(PAXS) PIMCO Access Income Fund - Overview
Sector: Financial Services | Industry: Asset Management | Exchange: NYSE (USA) | Market Cap: 651m USD | Total Return: 7.3% in 12m
Avg Turnover: 2.74M
Warnings
No concerns identified
Tailwinds
No distinct edge detected
PIMCO Access Income Fund (PAXS) is a closed-end management investment company focused on generating current income through a diversified portfolio of global fixed-income instruments. The fund utilizes a multi-sector approach, allocating capital across corporate debt, mortgage-backed securities (MBS), asset-backed securities (ABS), and sovereign debt obligations. Unlike open-end funds, closed-end funds issue a fixed number of shares that trade on an exchange, often resulting in the stock trading at a premium or discount to its Net Asset Value (NAV).
The management team employs a dual-track investment strategy, combining top-down macroeconomic analysis with bottom-up security selection to identify relative value across credit markets. This flexibility allows the fund to pivot between senior secured debt and subordinated instruments depending on the prevailing interest rate environment and credit spreads. Asset managers in this sub-industry typically generate revenue through management fees based on a percentage of total assets under management (AUM).
Investors can further evaluate these credit strategies and portfolio metrics by reviewing the detailed data available on ValueRay. PIMCO Access Income Fund remains a vehicle for investors seeking exposure to complex debt markets managed by institutional credit specialists.
- Federal Reserve interest rate cuts increase underlying net asset value performance
- Credit spread tightening boosts valuation of corporate and mortgage-backed debt holdings
- High leverage ratios amplify sensitivity to short-term borrowing cost fluctuations
- Recovery in residential mortgage-backed securities improves total fund distribution coverage
- Global macroeconomic shifts influence performance of sovereign and emerging market debt assets
| Net Income: 89.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.08 > 0.02 and ΔFCF/TA 0.86 > 1.0 |
| NWC/Revenue: -32.89% < 20% (prev 9.19%; Δ -42.08% < -1%) |
| CFO/TA 0.08 > 3% & CFO 100.3m > Net Income 89.3m |
| Net Debt (445.5m) to EBITDA (89.3m): 4.99 < 3 |
| Current Ratio: 0.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.0m) vs 12m ago 6.70% < -2% |
| Gross Margin: 77.66% > 18% (prev 0.73%; Δ 7.69k% > 0.5%) |
| Asset Turnover: 9.68% > 50% (prev 10.12%; Δ -0.44% > 0%) |
| Interest Coverage Ratio: 3.47 > 6 (EBITDA TTM 89.3m / Interest Expense TTM 25.7m) |
| A: -0.03 (Total Current Assets 2.92m - Total Current Liabilities 40.8m) / Total Assets 1.21b |
| B: -0.15 (Retained Earnings -184.2m / Total Assets 1.21b) |
| C: 0.08 (EBIT TTM 89.3m / Avg Total Assets 1.19b) |
| D: -0.37 (Book Value of Equity -184.2m / Total Liabilities 496.1m) |
| Altman-Z'' = -0.59 = B |
As of May 24, 2026, the stock is trading at USD 14.09 with a total of 280,586 shares traded.
Over the past week, the price has changed by +0.93%,
over one month by -3.37%,
over three months by -7.20% and
over the past year by +7.25%.
PIMCO Access Income Fund has no consensus analysts rating.
P/S = 8.2552
P/B = 0.9576
Revenue TTM = 115.1m USD
EBIT TTM = 89.3m USD
EBITDA TTM = 89.3m USD
Long Term Debt = unknown (none)
Short Term Debt = unknown (none)
Debt = 448.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 445.5m USD (calculated: Debt 448.4m - CCE 2.92m)
Enterprise Value = 1.10b USD (651.0m + Debt 448.4m - CCE 2.92m)
Interest Coverage Ratio = 3.47 (Ebit TTM 89.3m / Interest Expense TTM 25.7m)
EV/FCF = 10.93x (Enterprise Value 1.10b / FCF TTM 100.3m)
FCF Yield = 9.15% (FCF TTM 100.3m / Enterprise Value 1.10b)
FCF Margin = 87.19% (FCF TTM 100.3m / Revenue TTM 115.1m)
Net Margin = 77.58% (Net Income TTM 89.3m / Revenue TTM 115.1m)
Gross Margin = 77.66% ((Revenue TTM 115.1m - Cost of Revenue TTM 25.7m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 0.90 (Enterprise Value 1.10b / Total Assets 1.21b)
Interest Expense / Debt = 5.73% (Interest Expense 25.7m / Debt 448.4m)
Taxrate = 21.0% (US default 21%)
NOPAT = 70.5m (EBIT 89.3m * (1 - 21.00%))
Current Ratio = 0.07 (Total Current Assets 2.92m / Total Current Liabilities 40.8m)
Debt / Equity = 0.63 (Debt 448.4m / totalStockholderEquity, last quarter 715.9m)
Debt / EBITDA = 4.99 (Net Debt 445.5m / EBITDA 89.3m)
Debt / FCF = 4.44 (Net Debt 445.5m / FCF TTM 100.3m)
Total Stockholder Equity = 688.2m (last 4 quarters mean from totalStockholderEquity)
RoA = 7.51% (Net Income 89.3m / Total Assets 1.21b)
RoE = 10.23% (Net Income TTM 89.3m / Total Stockholder Equity 872.4m)
RoCE = 7.62% (EBIT 89.3m / Capital Employed (Total Assets 1.21b - Current Liab 40.8m))
RoIC = 6.04% (NOPAT 70.5m / Invested Capital 1.17b)
WACC = 6.28% (E(651.0m)/V(1.10b) * Re(7.48%) + D(448.4m)/V(1.10b) * Rd(5.73%) * (1-Tc(0.21)))
Discount Rate = 7.48% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 97.59 | Cagr: 4.47%
[DCF] Terminal Value 77.97% ; FCFF base≈94.8m ; Y1≈108.7m ; Y5≈160.0m
[DCF] Fair Price = 41.72 (EV 2.41b - Net Debt 445.5m = Equity 1.96b / Shares 47.0m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
Revenue Correlation: N/A | Revenue CAGR: N/A | SUE: N/A | # QB: 0