First Eagle US Equity ETF (USFE) Valuation
USFE valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 19.4 trailing earnings
- Forward P/E
- 14.3 analyst estimates
- Price / sales
- 1.89
- Price / book
- 2.76
- EV / EBITDA
- 12.1
- Earnings yield
- 5.15% inverse of P/E
- Dividend yield
- 1.64% of the holdings
- Return on equity
- 14.2% combined
- Net margin
- 9.7% combined
- Beta
- 0.88 weighted, vs S&P 500
USFE valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| USFE | 19.4 | 14.3 | 1.89 | 2.76 | 1.64% | 14.2% | 9.7% | 0.0% |
| 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.
USFE valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Healthcare | 19.1% | 19.5 | 13.4 | 1.07 | 2.28 | 1.42% | 11.7% |
| Technology | 14.8% | 23.8 | 16.0 | 4.10 | 4.35 | 0.90% | 18.3% |
| Communication Services | 14.6% | 13.6 | 11.3 | 1.68 | 2.60 | 1.24% | 19.1% |
| Basic Materials | 11.8% | 19.6 | 13.3 | 2.59 | 2.52 | 1.41% | 12.9% |
| Financial Services | 11.1% | 15.9 | 13.8 | 2.83 | 2.15 | 1.78% | 13.5% |
| Energy | 6.1% | 30.3 | 16.2 | 1.58 | 1.95 | 2.68% | 6.4% |
| Real Estate | 6.0% | 30.8 | 28.6 | 3.19 | 1.86 | 4.52% | 6.0% |
| Consumer Defensive | 5.8% | 28.2 | 19.6 | 2.35 | 15.75 | 2.55% | 55.9% |
| Industrials | 2.3% | 24.8 | 17.2 | 2.70 | 6.78 | 1.37% | 27.4% |
| Consumer Cyclical | 1.9% | 17.2 | 13.7 | 2.95 | 12.62 | 0.73% | 73.3% |
USFE 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 USFE weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
USFE largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| META | Meta Platforms, Inc. | 4.97% | 26.7 | 22.1 | 7.9 | 0.30% | 4.19% |
| BDX | Becton, Dickinson and Company | 4.97% | 44.6 | 13.7 | 2.3 | 2.19% | 2.51% |
| GOOG | Alphabet Inc. | 4.86% | 16.9 | 21.8 | 9.2 | 0.26% | 6.48% |
| ELV | Elevance Health Inc. | 3.69% | 19.0 | 13.7 | 0.5 | 1.61% | 4.39% |
| HCA | HCA Healthcare, Inc. | 3.63% | 15.4 | 13.9 | 1.3 | 0.68% | 5.33% |
| CRM | Salesforce, Inc. | 3.26% | 22.0 | 14.0 | 4.5 | 0.73% | 3.34% |
| WDAY | Workday, Inc. | 3.04% | 38.9 | 17.7 | 4.5 | — | 1.76% |
| BNY | The Bank of New York Mellon Corporation | 2.89% | 15.9 | 15.0 | 4.4 | 1.55% | 4.10% |
| NEM | Newmont Corporation | 2.72% | 15.0 | 11.6 | 4.8 | 0.88% | 4.10% |
| ORCL | Oracle Corporation | 2.69% | 20.1 | 17.8 | 5.4 | 1.56% | 3.02% |
| PM | Philip Morris International Inc. | 2.60% | 29.5 | 20.9 | 7.5 | 3.12% | 1.99% |
| ADP | Automatic Data Processing, Inc. | 2.35% | 26.4 | 22.0 | 5.2 | 2.35% | 2.00% |
| UHS | Universal Health Services, Inc. | 2.29% | 7.6 | 7.3 | 0.6 | 0.43% | 6.80% |
| MDT | Medtronic plc | 2.29% | 23.3 | 14.9 | 3.2 | 3.04% | 2.21% |
| CL | Colgate-Palmolive Company | 2.18% | 37.1 | 21.0 | 3.6 | 2.25% | 1.33% |
| XOM | Exxon Mobil Corporation | 1.97% | 23.0 | 14.8 | 2.0 | 2.30% | 1.93% |
| WTW | Willis Towers Watson Public Limited Company | 1.85% | 19.5 | 13.1 | 2.9 | 1.22% | 2.13% |
| EQR | Equity Residential | 1.84% | — | — | — | — | — |
| ABX | Barrick Gold Corp | 1.77% | — | — | — | — | — |
| SLB | Schlumberger Limited | 1.73% | 23.9 | 15.9 | 2.0 | 2.38% | 1.63% |
| WY | Weyerhaeuser Company | 1.68% | 30.2 | 29.1 | 2.1 | 4.28% | 1.25% |
| MSFT | Microsoft Corporation | 1.63% | 29.5 | 25.1 | 11.8 | 0.74% | 1.24% |
| CMCSA | Comcast Corporation | 1.62% | 7.1 | 5.9 | 0.6 | 6.03% | 5.17% |
| FNV | Franco-Nevada Corporation | 1.61% | — | — | — | — | — |
| BIO | Bio-Rad Laboratories, Inc. | 1.58% | 44.8 | 41.3 | 3.7 | — | 0.80% |
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 USFE valuation
Adding up its 47 holdings with company data, USFE trades at 19.4 times trailing earnings and 14.3 times analysts' forward estimates, with a price-to-book ratio of 2.76 and a dividend yield of 1.64%. Its earnings yield of 5.15% is 0.18 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 36.7% of the fund and earn 39.2% of its combined profit. By sector, Real Estate is the most expensive at 30.8 times earnings and Communication Services the cheapest at 13.6. Companies that lost money over the past year are 0.0% 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 92.2% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: USFE chart, USFE holdings.
USFE valuation FAQ
What is the P/E ratio of USFE?
Based on its holdings, USFE has a trailing P/E of 19.4 and a forward P/E of 14.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of USFE?
The trailing earnings yield is 5.15% (1 ÷ P/E) and the forward earnings yield 6.98%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is USFE more expensive than the S&P 500?
USFE trades at 19.4 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 14.3 and 19.9.
What is the price-to-book ratio of USFE?
The holdings of USFE trade at 2.76 times book value, with a combined return on equity of 14.2%.
Which sector in USFE has the highest P/E?
Real Estate has the highest P/E at 30.8 and Communication Services the lowest at 13.6.