Stock fact sheet · data as of
Invesco DB Commodity Index Tracking Fund (DBC): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · Value
Is DBC undervalued?
Invesco DB Commodity Index Tracking Fund (DBC) closed at 33.30 on 16 Oct 2026, close to the GLS average fair value of 33.25 (exactly at 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.
The nightly engine files DBC under Value: positive earnings at a P/E of 18 or less.
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 | 14.35 | -57% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 50.45 | +51% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 74.14 | +123% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 18.38 | -45% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 13.45 | -60% | 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 | -67% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 51.06 | +53% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 14.29 | -57% | 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 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 3.1/10 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 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 2.23% 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 4/10, 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 | 3.1 / 10 | ROE | 7.6% |
| Debt / equity | 0.00 | ROA | 7.5% |
| Free-cash-flow yield | -3.1% | Payout ratio | 14% |
| Institutions | 4 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 58: Fair
A Wheel Score of 58 puts Invesco DB Commodity Index Tracking Fund in the Fair band - below the 70 the Sunday Scan requires. Value 12/25, Health 9/20, Moat 5/15, Premium 19/20 and Stability 13/20; the weakest part is Moat (5/15).
Implied volatility is 34% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (19 of 20 points). Chain open interest is 22,734 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 435k shares a day on a market cap of $2.3B, with a beta of 1.05; the Stability part of the Wheel Score gives that 13 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 12 / 25 | -0% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 5 / 15 | moat 3.1/10 | |
| Premium | 19 / 20 | implied volatility 34% | |
| Stability | 13 / 20 | 435k shares/day, $2.3B cap, beta 1.05 |
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 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 |
|---|---|---|---|---|---|
| KYN Kayne Anderson Energy Infrastructure Fund Inc. | 13.94 | 30.91 | +55% | 70Good | $2.4B |
| NVG Nuveen AMT-Free Municipal Credit Income Fund | 10.83 | 18.12 | +40% | 39No options | $2.3B |
| CEMDX Cullen Emerging Markets High Dividend Fd Retail Cl | 18.55 | 472.53 | +96% | 39No options | $2.3B |
| APAM Artisan Partners Asset Management Inc. | 32.76 | 49.27 | +34% | 79Good | $2.3B |
| GEMAX Goldman Sachs Emerging Markets Fund Class A | 33.13 | 992.32 | +97% | 39No options | $2.3B |
| FBTAX Fidelity Advisor Biotechnology Fund Class A | 45.43 | 27.33 | -66% | 39No options | $2.4B |
| CIPMX Champlain Mid Cap Fund Advisor Class | 21.43 | 23,427.40 | +100% | 39No options | $2.3B |
| OXLCM Oxford Lane Capital Corp. | 24.98 | 69.99 | +64% | 39No options | $2.4B |
| SMMCX Western Asset Managed Municipals Fund Class C | 13.95 | 11.10 | -26% | 31No options | $2.3B |
| SHMMX Western Asset Managed Municipals Fund | 13.94 | 11.70 | -19% | 36No options | $2.3B |
| CHCLX AB Discovery Growth Fund, Inc. - Class A | 11.53 | 9.61 | -20% | 27No options | $2.5B |
| SMMOX Western Asset Managed Municipals Fund | 13.92 | 11.82 | -18% | 34No options | $2.2B |
⚖ 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 33.30 the stock trades within a few percent of the GLS average fair value of 33.25 (exactly at fair value, data as of 16 Oct 2026).
What is the Wheel Score of DBC and what does it mean?
DBC scores 58 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for DBC?
33.25 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 Invesco DB Commodity Index Tracking Fund report earnings next?
No upcoming earnings date is recorded for DBC in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does DBC have listed options, and how liquid are they?
Yes. The nightly snapshot found 304 listed contracts with 22,734 open interest across all expiries and implied volatility of 34% 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.