Company Overview
PIMCO New York Municipal Income Fund II functions as a closed-ended fixed income mutual fund designed to provide exposure to the United States fixed income markets. This financial instrument is launched and managed by Pacific Investment Management Company LLC, an entity operating within the Financial Services sector and the Asset Management industry. The company currently maintains a market capitalization of $74.55M and generates annual revenue of $10.37M, though the specific employee count is not disclosed in available data. These valuation figures indicate a mid-sized investment vehicle that leverages professional management to target specific yield objectives, distinguishing it from broader equity-focused mutual funds or exchange-traded funds by its closed-ended structure and fixed income mandate.
Financial Health
The fund reports revenue of $10.37M for the trailing twelve months and a net income of $6.42M, while EBITDA data is not available for this specific entity. The substantial difference between the total revenue figure and the net income figure reveals a cost structure where operating expenses and other deductions consume approximately 38.1% of total revenue, resulting in a profit margin of 61.9%. Free cash flow stands at $1.68M, which represents the actual cash generated after capital expenditures and operating expenses, indicating a degree of financial flexibility despite the high debt load. The gross margin is reported at 100.0%, which is characteristic of financial instruments where the primary costs are internal management fees rather than cost of goods sold. However, the operating margin of 83.1% suggests that while revenue collection is efficient, significant internal costs or fee structures reduce the final bottom line relative to gross inflows. On the balance sheet, the company holds $1.62M in cash against a total debt obligation of $132.82M, resulting in a debt-to-equity ratio of 71.10. This leverage position indicates a highly leveraged balance sheet typical of closed-end funds that use debt to amplify returns, rather than a conservative approach focused on debt minimization. The current ratio is 5.56, which signifies strong short-term liquidity, meaning the fund holds more than five times the current liabilities in current assets to meet its obligations. Return on equity is calculated at 4.6% and return on assets is 2.3%, metrics that reveal the efficiency of management in generating profits from shareholders' equity and total assets respectively, with the lower ROA reflecting the high leverage present in the capital structure.
Valuation Assessment
Trailing P/E and forward P/E ratios are not available for this closed-ended fund structure, which precludes traditional earnings-based valuation comparisons often used for equity stocks. Instead, the price-to-book ratio is 0.85, indicating that the fund is trading below its book value per share, which may reflect market expectations regarding interest rate sensitivity or specific yield characteristics. The price-to-sales ratio is 7.19, a metric that, when viewed alongside the lack of EV/EBITDA data, suggests valuation is heavily weighted toward revenue generation rather than earnings multiples or enterprise value multiples. The 52-week high is $7.25 and the 52-week low is $6.43, providing a trading range within which the asset fluctuates based on market sentiment and interest rate movements. Without a specific current price provided in the data, the relative position cannot be calculated as a percentage, but the range itself demonstrates volatility constrained within approximately 11% between the high and low points. The beta value is 0.81, which implies that the fund's price volatility is lower than the broader market, suggesting it moves 19% less than the benchmark index on average during periods of market fluctuation.
Growth & Income
Revenue growth year-over-year is reported at 87.0%, while earnings growth is not available for this specific period. The absence of reported earnings growth data prevents a direct comparison to determine if earnings are growing faster or slower than revenue, though the high revenue growth suggests a significant expansion in assets under management or fee income. For dividend payers, the fund offers a dividend yield of 5.3%, but the payout ratio is 227.6%. This payout ratio indicates that the dividend paid exceeds the net income generated in the trailing twelve months, which implies the fund is relying on distributions of capital or prior earnings reserves to sustain the current dividend level. Since the payout ratio exceeds 100%, the sustainability of the dividend is dependent on the fund's ability to generate sufficient income or manage capital distributions without eroding the principal value. The overall growth and income profile presents a high-yield opportunity with substantial revenue expansion, tempered by a payout structure that requires close monitoring of the fund's income generation capabilities to ensure long-term dividend stability.