Ellsworth Convertible Growth & IF (ECF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Ellsworth Convertible Growth & IF stock $22.60, price $11.37, upside +98.8%, quality 74 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $5.91 – $13.32 · fair‑value band $17.14 – $36.08 · the $11.37 price screens below the $22.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Ellsworth Growth and Income Fund Ltd. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc. The fund is managed by Gabelli Funds, LLC. It invests in the public equity markets. The fund primarily invests in convertible securities.
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It invests in stocks of companies across market capitalizations. The fund benchmarks the performance of its portfolio against the Bank of America Merrill Lynch All U.S. Convertibles Index, Barclays Balanced U.S. Convertibles Index, and S&P 500 Index.
It was formerly known as Ellsworth Fund Ltd. Ellsworth Growth and Income Fund Ltd. was formed on June 27, 1986 and is domiciled in the United States.
Stock analysis
Ellsworth Convertible Growth & IF (ECF) currently trades at $11.37, while our model-based Fair Value estimate is $22.60, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of $146.08 per share, and 9 of the 11 models we run sit above the $11.37 price.
Bear case: the Dividend Discount group reads lowest at $15.28, and 2 of the 11 models stay below the price. Data coverage for this calculation is high.
Scenario range: $17.14 (bear) to $36.08 (bull), the price of $11.37 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 74/100 (solid quality), in the Financial Services sector.
Mixed Growth: Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Ellsworth Convertible Growth & IF reported revenue of $14.9M in FY2025 versus $38.9M in FY2021, a compound −21.3%/yr. Reported net income was $48.7M in FY2025, compounding +6.1%/yr from FY2021.
Key figures
Market cap $155M Micro · P/E ratio 3.7 · P/S ratio 12.1 · EPS (TTM) $3.08 · Dividend yield 8.1% · Return on equity 22.7% · Return on assets (EBIT) 6.0% (5-year average) · Operating margin 50.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 83 out of 100 (medium confidence).
What moves the price
The share trades about 15% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at 99%, ECF screens cheaper than that median.
Fair Value models
Bear$17.14Fair Value $22.60Bull$36.08
Price $11.37 · Upside +98.8%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($2.16 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
BuySaba Capital Management, L.P.10% owner18× since Aug 20, 2026: 217,537 shares, avg. $11.83$2.6MNov 5, 2026
SaleSaba Capital Management, L.P.10% owner4× since Feb 5, 2026: 76,347 shares, avg. $12.10$923,828Feb 18, 2026
BuyJames Andrew DinsmorePresident, Director200 shares at $11.60$2,320Dec 17, 2025
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2025: revenue and profit before it include the divested business. Growth is measured afresh from 2025.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−12.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.9%
Revenue growth 38 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.6%
Dividend (yield on the price)8.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5.1% vs 14.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.98% → 327%
2025 sits 205% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+7.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +4.8% a year for the price.
AI conclusion: High reported margins point to possible pricing power as the main strength, while the lack of any clear durable moat and very limited public signals form the central weakness.
Main risk: The closed-end structure risks persistent trading discounts that could hinder effective deployment of capital into convertible holdings and limit returns on assets under management.
Saba Capital, a major owner, has made repeated purchases of shares in recent weeks. Our models see the fund as undervalued, yet closed-end structures like this often trade at discounts that can persist despite strong underlying holdings in convertibles. Will the activist stake push for actions that close the gap or simply maintain the status quo?
Compare Ellsworth Convertible Growth & IF with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 587 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score74 · Top 25%
Fair Value upside+98.8% · Top 25%
Profitability
Return on equity (12 months)22.7% · Top 25%
Return on assets23.2% · Top 25%
Operating margin (12 months)50.1% · Above median
Growth and dividend
Revenue growth (quarter YoY)−28.9% · Bottom 25%
Dividend yield (12 months)8.1% · Top 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)3.7× · Cheapest 25%
P/B0.75× · Cheaper than median
P/S (12 months)32.39× · Priciest 25%
Price / free cash flow (fiscal year)12.2× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ellsworth Convertible Growth & IF Fair Value". https://www.fairvalue-calculator.com/stock/ECF
Frequently asked questions
Is Ellsworth Convertible Growth & IF (ECF) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $22.60 versus a price of $11.37, about +99% upside (undervalued).
What is the fair value of ECF?
Our model-based fair value for Ellsworth Convertible Growth & IF is $22.60 (as of Nov 6, 2026), built from audited fundamentals. The current price: $11.37.
What is the quality score of ECF?
Ellsworth Convertible Growth & IF has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Ellsworth Convertible Growth & IF (ECF)?
Our model-based price target is the fair value of $22.60 (as of Nov 6, 2026) from 11 valuation models. Cautious scenario $17.14, optimistic scenario $36.08. It is a calculation from audited fundamentals, not an analyst target.
What is the Ellsworth Convertible Growth & IF stock forecast for 2026?
Our models put fair value at $22.60, about +99% upside versus a price of $11.37 (undervalued). Cautious scenario $17.14, optimistic scenario $36.08. The calculation is refreshed regularly with new filings.
Does Ellsworth Convertible Growth & IF pay a dividend?
Ellsworth Convertible Growth & IF currently shows a dividend yield of 8.09% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Ellsworth Convertible Growth & IF (ECF) and when is the ex-dividend date?
Ellsworth Convertible Growth & IF pays a dividend of $0.92 per share a year, a dividend yield of 8.1%. The last ex-dividend date was Sep 16, 2026. A dividend has been paid every year since at least 1987. The payout ratio is 29.9% of earnings. Free cash flow covers the dividend 1.01 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Ellsworth Convertible Growth & IF (ECF)?
For today's price to be fair in a discounted-cash-flow model, Ellsworth Convertible Growth & IF would have to grow free cash flow by +7.3 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -16.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ECF use?
Our models discount Ellsworth Convertible Growth & IF at 13.0 %: a base by market capitalisation (micro), damped by beta 1.08, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ellsworth Convertible Growth & IF that is +7.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has Ellsworth Convertible Growth & IF (ECF) delivered so far?
Over the past 5 years revenue at Ellsworth Convertible Growth & IF grew -16.0 % a year. The price currently implies free-cash-flow growth of +7.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ellsworth Convertible Growth & IF (ECF) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Ellsworth Convertible Growth & IF (+7.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ellsworth Convertible Growth & IF (ECF)?
The free-cash-flow yield on the price is 8.18 %: that much free cash flow Ellsworth Convertible Growth & IF produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ellsworth Convertible Growth & IF (ECF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ellsworth Convertible Growth & IF it is $22.60 per share (as of Nov 6, 2026), against a price of $11.37. It is the blended result of 11 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Ellsworth Convertible Growth & IF stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ECF trades below its calculated fair value: price $11.37, fair value $22.60, a gap of about +99% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ECF?
No. The price is what the market pays today ($11.37); the fair value is what the company's own numbers justify ($22.60). For Ellsworth Convertible Growth & IF the two are $11.23 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ellsworth Convertible Growth & IF worth?
The market values Ellsworth Convertible Growth & IF at about $155M (market capitalisation, as of Nov 6, 2026). Per share that is $11.37; our models calculate a fair value of $22.60 per share.
What do the bullish and bearish scenarios say about ECF?
Our models span a range for Ellsworth Convertible Growth & IF: cautious scenario $17.14, base $22.60, optimistic $36.08 per share (as of Nov 6, 2026, price $11.37). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ECF?
Ellsworth Convertible Growth & IF trades at a price-to-earnings ratio of 3.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $22.60 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 6.3. Other multiples: P/B 0.8, P/S 32.4, EV/EBITDA 3.2.
How solid is the balance sheet of Ellsworth Convertible Growth & IF (ECF)?
Balance-sheet figures for Ellsworth Convertible Growth & IF (as of Nov 6, 2026): return on equity 22.7%. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is ECF from its 52-week high?
Ellsworth Convertible Growth & IF trades at $11.37, about 15% below its 52-week high of $13.32 and 9% above the low of $10.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $22.60 is for.
Which stocks are comparable to Ellsworth Convertible Growth & IF?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ellsworth Convertible Growth & IF stock attractive at the current price?
The data as of Nov 6, 2026: price $11.37, calculated fair value $22.60 (+99%), Quality Score 74/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ECF calculated?
We run Ellsworth Convertible Growth & IF through 11 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $22.60 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Ellsworth Convertible Growth & IF currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ellsworth Convertible Growth & IF (ECF)?
The closing price on Nov 6, 2026 was $11.37. Our model-based fair value is $22.60, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ellsworth Convertible Growth & IF right now?
The price is below even our cautious bear case ($17.14). The market is more pessimistic than our downside scenario. Solid quality (74/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($17.14 to $36.08) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Ellsworth Convertible Growth & IF (ECF) come from?
Earnings per share at Ellsworth Convertible Growth & IF grew +3.7 % a year from 2012 to 2023. Broken into its drivers: revenue per share +3.7 %, EBIT margin +0.0 %, tax rate +6.1 %, residual (interest, one-offs) −5.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Ellsworth Convertible Growth & IF
How large is the market capitalisation of Ellsworth Convertible Growth & IF (ECF)?
The market capitalisation of Ellsworth Convertible Growth & IF is $155M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ellsworth Convertible Growth & IF (ECF)?
The price-to-sales ratio of Ellsworth Convertible Growth & IF is 12.1 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ellsworth Convertible Growth & IF (ECF)?
Earnings per share at Ellsworth Convertible Growth & IF are $3.08 (price ÷ EPS = P/E 3.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ellsworth Convertible Growth & IF (ECF)?
The dividend yield of Ellsworth Convertible Growth & IF is 8.1% (payout 29.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the return on equity of Ellsworth Convertible Growth & IF (ECF)?
The return on equity (ROE) of Ellsworth Convertible Growth & IF is 22.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ellsworth Convertible Growth & IF (ECF)?
On an EBIT basis the return on assets of Ellsworth Convertible Growth & IF is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ellsworth Convertible Growth & IF (ECF)?
The operating margin of Ellsworth Convertible Growth & IF is 50.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ellsworth Convertible Growth & IF (ECF)?
Revenue at Ellsworth Convertible Growth & IF is growing −28.9% versus a year earlier. How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ellsworth Convertible Growth & IF (ECF)?
Earnings per share at Ellsworth Convertible Growth & IF are growing −92.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Ellsworth Convertible Growth & IF (ECF) hold?
Ellsworth Convertible Growth & IF holds more cash than debt, $884K net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 6, 2026