Fidelity Nasdaq Composite ETF (ONEQ) Valuation
ONEQ valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 34.0 trailing earnings
- Forward P/E
- 23.1 analyst estimates
- Price / sales
- 2.78
- Price / book
- 7.72
- EV / EBITDA
- 18.3
- Earnings yield
- 2.94% inverse of P/E
- Dividend yield
- 0.55% of the holdings
- Return on equity
- 22.7% combined
- Net margin
- 8.2% combined
- Beta
- 1.40 weighted, vs S&P 500
ONEQ valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| ONEQ | 34.0 | 23.1 | 2.78 | 7.72 | 0.55% | 22.7% | 8.2% | 7.7% |
| 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.
ONEQ valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 53.8% | 36.4 | 23.7 | 3.45 | 13.10 | 0.49% | 36.0% |
| Communication Services | 13.9% | 19.4 | 19.9 | 5.48 | 5.61 | 0.43% | 28.9% |
| Consumer Cyclical | 12.3% | 32.4 | 27.6 | 2.51 | 6.31 | 0.18% | 19.5% |
| Healthcare | 5.2% | n/m | 17.2 | 5.13 | 5.60 | 0.50% | −0.4% |
| Industrials | 4.8% | 112.3 | 42.7 | 4.58 | 8.12 | 0.35% | 7.2% |
| Consumer Defensive | 4.2% | 34.7 | 27.2 | 1.41 | 6.78 | 1.32% | 19.6% |
| Financial Services | 2.8% | 31.8 | 13.9 | 0.43 | 2.12 | 1.60% | 6.7% |
| Basic Materials | 0.8% | 32.5 | 19.7 | 3.67 | 4.52 | 1.13% | 13.9% |
| Utilities | 0.7% | 24.4 | 17.1 | 1.19 | 2.20 | 2.20% | 9.0% |
| Real Estate | 0.5% | 36.2 | 25.7 | 3.49 | 3.13 | 3.43% | 8.7% |
| Energy | 0.5% | 22.7 | 12.5 | 1.08 | 1.65 | 3.54% | 7.3% |
| Information Technology | 0.0% | n/m | 45.0 | 20.20 | 2.74 | 0.00% | −2.7% |
ONEQ 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 ONEQ weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
ONEQ largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 11.73% | 27.1 | 24.9 | 17.1 | 0.47% | 15.00% |
| AAPL | Apple Inc. | 10.46% | 39.4 | 35.2 | 10.7 | 0.31% | 9.19% |
| MSFT | Microsoft Corporation | 8.47% | 29.5 | 25.1 | 11.8 | 0.74% | 9.94% |
| AMZN | Amazon.com, Inc. | 6.40% | 20.1 | 23.6 | 3.5 | — | 11.01% |
| GOOGL | Alphabet Inc. | 4.48% | 17.1 | 22.8 | 9.3 | 0.26% | 9.06% |
| GOOG | Alphabet Inc. | 4.06% | 16.9 | 21.8 | 9.2 | 0.26% | 8.31% |
| AVGO | Broadcom Inc. | 3.38% | 43.3 | 19.4 | 17.6 | 0.79% | 2.70% |
| META | Meta Platforms, Inc. | 3.28% | 26.7 | 22.1 | 7.9 | 0.30% | 4.24% |
| TSLA | Tesla, Inc. | 3.13% | 328.4 | 158.7 | 13.5 | — | 0.33% |
| SPCX | Space Exploration Technologies Corp. | 2.58% | — | 200.0 | 83.5 | — | −0.39% |
| MU | Micron Technology, Inc. | 2.12% | 11.8 | 7.0 | 7.5 | 0.07% | 6.21% |
| WMT | Walmart Inc. | 2.01% | 43.0 | 38.0 | 1.3 | 0.83% | 1.62% |
| AMD | Advanced Micro Devices, Inc. | 1.88% | 134.9 | 39.5 | 20.9 | — | 0.48% |
| INTC | Intel Corporation | 1.00% | — | 63.3 | 8.3 | — | −0.82% |
| PLTR | Palantir Technologies Inc. | 0.94% | 160.4 | 85.5 | 72.6 | — | 0.20% |
| CSCO | Cisco Systems, Inc. | 0.92% | 32.2 | 19.8 | 6.7 | 1.56% | 0.99% |
| COST | Costco Wholesale Corporation | 0.90% | 47.6 | 40.3 | 1.4 | 0.59% | 0.66% |
| LRCX | Lam Research Corporation | 0.73% | 45.8 | 33.7 | 14.2 | 0.50% | 0.55% |
| AMAT | Applied Materials, Inc. | 0.73% | 35.3 | 23.4 | 10.5 | 0.52% | 0.71% |
| NFLX | Netflix, Inc. | 0.62% | 22.2 | 18.7 | 6.1 | — | 0.96% |
| PANW | Palo Alto Networks, Inc. | 0.61% | 855.0 | 94.3 | 24.4 | — | 0.02% |
| TXN | Texas Instruments Incorporated | 0.54% | 42.1 | 27.5 | 13.0 | 2.20% | 0.45% |
| CRWD | CrowdStrike Holdings, Inc. | 0.53% | — | 208.3 | 43.1 | — | 0.00% |
| LIN | Linde plc | 0.51% | 32.2 | 23.6 | 6.5 | 1.28% | 0.55% |
| AMGN | Amgen Inc. | 0.50% | 26.9 | 16.7 | 6.1 | 2.33% | 0.65% |
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 ONEQ valuation
Adding up its 876 holdings with company data, ONEQ trades at 34.0 times trailing earnings and 23.1 times analysts' forward estimates, with a price-to-book ratio of 7.72 and a dividend yield of 0.55%. Its earnings yield of 2.94% is 2.39 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 57.9% of the fund and earn 69.4% of its combined profit. By sector, Industrials is the most expensive at 112.3 times earnings and Communication Services the cheapest at 19.4. Companies that lost money over the past year are 7.7% 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 98.4% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: ONEQ chart, ONEQ performance, ONEQ holdings, ONEQ dividends.
ONEQ valuation FAQ
What is the P/E ratio of ONEQ?
Based on its holdings, ONEQ has a trailing P/E of 34.0 and a forward P/E of 23.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of ONEQ?
The trailing earnings yield is 2.94% (1 ÷ P/E) and the forward earnings yield 4.33%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is ONEQ more expensive than the S&P 500?
ONEQ trades at 34.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 23.1 and 19.9.
What is the price-to-book ratio of ONEQ?
The holdings of ONEQ trade at 7.72 times book value, with a combined return on equity of 22.7%.
Which sector in ONEQ has the highest P/E?
Industrials has the highest P/E at 112.3 and Communication Services the lowest at 19.4.