Stock fact sheet · data as of
Goldman Sachs Emerging Markets Fund Class A (GEMAX): fair value, margin of safety and Wheel Score
Ticker symbol GEMAX · Financial Services · Asset Management · United States · Fund / Note
Is GEMAX undervalued?
Goldman Sachs Emerging Markets Fund Class A (GEMAX) closed at 31.75 on 5 Nov 2026. The GLS average fair value - the simple average of the 6 valuation models that produced a positive number - is 992.40, which puts the price 97% below it. 5 of the 6 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.
The 6 models disagree widely: DDM gives 1.77 while Graham Number gives 2,077.75. 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.
GEMAX 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 GEMAX
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 | 2,077.75 | +6444% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 1,831.94 | +5670% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 454.20 | +1331% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 327.07 | +930% | 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 | 1.77 | -94% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 1,261.66 | +3874% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -18,540.72 | -58496% | 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
Financial health is weak: GEMAX passes 2 of the nine Piotroski tests. Our scans drop the stock at the health filter; a low score is often the reason a stock looks cheap on the valuation models. There is no GLS Moat score for GEMAX: 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 2.2%, ROE 6.7%, ROA 0.5% - with debt at 2.12 times equity and negative free cash flow. Debt of 2.12 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is 0.38% with a payout ratio of 53% - a small yield that leaves most of the earnings in the business.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 2 / 9 | ROIC | 2.2% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 6.7% |
| Debt / equity | 2.12 | ROA | 0.5% |
| Free-cash-flow yield | -678.4% | Payout ratio | 53% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 23: No options
GEMAX 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" (23 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at - 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 | 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 | Fails | Piotroski 2/9 (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 | Fails | no implied volatility |
| 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 | Strong | 97% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Weak | Piotroski 2/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| 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 GEMAX 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 Goldman Sachs Emerging Markets Fund Class A 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 |
|---|---|---|---|---|---|
| DBC Invesco DB Commodity Index Tracking Fund | 31.29 | 33.33 | +6% | 34Weak | $2.2B |
| ARTOX American Century One Choice in Retirement Portfolio Investor Class | 13.07 | - | - | 9No options | $2.2B |
| 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 |
| CIPMX Champlain Mid Cap Fund Advisor Class | 21.69 | - | - | 14No options | $2.3B |
| 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 GEMAX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about GEMAX
Is GEMAX undervalued right now?
By the GLS models, yes: at 31.75 the stock is 97% below the average fair value of 992.40 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of GEMAX and what does it mean?
GEMAX 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 GEMAX?
992.40 per share as of 5 Nov 2026 - the simple average of the 6 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 Goldman Sachs Emerging Markets Fund Class A report earnings next?
No upcoming earnings date is recorded for GEMAX in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does GEMAX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on GEMAX, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.