Stock fact sheet · data as of
Nuveen California Quality Municipal Income Fund (NAC): fair value, margin of safety and Wheel Score
Ticker symbol NAC · Financial Services · Asset Management - Income · United States · Fund / Note
Is NAC undervalued?
At 10.37 (close of 5 Nov 2026), NAC trades 15% over the GLS average fair value of 9.04. 1 of the 2 models land above the price and 1 below. A negative margin of safety fails the "below fair value" Wheel Trade Filter - the models see no discount, which does not make the business a poor one, only the price a full one.
Only 2 of the nine models produced a value (10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
NAC 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 NAC
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 | - | - | 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 | 5.40 | -48% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 12.68 | +22% | 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) | -7.50 | -172% | 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: NAC passes 4 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 NAC: 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 -4.2%, ROE -7.3%, ROA -4.2% - with debt at 0.75 times equity and a free-cash-flow yield of 2.4%.
The dividend yield is high at 8.31% (payout ratio -54%). 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 2/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | -4.2% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -7.3% |
| Debt / equity | 0.75 | ROA | -4.2% |
| Free-cash-flow yield | 2.4% | Payout ratio | -54% |
| Institutions | 2 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 11: No options
NAC 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" (11 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 1.3M shares a day on a market cap of $1.6B, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; 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 | Fails | trades 15% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 4/9 (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 | Weak | 15% above fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 0.60, $1.6B 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 NAC in the nightly calendar. The shares go ex-dividend on 13 Nov 2026 (0.0695 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 Nuveen California Quality Municipal Income Fund 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 |
|---|---|---|---|---|---|
| WSHNX Weitz Short Duration Income Fund Investor Class | 11.88 | 5.33 | -123% | 14No options | $1.6B |
| NFRAX Nuveen Floating Rate Income Fund Class A | 17.54 | 16.72 | -5% | 12No options | $1.6B |
| FBFWX American Funds Retirement Income Portfolio - Moderate Class F-1 | 14.29 | 529.72 | +97% | 26No options | $1.7B |
| ETG Eaton Vance Tax-Advantaged Global Dividend Income Fund | 23.28 | 82.98 | +72% | 26No options | $1.8B |
| DVGR DAC 3D Dividend Growth ETF | 27.50 | - | - | 12No options | $1.4B |
| PYVAX Payden Equity Income Fund Adviser Cl | 19.27 | 8.30 | -132% | 9No options | $1.4B |
| NMZ Nuveen Municipal High Income Opportunity Fund | 8.93 | 11.20 | +20% | 21No options | $1.9B |
| LZHOX Lazard US High Yield Portfolio Open | 18.26 | 6.79 | -169% | 11No options | $1.3B |
| FRFZX PGIM Floating Rate Income Fund- Class Z | 8.86 | 4.54 | -95% | 13No options | $2.0B |
| PRTAX T. Rowe Price Tax-Free Income Fd | 9.12 | 1.26 | -625% | 14No options | $2.1B |
| TFILX T. Rowe Price Tax Free Income Fund I Class | 9.12 | 4.59 | -99% | 14No options | $2.1B |
| AGEPX American Beacon Developing World Income Fund - Investor Class | 7.47 | 11.15 | +33% | 23No options | $1.2B |
⚖ Compare NAC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about NAC
Is NAC undervalued right now?
No: at 10.37 the stock trades 15% above the GLS average fair value of 9.04 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of NAC and what does it mean?
NAC 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 NAC?
9.04 per share as of 5 Nov 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 Nuveen California Quality Municipal Income Fund report earnings next?
No upcoming earnings date is recorded for NAC in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does NAC have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on NAC, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.