Is NMS or NMZ more undervalued in 2026?

CirclFi compares Nuveen Minnesota Quality Munici (NMS) and Nuveen Municipal High Income Op (NMZ) using 13 institutional-grade valuation models. NMS has a Quality of Company score of 1.8/10 while NMZ scores 1.7/10.

Which is a better buy — NMS or NMZ?

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 NMS and NMZ valuations compare?

NMS at $12.23 and NMZ at $10.25 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

NMS vs NMZ Valuation Comparison 2026 — Intrinsic Value Analysis

NMS

Asset Management

Nuveen Minnesota Quality Munici

Quality

1.8

out of 10

Value Trap

—

Price

$12.23

Last close

Models

6/13

Active

NMZ

Asset Management

Nuveen Municipal High Income Op

Quality

1.7

out of 10

Value Trap

—

Price

$10.25

Last close

Models

11/13

Active

Model-by-Model Comparison

Model	Type	NMS Fair Value	NMS Upside	NMZ Fair Value	NMZ Upside
Bayesian DCF	Intrinsic	$3.24	-73.5%	$2.71	-73.5%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$6.99	-42.8%	$9.72	-3.6%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Dynamic NAV	Asset-Based	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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NMS vs NMZ — Which Stock Is More Undervalued?

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

Comparing Nuveen Minnesota Quality Munici (NMS) and Nuveen Municipal High Income Op (NMZ) 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.

NMS currently trades at $12.23 with a QOC of 1.8/10, while NMZ trades at $10.25 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).