | 3.52% | 1.17% |
| HG | Hamilton Insurance Group, Ltd. | 1.42% | 6.3 | — | 1.2 | — | 10.72% |
| RPRX | Royalty Pharma plc | 1.41% | 32.4 | 29.4 | 13.9 | 1.54% | 2.08% |
| INGM | Ingram Micro Holding Corporation | 1.38% | 14.6 | 7.3 | 0.1 | 1.29% | 4.52% |
| NIC | Nicolet Bankshares, Inc. | 1.30% | 18.3 | 14.8 | 6.7 | 0.83% | 3.39% |
| BTSG | BrightSpring Health Services, Inc. | 1.28% | 53.9 | 22.2 | 0.8 | — | 1.14% |
| RVMD | Revolution Medicines, Inc. | 1.16% | — | — | 9,035.1 | — | −2.76% |
| ACT | Enact Holdings, Inc. | 1.15% | 9.8 | 9.2 | 5.1 | 2.07% | 5.67% |
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 FPX valuation
Adding up its 87 holdings with company data, FPX trades at 44.8 times trailing earnings and 20.0 times analysts' forward estimates, with a price-to-book ratio of 4.55 and a dividend yield of 0.56%. Its earnings yield of 2.23% is 3.10 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.8% of the fund and earn 53.2% of its combined profit. By sector, Real Estate is the most expensive at 130.2 times earnings and Financial Services the cheapest at 12.7. Companies that lost money over the past year are 25.2% 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 95.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FPX chart, FPX performance, FPX holdings, FPX dividends.
FPX valuation FAQ
What is the P/E ratio of FPX?
Based on its holdings, FPX has a trailing P/E of 44.8 and a forward P/E of 20.0 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FPX?
The trailing earnings yield is 2.23% (1 ÷ P/E) and the forward earnings yield 5.01%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FPX more expensive than the S&P 500?
FPX trades at 44.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 20.0 and 19.9.
What is the price-to-book ratio of FPX?
The holdings of FPX trade at 4.55 times book value, with a combined return on equity of 10.1%.
Which sector in FPX has the highest P/E?
Real Estate has the highest P/E at 130.2 and Financial Services the lowest at 12.7.