Nuveen California Quality Municipal Income Fund (NAC)

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a closed-end municipal bond fund, not an operating company. It owns California tax-exempt securities rated Baa/BBB or better, and at the 2026-10-16 close its $1.8 billion market value traded at $10.09, or 0.85 times book value. That discount can be a margin of safety, but only if the asset values are sound and the distribution is covered. At that same close, the fund's calculated P/E is -56.06 because trailing earnings are negative, so the 8.27% dividend yield is not supported by reported profits; in a bond fund, that is a yellow flag. Debt-to-equity is 0.65, which likely reflects leverage and magnifies both income and risk. FairStock's Piotroski F-score is 0/9 and Altman Z-score is 0.81, weak readings by those models, though I would treat them cautiously for a fund. There is no meaningful moat here—Nuveen's scale and California mandate are conveniences, not pricing power. Growth is not measurable: revenue and profit growth are not available, and there are only zero years of filed annual results, so no Lynch category can be assigned. The stock sits near the bottom of its $9.80-$12.25 52-week range with a low beta of 0.58, suggesting calm price action but not safety. On book value the price looks cheap; on earnings and financial-health screens it looks troubled. I would require evidence that distributions are covered and leverage is controlled before calling it a Graham bargain.

In plain English: Nuveen California Quality Municipal Income Fund is a fund that owns California municipal bonds, mostly higher-quality and tax-exempt. The business looks weak because reported earnings are negative and financial-health scores are poor, but the price is below the value of its assets and near the low end of its 52-week price range. So it looks cheap on asset value but not on earnings.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer