First Trust Technology AlphaDEX Fund (FXL) Valuation
FXL valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 30.0 trailing earnings
- Forward P/E
- 17.8 analyst estimates
- Price / sales
- 2.12
- Price / book
- 4.70
- EV / EBITDA
- 18.0
- Earnings yield
- 3.34% inverse of P/E
- Dividend yield
- 0.50% of the holdings
- Return on equity
- 15.7% combined
- Net margin
- 7.1% combined
- Beta
- 1.33 weighted, vs S&P 500
FXL valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| FXL | 30.0 | 17.8 | 2.12 | 4.70 | 0.50% | 15.7% | 7.1% | 9.5% |
| 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.
FXL valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 90.0% | 30.8 | 18.1 | 2.13 | 4.74 | 0.47% | 15.4% |
| Communication Services | 3.8% | 20.2 | 18.8 | 6.57 | 7.47 | 0.51% | 37.1% |
| Industrials | 2.0% | 13.6 | 9.2 | 0.84 | 2.47 | 2.01% | 18.2% |
| Consumer Cyclical | 1.7% | 37.2 | 17.2 | 3.51 | 5.21 | 0.00% | 14.0% |
| Financial Services | 0.5% | n/m | 137.0 | 11.59 | 4.73 | 0.00% | −8.6% |
FXL 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 FXL weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
FXL largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| EPAM | EPAM Systems, Inc. | 1.98% | 16.6 | 8.3 | 1.1 | — | 3.71% |
| TEAM | Atlassian Corporation | 1.94% | — | 36.2 | 8.0 | — | −0.04% |
| CTSH | Cognizant Technology Solutions Corporation | 1.92% | 14.2 | 9.4 | 1.4 | 2.00% | 4.19% |
| NIQ | NIQ Global Intelligence plc | 1.77% | — | — | — | — | — |
| PTC | PTC Inc. | 1.73% | 18.7 | 16.3 | 7.1 | — | 2.86% |
| ZM | Zoom Video Communications, Inc. | 1.68% | 8.7 | 15.1 | 5.5 | — | 5.95% |
| MBGL | Mobility Global Inc. | 1.66% | 43.5 | 11.6 | 3.3 | 1.28% | 1.18% |
| RBRK | Rubrik, Inc. | 1.64% | — | 625.0 | 15.0 | — | −0.45% |
| RNG | RingCentral, Inc. | 1.57% | 60.4 | 14.3 | 2.4 | 0.36% | 0.81% |
| ROP | Roper Technologies, Inc. | 1.53% | 15.9 | 15.0 | 4.6 | 0.95% | 2.98% |
| S | SentinelOne, Inc. | 1.52% | — | 75.2 | 6.8 | — | −2.18% |
| NTAP | NetApp, Inc. | 1.49% | 28.7 | 21.4 | 5.4 | 1.02% | 1.61% |
| SNOW | Snowflake Inc. | 1.46% | — | 169.5 | 19.9 | — | −0.47% |
| FTNT | Fortinet, Inc. | 1.45% | 59.8 | 45.0 | 16.5 | — | 0.75% |
| PANW | Palo Alto Networks, Inc. | 1.42% | 855.0 | 94.3 | 24.4 | — | 0.05% |
| IAC | IAC Inc. | 1.42% | — | — | — | — | — |
| CRWD | CrowdStrike Holdings, Inc. | 1.41% | — | 208.3 | 43.1 | — | 0.01% |
| LDOS | Leidos Holdings, Inc. | 1.41% | 11.7 | 9.6 | 0.9 | 1.38% | 3.74% |
| P | Everpure, Inc. | 1.40% | 169.9 | 44.8 | 9.7 | — | 0.26% |
| DOX | Amdocs Limited | 1.39% | 14.3 | 7.1 | 1.3 | 3.79% | 3.02% |
| OLED | Universal Display Corporation | 1.38% | 18.8 | 14.9 | 5.9 | 2.57% | 2.28% |
| KBR | KBR, Inc. | 1.33% | 10.9 | 8.1 | 0.6 | 1.81% | 3.78% |
| TWLO | Twilio Inc | 1.33% | 33.8 | 43.7 | 6.7 | — | 1.22% |
| NET | Cloudflare, Inc. | 1.31% | — | 178.6 | 42.0 | — | −0.07% |
| MDB | MongoDB, Inc. | 1.31% | 468.8 | 70.4 | 9.8 | — | 0.09% |
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 FXL valuation
Adding up its 108 holdings with company data, FXL trades at 30.0 times trailing earnings and 17.8 times analysts' forward estimates, with a price-to-book ratio of 4.70 and a dividend yield of 0.50%. Its earnings yield of 3.34% is 1.99 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 17.4% of the fund and earn 19.0% of its combined profit. By sector, Consumer Cyclical is the most expensive at 37.2 times earnings and Industrials the cheapest at 13.6. Companies that lost money over the past year are 9.5% 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 96.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: FXL chart, FXL performance, FXL holdings.
FXL valuation FAQ
What is the P/E ratio of FXL?
Based on its holdings, FXL has a trailing P/E of 30.0 and a forward P/E of 17.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of FXL?
The trailing earnings yield is 3.34% (1 ÷ P/E) and the forward earnings yield 5.63%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is FXL more expensive than the S&P 500?
FXL trades at 30.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.8 and 19.9.
What is the price-to-book ratio of FXL?
The holdings of FXL trade at 4.70 times book value, with a combined return on equity of 15.7%.
Which sector in FXL has the highest P/E?
Consumer Cyclical has the highest P/E at 37.2 and Industrials the lowest at 13.6.