First Trust Indxx Medical Devices ETF (MDEV) Valuation
MDEV valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 38.9 trailing earnings
- Forward P/E
- 18.2 analyst estimates
- Price / sales
- 3.57
- Price / book
- 2.96
- EV / EBITDA
- 17.9
- Earnings yield
- 2.57% inverse of P/E
- Dividend yield
- 0.57% of the holdings
- Return on equity
- 7.6% combined
- Net margin
- 9.2% combined
- Beta
- 0.88 weighted, vs S&P 500
MDEV valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MDEV | 38.9 | 18.2 | 3.57 | 2.96 | 0.57% | 7.6% | 9.2% | 6.8% |
| 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.
MDEV valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 97.8% | 38.9 | 18.2 | 3.57 | 2.96 | 0.57% | 7.6% |
MDEV 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 MDEV weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MDEV largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| SN | Smith & Nephew PLC | 2.23% | — | — | — | — | — |
| COH | Cochlear Ltd | 2.21% | — | — | — | — | — |
| COLO-B | Coloplast A/S | 2.21% | — | — | — | — | — |
| STE | STERIS plc | 2.18% | 27.2 | 19.2 | 3.6 | 1.16% | 5.05% |
| 4543 | Terumo Corp. | 2.17% | — | — | — | — | — |
| PHIA | Koninklijke Philips NV | 2.17% | — | — | — | — | — |
| STMN | Straumann Holding AG | 2.17% | — | — | — | — | — |
| MDT | Medtronic plc | 2.17% | 23.3 | 14.9 | 3.2 | 3.04% | 5.88% |
| ZBH | Zimmer Biomet Holdings, Inc. | 2.16% | 23.1 | 10.1 | 2.1 | 1.01% | 5.89% |
| MMSI | Merit Medical Systems, Inc. | 2.15% | 36.7 | 18.9 | 3.4 | — | 3.69% |
| SOON | Sonova H Ag | 2.14% | — | — | — | — | — |
| AFX | Carl Zeiss Meditec AG | 2.14% | — | — | — | — | — |
| LMAT | LeMaitre Vascular, Inc. | 2.14% | 28.4 | 25.6 | 7.0 | 1.24% | 4.75% |
| TFX | Teleflex Incorporated | 2.14% | — | 11.0 | 2.5 | 1.04% | −8.76% |
| EW | Edwards Lifesciences Corporation | 2.14% | 51.5 | 25.6 | 7.7 | — | 2.61% |
| LIVN | LivaNova PLC | 2.12% | 23.0 | 16.0 | 2.9 | — | 5.83% |
| BIM | Biomerieux SA | 2.12% | — | — | — | — | — |
| SHL | Siemens Healthineers AG | 2.12% | — | — | — | — | — |
| COO | The Cooper Companies, Inc. | 2.12% | 19.9 | 11.3 | 2.6 | — | 6.70% |
| GMED | Globus Medical, Inc. | 2.11% | 19.7 | 13.9 | 3.3 | — | 6.78% |
| RMD | ResMed Inc. | 2.11% | 22.9 | 18.5 | 5.9 | 1.10% | 5.82% |
| MTD | Mettler-Toledo International Inc. | 2.11% | 36.6 | 28.5 | 7.9 | — | 3.64% |
| ALC | Alcon AG | 2.07% | — | — | — | — | — |
| 6869 | Sysmex Cor | 2.06% | — | — | — | — | — |
| WAT | Waters Corporation | 2.06% | 110.6 | 24.8 | 9.2 | — | 1.18% |
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 MDEV valuation
Adding up its 30 holdings with company data, MDEV trades at 38.9 times trailing earnings and 18.2 times analysts' forward estimates, with a price-to-book ratio of 2.96 and a dividend yield of 0.57%. Its earnings yield of 2.57% is 2.75 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 21.8% of the fund and earn 38.4% of its combined profit. Companies that lost money over the past year are 6.8% 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 61.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MDEV chart, MDEV performance, MDEV holdings, MDEV dividends.
MDEV valuation FAQ
What is the P/E ratio of MDEV?
Based on its holdings, MDEV has a trailing P/E of 38.9 and a forward P/E of 18.2 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MDEV?
The trailing earnings yield is 2.57% (1 ÷ P/E) and the forward earnings yield 5.48%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MDEV more expensive than the S&P 500?
MDEV trades at 38.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 18.2 and 19.9.
What is the price-to-book ratio of MDEV?
The holdings of MDEV trade at 2.96 times book value, with a combined return on equity of 7.6%.