Stock fact sheet · data as of
Direxion Daily COIN Bull 2X ETF (CONX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Leveraged · United States · Speculative / Distressed
Is CONX undervalued?
Direxion Daily COIN Bull 2X ETF (CONX) closed at 6.66 on 16 Oct 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 62.46, which puts the price 89% below it. 6 of the 9 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.
The 9 models disagree widely: DDM gives 3.05 while GLS Growth gives 203.62. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files CONX 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 CONX
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 | 6.56 | -1% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 14.75 | +122% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 190.25 | +2758% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 83.15 | +1149% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 203.62 | +2959% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 20.72 | +211% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 3.10 | -53% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 3.05 | -54% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 36.96 | +455% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -124,917.43 | -1876752% | 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
Financial health is weak: CONX passes 3 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 2.5 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -20.5%, ROE -20.4%, ROA 1.4% - with debt at -0.01 times equity and a free-cash-flow yield of 30.7%.
The dividend yield is 3.11% 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 | 3 / 9 | ROIC | -20.5% |
|---|---|---|---|
| GLS Moat | 2.5 / 10 | ROE | -20.4% |
| Debt / equity | -0.01 | ROA | 1.4% |
| Free-cash-flow yield | 30.7% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
CONX has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 129k shares a day on a market cap of $5M, with a beta of 2.23 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 3 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 89% margin of safety | |
| Health | 7 / 20 | Piotroski 3/9 | |
| Moat | 4 / 15 | moat 2.5/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 3 / 20 | 129k shares/day, $5M cap, beta 2.23 |
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 CONX in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Leveraged
The 9 companies below are the closest to Direxion Daily COIN Bull 2X ETF by market cap within the Asset Management - Leveraged 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 |
|---|---|---|---|---|---|
| XOMX Direxion Daily XOM Bull 2X ETF | 56.27 | 77.13 | +27% | 39No options | $5M |
| MPG Leverage Shares 2x Long MP Daily ETF | 2.79 | 24.35 | +89% | 33Weak | $906K |
| USX Corgi Total U.S. Market 2x Daily ETF | 24.57 | - | - | 15No options | $492K |
| MSTX Daily Target 2X Long MSTR ETF | 17.36 | - | - | 30Weak | $55M |
| ETHT ProShares - Ultra Ether ETF | 15.99 | 1.73 | -822% | 29Weak | $117M |
| BPLSX Boston Partners Long/Short Equity Fund | 18.63 | 16.97 | -10% | 32No options | $135M |
| SDS ProShares - UltraShort S&P500 | 53.71 | 41.68 | -29% | 45Weak | $278M |
| EXMAX Eaton Vance Short Duration Muni Opps A | 9.66 | 4.59 | -110% | 27No options | $808M |
| ASBFX American Funds Short-Term Bond Fund of America;F1 | 9.38 | 54.28 | +83% | 39No options | $12.9B |
⚖ Compare CONX with 7 of them All Financial Services stocks →
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CONX
Is CONX undervalued right now?
By the GLS models, yes: at 6.66 the stock is 89% below the average fair value of 62.46 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of CONX and what does it mean?
CONX has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for CONX?
62.46 per share as of 16 Oct 2026 - the simple average of the 9 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 Direxion Daily COIN Bull 2X ETF report earnings next?
No upcoming earnings date is recorded for CONX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does CONX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CONX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.