PIMCO New York Municipal Income Fund (PNI): fair value, margin of safety and Wheel Score

Is PNI undervalued?

PIMCO New York Municipal Income Fund (PNI) closed at 6.10 on 16 Oct 2026. The GLS average fair value - the simple average of the 6 valuation models that produced a positive number - is 16.19, which puts the price 62% below it. 4 of the 6 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 GLS Growth (2.43) and Graham Growth (47.42). 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 PNI under High Yield Income: a dividend yield above 4%.

Nine valuation models for PNI

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

PIMCO New York Municipal Income Fund scores only 4 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 1.4/10 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 2.0%, ROE 3.4%, ROA 2.0% - with debt at 0.71 times equity and negative free cash flow.

The dividend yield is high at 5.80% (payout ratio 39%). 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 7/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 39: No options

No options are listed on PIMCO New York Municipal Income 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 104k shares a day on a market cap of $146M, with a beta of 0.79 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.

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 PNI in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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