Is MFM or MMD more undervalued in 2026?

CirclFi compares MFS Municipal Income Trust (MFM) and MainStay MacKay DefinedTerm Mun (MMD) using 13 institutional-grade valuation models. MFM has a Quality of Company score of 1.7/10 while MMD scores 1.7/10.

Which is a better buy — MFM or MMD?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do MFM and MMD valuations compare?

MFM at $5.40 and MMD at $15.29 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

MFM vs MMD Valuation Comparison 2026 — Intrinsic Value Analysis

MFM

Asset Management

MFS Municipal Income Trust

Quality

1.7

out of 10

Value Trap

—

Price

$5.40

Last close

Models

10/13

Active

MMD

Asset Management

MainStay MacKay DefinedTerm Mun

Quality

1.7

out of 10

Value Trap

—

Price

$15.29

Last close

Models

10/13

Active

Model-by-Model Comparison

Model	Type	MFM Fair Value	MFM Upside	MMD Fair Value	MMD Upside
Bayesian DCF	Intrinsic	$1.43	-73.5%	$4.05	-73.5%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$3.64	-31.8%	$7.39	-50.7%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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MFM vs MMD — Which Stock Is More Undervalued?

Both MFM and MMD score 1.7/10 on quality. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing MFS Municipal Income Trust (MFM) and MainStay MacKay DefinedTerm Mun (MMD) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

MFM currently trades at $5.40 with a QOC of 1.7/10, while MMD trades at $15.29 with a QOC of 1.7/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).