Stock fact sheet · data as of
Nuveen California AMT-Free Quality Municipal Income Fund (NKX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Income · United States · Speculative / Distressed
Is NKX undervalued?
Nuveen California AMT-Free Quality Municipal Income Fund (NKX) closed at 10.62 on 16 Oct 2026, 32% above the GLS average fair value of 8.04. 1 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 (10 Cap, 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 NKX 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 NKX
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 | 2.96 | -72% | 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 | 13.13 | +24% | 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) | -7.39 | -170% | 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
Nuveen California AMT-Free Quality Municipal Income Fund scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the Sunday Scan's "6 or more" rule. 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. A GLS Moat score of 2.3/10 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 -3.7%, ROE -6.5%, ROA -3.7% - with debt at 0.76 times equity and a free-cash-flow yield of 1.2%.
The dividend yield is high at 8.40% (payout ratio -45%). 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 | 5 / 9 | ROIC | -3.7% |
|---|---|---|---|
| GLS Moat | 2.3 / 10 | ROE | -6.5% |
| Debt / equity | 0.76 | ROA | -3.7% |
| Free-cash-flow yield | 1.2% | Payout ratio | -45% |
| Institutions | 2 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 25: No options
No options are listed on Nuveen California AMT-Free Quality Municipal Income Fund in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 25) 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 372k shares a day on a market cap of $598M, with a beta of 0.65 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 11 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -32% margin of safety | |
| Health | 11 / 20 | Piotroski 5/9 | |
| Moat | 3 / 15 | moat 2.3/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 11 / 20 | 372k shares/day, $598M cap, beta 0.65 |
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 NKX 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 Nuveen California AMT-Free 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 |
|---|---|---|---|---|---|
| WDI Western Asset Diversified Income Fund | 11.50 | 28.27 | +59% | 39No options | $597M |
| PFN PIMCO Income Strategy Fund II | 6.18 | 14.81 | +58% | 39No options | $609M |
| PAXS PIMCO Access Income Fund | 12.96 | 24.66 | +47% | 39No options | $611M |
| ASGI Abrdn Global Infrastructure Income Fund | 19.33 | 81.47 | +76% | 39No options | $611M |
| IGR CBRE Global Real Estate Income Fund | 11.21 | 17.76 | +37% | 39No options | $567M |
| NML Neuberger Energy Infrastructure and Income Fund Inc. | 9.86 | 18.18 | +46% | 39No options | $559M |
| CCD Calamos Dynamic Convertible and Income Fund | 22.99 | 173.12 | +87% | 39No options | $648M |
| LDP Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 18.98 | 44.01 | +57% | 39No options | $552M |
| JQC Nuveen Credit Strategies Income Fund | 4.51 | 4.84 | +7% | 39No options | $667M |
| FAX Abrdn Asia-Pacific Income Fund Inc | 12.83 | 26.93 | +52% | 39No options | $530M |
| HIMYX Victory High Income Municipal Fund - Class Y | 5.16 | 3.68 | -40% | 21No options | $523M |
| FFC Flaherty & Crumrine Preferred Securities Income Fund Inc. | 14.54 | 35.55 | +59% | 39No options | $701M |
⚖ Compare NKX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about NKX
Is NKX undervalued right now?
No: at 10.62 the stock trades 32% above the GLS average fair value of 8.04 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of NKX and what does it mean?
NKX 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 NKX?
8.04 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 Nuveen California AMT-Free Quality Municipal Income Fund report earnings next?
No upcoming earnings date is recorded for NKX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does NKX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on NKX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.