Stock fact sheet · data as of
Northern Funds Income Equity Fund (NOIEX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management - Income · United States · Speculative / Distressed
Is NOIEX undervalued?
Northern Funds Income Equity Fund (NOIEX) closed at 20.91 on 16 Oct 2026. The GLS average fair value - the simple average of the 7 valuation models that produced a positive number - is 112.51, which puts the price 81% below it. 6 of the 7 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.
There is a wide gap between DCF (1.60) and Graham Growth (381.52). 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.
The nightly engine files NOIEX 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 NOIEX
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 | 1.60 | -92% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 96.36 | +361% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 381.52 | +1725% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 159.00 | +660% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 33.10 | +58% | 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 | 21.64 | +3% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 94.36 | +351% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -0.1347 | -101% | 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
Northern Funds Income Equity Fund scores only 2 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. 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. A GLS Moat score of 4.6/10 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 high - ROIC 17.5%, ROE 17.5%, ROA 17.3% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is high at 7.03% (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 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 2 / 9 | ROIC | 17.5% |
|---|---|---|---|
| GLS Moat | 4.6 / 10 | ROE | 17.5% |
| Debt / equity | 0.00 | ROA | 17.3% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
No options are listed on Northern Funds Income Equity Fund in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 39) 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 - a day on a market cap of $334M, with a beta of 0.92; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 81% margin of safety | |
| Health | 4 / 20 | Piotroski 2/9 | |
| Moat | 7 / 15 | moat 4.6/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 0k shares/day, $334M cap, beta 0.92 |
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 NOIEX 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 Northern Funds Income Equity 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 |
|---|---|---|---|---|---|
| NCV Virtus Convertible & Income Fund | 15.02 | 127.39 | +88% | 39No options | $339M |
| SCD LMP Capital and Income Fund Inc. | 14.84 | 40.99 | +64% | 39No options | $341M |
| VKI Invesco Advantage Municipal Income Trust II | 7.71 | 7.29 | -6% | 37No options | $342M |
| DRAY YieldMax DKNG Option Income Strategy ETF | 11.31 | 39.62 | +71% | 31No options | $325M |
| HFRO Highland Opportunities and Income Fund | 6.24 | 18.70 | +67% | 39No options | $345M |
| LEO BNY Mellon Strategic Municipals, Inc. | 5.60 | 4.48 | -25% | 27No options | $349M |
| AEF abrdn Emerging Markets ex-China Fund, Inc. | 8.66 | 99.29 | +91% | 39No options | $352M |
| EAD Wells Fargo Advantage Funds - Allspring Income Opportunities Fund | 5.96 | 20.48 | +71% | 39No options | $352M |
| HPI John Hancock Preferred Income Fund | 13.45 | 24.61 | +45% | 39No options | $360M |
| FSAHX Fidelity Short Duration High Income Fund | 8.73 | 9.61 | +9% | 39No options | $364M |
| NXG NXG NextGen Infrastructure Income Fund | 52.50 | 684.35 | +92% | 39No options | $304M |
| FINS Angel Oak Financial Strategies Income Term Trust | 12.12 | 50.29 | +76% | 39No options | $304M |
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Start free See the Sunday ScanQuestions about NOIEX
Is NOIEX undervalued right now?
By the GLS models, yes: at 20.91 the stock is 81% below the average fair value of 112.51 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of NOIEX and what does it mean?
NOIEX 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 NOIEX?
112.51 per share as of 16 Oct 2026 - the simple average of the 7 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 Northern Funds Income Equity Fund report earnings next?
No upcoming earnings date is recorded for NOIEX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does NOIEX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on NOIEX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.