Stock fact sheet · data as of
Nuveen California AMT-Free Quality Municipal Income Fund (NKX): fair value, margin of safety and Wheel Score
Ticker symbol NKX · Financial Services · Asset Management - Income · United States · Fund / Note
Is NKX undervalued?
Nuveen California AMT-Free Quality Municipal Income Fund (NKX) closed at 11.28 on 5 Nov 2026, 30% above the GLS average fair value of 8.66. 5 of the 8 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.
There is a wide gap between GLS Growth (0.2776) and Graham Growth (19.68). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
NKX 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 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 | 11.68 | +4% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 19.68 | +74% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 8.12 | -28% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.2776 | -98% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 6.15 | -45% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 5.17 | -54% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 13.13 | +16% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 5.09 | -55% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -7.39 | -166% | 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 only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. 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. There is no GLS Moat score for NKX: 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 -3.7%, ROE -6.5%, ROA -3.7% - with debt at 0.76 times equity and a free-cash-flow yield of 2.4%.
The dividend yield is high at 7.91% (payout ratio 234%) - a payout above 100% of earnings, which is not covered by profits. 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 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | -3.7% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -6.5% |
| Debt / equity | 0.76 | ROA | -3.7% |
| Free-cash-flow yield | 2.4% | Payout ratio | 234% |
| Institutions | 3 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 11: No options
No options are listed on Nuveen California AMT-Free Quality Municipal Income Fund in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 11, under 70) and is left out of every options scan; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 245k shares a day on a market cap of $635M, 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 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 30% 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 | Fails | market cap $635M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 30% 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 0.65, $635M 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 NKX in the nightly calendar. The shares go ex-dividend on 13 Nov 2026 (0.0720 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 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 |
|---|---|---|---|---|---|
| PAXS PIMCO Access Income Fund | 13.44 | 24.93 | +46% | 26No options | $634M |
| 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 |
| ASGI Abrdn Global Infrastructure Income Fund | 21.02 | 81.47 | +74% | 26No options | $665M |
| NIE Virtus Equity & Convertible Income Fund | 24.25 | 118.88 | +80% | 27No options | $672M |
| JQC Nuveen Credit Strategies Income Fund | 4.61 | 4.83 | +5% | 14No options | $681M |
| 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 |
| NML Neuberger Energy Infrastructure and Income Fund Inc. | 9.99 | 18.18 | +45% | 25No options | $566M |
| LDP Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 19.44 | 43.94 | +56% | 28No options | $565M |
| FFC Flaherty & Crumrine Preferred Securities Income Fund Inc. | 14.92 | 35.57 | +58% | 26No options | $719M |
| FAX Abrdn Asia-Pacific Income Fund Inc | 12.91 | 26.90 | +52% | 26No options | $533M |
⚖ 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 11.28 the stock trades 30% above the GLS average fair value of 8.66 (data as of 5 Nov 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; 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 NKX?
8.66 per share as of 5 Nov 2026 - the simple average of the 8 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 5 Nov 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 stays under 70.