Stock fact sheet · data as of
T. Rowe Price California Tax-Free Bond Fund (PRXCX): fair value, margin of safety and Wheel Score
Ticker symbol PRXCX · Financial Services · Asset Management - Bonds · United States · Fund / Note
Is PRXCX undervalued?
PRXCX closed at 10.39 on 5 Nov 2026, more than 30% above the GLS average fair value of 2.82. Only 0 of the 2 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the "below fair value" Wheel Trade Filter keeps names like this under 70.
The average is built from just 2 models (DCF, 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.
PRXCX 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 PRXCX
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 | 0.0094 | -100% | Present value of the projected free cash flows, discounted at the cost of capital |
| 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 | - | - | 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 | 5.64 | -46% | 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) | 0.0212 | -100% | 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
T. Rowe Price California Tax-Free Bond Fund scores only 3 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 PRXCX: 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 -6.9%, ROE -6.9%, ROA -6.8% - with debt at 0.00 times equity and negative free cash flow.
The dividend yield is 3.69% at a payout ratio of 0%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -6.9% |
|---|---|---|---|
| GLS Moat | - / 10 | ROE | -6.9% |
| Debt / equity | 0.00 | ROA | -6.8% |
| Free-cash-flow yield | 0.0% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 10: No options
No options are listed on T. Rowe Price California Tax-Free Bond Fund in our nightly snapshot, so it fails the first Wheel Trade Filter (options that actually trade) (it reads 10, 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 - a day on a market cap of $733M, with a beta of 1.06; 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 268% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 3/9 (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 $733M (under $1.0B) |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 268% above fair value | |
| Premium | Weak | no option data | |
| Moat | Weak | no moat score | |
| Health | Weak | Piotroski 3/9 | |
| Red Flags | Fair | not scored yet - half marks | |
| Option trading | Weak | no option volume data | |
| Stability | Fair | beta 1.06, $733M 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 PRXCX in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Asset Management - Bonds
The 12 companies below are the closest to T. Rowe Price California Tax-Free Bond Fund by market cap within the Asset Management - Bonds 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 |
|---|---|---|---|---|---|
| BHK BlackRock Core Bond Trust | 8.61 | 25.08 | +66% | 24No options | $622M |
| SMRSX ALPS/Smith Short Duration Bond Investor | 10.14 | 5.52 | -84% | 14No options | $622M |
| PCTIX PIMCO California Municipal Bond Fund Insti Class | 10.41 | 7.58 | -37% | 14No options | $605M |
| DITEX BNY Mellon Intermediate Municipal Bond Fund, Inc. | 12.54 | 14.03 | +11% | 16No options | $602M |
| BBN BlackRock Taxable Municipal Bond Trust | 14.93 | 21.36 | +30% | 29No options | $923M |
| PCARX PIMCO Credit Opportunities Bond Fund Class INSTL | 9.25 | 15.88 | +42% | 24No options | $439M |
| CPTNX American Century Government Bond Investor Class | 9.10 | 10.35 | +12% | 17No options | $404M |
| FBIIX Fidelity International Bond Index Fund | 9.03 | 4.85 | -86% | 15No options | $1.4B |
| PRVAX T. Rowe Price Virginia Municipal Bond Fund | 10.86 | 3.33 | -226% | 14No options | $1.4B |
| APOIX American Century Short Duration Inflation Protection Bond Fund Investor Class | 10.44 | 4.19 | -149% | 14No options | $1.4B |
| DCIBX DFA California Intermediate-Term Municipal Bond Port | 10.23 | 7.02 | -46% | 11No options | $374M |
| GBAB Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust | 13.06 | 33.92 | +61% | 26No options | $362M |
⚖ Compare PRXCX with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about PRXCX
Is PRXCX undervalued right now?
No: at 10.39 the stock trades 268% above the GLS average fair value of 2.82 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of PRXCX and what does it mean?
PRXCX 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 PRXCX?
2.82 per share as of 5 Nov 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 T. Rowe Price California Tax-Free Bond Fund report earnings next?
No upcoming earnings date is recorded for PRXCX in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does PRXCX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on PRXCX, so the wheel strategy cannot be run on it and the Wheel Score stays under 70.