Is NMI or NML more undervalued in 2026?

CirclFi compares Nuveen Municipal Income Fund, I (NMI) and 1525 (NML) using 13 institutional-grade valuation models. NMI has a Quality of Company score of 1.7/10 while NML scores 1.8/10.

Which is a better buy — NMI or NML?

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 NMI and NML valuations compare?

NMI at $10.68 and NML at $9.96 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NMI vs NML Valuation Comparison 2026 — Intrinsic Value Analysis

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

NML

Asset Management

1525

Quality

1.8

out of 10

Value Trap

—

Price

$9.96

Last close

Models

6/13

Active

Model-by-Model Comparison

Model	Type	NMI Fair Value	NMI Upside	NML Fair Value	NML Upside
Bayesian DCF	Intrinsic	$2.83	-73.5%	$2.64	-73.5%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	—	—	$6.29	-36.8%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$9.97	-6.4%	—	—
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%

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NMI vs NML — Which Stock Is More Undervalued?

NML scores higher with a 1.8/10 quality rating vs NMI's 1.7/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Nuveen Municipal Income Fund, I (NMI) and 1525 (NML) 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.

NMI currently trades at $10.68 with a QOC of 1.7/10, while NML trades at $9.96 with a QOC of 1.8/10.

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).