First Trust S&P REIT Index Fund (FRI) Valuation
FRI valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 40.1 trailing earnings
- Forward P/E
- 32.8 analyst estimates
- Price / sales
- 6.96
- Price / book
- 2.38
- EV / EBITDA
- 18.4
- Earnings yield
- 2.49% inverse of P/E
- Dividend yield
- 3.88% of the holdings
- Return on equity
- 5.9% combined
- Net margin
- 17.4% combined
- Beta
- 0.96 weighted, vs S&P 500
FRI valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FRI | 40.1 | 32.8 | 6.96 | 2.38 | 3.88% | 5.9% | 17.4% | 4.6% |
| 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.
FRI valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Real Estate | 95.2% | 40.0 | 32.8 | 6.96 | 2.38 | 3.88% | 6.0% |
| Financial Services | 0.0% | n/m | — | 3.42 | 0.41 | 9.80% | −12.4% |
FRI 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 FRI weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FRI largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| WELL | Welltower Inc. | 12.58% | 105.3 | 78.1 | 13.3 | 1.45% | 5.25% |
| PLD | Prologis, Inc. | 8.91% | 27.7 | 29.2 | 12.4 | 3.40% | 14.14% |
| DLR | Digital Realty Trust, Inc. | 4.66% | 85.4 | 66.2 | 9.8 | 2.77% | 2.40% |
| SPG | Simon Property Group, Inc. | 4.59% | 14.5 | 30.7 | 11.2 | 4.33% | 13.91% |
| EQIX | Equinix, Inc. | 4.38% | 63.4 | 52.1 | 9.8 | 2.09% | 3.04% |
| O | Realty Income Corporation | 3.92% | 40.6 | 33.7 | 8.7 | 5.81% | 4.24% |
| PSA | Public Storage | 3.86% | 28.5 | 27.2 | 11.4 | 4.02% | 5.96% |
| EQR | Equity Residential | 3.51% | — | — | — | — | — |
| VTR | Ventas, Inc. | 3.30% | 159.0 | 128.2 | 6.9 | 2.42% | 0.91% |
| IRM | Iron Mountain Incorporated | 2.53% | 80.4 | 58.5 | 4.4 | 3.07% | 1.39% |
| EXR | Extra Space Storage Inc. | 2.30% | 30.8 | 29.0 | 8.8 | 4.64% | 3.28% |
| VICI | VICI Properties Inc. | 1.97% | 9.2 | 7.8 | 6.3 | 7.80% | 9.45% |
| ESS | Essex Property Trust, Inc. | 1.41% | 41.9 | 43.9 | 9.4 | 3.85% | 1.48% |
| HST | Host Hotels & Resorts, Inc. | 1.27% | 16.2 | 22.2 | 2.7 | 3.34% | 3.43% |
| KIM | Kimco Realty Corporation | 1.22% | 27.0 | 27.5 | 7.0 | 4.89% | 1.99% |
| INVH | Invitation Homes Inc. | 1.17% | 24.8 | 30.4 | 5.6 | 4.43% | 2.06% |
| SUI | Sun Communities, Inc. | 1.13% | 89.5 | 33.8 | 6.5 | 3.79% | 0.55% |
| MAA | Mid-America Apartment Communities, Inc. | 1.10% | 34.1 | 33.6 | 6.3 | 5.25% | 1.42% |
| WPC | W. P. Carey Inc. | 1.07% | 22.3 | 24.2 | 8.2 | 5.83% | 2.12% |
| OHI | Omega Healthcare Investors, Inc. | 1.06% | 16.3 | 10.1 | 11.6 | 5.96% | 2.86% |
| DOC | Healthpeak Properties, Inc. | 1.03% | 54.2 | 169.5 | 4.6 | 6.43% | 0.84% |
| LAMR | Lamar Advertising Company | 1.00% | 27.4 | 29.5 | 6.6 | 4.40% | 1.61% |
| REG | Regency Centers Corporation | 0.92% | 24.7 | 28.9 | 8.1 | 4.12% | 1.65% |
| ELS | Equity LifeStyle Properties, Inc. | 0.90% | 29.6 | 28.6 | 7.8 | 3.55% | 1.34% |
| AHR | American Healthcare REIT, Inc. | 0.87% | 79.4 | 48.1 | 4.6 | 1.88% | 0.48% |
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 FRI valuation
Adding up its 118 holdings with company data, FRI trades at 40.1 times trailing earnings and 32.8 times analysts' forward estimates, with a price-to-book ratio of 2.38 and a dividend yield of 3.88%. Its earnings yield of 2.49% is 2.83 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 52.3% of the fund and earn 54.5% of its combined profit. Companies that lost money over the past year are 4.6% 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 95.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FRI chart, FRI performance, FRI holdings, FRI dividends.
FRI valuation FAQ
What is the P/E ratio of FRI?
Based on its holdings, FRI has a trailing P/E of 40.1 and a forward P/E of 32.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FRI?
The trailing earnings yield is 2.49% (1 ÷ P/E) and the forward earnings yield 3.05%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FRI more expensive than the S&P 500?
FRI trades at 40.1 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 32.8 and 19.9.
What is the price-to-book ratio of FRI?
The holdings of FRI trade at 2.38 times book value, with a combined return on equity of 5.9%.