iShares Short-Term California Muni Active ETF (CALI): fair value, margin of safety and Wheel Score

Is CALI undervalued?

At 49.98 (close of 16 Oct 2026), CALI trades 363% over the GLS average fair value of 10.78, 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 (18.47). 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.

The nightly engine files CALI under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.

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.

Quality and financial health

iShares Short-Term California Muni Active ETF scores only 0 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 0.0/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.

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 2.51% 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.

Wheel Score 9: No options

No options are listed on iShares Short-Term California Muni Active ETF in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 9) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.

Volume runs at 257k shares a day on a market cap of $212M, with a beta of 0.06 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 9 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score 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.

⚖ Compare CALI with 7 of them   All Financial Services stocks →