Stock fact sheet · data as of
YieldMax DKNG Option Income Strategy ETF (DRAY): fair value, margin of safety and Wheel Score
Ticker symbol DRAY · Financial Services · Asset Management - Income · United States · Fund / Note
Is DRAY undervalued?
At 12.85 (close of 5 Nov 2026), DRAY trades 66% below the GLS average fair value of 38.20. That average comes from 5 models run on the latest filings, and 1 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns YieldMax DKNG Option Income Strategy ETF the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The 5 models disagree widely: Lynch gives 0.9042 while DDM gives 183.03. 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.
DRAY 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 DRAY
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 | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | 3.65 | -72% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.9042 | -93% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.9102 | -93% | 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 | 183.03 | +1324% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 2.51 | -80% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.0000 | -100% | 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
No Piotroski health score is on file for DRAY (the statements it needs were not available), so the Health part of the Wheel Score counts it at half marks - 10 of 20 - rather than marking the stock down for missing data. There is no GLS Moat score for DRAY: 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 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 high at 96.80% (payout ratio 0%). 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 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | - / 9 | ROIC | 0.0% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 0.0% |
| Debt / equity | 0.00 | ROA | 0.0% |
| Free-cash-flow yield | -0.3% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 25: No options
DRAY has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business. It fails the first Wheel Trade Filter (options that actually trade), so the score stays under 70 and is shown as "No options" (25 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 15k shares a day on a market cap of $369M, with a beta of 1.34 - 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 rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | no listed options |
| 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 | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 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 | Fails | no implied volatility |
| 8 | Big enough | Fails | market cap $369M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 66% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Fair | no Piotroski score on file - half marks | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 1.34, $369M 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 DRAY in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Income
The 12 companies below are the closest to YieldMax DKNG Option Income Strategy ETF by market cap within the Asset Management - Income 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 |
|---|---|---|---|---|---|
| FSAHX Fidelity Short Duration High Income Fund | 8.74 | 9.58 | +9% | 18No options | $366M |
| LEO BNY Mellon Strategic Municipals, Inc. | 6.02 | 4.48 | -34% | 17No options | $375M |
| VKI Invesco Advantage Municipal Income Trust II | 8.48 | 7.28 | -17% | 14No options | $377M |
| EAD Wells Fargo Advantage Funds - Allspring Income Opportunities Fund | 6.11 | 20.48 | +70% | 29No options | $361M |
| HPI John Hancock Preferred Income Fund | 13.46 | 24.61 | +45% | 26No options | $361M |
| HPS John Hancock Preferred Income Fund III | 11.98 | 20.04 | +40% | 28No options | $385M |
| HFRO Highland Opportunities and Income Fund | 6.30 | 18.70 | +66% | 26No options | $348M |
| SCD LMP Capital and Income Fund Inc. | 15.11 | 40.99 | +63% | 26No options | $346M |
| DFP Flaherty & Crumrine Dynamic Preferred and Income Fund Inc. | 19.22 | 43.16 | +55% | 26No options | $395M |
| NOIEX Northern Funds Income Equity Fund | 20.96 | 112.51 | +81% | 23No options | $339M |
| EVN Eaton Vance Municipal Income Trust | 10.09 | 16.49 | +39% | 25No options | $403M |
| NCV Virtus Convertible & Income Fund | 14.90 | 127.64 | +88% | 24No options | $337M |
⚖ Compare DRAY with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about DRAY
Is DRAY undervalued right now?
By the GLS models, yes: at 12.85 the stock is 66% below the average fair value of 38.20 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of DRAY and what does it mean?
DRAY has no listed options in our nightly snapshot, so it cannot be wheeled; it fails the first Wheel Trade Filter (options that actually trade), stays under 70 and is shown as "No options".
What is the GLS fair value for DRAY?
38.20 per share as of 5 Nov 2026 - the simple average of the 5 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 YieldMax DKNG Option Income Strategy ETF report earnings next?
No upcoming earnings date is recorded for DRAY in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does DRAY have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on DRAY, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.