Calamos Long/Short Equity & Dynamic Income Trust
Calamos Long/Short Equity & Dynamic Income Trust is a closed-end fund managed by Calamos that seeks to deliver current income and risk-managed capital appreciation. The fund uses a global long/short equity strategy designed to provide hedged market exposure, combining long and short positions with selective allocations to preferred securities and fixed income instruments. Its current portfolio structure emphasizes an equity sleeve alongside a fixed income sleeve, allowing the fund to blend growth-oriented exposure with income-producing assets. Calamos Long/Short Equity & Dynamic Income Trust is used by investors seeking a diversified multi-asset approach within the closed-end fund market, with monthly distributions and active risk management as core features of its product design. The fund operates as part of Calamos’ broader lineup of income-focused and alternative investment strategies.
$12.46
-$0.02 (-0.16%)
EOD Oct 16, 2026
Revenue declined 62.5% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 89% versus the prior year, cash generation momentum has weakened. Net debt of $191M represents 28.3x FCF, leverage limits flexibility.
12.7x earnings, 36.2x 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)
$20M
▼ -62.5% YoY
Net Income (TTM)
$19M
▼ -63.2% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$7M
▼ -88.8% YoY
Op. Cash Flow (TTM)
$7M
▼ -88.8% YoY
Net Debt
$191M
Cash & Equiv.
$1M
Continue Research
Is Calamos Long/Short Equity & Dynamic Income Trust (CPZ) overvalued?
At a P/E of 12.7 and a price-to-free-cash-flow of 36.2, Calamos Long/Short Equity & Dynamic Income Trust (CPZ) trades above a two-stage DCF intrinsic value of about $-3.77 per share, so at $12.46 the stock looks overvalued (130.3% above 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 Long/Short Equity & Dynamic Income Trust scores 21/100 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 13.5%; 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 Long/Short Equity & Dynamic Income Trust's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $-3.77 per share for CPZ, 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 $-2.83. At today's $12.46, that puts the stock about 130.3% above 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 Long/Short Equity & Dynamic Income Trust a high-quality business?+
Calamos Long/Short Equity & Dynamic Income Trust scores 21 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 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 Long/Short Equity & Dynamic Income Trust (CPZ) pay a dividend, and how much?+
Yes, Calamos Long/Short Equity & Dynamic Income Trust pays a regular dividend of about $1.68 per share per year (typically in quarterly installments), a yield of roughly 13.5% at the current price. That is a payout ratio of about 171.0% of earnings, so the dividend is stretched at this level. 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 CPZ's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Calamos Long/Short Equity & Dynamic Income Trust a good stock to buy right now?+
That depends on valuation and quality together, not either alone. CPZ currently trades above its estimated intrinsic value and scores 21/100 on quality (lower-quality). It also yields about 13.5%. 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.