First Trust Multi-Manager Small Cap… (MMSC) Valuation
MMSC valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 90.9 trailing earnings
- Forward P/E
- 21.8 analyst estimates
- Price / sales
- 2.71
- Price / book
- 4.25
- EV / EBITDA
- 19.1
- Earnings yield
- 1.10% inverse of P/E
- Dividend yield
- 0.34% of the holdings
- Return on equity
- 4.7% combined
- Net margin
- 3.0% combined
- Beta
- 1.29 weighted, vs S&P 500
MMSC valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| MMSC | 90.9 | 21.8 | 2.71 | 4.25 | 0.34% | 4.7% | 3.0% | 36.9% |
| 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.
MMSC valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 27.2% | n/m | 33.5 | 6.26 | 6.60 | 0.07% | −3.0% |
| Healthcare | 25.7% | n/m | 22.6 | 6.86 | 7.15 | 0.00% | −7.5% |
| Industrials | 15.5% | 51.5 | 23.9 | 1.94 | 3.11 | 0.79% | 6.0% |
| Financial Services | 8.7% | 15.7 | 10.7 | 0.90 | 2.73 | 0.55% | 17.4% |
| Consumer Cyclical | 8.5% | 30.1 | 18.0 | 1.40 | 2.71 | 0.61% | 9.0% |
| Energy | 4.8% | 15.7 | 14.0 | 2.64 | 2.22 | 1.72% | 14.2% |
| Consumer Defensive | 3.4% | 28.5 | 23.1 | 1.80 | 3.33 | 0.12% | 11.7% |
| Basic Materials | 1.6% | 48.5 | 26.7 | 3.31 | 3.56 | 0.31% | 7.3% |
| Communication Services | 1.2% | n/m | 28.7 | 3.24 | 4.04 | 0.19% | −13.3% |
| Real Estate | 0.3% | 152.2 | 7.2 | 0.66 | 2.36 | 0.00% | 1.6% |
MMSC 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 MMSC weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
MMSC largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| ZETA | Zeta Global Holdings Corp. | 1.67% | — | 24.4 | 5.0 | — | −0.05% |
| FROG | JFrog Ltd. | 1.58% | — | 81.3 | 17.3 | — | −0.71% |
| XMTR | Xometry, Inc. | 1.57% | — | 94.3 | 6.5 | — | −1.03% |
| VRNS | Varonis Systems, Inc. | 1.42% | — | 140.8 | 8.1 | — | −3.63% |
| TVTX | Travere Therapeutics, Inc. | 1.40% | — | 39.8 | 7.9 | — | −2.13% |
| GH | Guardant Health, Inc. | 1.33% | — | — | 18.0 | — | −2.99% |
| FF60 | FIRSTCASH HLDGS INC.DL-01 | 1.32% | — | — | — | — | — |
| OLLI | Ollie's Bargain Outlet Holdings, Inc. | 1.31% | 20.8 | 19.2 | 2.0 | — | 6.43% |
| RGEN | Repligen Corporation | 1.27% | 240.3 | 67.1 | 14.2 | — | 0.54% |
| SAIL | SailPoint, Inc. | 1.25% | — | 67.1 | 9.2 | — | −2.32% |
| TWST | Twist Bioscience Corporation | 1.20% | — | — | 20.4 | — | −2.06% |
| NTSK | Netskope, Inc. | 1.17% | — | — | 9.7 | — | −6.27% |
| PTGX | Protagonist Therapeutics, Inc. | 1.16% | 125.0 | 36.9 | 29.5 | — | 0.95% |
| LGND | Ligand Pharmaceuticals Incorporated | 1.12% | 31.1 | 24.8 | 20.3 | — | 3.68% |
| HALO | Halozyme Therapeutics, Inc. | 1.11% | 35.6 | 11.5 | 8.3 | — | 3.17% |
| RBRK | Rubrik, Inc. | 1.10% | — | 625.0 | 15.0 | — | −0.99% |
| SYRE | Spyre Therapeutics, Inc. | 1.06% | — | — | 650.2 | — | −2.61% |
| MANH | Manhattan Associates, Inc. | 0.99% | 63.8 | 40.3 | 11.5 | — | 1.58% |
| EXEL | Exelixis, Inc. | 0.92% | 19.6 | 13.6 | 6.3 | — | 4.81% |
| EZPW | EZCORP, Inc. | 0.91% | 16.6 | 13.7 | 1.3 | — | 5.63% |
| EWTX | Edgewise Therapeutics, Inc. | 0.81% | — | — | — | — | — |
| ICLR | ICON Public Limited Company | 0.80% | 179.1 | 14.7 | 1.6 | — | 0.45% |
| PRAX | Praxis Precision Medicines, Inc. | 0.77% | — | — | 144.7 | — | −4.21% |
| DFTX | Definium Therapeutics, Inc. | 0.75% | — | — | — | — | — |
| IRTC | iRhythm Technologies, Inc. | 0.75% | — | 90.9 | 4.3 | — | −0.29% |
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 MMSC valuation
Adding up its 183 holdings with company data, MMSC trades at 90.9 times trailing earnings and 21.8 times analysts' forward estimates, with a price-to-book ratio of 4.25 and a dividend yield of 0.34%. Its earnings yield of 1.10% is 4.23 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 14.1% of the fund and earn −8.0% of its combined profit. By sector, Real Estate is the most expensive at 152.2 times earnings and Energy the cheapest at 15.7. Companies that lost money over the past year are 36.9% 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 91.7% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: MMSC chart, MMSC performance, MMSC holdings.
MMSC valuation FAQ
What is the P/E ratio of MMSC?
Based on its holdings, MMSC has a trailing P/E of 90.9 and a forward P/E of 21.8 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of MMSC?
The trailing earnings yield is 1.10% (1 ÷ P/E) and the forward earnings yield 4.59%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is MMSC more expensive than the S&P 500?
MMSC trades at 90.9 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 21.8 and 19.9.
What is the price-to-book ratio of MMSC?
The holdings of MMSC trade at 4.25 times book value, with a combined return on equity of 4.7%.
Which sector in MMSC has the highest P/E?
Real Estate has the highest P/E at 152.2 and Energy the lowest at 15.7.