Fidelity Quality Factor ETF (FQAL) Valuation
FQAL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.6 trailing earnings
- Forward P/E
- 19.4 analyst estimates
- Price / sales
- 4.73
- Price / book
- 7.69
- EV / EBITDA
- 17.7
- Earnings yield
- 4.06% inverse of P/E
- Dividend yield
- 1.19% of the holdings
- Return on equity
- 31.2% combined
- Net margin
- 19.2% combined
- Beta
- 1.07 weighted, vs S&P 500
FQAL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FQAL | 24.6 | 19.4 | 4.73 | 7.69 | 1.19% | 31.2% | 19.2% | 0.9% |
| 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.
FQAL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 37.1% | 29.4 | 22.2 | 10.75 | 16.13 | 0.61% | 54.8% |
| Financial Services | 12.0% | 16.1 | 14.9 | 4.32 | 3.46 | 1.31% | 21.6% |
| Healthcare | 9.7% | 40.6 | 18.4 | 2.24 | 9.36 | 1.60% | 23.1% |
| Communication Services | 8.7% | 18.1 | 19.8 | 5.93 | 5.79 | 0.67% | 31.9% |
| Consumer Cyclical | 8.2% | 23.4 | 19.6 | 3.15 | 22.83 | 1.41% | 97.4% |
| Industrials | 6.9% | 30.1 | 24.6 | 4.33 | 14.81 | 1.17% | 49.2% |
| Consumer Defensive | 4.5% | 25.8 | 19.3 | 4.30 | 12.31 | 2.79% | 47.7% |
| Energy | 3.9% | 18.7 | 13.3 | 2.06 | 2.65 | 2.18% | 14.2% |
| Real Estate | 1.9% | 27.7 | 28.1 | 9.59 | 3.12 | 3.89% | 11.2% |
| Basic Materials | 1.8% | 21.2 | 18.0 | 4.25 | 5.29 | 1.46% | 24.9% |
| Utilities | 1.8% | 23.0 | 14.1 | 2.95 | 2.97 | 2.24% | 12.9% |
FQAL 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 FQAL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FQAL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| AAPL | Apple Inc. | 7.66% | 39.4 | 35.2 | 10.7 | 0.31% | 4.97% |
| NVDA | NVIDIA Corporation | 7.62% | 27.1 | 24.9 | 17.1 | 0.47% | 7.18% |
| MSFT | Microsoft Corporation | 6.20% | 29.5 | 25.1 | 11.8 | 0.74% | 5.36% |
| GOOGL | Alphabet Inc. | 4.72% | 17.1 | 22.8 | 9.3 | 0.26% | 7.05% |
| AVGO | Broadcom Inc. | 2.70% | 43.3 | 19.4 | 17.6 | 0.79% | 1.59% |
| META | Meta Platforms, Inc. | 2.29% | 26.7 | 22.1 | 7.9 | 0.30% | 2.19% |
| MU | Micron Technology, Inc. | 1.96% | 11.8 | 7.0 | 7.5 | 0.07% | 4.23% |
| JPM | JPMorgan Chase & Co. | 1.72% | 14.2 | 13.5 | 4.7 | 1.94% | 3.08% |
| LLY | Eli Lilly and Company | 1.71% | 42.2 | 24.4 | 14.1 | 0.55% | 1.03% |
| V | Visa Inc. | 1.55% | 34.3 | 24.0 | 17.0 | 0.67% | 1.15% |
| PLTR | Palantir Technologies Inc. | 1.43% | 160.4 | 85.5 | 72.6 | — | 0.23% |
| MA | Mastercard Incorporated | 1.31% | 34.0 | 24.2 | 15.4 | 0.56% | 0.98% |
| XOM | Exxon Mobil Corporation | 1.17% | 23.0 | 14.8 | 2.0 | 2.30% | 1.29% |
| JNJ | Johnson & Johnson | 1.15% | 38.8 | 21.0 | 6.2 | 2.10% | 0.76% |
| CSCO | Cisco Systems, Inc. | 1.13% | 32.2 | 19.8 | 6.7 | 1.56% | 0.90% |
| ABBV | AbbVie Inc. | 1.08% | 80.6 | 16.4 | 7.8 | 2.42% | 0.34% |
| QCOM | QUALCOMM Incorporated | 1.01% | 19.9 | 19.6 | 4.2 | 2.14% | 1.29% |
| LRCX | Lam Research Corporation | 0.98% | 45.8 | 33.7 | 14.2 | 0.50% | 0.55% |
| AMAT | Applied Materials, Inc. | 0.94% | 35.3 | 23.4 | 10.5 | 0.52% | 0.68% |
| MRK | Merck & Co., Inc. | 0.88% | 115.8 | 15.3 | 5.4 | 2.33% | 0.19% |
| FTNT | Fortinet, Inc. | 0.87% | 59.8 | 45.0 | 16.5 | — | 0.37% |
| UNH | UnitedHealth Group Incorporated | 0.86% | 25.8 | 16.6 | 0.8 | 2.31% | 0.85% |
| ADBE | Adobe Inc. | 0.81% | 13.7 | 8.7 | 3.7 | — | 1.51% |
| CME | CME Group Inc. | 0.80% | 24.9 | 21.9 | 15.6 | 1.77% | 0.82% |
| PG | The Procter & Gamble Company | 0.78% | 24.1 | 21.2 | 4.3 | 2.73% | 0.83% |
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 FQAL valuation
Adding up its 131 holdings with company data, FQAL trades at 24.6 times trailing earnings and 19.4 times analysts' forward estimates, with a price-to-book ratio of 7.69 and a dividend yield of 1.19%. Its earnings yield of 4.06% is 1.26 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.1% of the fund and earn 37.8% of its combined profit. By sector, Healthcare is the most expensive at 40.6 times earnings and Financial Services the cheapest at 16.1. Companies that lost money over the past year are 0.9% 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 99.3% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FQAL chart, FQAL performance, FQAL holdings, FQAL dividends.
FQAL valuation FAQ
What is the P/E ratio of FQAL?
Based on its holdings, FQAL has a trailing P/E of 24.6 and a forward P/E of 19.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FQAL?
The trailing earnings yield is 4.06% (1 ÷ P/E) and the forward earnings yield 5.15%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FQAL more expensive than the S&P 500?
FQAL trades at 24.6 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.4 and 19.9.
What is the price-to-book ratio of FQAL?
The holdings of FQAL trade at 7.69 times book value, with a combined return on equity of 31.2%.
Which sector in FQAL has the highest P/E?
Healthcare has the highest P/E at 40.6 and Financial Services the lowest at 16.1.