The fund's operating margin has declined to 54.3% in 2024Q4, deviating from the historical 88-91% range and signaling potential pressure on core income generation.
| Sales/Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 2.22M | -645.4K | 1.84M | 3.15M | 1.39M | 2.46M | 1.75M | 2.41M | 2.48M | 2.44M | 2.6M | 2.71M |
| Gross Margin % | 100% | 132.7% | 100% | 94.67% | 88.72% | 93.44% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 443.24% | -135.03% | -41.57% | 126.55% | -43.53% | 40.91% | -27.55% | -2.48% | 1.29% | -6.15% | -4% | - |
| Operating Expenses | 223.67K | 210.08K | 226.56K | 81.07K | 85.69K | 78.4K | 84.05K | 2.16M | 260.84K | 2.05M | 3.07M | 486K |
| OpEx % of Revenue | 10.1% | -43.19% | 12.3% | 2.43% | 5.46% | 2.97% | 4.81% | 89.5% | 10.54% | 83.85% | 117.72% | 17.91% |
| Selling, General & Admin | 223.67K | 79.35K | 226.56K | 78.86K | 83.35K | 75.85K | 81.14K | 237.19K | 233.46K | 235.99K | 228.28K | 222.62K |
| SG&A % of Revenue | 10.1% | -16.31% | 12.3% | 2.37% | 5.31% | 2.88% | 4.64% | 9.82% | 9.43% | 9.65% | 8.76% | 8.21% |
| Research & Development | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 1.99M | -3.9M | 1.62M | 3.25M | 1.48M | 2.57M | 1.68M | 2.18M | 2.24M | 2.21M | 2.38M | 2.49M |
| Operating Margin % | 89.9% | 801.07% | 87.7% | 97.57% | 94.54% | 97.35% | 95.91% | 90.18% | 90.57% | 90.35% | 91.24% | 91.79% |
| Operating Income Growth % | 151.12% | -341.12% | -50.28% | 119.12% | -42.25% | 53.08% | -22.94% | -2.9% | 1.54% | -7.07% | -4.58% | - |
| EBITDA | 0 | -5.64M | 0 | 3.25M | -430.14K | 611.94K | -358.49K | 0 | 0 | 0 | 0 | 0 |
| EBITDA Margin % | - | 1160.29% | - | 97.57% | -27.42% | 23.2% | -20.49% | - | - | - | - | - |
| EBITDA Growth % | 100% | - | -100% | 855.51% | -170.29% | 270.7% | - | - | - | - | - | - |
| D&A (Non-Cash Add-back) | -1.99M | -1.75M | -1.62M | 0 | -1.91M | -1.96M | -2.04M | -2.18M | -2.24M | -2.21M | -2.38M | -2.49M |
| EBIT | 1.99M | -3.9M | 1.62M | 3.25M | 1.49M | 2.56M | 2.04M | 2.18M | 2.24M | 2.21M | 2.38M | 2.49M |
| Net Interest Income | -3.41K | -473 | -71 | -93 | -8.59K | -8.62K | -12.57K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.64K | 5.45K | 5.46K | 3.63K | 4.46K |
| Interest Expense | 3.41K | 473 | 71 | 93 | 8.59K | 8.62K | 12.57K | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 1.59M | -3.9M | -315.23K | 3.25M | 1.48M | 2.56M | 1.67M | 241.84K | 2.21M | 4.49M | -465.14K | 3.19M |
| Pretax Margin % | 71.73% | 801.16% | -17.11% | 97.57% | 94.54% | 97.03% | 95.19% | 10.02% | 89.24% | 183.63% | -17.86% | 117.75% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1.96M | 2.04M | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 76.43% | 122.28% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 1.59M | -3.9M | -315.23K | 3.25M | 1.48M | 2.56M | 1.67M | 241.84K | 2.21M | 4.49M | -465.14K | 3.19M |
| Net Margin % | 71.73% | 801.16% | -17.11% | 97.57% | 94.54% | 97.03% | 95.19% | 10.02% | 89.24% | 183.63% | -17.86% | 117.75% |
| Net Income Growth % | 140.78% | -1136.14% | -109.7% | 119.12% | -42.06% | 53.71% | 588.52% | -89.05% | -50.77% | 1064.94% | -114.56% | - |
| Net Income (Continuing) | 1.59M | -3.9M | -315.23K | 3.25M | 1.48M | 2.56M | 1.67M | 241.84K | 2.21M | 4.49M | -465.14K | 3.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.40 | -0.99 | -0.08 | 0.83 | 0.38 | 0.65 | 0.43 | 0.06 | 0.56 | 1.14 | -0.12 | 0.81 |
| EPS Growth % | 140.4% | -1132.88% | -109.67% | 118.42% | -41.54% | 51.16% | 598.05% | -89% | -50.88% | 1050% | -114.81% | - |
| EPS (Basic) | 0.40 | -0.99 | -0.08 | 0.83 | 0.38 | 0.65 | 0.43 | 0.06 | 0.56 | 1.14 | -0.12 | 0.81 |
| Diluted Shares Outstanding | 3.92M | 3.92M | 3.92M | 3.92M | 3.92M | 3.94M | 3.87M | 3.92M | 3.92M | 3.92M | 3.92M | 3.92M |
| Basic Shares Outstanding | 3.92M | 3.92M | 3.92M | 3.92M | 3.92M | 3.92M | 3.87M | 3.92M | 3.92M | 3.92M | 3.92M | 3.92M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Interest rate sensitivity
As reported in recent financial statements, NXN's gross margin experienced a significant contraction to 61.9% in 2024Q4, deviating sharply from the historical 100% baseline typically maintained by this investment vehicle, which warrants further investigation into the underlying portfolio accounting adjustments or potential asset impairment.
The sudden compression in gross margins suggests that the fund may be experiencing non-recurring accounting impacts or shifts in the valuation of its municipal bond holdings. Investors should monitor whether this margin degradation reflects a permanent change in the fund's ability to generate interest income or merely a temporary accounting anomaly related to bond premium amortization.
Based on the fund's reported figures, the operating margin declined to 54.3% in 2024Q4, indicating that the fund's ability to convert interest income into operating profit is currently under pressure compared to the more stable 88-91% range observed in previous periods.
The deterioration in operating margins suggests that fixed management and administrative costs are consuming a larger portion of the fund's revenue base. This trend may indicate that the fund's current scale is becoming less efficient, potentially necessitating a review of the cost structure relative to the total net asset value.
According to historical income statements, NXN has exhibited extreme fluctuations in net income, with margins swinging from a negative 137.0% in 2021Q4 to a positive 97.6% in 2023Q2, highlighting the inherent difficulty in relying on reported net income as a proxy for sustainable distribution capacity.
The wide variance in net income appears driven by unrealized gains and losses on the bond portfolio rather than core operational performance. Analysts should focus on the distribution coverage ratio rather than headline net income to assess the true sustainability of the fund's payouts to shareholders.
As indicated by the data, the fund's net margin volatility and recent margin compression suggest that the underlying income generation may be less predictable than the fund's 'Select' mandate implies, raising concerns about the long-term durability of current distribution levels for New York tax-sensitive investors.
Short-term observers may point to the inconsistent net income figures as evidence of potential NAV erosion. The reliance on municipal bond interest in a fluctuating interest rate environment suggests that the fund's income profile may be more sensitive to market volatility than the conservative nature of the portfolio would otherwise suggest.
Quick answers to the most common questions about buying NXN stock.
Nuveen New York Select Tax-Free Income Portfolio (NXN) is profitable, generating $1.6M in net income for the fiscal year ending 2024 with a net profit margin of 71.7%.
Nuveen New York Select Tax-Free Income Portfolio (NXN) reported an operating income of $2.0M, resulting in an operating profit margin of 89.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Nuveen New York Select Tax-Free Income Portfolio (NXN) generated $2.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.