Invesco Trust for Investment Grade New York Municipals
Invesco Trust for Investment Grade New York Municipals is a closed-end management investment company focused on providing current income that is exempt from federal, New York State, and New York City income taxes. The fund primarily invests in investment-grade New York municipal securities, including municipal bonds, notes, commercial paper, and lease obligations, and it may also hold a limited portion of lower-rated or unrated municipal securities when appropriate under its guidelines. Its portfolio is designed to serve investors seeking exposure to the New York municipal bond market through a professionally managed fixed-income vehicle. The fund plays a specialized role in municipal finance by channeling capital into public-purpose issuers in New York while aiming to preserve capital and maintain income generation within a tax-advantaged structure.
$9.68
-$0.02 (-0.26%)
EOD Oct 16, 2026
Revenue declined 24.4% YoY. The question is whether this is cyclical or a structural shift.
At 31x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 80% versus the prior year, cash generation momentum has weakened.
31.1x earnings, 6.3x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Price History
Valuation & Multiples
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$5M
▼ -24.4% YoY
Net Income (TTM)
$5M
▼ -22.4% YoY
Op. Margin
—
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$23M
▼ -79.9% YoY
Op. Cash Flow (TTM)
$23M
▼ -79.9% YoY
Net Debt
N/A
Cash & Equiv.
N/A
3Y CAGR: -6.3%
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Is Invesco Trust for Investment Grade New York Municipals (VTN) overvalued?
At a P/E of 31.1 and a price-to-free-cash-flow of 6.3, Invesco Trust for Investment Grade New York Municipals (VTN) trades below a two-stage DCF intrinsic value of about $24.67 per share, so at $9.68 the stock looks undervalued (154.9% 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, Invesco Trust for Investment Grade New York Municipals scores 29/100 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 8.5%; 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 Invesco Trust for Investment Grade New York Municipals's fair value?+
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $24.67 per share for VTN, 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 $18.50. At today's $9.68, that puts the stock about 154.9% 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 Invesco Trust for Investment Grade New York Municipals a high-quality business?+
Invesco Trust for Investment Grade New York Municipals scores 29 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 Invesco Trust for Investment Grade New York Municipals (VTN) pay a dividend, and how much?+
Yes, Invesco Trust for Investment Grade New York Municipals pays a regular dividend of about $0.83 per share per year (typically in quarterly installments), a yield of roughly 8.5% at the current price. That is a payout ratio of about 265.8% 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 VTN's full payout history, growth streak and dividend-safety score, see the dividends tab.
Is Invesco Trust for Investment Grade New York Municipals a good stock to buy right now?+
That depends on valuation and quality together, not either alone. VTN currently trades below its estimated intrinsic value and scores 29/100 on quality (lower-quality). It also yields about 8.5%. 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.