Calamos Convertible and High Income Fund
Calamos Convertible and High Income Fund is a closed-end investment fund that seeks total return through capital appreciation and current income. Calamos Convertible and High Income Fund invests primarily in a diversified portfolio of convertible securities and high-yield corporate bonds, giving it a distinctive role in the taxable fixed-income and convertibles market. The fund focuses on U.S. fixed income markets and combines fundamental and quantitative analysis in portfolio construction. Its holdings typically span a broad mix of issuers and sectors, including technology, industrials, healthcare, and consumer-related companies, reflecting the opportunity set in convertible and below-investment-grade credit instruments. As a diversified income-oriented fund, Calamos Convertible and High Income Fund is used by investors seeking exposure to securities that blend bond-like income characteristics with equity-linked features, while maintaining a structured, professionally managed portfolio.
$11.11
-$0.30 (-2.63%)
EOD Oct 16, 2026
Revenue grew 4.0%, steady but not accelerating. Free cash flow declined 11% despite revenue growth, conversion is weakening.
Free cash flow declined 11% versus the prior year, cash generation momentum has weakened.
4.6x earnings, 10.0x 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)
$187M
▲ +4.0% YoY
Net Income (TTM)
$186M
▲ +4.0% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$84M
▼ -11.2% YoY
Op. Cash Flow (TTM)
$84M
▼ -11.2% YoY
Net Debt
N/A
Cash & Equiv.
N/A
3Y CAGR: -7.7%
Continue Research
Is Calamos Convertible and High Income Fund (CHY) overvalued?
At a P/E of 4.6 and a price-to-free-cash-flow of 10.0, Calamos Convertible and High Income Fund (CHY) trades below a two-stage DCF intrinsic value of about $15.22 per share, so at $11.11 the stock looks undervalued (37.0% 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 and High 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 10.8%; 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 and High Income Fund's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $15.22 per share for CHY, 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 $11.42. At today's $11.11, that puts the stock about 37.0% 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 and High Income Fund a high-quality business?+
Calamos Convertible and High 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 and High Income Fund (CHY) pay a dividend, and how much?+
Yes, Calamos Convertible and High Income Fund pays a regular dividend of about $1.20 per share per year (typically in quarterly installments), a yield of roughly 10.8% at the current price. That is a payout ratio of about 49.3% of earnings, so the dividend is well covered. 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 CHY's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Calamos Convertible and High Income Fund a good stock to buy right now?+
That depends on valuation and quality together, not either alone. CHY currently trades below its estimated intrinsic value and scores 27/100 on quality (lower-quality). It also yields about 10.8%. 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.