PIMCO Access Income Fund
PIMCO Access Income Fund is a closed-end, actively managed fixed income fund designed to seek current income, with capital appreciation as a secondary objective. Managed by Pacific Investment Management Company LLC, it uses a flexible allocation approach across global public and private credit markets. The fund may invest in corporate debt, mortgage-related and other asset-backed securities, government and sovereign debt, taxable municipal bonds, and floating-rate income-producing instruments issued by U.S. and foreign borrowers. It also has the ability to include investment-grade, high-yield, stressed, distressed, and emerging market credit exposures, allowing broad participation across multiple credit sectors. PIMCO Access Income Fund is used by investors looking for diversified access to a wide range of income-generating fixed income opportunities through a single portfolio focused on credit selection and sector rotation.
$13.07
-$0.05 (-0.38%)
EOD Oct 16, 2026
Revenue declined 35.9% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened. Net debt of $425M represents 5.0x FCF, leverage limits flexibility.
10.2x earnings, 6.8x 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)
$57M
▼ -35.9% YoY
Net Income (TTM)
$57M
▼ -36.0% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$86M
▼ -14.8% YoY
Op. Cash Flow (TTM)
$86M
▼ -14.8% YoY
Net Debt
$425M
Cash & Equiv.
$3M
3Y CAGR: +113.0%
Continue Research
Is PIMCO Access Income Fund (PAXS) overvalued?
At a P/E of 10.2 and a price-to-free-cash-flow of 6.8, PIMCO Access Income Fund (PAXS) trades below a two-stage DCF intrinsic value of about $87.63 per share, so at $13.07 the stock looks undervalued (570.5% 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, PIMCO Access Income Fund scores 49/100 on Intrinsiqq's quality scorecard (a mixed business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 13.7%; 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 PIMCO Access Income Fund's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $87.63 per share for PAXS, 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 $65.72. At today's $13.07, that puts the stock about 570.5% 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 PIMCO Access Income Fund a high-quality business?+
PIMCO Access Income Fund scores 49 out of 100 on Intrinsiqq's quality score, a weighted blend of 5 metrics each scored 0 to 100, which makes it a mixed 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 PIMCO Access Income Fund (PAXS) pay a dividend, and how much?+
Yes, PIMCO Access Income Fund pays a regular dividend of about $1.79 per share per year (typically in quarterly installments), a yield of roughly 13.7% at the current price. That is a payout ratio of about 139.0% of earnings, so the dividend is stretched at this level. PIMCO Access Income Fund has grown the dividend at roughly 40.2% 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 PAXS's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is PIMCO Access Income Fund a good stock to buy right now?+
That depends on valuation and quality together, not either alone. PAXS currently trades below its estimated intrinsic value and scores 49/100 on quality (mixed). It also yields about 13.7%. 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.