Thornburg Income Builder Opportunities Trust (TBLD): fair value, margin of safety and Wheel Score

Is TBLD undervalued?

Thornburg Income Builder Opportunities Trust (TBLD) closed at 20.21 on 16 Oct 2026. The GLS average fair value - the simple average of the 6 valuation models that produced a positive number - is 125.16, which puts the price 84% below it. 5 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.

The 6 models disagree widely: DDM gives 18.39 while GLS Growth gives 271.39. 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.

The nightly engine files TBLD 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 TBLD

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

Financial health is weak: TBLD passes 0 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 5.0 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.

Returns on capital are high - ROIC 14.4%, ROE 14.4%, ROA 14.3% - with debt at 0.00 times equity and negative free cash flow.

The dividend yield is high at 6.19% (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 4/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 16 Sep 2026.

Wheel Score 39: No options

TBLD has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 45k shares a day on a market cap of $628M, with a beta of 0.71 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 7 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 TBLD in the nightly calendar.

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

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The 12 companies below are the closest to Thornburg Income Builder Opportunities Trust by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

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