Stock fact sheet · data as of
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX): fair value, margin of safety and Wheel Score
Financial Services · Asset Management · United States · High Yield Income
Is VWLUX undervalued?
Vanguard Long-Term Tax-Exempt Fund Admiral Shares (VWLUX) closed at 10.18 on 16 Oct 2026, 209% above the GLS average fair value of 3.29. 2 of the 2 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
Only 2 of the nine models produced a value (10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files VWLUX under High Yield Income: a dividend yield above 4%.
Nine valuation models for VWLUX
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 | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| 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 | 0.4770 | -95% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 6.11 | -40% | 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) | 0.0007 | -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
Financial health is average - VWLUX passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 5.6 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 thin or negative - ROIC 3.7%, ROE 3.7%, ROA 3.7% - with debt at 0.00 times equity and a free-cash-flow yield of 0.2%.
The dividend yield is high at 4.08% (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 | 6 / 9 | ROIC | 3.7% |
|---|---|---|---|
| GLS Moat | 5.6 / 10 | ROE | 3.7% |
| Debt / equity | 0.00 | ROA | 3.7% |
| Free-cash-flow yield | 0.2% | Payout ratio | 0% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 34: No options
VWLUX 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" (34 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at - a day on a market cap of $18.5B, with a beta of 1.16; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -209% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 8 / 15 | moat 5.6/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 12 / 20 | 0k shares/day, $18.5B cap, beta 1.16 |
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 VWLUX in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
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| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| IHGIX Hartford Dividend and Growth Fund Class A | 39.57 | 45.58 | +13% | 39No options | $18.3B |
| HDGCX The Hartford Dividend and Growth Fund Class C | 37.28 | 86.42 | +57% | 39No options | $18.3B |
| PS Pershing Square Inc. | 45.58 | 2.34 | -1852% | 31Weak | $18.2B |
| VPCCX Vanguard PRIMECAP Core Fund | 45.62 | 67.74 | +33% | 39No options | $17.9B |
| FNILX Fidelity ZERO Large Cap Index Fund | 27.77 | 42.77 | +35% | 39No options | $19.2B |
| FIDZX Fidelity Advisor International Capital Appreciation Fund Class Z | 36.66 | 26.01 | -41% | 37No options | $17.6B |
| LZOEX Lazard Emerging Markets Equity Portfolio | 32.34 | 1.35 | -2297% | 28No options | $20.0B |
| TRRHX T. Rowe Price Retirement 2025 Fund | 18.71 | 184.14 | +90% | 39No options | $17.1B |
| RPTIX T. Rowe Price Mid-Cap Growth Fund | 100.80 | 114.61 | +12% | 39No options | $20.7B |
| LGRNX Loomis Sayles Growth Fund Class N | 34.28 | 5.97 | -474% | 25No options | $16.4B |
| DUKH Ocean Park High Income ETF | 23.17 | 125.99 | +82% | 39No options | $16.2B |
| TPG TPG Inc. | 42.22 | 40.87 | -3% | 69Good | $16.2B |
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Start free See the Sunday ScanQuestions about VWLUX
Is VWLUX undervalued right now?
No: at 10.18 the stock trades 209% above the GLS average fair value of 3.29 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of VWLUX and what does it mean?
VWLUX 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 VWLUX?
3.29 per share as of 16 Oct 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 Vanguard Long-Term Tax-Exempt Fund Admiral Shares report earnings next?
No upcoming earnings date is recorded for VWLUX in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does VWLUX have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on VWLUX, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.