Stock fact sheet · data as of
Franklin Pennsylvania Municipal Income ETF (FTPA): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Bonds · United States · Speculative / Distressed
Is FTPA undervalued?
Franklin Pennsylvania Municipal Income ETF (FTPA) closed at 8.20 on 16 Oct 2026, 285% above the GLS average fair value of 2.13. 2 of the 2 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
The average is built from just 2 models (DCF, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files FTPA under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for FTPA
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 | 0.0281 | -100% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 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 | 4.22 | -48% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -0.5020 | -106% | 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
Franklin Pennsylvania Municipal Income ETF scores only 2 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 0.0/10 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 -0.1%, ROE -0.1%, ROA -0.1% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 3.50% at a payout ratio of 0%; 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 1/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 2 / 9 | ROIC | -0.1% |
|---|---|---|---|
| GLS Moat | 0.0 / 10 | ROE | -0.1% |
| Debt / equity | 0.00 | ROA | -0.1% |
| Free-cash-flow yield | -0.4% | Payout ratio | 0% |
| Institutions | 1 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 10: No options
No options are listed on Franklin Pennsylvania Municipal Income ETF in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 10) 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 24k shares a day on a market cap of $281M, with a beta of 0.16 - 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 | -285% margin of safety | |
| Health | 4 / 20 | Piotroski 2/9 | |
| Moat | 0 / 15 | moat 0.0/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 24k shares/day, $281M cap, beta 0.16 |
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 FTPA in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Bonds
The 12 companies below are the closest to Franklin Pennsylvania Municipal Income ETF by market cap within the Asset Management - Bonds 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 |
|---|---|---|---|---|---|
| GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | 12.41 | 33.92 | +63% | 39No options | $331M |
| FADLX Frost Low Duration Bond Fund Investor Class Shares | 9.70 | 113.85 | +91% | 39No options | $222M |
| CALI iShares Short-Term California Muni Active ETF | 49.98 | 10.78 | -363% | 9No options | $212M |
| DCIBX DFA California Intermediate-Term Municipal Bond Port | 10.08 | 6.91 | -46% | 19No options | $376M |
| CPTNX American Century Government Bond Investor Class | 8.99 | 10.35 | +13% | 39No options | $406M |
| FOSIX Tributary Short-Intermediate Bond Fd Insti | 8.89 | 2.45 | -263% | 23No options | $189M |
| DMB BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 9.57 | 10.08 | +5% | 35No options | $176M |
| PCARX PIMCO Credit Opportunities Bond Fund Class INSTL | 9.11 | 15.88 | +43% | 39No options | $453M |
| DHY UBS Asset Management High Yield Credit Fund | 16.01 | 31.19 | +49% | 39No options | $166M |
| VBF Invesco Bond Fund | 14.32 | 26.96 | +47% | 39No options | $164M |
| WMBDX WesMark Government Bond Fund | 7.55 | 16.64 | +55% | 39No options | $162M |
| PCTIX PIMCO California Municipal Bond Fund Insti Class | 10.08 | 7.66 | -32% | 26No options | $575M |
⚖ Compare FTPA with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FTPA
Is FTPA undervalued right now?
No: at 8.20 the stock trades 285% above the GLS average fair value of 2.13 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of FTPA and what does it mean?
FTPA 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 FTPA?
2.13 per share as of 16 Oct 2026 - the simple average of the 2 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 Franklin Pennsylvania Municipal Income ETF report earnings next?
No upcoming earnings date is recorded for FTPA in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does FTPA have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on FTPA, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.