What is ProShares S&P 500 Dynamic Buffer ETF (FB)'s fair-value range?

EvidInvest reads ProShares S&P 500 Dynamic Buffer ETF (FB)'s market price back into the assumptions behind it — the implied P/E, growth rate and cash yield — using its latest filed financials, then lets you set your own. See the full DCF, Graham number, EPV and multiple-based methods at https://evidinvest.com/valuation/FB.

How is ProShares S&P 500 Dynamic Buffer ETF (FB)'s fair value calculated?

ProShares S&P 500 Dynamic Buffer ETF (FB)'s fair value is computed with several independent methods — a discounted cash flow (DCF) model, the Graham number, earnings power value (EPV), and valuation multiples (PE, EV/EBITDA, P/S, P/B) benchmarked against its industry — using data from SEC filings.

What is ProShares S&P 500 Dynamic Buffer ETF (FB)'s PE ratio versus its industry?

EvidInvest shows ProShares S&P 500 Dynamic Buffer ETF (FB)'s current and historical PE ratio alongside its sector and industry averages, so you can see whether the stock trades at a premium or discount to peers. Full breakdown at https://evidinvest.com/valuation/FB.

Fair value · ProShares S&P 500 Dynamic Buffer ETF (FB) · updated 2026-10-04 · from 10-K FY2025

ProShares S&P 500 Dynamic Buffer ETF trades at $45.65. That price implies a P/E of 1.7×.

Cboe · delayed 15 min · as of 03:43 ET

Are those assumptions reasonable? Use FB’s filed growth history and the AI chat to decide, then set your own inputs below — the range you build is yours.

What the price implies

P/E: 1.7×

Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings. This price: Cboe · delayed 15 min · as of 03:43 ET.

Set your own assumptions ↓See how each method got its number Check another stock

The filing behind these numbers

ProShares S&P 500 Dynamic Buffer ETF

Revenue: $201.0B
Diluted EPS: $23.49
Free cash flow: $46.1B; operating cash flow − capital expenditure
Diluted shares: 2.57B; weighted average

10-K FY2025 · fiscal year ended 2025-12-31 · filed 2026-01-29

Trailing-twelve-month EPS also uses the quarterly 10-Qs through Q1 FY2026 (filed 2026-04-30).

Open the 10-K list on sec.govCIK 1326801

Valuation tool: build your own FB range

Fair Value Summary

Daily Price — FB

$42.41 +2.5% (1Y)

Your range0 of 8 methods

At least two methods need a usable value to draw a range with these inputs.

Range with preset inputs

No preset range for this company yet.

The two ranges are identical because every input sits on a preset.

We don’t tell you what FB is worth. Every tab OPENS on what today’s price implies for that method’s key assumption; you decide whether that assumption is reasonable — the growth matrix has FB’s filed history and the AI chat will reason it through with you — and the range you build is yours. Our presets are filed history and reference settings, never a recommendation.

Discounted cash flow

N/A

Starting free cash flow is not positive; the model has nothing to grow.

Your stage-1 FCF growth (5.0%) is above the -44.3% the price implies.

Preset inputs — revenue-driven DCF from the latest filing

Two-stage FCF model at the same filed inputs: $1131.93 — move any slider below and that model takes over.

• Starting free cash flow is not positive; the model has nothing to grow.

Implied by today’s price

At $45.65 the market implies a stage-1 FCF growth of -44.3%. (two-stage FCF model solved for stage-1 growth at 4.33% WACC)

The price implies stage-1 FCF growth of -44.3%, outside the range this slider covers. Showing preset inputs.

Implied discount rate (holding growth): 33.8% · the WACC that makes the same model print the price

That is the assumption the market is making — not ours, and not a recommendation. Decide whether it is reasonable: the growth matrix shows what FB has actually filed, and the AI chat will reason it through with you.

Your inputs

Free cash flow grows at your stage-1 rate, then your stage-2 rate, then a terminal rate; everything is discounted at your WACC.

Stage-1 growth5.0%

Yearly free-cash-flow growth for the first stage. Starts below zero so a shrinking-cash-flow case — and the rate today’s price implies — can be set.

-20.0%60.0%

Stage-1 years5 yrs

How long stage-1 growth lasts.

1 yrs10 yrs

Stage-2 growth2.5%

Slower growth after stage 1, before the terminal phase.

-20.0%30.0%

Stage-2 years5 yrs

0 yrs10 yrs

Terminal growth2.5%

Growth forever after the two stages. Above ~3% is rarely justified.

0.0%5.0%

Discount rate (WACC)4.33%

The return you require. Default is the WACC EvidInvest computed for this company. Higher discount rate, lower value.

3.00%15.00%

Net debt ($M)Debt minus cash, from the balance sheet. Subtracted from enterprise value.

Starting FCF ($M)Latest free cash flow from the filing (operating cash flow minus capex).

Shares (M)Diluted shares, from the filing.

Year by year (two-stage model, $M)

PV explicit $460,831M · PV terminal $2,440,800M · EV $2,901,631M · equity $2,853,607M

Year	Stage	FCF	Present value
1	Stage 1	$48,414M	$46,405M
2	Stage 1	$50,835M	$46,703M
3	Stage 1	$53,377M	$47,003M
4	Stage 1	$56,046M	$47,305M
5	Stage 1	$58,848M	$47,609M
6	Stage 2	$60,319M	$46,774M
7	Stage 2	$61,827M	$45,953M
8	Stage 2	$63,373M	$45,147M
9	Stage 2	$64,957M	$44,355M
10	Stage 2	$66,581M	$43,577M

Inputs from the filing

Free cash flow: $48.3B; sum of the last four quarters
EBIT: $0; latest annual
Shares: 2.53B
Total debt: $83.9B
Cash: $35.9B
Net debt: $48.0B; debt − cash

10-K FY2025 · period ended 2025-12-31 · filed 2026-01-29 · sec.gov

Prefer a blank slate with reverse DCF? Open the standalone DCF / reverse DCF for FB

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ProShares S&P 500 Dynamic Buffer ETF trades at $45.65. That price implies a P/E of 1.7×.

The filing behind these numbers

Valuation tool: build your own FB range

Daily Price — FB

Your range0 of 8 methods

Range with preset inputs

Your inputs

Year by year (two-stage model, $M)

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Valuation tool: build your own FB range

Daily Price — FB

Your range0 of 8 methods

Range with preset inputs

Your inputs

Year by year (two-stage model, $M)

More on FB

Compare with peers

Explore