Eaton Vance Municipal Income 2028 Term Trust (ETX): fair value, margin of safety and Wheel Score

Is ETX undervalued?

Eaton Vance Municipal Income 2028 Term Trust (ETX) closed at 17.72 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 36.56, which puts the price 52% below it. 4 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.

There is a wide gap between DCF (0.2876) and 10 Cap (155.16). 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.

ETX 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 ETX

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.

Quality and financial health

Eaton Vance Municipal Income 2028 Term Trust scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. There is no GLS Moat score for ETX: 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 4.1%, ROE 4.2%, ROA 4.0% - with debt at 0.03 times equity and negative free cash flow.

The dividend yield is high at 5.30% (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 3/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 26: No options

No options are listed on Eaton Vance Municipal Income 2028 Term Trust in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 26, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.

Volume runs at 54k shares a day on a market cap of $193M, with a beta of 0.22 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

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 ETX in the nightly calendar. The shares go ex-dividend on 16 Nov 2026 (0.0782 per share), so a covered call sold before then carries a small early-assignment risk around that date.

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 Eaton Vance Municipal Income 2028 Term Trust 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.

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