Horizon Kinetics Medical ETF (MEDX) Valuation
MEDX valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 122.9 trailing earnings
- Forward P/E
- 17.4 analyst estimates
- Price / sales
- 5.59
- Price / book
- 6.00
- EV / EBITDA
- 16.0
- Earnings yield
- 0.81% inverse of P/E
- Dividend yield
- 1.69% of the holdings
- Return on equity
- 4.9% combined
- Net margin
- 4.6% combined
- Beta
- 0.41 weighted, vs S&P 500
MEDX valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MEDX | 122.9 | 17.4 | 5.59 | 6.00 | 1.69% | 4.9% | 4.6% | 9.9% |
| 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.
MEDX valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 91.3% | 122.9 | 17.4 | 5.59 | 6.00 | 1.69% | 4.9% |
MEDX 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 MEDX weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MEDX largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| LLY | Eli Lilly and Company | 19.66% | 42.2 | 24.4 | 14.1 | 0.55% | 68.06% |
| ABBV | AbbVie Inc. | 10.26% | 80.6 | 16.4 | 7.8 | 2.42% | 18.58% |
| NVS | Novartis AG | 6.59% | 22.8 | 14.7 | 5.0 | 3.15% | 42.27% |
| JNJ | Johnson & Johnson | 5.69% | 38.8 | 21.0 | 6.2 | 2.10% | 21.41% |
| AMGN | Amgen Inc. | 4.86% | 26.9 | 16.7 | 6.1 | 2.33% | 26.44% |
| AZN | AstraZeneca PLC | 4.60% | — | — | — | — | — |
| BMY | Bristol-Myers Squibb Company | 4.53% | 13.2 | 9.4 | 2.5 | 4.22% | 50.28% |
| ALKS | Alkermes plc | 4.48% | 108.5 | 133.3 | 4.1 | — | 6.03% |
| MRK | Merck & Co., Inc. | 4.37% | 115.8 | 15.3 | 5.4 | 2.33% | 5.51% |
| PFE | Pfizer Inc. | 3.72% | 38.9 | 9.7 | 2.6 | 5.81% | 13.94% |
| BIIB | Biogen Inc. | 3.53% | 41.3 | 13.9 | 3.4 | — | 12.47% |
| REGN | Regeneron Pharmaceuticals, Inc. | 2.70% | 19.6 | 14.5 | 5.2 | 0.48% | 20.19% |
| GSK | GSK plc | 2.67% | 15.6 | 9.8 | 3.0 | 3.67% | 24.96% |
| IONS | Ionis Pharmaceuticals, Inc. | 2.57% | — | 90.9 | 8.2 | — | −30.47% |
| ALNY | Alnylam Pharmaceuticals, Inc. | 2.43% | 39.1 | 19.7 | 6.5 | — | 9.09% |
| CRSP | CRISPR Therapeutics AG | 2.42% | — | 23.4 | 355.6 | — | −33.99% |
| BEAM | Beam Therapeutics Inc. | 1.08% | — | — | 15.5 | — | −4.57% |
| SDZNY | Sandoz Group AG | 0.88% | — | — | — | — | — |
| GALT | Galectin Therapeutics Inc. | 0.81% | — | 4.5 | — | — | — |
| REPL | Replimune Group, Inc. | 0.80% | — | — | — | — | — |
| NTLA | Intellia Therapeutics, Inc. | 0.69% | — | — | 26.9 | — | −29.70% |
| H6D | Haleon PLC | 0.68% | — | — | — | — | — |
| VNDA | Vanda Pharmaceuticals Inc. | 0.46% | — | 103.1 | 1.1 | — | −77.04% |
| EDIT | Editas Medicine, Inc. | 0.35% | — | — | 7.7 | — | −14.73% |
| GEHC | GE HealthCare Technologies Inc. | 0.31% | 16.0 | 12.1 | 1.5 | 0.23% | 2.84% |
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 MEDX valuation
Adding up its 24 holdings with company data, MEDX trades at 122.9 times trailing earnings and 17.4 times analysts' forward estimates, with a price-to-book ratio of 6.00 and a dividend yield of 1.69%. Its earnings yield of 0.81% is 4.51 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 68.8% of the fund and earn 265.0% of its combined profit. Companies that lost money over the past year are 9.9% 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 91.5% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MEDX chart, MEDX performance, MEDX holdings, MEDX dividends.
MEDX valuation FAQ
What is the P/E ratio of MEDX?
Based on its holdings, MEDX has a trailing P/E of 122.9 and a forward P/E of 17.4 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MEDX?
The trailing earnings yield is 0.81% (1 ÷ P/E) and the forward earnings yield 5.73%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MEDX more expensive than the S&P 500?
MEDX trades at 122.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 17.4 and 19.9.
What is the price-to-book ratio of MEDX?
The holdings of MEDX trade at 6.00 times book value, with a combined return on equity of 4.9%.