Stock fact sheet · data as of
iShares Short-Term California Muni Active ETF (CALI): fair value, margin of safety and Wheel Score
Ticker symbol CALI · Financial Services · Asset Management - Bonds · United States · Fund / Note
Is CALI undervalued?
At 50.22 (close of 5 Nov 2026), CALI trades 367% over the GLS average fair value of 10.75, with 0 of 6 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
There is a wide gap between Lynch (3.95) and DDM (18.26). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
CALI looks like a fund, note or preferred share rather than an operating company, so the nightly engine files it under Fund / Note: the valuation models are not built for it, and its Wheel Score is capped at 45.
Nine valuation models for CALI
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 11.39 | -77% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 15.93 | -68% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 3.95 | -92% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 3.98 | -92% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 18.26 | -64% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 10.97 | -78% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.0000 | -100% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
No Piotroski health score is on file for CALI (the statements it needs were not available), so the Health part of the Wheel Score counts it at half marks - 10 of 20 - rather than marking the stock down for missing data. There is no GLS Moat score for CALI: funds, notes and second share lines get none, and so does a company with fewer than two years of accounts on file. The Moat part of the Wheel Score is zero.
Returns on capital are thin or negative - ROIC 0.0%, ROE 0.0%, ROA 0.0% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 2.47% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | - / 9 | ROIC | 0.0% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 0.0% |
| Debt / equity | 0.00 | ROA | 0.0% |
| Free-cash-flow yield | -23.8% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 12: No options
No options are listed on iShares Short-Term California Muni Active ETF in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 12, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 341k shares a day on a market cap of $213M, with a beta of 0.05 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Fails | trades 367% above our fair value |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $213M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 367% above fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Fair | no Piotroski score on file - half marks | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.05, $213M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CALI in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Bonds
The 12 companies below are the closest to iShares Short-Term California Muni Active ETF by market cap within the Asset Management - Bonds industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| FADLX Frost Low Duration Bond Fund Investor Class Shares | 9.71 | 113.98 | +91% | 26No options | $222M |
| DMB BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 10.40 | 10.08 | -3% | 14No options | $191M |
| FOSIX Tributary Short-Intermediate Bond Fd Insti | 8.92 | 2.45 | -264% | 14No options | $189M |
| DHY UBS Asset Management High Yield Credit Fund | 16.80 | 31.15 | +46% | 26No options | $174M |
| VBF Invesco Bond Fund | 14.70 | 26.96 | +45% | 25No options | $168M |
| WMBDX WesMark Government Bond Fund | 7.69 | 16.65 | +54% | 26No options | $162M |
| FTPA Franklin Pennsylvania Municipal Income ETF | 8.36 | 2.36 | -254% | 9No options | $286M |
| DSCO DoubleLine Securitized Credit ETF | 24.40 | 15.11 | -62% | 12No options | $136M |
| GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | 13.06 | 33.92 | +61% | 26No options | $362M |
| DCIBX DFA California Intermediate-Term Municipal Bond Port | 10.23 | 7.02 | -46% | 11No options | $374M |
| CPTNX American Century Government Bond Investor Class | 9.10 | 10.35 | +12% | 17No options | $404M |
| PCARX PIMCO Credit Opportunities Bond Fund Class INSTL | 9.25 | 15.88 | +42% | 24No options | $439M |
⚖ Compare CALI with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CALI
Is CALI undervalued right now?
No: at 50.22 the stock trades 367% above the GLS average fair value of 10.75 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CALI and what does it mean?
CALI has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for CALI?
10.75 per share as of 5 Nov 2026 - the simple average of the 6 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does iShares Short-Term California Muni Active ETF report earnings next?
No upcoming earnings date is recorded for CALI in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CALI have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CALI, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.