Stock fact sheet · data as of
Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · High Yield Income
Is CPZ undervalued?
At 12.48 (close of 16 Oct 2026), CPZ trades 50% over the GLS average fair value of 8.31, with 2 of 7 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 EPV (0.8068) and DDM (24.72). 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 CPZ under High Yield Income: a dividend yield above 4%.
Nine valuation models for CPZ
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 | 17.22 | +38% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 4.99 | -60% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 4.15 | -67% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1.82 | -85% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.45 | -64% | 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 | 24.72 | +98% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 0.8068 | -94% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -17.49 | -240% | 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
Calamos Long/Short Equity & Dynamic Income Term Trust scores only 4 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 2.5/10 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 4.3%, ROE 5.9%, ROA 2.9% - with debt at 0.37 times equity and negative free cash flow.
The dividend yield is high at 13.46% (payout ratio 2314%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 4/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | 4.3% |
|---|---|---|---|
| GLS Moat | 2.5 / 10 | ROE | 5.9% |
| Debt / equity | 0.37 | ROA | 2.9% |
| Free-cash-flow yield | -1.2% | Payout ratio | 2314% |
| Institutions | 4 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 19: No options
No options are listed on Calamos Long/Short Equity & Dynamic Income Term Trust in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 19) 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 59k shares a day on a market cap of $245M, with a beta of 0.65 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -50% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 4 / 15 | moat 2.5/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 59k shares/day, $245M cap, beta 0.65 |
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 CPZ in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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The 12 companies below are the closest to Calamos Long/Short Equity & Dynamic Income Term Trust by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
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| EOT Eaton Vance National Municipal Opportunities Trust | 15.42 | 20.78 | +26% | 39No options | $241M |
| ACV Virtus Diversified Income & Convertible Fund | 24.13 | 142.88 | +83% | 39No options | $251M |
| TDF Templeton Dragon Fund, Inc. | 9.48 | 38.61 | +75% | 39No options | $238M |
| NUW Nuveen AMT-Free Municipal Value Fund | 13.20 | 23.62 | +44% | 33No options | $237M |
| PMO Franklin Municipal Opportunities Trust | 9.30 | 29.02 | +68% | 39No options | $255M |
| NPCT Nuveen Core Plus Impact Fund | 8.91 | 18.16 | +51% | 39No options | $256M |
| MMT Aberdeen Multi-Market Income Fund | 4.27 | 7.33 | +42% | 39No options | $233M |
| KF The Korea Fund, Inc. | 56.10 | 1,344.73 | +96% | 39No options | $233M |
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Start free See the Sunday ScanQuestions about CPZ
Is CPZ undervalued right now?
No: at 12.48 the stock trades 50% above the GLS average fair value of 8.31 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CPZ and what does it mean?
CPZ 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 CPZ?
8.31 per share as of 16 Oct 2026 - the simple average of the 7 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 Calamos Long/Short Equity & Dynamic Income Term Trust report earnings next?
No upcoming earnings date is recorded for CPZ in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does CPZ have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on CPZ, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.