PIMCO Municipal Income Fund II
PIMCO Municipal Income Fund II is a closed-end municipal bond fund that seeks to provide current income exempt from federal income tax. The fund primarily invests in a diversified portfolio of municipal securities, including municipal bonds, variable rate notes, variable rate demand notes, and other tax-exempt instruments issued by U.S. public entities and related authorities. Managed by PIMCO and Allianz Global Investors, it is designed to give investors exposure to the U.S. municipal credit market through professionally selected fixed-income holdings. The fund typically focuses on investment-grade municipal issues and may use additional income-producing municipal structures to support its income objective. PIMCO Municipal Income Fund II plays a role in the fixed-income market by offering access to tax-advantaged municipal income within a closed-end fund structure.
$6.70
+$0.07 (+0.98%)
EOD Oct 16, 2026
Revenue grew 2776.5%, still solid. Free cash flow declined 1213% despite revenue growth, conversion is weakening.
Free cash flow declined 1213% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$320M. The business is consuming cash, not generating it.
13.8x 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)
$35M
▲ +2776.5% YoY
Net Income (TTM)
$34M
▲ +5150.8% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
-$320M
▼ -1212.7% YoY
Op. Cash Flow (TTM)
-$320M
▼ -1212.7% YoY
Net Debt
$3M
Cash & Equiv.
$5M
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Is PIMCO Municipal Income Fund II (PML) overvalued?
At a P/E of 13.8, PIMCO Municipal Income Fund II (PML)'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, PIMCO Municipal Income Fund II scores 9/100 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 7.2%; 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 PIMCO Municipal Income Fund II a high-quality business?+
PIMCO Municipal Income Fund II scores 9 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 PIMCO Municipal Income Fund II (PML) pay a dividend, and how much?+
Yes, PIMCO Municipal Income Fund II pays a regular dividend of about $0.48 per share per year (typically in quarterly installments), a yield of roughly 7.2% at the current price. That is a payout ratio of about 99.3% of earnings, so the dividend is stretched at this level. PIMCO Municipal Income Fund II has grown the dividend at roughly 16.8% 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 PML's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is PIMCO Municipal Income Fund II a good stock to buy right now?+
That depends on valuation and quality together, not either alone. you should weigh PML's valuation and scores 9/100 on quality (lower-quality). It also yields about 7.2%. 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.