Fidelity Small-Mid Factor (FSMD) Valuation
FSMD valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 18.9 trailing earnings
- Forward P/E
- 13.7 analyst estimates
- Price / sales
- 1.45
- Price / book
- 2.33
- EV / EBITDA
- 11.1
- Earnings yield
- 5.30% inverse of P/E
- Dividend yield
- 1.45% of the holdings
- Return on equity
- 12.4% combined
- Net margin
- 7.7% combined
- Beta
- 0.92 weighted, vs S&P 500
FSMD valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FSMD | 18.9 | 13.7 | 1.45 | 2.33 | 1.45% | 12.4% | 7.7% | 6.2% |
| 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.
FSMD valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Financial Services | 17.3% | 10.9 | 9.6 | 1.38 | 1.37 | 2.17% | 12.6% |
| Technology | 16.5% | 29.1 | 15.1 | 1.67 | 4.05 | 0.37% | 13.9% |
| Healthcare | 15.8% | 39.2 | 16.0 | 2.00 | 3.68 | 0.14% | 9.4% |
| Industrials | 15.7% | 25.2 | 17.1 | 1.64 | 3.17 | 1.07% | 12.6% |
| Consumer Cyclical | 10.5% | 14.5 | 12.4 | 0.87 | 2.76 | 1.52% | 19.1% |
| Real Estate | 6.8% | 22.8 | 29.9 | 5.59 | 1.84 | 4.87% | 8.0% |
| Energy | 4.9% | 9.7 | 9.7 | 1.41 | 1.50 | 2.18% | 15.4% |
| Consumer Defensive | 3.6% | 18.1 | 11.2 | 0.54 | 2.16 | 1.84% | 11.9% |
| Communication Services | 3.2% | 26.6 | 12.9 | 1.49 | 1.94 | 1.25% | 7.3% |
| Basic Materials | 3.0% | 21.7 | 13.9 | 1.43 | 2.63 | 1.20% | 12.1% |
| Utilities | 2.2% | 17.4 | 15.6 | 1.93 | 1.46 | 3.59% | 8.4% |
FSMD 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 FSMD weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FSMD largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| P | Everpure, Inc. | 0.64% | 169.9 | 44.8 | 9.7 | — | 0.07% |
| THC | Tenet Healthcare Corporation | 0.41% | 10.5 | 12.5 | 1.0 | — | 0.75% |
| DINO | HF Sinclair Corporation | 0.40% | 11.9 | 10.0 | 0.7 | 1.68% | 0.65% |
| APA | APA Corporation | 0.39% | 10.4 | 9.4 | 2.0 | 2.03% | 0.72% |
| DT | Dynatrace, Inc. | 0.38% | 122.2 | 29.6 | 8.5 | — | 0.06% |
| YZ8 | Permian Resources Corporation | 0.38% | — | — | — | — | — |
| GH | Guardant Health, Inc. | 0.38% | — | — | 18.0 | — | −0.16% |
| EWBC | East West Bancorp, Inc. | 0.38% | 12.2 | 12.7 | 6.0 | 2.52% | 0.60% |
| L | Loews Corporation | 0.37% | 13.5 | 12.2 | 1.2 | 0.23% | 0.54% |
| RGA | Reinsurance Group of America, Incorporated | 0.37% | 11.7 | 7.7 | 0.7 | 1.47% | 0.62% |
| RVTY | Revvity, Inc. | 0.37% | 73.0 | 24.2 | 5.8 | 0.18% | 0.10% |
| NTNX | Nutanix, Inc. | 0.37% | 12.9 | 29.9 | 6.3 | — | 0.55% |
| INCY | Incyte Corporation | 0.36% | 14.4 | 14.7 | 3.9 | — | 0.49% |
| SNX | TD SYNNEX Corporation | 0.36% | 15.0 | 12.7 | 0.3 | 0.78% | 0.46% |
| ZBRA | Zebra Technologies Corporation | 0.35% | 33.8 | 16.9 | 3.0 | — | 0.20% |
| HAS | Hasbro, Inc. | 0.35% | 17.8 | 13.5 | 2.8 | 2.84% | 0.38% |
| EXEL | Exelixis, Inc. | 0.35% | 19.6 | 13.6 | 6.3 | — | 0.34% |
| DOCU | DocuSign, Inc. | 0.35% | 45.5 | 15.1 | 4.2 | — | 0.15% |
| CRL | Charles River Laboratories International, Inc. | 0.34% | — | 22.4 | 3.6 | — | −0.11% |
| IT | Gartner, Inc. | 0.34% | 18.6 | 11.3 | 2.0 | — | 0.36% |
| NWSA | News Corporation | 0.34% | 29.2 | 22.0 | 1.8 | 0.67% | 0.22% |
| NVT | nVent Electric plc | 0.34% | 39.3 | 25.1 | 4.8 | 0.59% | 0.17% |
| HALO | Halozyme Therapeutics, Inc. | 0.33% | 35.6 | 11.5 | 8.3 | — | 0.18% |
| RNR | RenaissanceRe Holdings Ltd. | 0.33% | 6.1 | 8.1 | 1.3 | 0.47% | 1.05% |
| GDDY | GoDaddy Inc. | 0.33% | 15.8 | 8.7 | 2.6 | — | 0.40% |
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 FSMD valuation
Adding up its 578 holdings with company data, FSMD trades at 18.9 times trailing earnings and 13.7 times analysts' forward estimates, with a price-to-book ratio of 2.33 and a dividend yield of 1.45%. Its earnings yield of 5.30% is 0.02 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 4.1% of the fund and earn 3.9% of its combined profit. By sector, Healthcare is the most expensive at 39.2 times earnings and Energy the cheapest at 9.7. Companies that lost money over the past year are 6.2% 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 97.6% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FSMD chart, FSMD performance, FSMD holdings, FSMD dividends.
FSMD valuation FAQ
What is the P/E ratio of FSMD?
Based on its holdings, FSMD has a trailing P/E of 18.9 and a forward P/E of 13.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FSMD?
The trailing earnings yield is 5.30% (1 ÷ P/E) and the forward earnings yield 7.31%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FSMD more expensive than the S&P 500?
FSMD trades at 18.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 13.7 and 19.9.
What is the price-to-book ratio of FSMD?
The holdings of FSMD trade at 2.33 times book value, with a combined return on equity of 12.4%.
Which sector in FSMD has the highest P/E?
Healthcare has the highest P/E at 39.2 and Energy the lowest at 9.7.