(VGM) Trust Inv Grade Munis - Overview
Stock: Municipal Bonds, Municipal Notes, Municipal Commercial Paper, Lease Obligations
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 7.87% |
| Yield on Cost 5y | 7.67% |
| Yield CAGR 5y | 4.62% |
| Payout Consistency | 91.3% |
| Payout Ratio | 190.4% |
| Risk 5d forecast | |
|---|---|
| Volatility | 9.66% |
| Relative Tail Risk | -2.51% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.74 |
| Alpha | 4.75 |
| Character TTM | |
|---|---|
| Beta | 0.177 |
| Beta Downside | 0.239 |
| Drawdowns 3y | |
|---|---|
| Max DD | 18.00% |
| CAGR/Max DD | 0.39 |
Description: VGM Trust Inv Grade Munis December 28, 2025
Invesco Trust for Investment-Grade Municipals (NYSE: VGM) is a closed-ended mutual fund launched in 1992 that focuses on U.S. investment-grade municipal securities, including bonds, notes, commercial paper, and lease obligations. The portfolio is built through a bottom-up, fundamental security-selection process and is co-managed by a global team of Invesco affiliates across the United States, Japan, Europe, Canada, and Hong Kong.
As of the latest quarterly filing (Q3 2024), VGM reported an average weighted-average coupon of roughly 3.2 % (tax-adjusted) and a duration of about 5 years, positioning it to benefit from modest interest-rate declines while maintaining credit quality. The fund’s performance is closely tied to two macro drivers: (1) state and local fiscal health, which influences default rates and new issuance volumes, and (2) the Federal Reserve’s policy stance, which affects muni-bond spreads relative to Treasuries. A recent sector-wide analysis shows that investment-grade muni yields have narrowed by ~15 bps since early 2024, reflecting improved supply-demand dynamics and a gradual easing of inflation pressures.
If you want a more granular view of VGM’s risk-adjusted returns and how it compares to peer funds, the ValueRay platform offers a concise dashboard that can help guide further research.
Piotroski VR‑10 (Strict, 0-10) 5.5
| Net Income: 22.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA 4.51 > 1.0 |
| NWC/Revenue: 79.58% < 20% (prev 4.14%; Δ 75.44% < -1%) |
| CFO/TA 0.13 > 3% & CFO 117.1m > Net Income 22.2m |
| Net Debt (106.1m) to EBITDA (32.9m): 3.22 < 3 |
| Current Ratio: 3.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (54.2m) vs 12m ago 0.0% < -2% |
| Gross Margin: 70.12% > 18% (prev 0.81%; Δ 6931 % > 0.5%) |
| Asset Turnover: 7.56% > 50% (prev 7.73%; Δ -0.16% > 0%) |
| Interest Coverage Ratio: 1.35 > 6 (EBITDA TTM 32.9m / Interest Expense TTM 28.3m) |
Altman Z'' 1.67
| A: 0.06 (Total Current Assets 79.0m - Total Current Liabilities 22.8m) / Total Assets 921.6m |
| B: -0.16 (Retained Earnings -143.5m / Total Assets 921.6m) |
| C: 0.04 (EBIT TTM 38.1m / Avg Total Assets 934.3m) |
| D: 1.43 (Book Value of Equity 542.3m / Total Liabilities 379.2m) |
| Altman-Z'' Score: 1.67 = BB |
What is the price of VGM shares?
Over the past week, the price has changed by +1.95%, over one month by +0.62%, over three months by +4.51% and over the past year by +11.14%.
Is VGM a buy, sell or hold?
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the VGM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | - | - |
| Analysts Target Price | - | - |
| ValueRay Target Price | 11.4 | 8.8% |
VGM Fundamental Data Overview February 03, 2026
P/B = 1.026
Revenue TTM = 70.7m USD
EBIT TTM = 38.1m USD
EBITDA TTM = 32.9m USD
Long Term Debt = 88.3m USD (estimated: total debt 106.1m - short term 17.9m)
Short Term Debt = 17.9m USD (from shortTermDebt, last quarter)
Debt = 106.1m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 106.1m USD (from netDebt column, last quarter)
Enterprise Value = 659.2m USD (557.5m + Debt 106.1m - CCE 4.45m)
Interest Coverage Ratio = 1.35 (Ebit TTM 38.1m / Interest Expense TTM 28.3m)
EV/FCF = 5.63x (Enterprise Value 659.2m / FCF TTM 117.1m)
FCF Yield = 17.77% (FCF TTM 117.1m / Enterprise Value 659.2m)
FCF Margin = 165.7% (FCF TTM 117.1m / Revenue TTM 70.7m)
Net Margin = 31.40% (Net Income TTM 22.2m / Revenue TTM 70.7m)
Gross Margin = 70.12% ((Revenue TTM 70.7m - Cost of Revenue TTM 21.1m) / Revenue TTM)
Gross Margin QoQ = 83.10% (prev 27.38%)
Tobins Q-Ratio = 0.72 (Enterprise Value 659.2m / Total Assets 921.6m)
Interest Expense / Debt = 12.55% (Interest Expense 13.3m / Debt 106.1m)
Taxrate = 21.0% (US default 21%)
NOPAT = 30.1m (EBIT 38.1m * (1 - 21.00%))
Current Ratio = 3.47 (Total Current Assets 79.0m / Total Current Liabilities 22.8m)
Debt / Equity = 0.20 (Debt 106.1m / totalStockholderEquity, last quarter 542.3m)
Debt / EBITDA = 3.22 (Net Debt 106.1m / EBITDA 32.9m)
Debt / FCF = 0.91 (Net Debt 106.1m / FCF TTM 117.1m)
Total Stockholder Equity = 593.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 2.37% (Net Income 22.2m / Total Assets 921.6m)
RoE = 3.74% (Net Income TTM 22.2m / Total Stockholder Equity 593.6m)
RoCE = 5.59% (EBIT 38.1m / Capital Employed (Equity 593.6m + L.T.Debt 88.3m))
RoIC = 4.56% (NOPAT 30.1m / Invested Capital 660.1m)
WACC = 7.10% (E(557.5m)/V(663.6m) * Re(6.57%) + D(106.1m)/V(663.6m) * Rd(12.55%) * (1-Tc(0.21)))
Discount Rate = 6.57% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 0.0 | Cagr: 0.0%
[DCF Debug] Terminal Value 84.23% ; FCFF base≈101.3m ; Y1≈125.0m ; Y5≈212.8m
Fair Price DCF = 78.95 (EV 4.39b - Net Debt 106.1m = Equity 4.28b / Shares 54.2m; r=7.10% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -36.73 | EPS CAGR: -22.68% | SUE: -0.96 | # QB: 0
Revenue Correlation: 3.08 | Revenue CAGR: -14.79% | SUE: N/A | # QB: 0