Is NKX or NMI more undervalued in 2026?

CirclFi compares Nuveen California AMT-Free Qual (NKX) and Nuveen Municipal Income Fund, I (NMI) using 13 institutional-grade valuation models. NKX has a Quality of Company score of 1.7/10 while NMI scores 1.7/10.

Which is a better buy — NKX or NMI?

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 NKX and NMI valuations compare?

NKX at $12.62 and NMI at $10.68 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NKX vs NMI Valuation Comparison 2026 — Intrinsic Value Analysis

NKX

Asset Management

Nuveen California AMT-Free Qual

Quality

1.7

out of 10

Value Trap

—

Price

$12.62

Last close

Models

9/13

Active

NMI

Asset Management

Nuveen Municipal Income Fund, I

Quality

1.7

out of 10

Value Trap

—

Price

$10.68

Last close

Models

8/13

Active

Model-by-Model Comparison

Model	Type	NKX Fair Value	NKX Upside	NMI Fair Value	NMI Upside
Bayesian DCF	Intrinsic	$3.34	-73.5%	$2.83	-73.5%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	—	—	$9.97	-6.4%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$4.32	-65.1%	—	—

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NKX vs NMI — Which Stock Is More Undervalued?

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

Comparing Nuveen California AMT-Free Qual (NKX) and Nuveen Municipal Income Fund, I (NMI) 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.

NKX currently trades at $12.62 with a QOC of 1.7/10, while NMI trades at $10.68 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).