Calamos Convertible Opportunities and Income Fund
Calamos Convertible Opportunities and Income Fund is a closed-end investment fund managed by Calamos Investments that focuses on generating current income and capital appreciation. The fund primarily invests in a diversified portfolio of convertible securities and high-yield corporate bonds, using a flexible fixed-income approach that combines credit exposure with equity-linked instruments. Its portfolio is designed to participate in the income potential of corporate debt while also capturing the conversion features of securities that can benefit from stock price appreciation. Calamos Convertible Opportunities and Income Fund serves investors seeking access to a professionally managed, income-oriented strategy within the broader U.S. fixed income and convertible securities markets. The fund is used as a diversified vehicle for exposure to multiple issuers and sectors, making it a notable part of the closed-end fund segment focused on taxable convertibles and higher-yield credit instruments.
$11.06
-$0.31 (-2.73%)
EOD Oct 16, 2026
Revenue grew 5.2%, steady but not accelerating. Free cash flow declined 19% despite revenue growth, conversion is weakening.
Free cash flow declined 19% versus the prior year, cash generation momentum has weakened.
4.8x earnings, 12.3x FCF. The multiple is below average. Either the market is pricing in deterioration you should investigate, or there's genuine value here.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$173M
▲ +5.2% YoY
Net Income (TTM)
$173M
▲ +5.2% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$67M
▼ -19.3% YoY
Op. Cash Flow (TTM)
$67M
▼ -19.3% YoY
Net Debt
N/A
Cash & Equiv.
N/A
3Y CAGR: -7.4%
Continue Research
Is Calamos Convertible Opportunities and Income Fund (CHI) overvalued?
At a P/E of 4.8 and a price-to-free-cash-flow of 12.3, Calamos Convertible Opportunities and Income Fund (CHI) trades around a two-stage DCF intrinsic value of about $11.50 per share, so at $11.06 the stock looks around fair value (4.0% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Calamos Convertible Opportunities and Income Fund scores 27/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 10.3%; see dividend safety for coverage and history. All figures are computed from company filings; read the full methodology, or see how the market compares in our US profitability statistics. This is analysis, not investment advice.
Frequently asked
What is Calamos Convertible Opportunities and Income Fund's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $11.50 per share for CHI, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $8.63. At today's $11.06, that puts the stock about 4.0% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Is Calamos Convertible Opportunities and Income Fund a high-quality business?+
Calamos Convertible Opportunities and Income Fund scores 27 out of 100 on Intrinsiqq's quality score, a weighted blend of 4 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from company filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Does Calamos Convertible Opportunities and Income Fund (CHI) pay a dividend, and how much?+
Yes, Calamos Convertible Opportunities and Income Fund pays a regular dividend of about $1.14 per share per year (typically in quarterly installments), a yield of roughly 10.3% at the current price. That is a payout ratio of about 49.5% of earnings, so the dividend is well covered. Calamos Convertible Opportunities and Income Fund has grown the dividend at roughly 1.4% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For CHI's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Calamos Convertible Opportunities and Income Fund a good stock to buy right now?+
That depends on valuation and quality together, not either alone. CHI currently trades around its estimated intrinsic value and scores 27/100 on quality (lower-quality). It also yields about 10.3%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from company filings, not investment advice.
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Data sourced from company filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.