Stock fact sheet · data as of
Virtus Equity & Convertible Income Fund (NIE): fair value, margin of safety and Wheel Score
Ticker symbol NIE · Financial Services · Asset Management - Income · United States · Shares of beneficial interest (trust) · Fund / Note
NIE trades as shares of beneficial interest in Virtus Equity & Convertible Income Fund - a trust rather than a company.
Is NIE undervalued?
Virtus Equity & Convertible Income Fund (NIE) closed at 24.25 on 5 Nov 2026. The GLS average fair value - the simple average of the 9 valuation models that produced a positive number - is 118.88, which puts the price 80% below it. 8 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.
The 9 models disagree widely: DCF gives 4.69 while GLS Growth gives 292.66. 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.
NIE 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 NIE
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 | 4.69 | -81% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 55.85 | +130% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 273.44 | +1028% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 119.51 | +393% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 292.66 | +1107% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 77.56 | +220% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 153.56 | +533% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 39.52 | +63% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 53.12 | +119% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 0.5783 | -98% | 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 average - NIE passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. There is no GLS Moat score for NIE: 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 high - ROIC 14.7%, ROE 14.7%, ROA 14.6% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is high at 11.08% (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 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 14.7% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | 14.7% |
| Debt / equity | 0.00 | ROA | 14.6% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 3 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 27: No options
NIE 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" (27 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 107k shares a day on a market cap of $672M, with a beta of 1.09; 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 $672M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 80% below fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 1.09, $672M 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 NIE 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 Virtus Equity & Convertible 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 |
|---|---|---|---|---|---|
| ASGI Abrdn Global Infrastructure Income Fund | 21.02 | 81.47 | +74% | 26No options | $665M |
| JQC Nuveen Credit Strategies Income Fund | 4.61 | 4.83 | +5% | 14No options | $681M |
| NKX Nuveen California AMT-Free Quality Municipal Income Fund | 11.28 | 8.66 | -30% | 11No options | $635M |
| PAXS PIMCO Access Income Fund | 13.44 | 24.93 | +46% | 26No options | $634M |
| FFC Flaherty & Crumrine Preferred Securities Income Fund Inc. | 14.92 | 35.57 | +58% | 26No options | $719M |
| PFN PIMCO Income Strategy Fund II | 6.37 | 14.79 | +57% | 23No options | $628M |
| WDI Western Asset Diversified Income Fund | 11.80 | 28.27 | +58% | 26No options | $613M |
| IGR CBRE Global Real Estate Income Fund | 11.70 | 17.76 | +34% | 26No options | $592M |
| CCD Calamos Dynamic Convertible and Income Fund | 20.98 | 175.23 | +88% | 26No options | $591M |
| PHK PIMCO High Income Fund | 4.15 | 5.13 | +19% | 19No options | $774M |
| GGN GAMCO Global Gold, Natural Resources & Income Trust | 5.10 | 34.23 | +85% | 31No options | $797M |
| EOI Eaton Vance Enhanced Equity Income Fund | 19.45 | 61.43 | +68% | 25No options | $797M |
⚖ Compare NIE with 7 of them All Financial Services stocks →
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about NIE
Is NIE undervalued right now?
By the GLS models, yes: at 24.25 the stock is 80% below the average fair value of 118.88 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of NIE and what does it mean?
NIE 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 NIE?
118.88 per share as of 5 Nov 2026 - the simple average of the 9 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 Virtus Equity & Convertible Income Fund report earnings next?
No upcoming earnings date is recorded for NIE in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does NIE have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on NIE, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.