(BFZ) BlackRock California - Overview
Stock: Municipal Bonds, California, Tax-Exempt, Investment Grade
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 6.37% |
| Yield on Cost 5y | 6.61% |
| Yield CAGR 5y | 4.86% |
| Payout Consistency | 94.6% |
| Payout Ratio | 526.2% |
| Risk 5d forecast | |
|---|---|
| Volatility | 8.54% |
| Relative Tail Risk | -4.56% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.08 |
| Alpha | -0.65 |
| Character TTM | |
|---|---|
| Beta | 0.175 |
| Beta Downside | 0.240 |
| Drawdowns 3y | |
|---|---|
| Max DD | 16.27% |
| CAGR/Max DD | 0.33 |
Description: BFZ BlackRock California December 29, 2025
BlackRock California Municipal Income Trust (NYSE: BFZ) is a closed-ended, fixed-income mutual fund launched on July 31 2001 and domiciled in the United States. Managed by BlackRock Advisors, LLC, the fund concentrates on investment-grade municipal bonds that are exempt from both federal and California income taxes, positioning it as a tax-efficient vehicle for investors seeking stable, after-tax income.
Key fund metrics (as of the most recent quarterly filing) include a 30-day SEC yield of roughly 3.2%, a weighted-average maturity of 6.5 years, and a weighted-average credit rating of AA. The expense ratio stands at 0.75%, which is modest relative to peer closed-ended municipal funds.
Sector drivers that materially affect BFZ’s performance are the prevailing interest-rate environment and California’s fiscal health. The Federal Reserve’s policy stance directly influences municipal bond yields, while California’s budget surplus and strong credit profile support continued issuance of high-quality, tax-exempt debt, bolstering the fund’s supply side.
For a deeper quantitative comparison of BFZ’s risk-adjusted performance, the ValueRay platform offers a transparent, data-driven dashboard.
Piotroski VR‑10 (Strict, 0-10) 1.5
| Net Income: -17.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -4.00 > 1.0 |
| NWC/Revenue: -576.2% < 20% (prev -595.2%; Δ 18.93% < -1%) |
| CFO/TA 0.00 > 3% & CFO 245.8k > Net Income -17.8m |
| Net Debt (251.4m) to EBITDA (12.8m): 19.60 < 3 |
| Current Ratio: 0.07 > 1.5 & < 3 |
| Outstanding Shares: last quarter (30.1m) vs 12m ago 0.0% < -2% |
| Gross Margin: 86.72% > 18% (prev 0.77%; Δ 8595 % > 0.5%) |
| Asset Turnover: 7.22% > 50% (prev 5.98%; Δ 1.24% > 0%) |
| Interest Coverage Ratio: 0.57 > 6 (EBITDA TTM 12.8m / Interest Expense TTM 41.8m) |
Altman Z'' -1.56
| A: -0.42 (Total Current Assets 18.1m - Total Current Liabilities 275.8m) / Total Assets 617.3m |
| B: -0.12 (Retained Earnings -71.6m / Total Assets 617.3m) |
| C: 0.04 (EBIT TTM 24.0m / Avg Total Assets 619.5m) |
| D: 1.24 (Book Value of Equity 341.5m / Total Liabilities 275.8m) |
| Altman-Z'' Score: -1.56 = D |
What is the price of BFZ shares?
Over the past week, the price has changed by -0.18%, over one month by +3.82%, over three months by +3.72% and over the past year by +4.52%.
Is BFZ a buy, sell or hold?
What are the forecasts/targets for the BFZ price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | - | - |
| Analysts Target Price | - | - |
| ValueRay Target Price | 11.9 | 7% |
BFZ Fundamental Data Overview February 02, 2026
P/B = 0.9834
Revenue TTM = 44.7m USD
EBIT TTM = 24.0m USD
EBITDA TTM = 12.8m USD
Long Term Debt = unknown (0.0)
Short Term Debt = 251.4m USD (from shortTermDebt, last quarter)
Debt = 251.4m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 251.4m USD (from netDebt column, last quarter)
Enterprise Value = 580.8m USD (337.0m + Debt 251.4m - CCE 7.62m)
Interest Coverage Ratio = 0.57 (Ebit TTM 24.0m / Interest Expense TTM 41.8m)
EV/FCF = 1000.0x (Enterprise Value 580.8m / FCF TTM 245.8k)
FCF Yield = 0.04% (FCF TTM 245.8k / Enterprise Value 580.8m)
FCF Margin = 0.55% (FCF TTM 245.8k / Revenue TTM 44.7m)
Net Margin = -39.83% (Net Income TTM -17.8m / Revenue TTM 44.7m)
Gross Margin = 86.72% ((Revenue TTM 44.7m - Cost of Revenue TTM 5.94m) / Revenue TTM)
Gross Margin QoQ = 93.10% (prev 84.57%)
Tobins Q-Ratio = 0.94 (Enterprise Value 580.8m / Total Assets 617.3m)
Interest Expense / Debt = 3.58% (Interest Expense 9.00m / Debt 251.4m)
Taxrate = 21.0% (US default 21%)
NOPAT = 19.0m (EBIT 24.0m * (1 - 21.00%))
Current Ratio = 0.07 (Total Current Assets 18.1m / Total Current Liabilities 275.8m)
Debt / Equity = 0.74 (Debt 251.4m / totalStockholderEquity, last quarter 341.5m)
Debt / EBITDA = 19.60 (Net Debt 251.4m / EBITDA 12.8m)
Debt / FCF = 1023 (out of range, set to none) (Net Debt 251.4m / FCF TTM 245.8k)
Total Stockholder Equity = 372.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -2.87% (Net Income -17.8m / Total Assets 617.3m)
RoE = -4.78% (Net Income TTM -17.8m / Total Stockholder Equity 372.7m)
RoCE = 6.45% (EBIT 24.0m / Capital Employed (Equity 372.7m + L.T.Debt 0.0))
RoIC = 4.74% (NOPAT 19.0m / Invested Capital 400.5m)
WACC = 4.97% (E(337.0m)/V(588.4m) * Re(6.56%) + D(251.4m)/V(588.4m) * Rd(3.58%) * (1-Tc(0.21)))
Discount Rate = 6.56% (= 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 80.82% ; FCFF base≈10.2m ; Y1≈6.70m ; Y5≈3.06m
Fair Price DCF = N/A (negative equity: EV 97.4m - Net Debt 251.4m = -154.0m; debt exceeds intrinsic value)
[DCF Warning] FCF declining rapidly (-40.0%), DCF may be unreliable
EPS Correlation: -85.47 | EPS CAGR: -99.58% | SUE: N/A | # QB: 0
Revenue Correlation: 30.10 | Revenue CAGR: 23.04% | SUE: N/A | # QB: 0