# Invesco Municipal Trust (VKQ) fundamentals

Data as of 2026-11-12. NYSE, United States. Sector: Financial Services / Capital Markets. Price $8.95, market value $495 million.

## Valuation
- **P/E (trailing): 12.4×** (5-yr avg 22.1×, 3-yr avg 22.1×). Invesco Municipal Trust trades at 12.4× trailing earnings, well below its own five-year average of 22.1×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 28.3×**. Each dollar of revenue is priced at 28.3×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 0.9×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: 1.8%** (5-yr avg 14.3%). Free cash flow equals 1.8% of the market value, below its five-year average of 14.3%, so the shares are pricier on cash than usual.
- **Earnings yield: 8.0%**. The inverse of the P/E: 8.0% of the price is earned each year.

## Profitability
- **Net margin: 97.6%**. 97.6% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.0%**. 3.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on assets: 1.9%**. Each dollar of assets produces 1.9% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -15.4%**. Revenue fell 15.4% over the last year.
- **EPS growth (1 yr): -16.7%**. Earnings per share fell 16.7%, roughly in step with revenue.
- **Free-cash-flow growth (3 yr): -58.4%/yr**. Free cash flow has compounded at -58.4% a year over three years.

## Financial health
- **Piotroski F-score: 2/9**. 2 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend yield: 8.24%** ($0.75 per share, trailing). Invesco Municipal Trust yields 8.24%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 150%** (286% of free cash flow). The dividend exceeds earnings (150% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 2**. 2 straight years of increases.
- **Dividend growth (5 yr): 4.8%/yr** (1-yr 19.6%). The dividend has grown 4.8% a year over five years.
- **Shareholder yield: 18.9%**. Dividends plus net buybacks return 18.9% of the market value a year.

## Price and momentum
- **Total return (1 yr): -1.5%** (YTD -2.1%, 3-mo -8.3%). The shares are down 1.5% over twelve months including dividends.
- **From 52-week high: -11.5%** (8.5% above the low). Trading 11% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 53**. An RSI of 53 is neutral.
- **Beta (1 yr): 0.26** (volatility 12%). Beta of 0.26 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=VKQ · Page: https://foliofundamentals.com/stocks/vkq

Not investment advice.