Nuveen Variable Rate Preferred & Income Fund (NPFD): fair value, margin of safety and Wheel Score

Is NPFD undervalued?

Nuveen Variable Rate Preferred & Income Fund (NPFD) closed at 17.21 on 5 Nov 2026. The GLS average fair value - the simple average of the 8 valuation models that produced a positive number - is 45.11, which puts the price 62% below it. 7 of the 8 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 8 models disagree widely: EPV gives 13.88 while Payback Time gives 77.56. 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.

NPFD 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 NPFD

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.

Quality and financial health

On financial health NPFD scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. There is no GLS Moat score for NPFD: 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 4.6%, ROE 6.4%, ROA 4.0% - with debt at 0.40 times equity and a free-cash-flow yield of 11.4%.

The dividend yield is high at 10.98% (payout ratio 155%) - 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 4/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 29: No options

NPFD 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" (29 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 38k shares a day on a market cap of $416M, with a beta of 0.74 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.

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 NPFD in the nightly calendar. The shares go ex-dividend on 13 Nov 2026 (0.1565 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 Variable Rate Preferred & 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.

⚖ Compare NPFD with 7 of them   All Financial Services stocks →