Stock fact sheet · data as of
Invesco DB Commodity Index Tracking Fund (DBC): fair value, margin of safety and Wheel Score
Ticker symbol DBC · Financial Services · Asset Management · United States · Fund / Note
Is DBC undervalued?
Invesco DB Commodity Index Tracking Fund (DBC) closed at 31.29 on 5 Nov 2026, close to the GLS average fair value of 33.33 (6.1% below fair value). 3 of the 7 models that produced a number sit above the price, 4 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between DDM (10.95) and Graham Growth (74.14). 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.
DBC 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 DBC
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 | 14.90 | -52% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 50.45 | +61% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 74.14 | +137% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 18.38 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 13.45 | -57% | 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 | 10.95 | -65% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 51.06 | +63% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 14.29 | -54% | 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
Invesco DB Commodity Index Tracking Fund scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. 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. There is no GLS Moat score for DBC: 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 moderate - ROIC 7.6%, ROE 7.6%, ROA 7.5% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 2.38% at a payout ratio of 14%; 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 | 4 / 9 | ROIC | 7.6% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 7.6% |
| Debt / equity | 0.00 | ROA | 7.5% |
| Free-cash-flow yield | -3.3% | Payout ratio | 14% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 34: Weak
With a Wheel Score of 34 Invesco DB Commodity Index Tracking Fund sits in the Weak band. It fails filter 2, a real business, not a gamble - a fund or note, not a company; and filter 4, financially healthy - Piotroski 4/9 (under 6); Moat (weak) is its weakest part.
Implied volatility is 36% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 8,769 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.9M shares a day on a market cap of $2.2B, with a beta of 1.05; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | a fund or note, not a company |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 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 | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 6% below fair value | |
| Premium | Strong | implied volatility 36% | |
| Moat | Weak | no moat score | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Strong | Red Flags score 92/100 | |
| Option trading | Fair | 2,446 contracts a day, 8,769 open interest | |
| Stability | Fair | beta 1.05, $2.2B 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 DBC in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management
The 12 companies below are the closest to Invesco DB Commodity Index Tracking Fund 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.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| GEMAX Goldman Sachs Emerging Markets Fund Class A | 31.75 | 992.40 | +97% | 23No options | $2.2B |
| ARTOX American Century One Choice in Retirement Portfolio Investor Class | 13.07 | - | - | 9No options | $2.2B |
| CIPMX Champlain Mid Cap Fund Advisor Class | 21.69 | - | - | 14No options | $2.3B |
| SMMOX Western Asset Managed Municipals Fund | 14.41 | 11.84 | -22% | 14No options | $2.1B |
| SHMMX Western Asset Managed Municipals Fund | 14.43 | 11.71 | -23% | 13No options | $2.1B |
| SMMCX Western Asset Managed Municipals Fund Class C | 14.45 | 11.11 | -30% | 14No options | $2.1B |
| KYN Kayne Anderson Energy Infrastructure Fund Inc. | 13.66 | 40.04 | +66% | 37Weak | $2.3B |
| SCFFX Shenkman Capital Short Duration High Income Fund Class F | 9.70 | 4.63 | -110% | 14No options | $2.1B |
| ACINX Columbia Acorn International Inst | 23.49 | 17.86 | -32% | 14No options | $2.1B |
| FSUTX Fidelity Select Utilities Growth Portfolio | 129.33 | 95.31 | -36% | 13No options | $2.1B |
| LADVX Lord Abbett Developing Growth Fund | 36.72 | - | - | 10No options | $2.1B |
| EVT Eaton Vance Tax-Advantaged Dividend Income Fund | 27.58 | 119.54 | +77% | 28No options | $2.1B |
⚖ Compare DBC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about DBC
Is DBC undervalued right now?
Not meaningfully: at 31.29 the stock trades within a few percent of the GLS average fair value of 33.33 (6.1% below fair value, data as of 5 Nov 2026).
What is the Wheel Score of DBC and what does it mean?
DBC scores 34 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for DBC?
33.33 per share as of 5 Nov 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 Invesco DB Commodity Index Tracking Fund report earnings next?
No upcoming earnings date is recorded for DBC in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does DBC have listed options, and how liquid are they?
Yes. The nightly snapshot found 132 listed contracts with 8,769 open interest across all expiries and implied volatility of 36% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.