First Trust Enhanced Equity Income Fund
First Trust Enhanced Equity Income Fund is a closed-end equity income fund managed by First Trust Advisors and co-managed by Chartwell Investment Partners. The fund focuses on a diversified portfolio of U.S. and U.S.-dollar-denominated equity securities across multiple sectors and market capitalizations, using an enhanced income approach that includes covered call option writing. Its primary objective is to generate a high level of current income and gains, with capital appreciation as a secondary goal. First Trust Enhanced Equity Income Fund is used by investors seeking professionally managed exposure to broad equity markets within a single closed-end structure. The fund also emphasizes periodic shareholder distributions and portfolio income generation, making it a distinct vehicle within the equity income and covered-call fund segment.
$22.22
-$0.22 (-0.98%)
EOD Oct 22, 2026
Revenue grew 6.8%, steady but not accelerating.
Even for strong businesses, today's 5x P/E means the stock needs to keep delivering. There's no margin of safety if growth disappoints.
5.5x earnings. 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)
$81M
▲ +6.8% YoY
Net Income (TTM)
$81M
▲ +6.9% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow
N/A
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$4M
Continue Research
Is First Trust Enhanced Equity Income Fund (FFA) overvalued?
At a P/E of 5.5, First Trust Enhanced Equity Income Fund (FFA)'s valuation is best read against its own history, its peers, and the growth its price implies. 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, First Trust Enhanced Equity Income Fund scores 28/100 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 7.0%; 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
Is First Trust Enhanced Equity Income Fund a high-quality business?+
First Trust Enhanced Equity Income Fund scores 28 out of 100 on Intrinsiqq's quality score, a weighted blend of 3 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 First Trust Enhanced Equity Income Fund (FFA) pay a dividend, and how much?+
Yes, First Trust Enhanced Equity Income Fund pays a regular dividend of about $1.55 per share per year (typically in quarterly installments), a yield of roughly 7.0% at the current price. That is a payout ratio of about 38.3% of earnings, so the dividend is amply covered by earnings. First Trust Enhanced Equity Income Fund has grown the dividend at roughly 5.3% 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 FFA's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is First Trust Enhanced Equity Income Fund a good stock to buy right now?+
That depends on valuation and quality together, not either alone. you should weigh FFA's valuation and scores 28/100 on quality (lower-quality). It also yields about 7.0%. 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.
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