Invesco DB US Dollar Index Bearish Fund (UDN) stock analysis

UDNNYSECommodity Contracts Brokers & DealersFiscal year ends December 31

Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 6, 2026Score 8/306% below fair value

$17.60−0.06 (-0.34%)

Close on Nov 12, 2026Market cap $105.60MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak8 of 30 checks passed

Invesco DB US Dollar Index Bearish Fund passes 8 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 1/6
Growth: 0/6
Past performance: 1/6
Financial health: 5/6
Dividend: 1/6

What stands out

Trading below fair value
The share price of $17.66 is below our fair value estimate of $18.85.
No debt
Invesco DB US Dollar Index Bearish Fund has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 16.9% a year on average over the last five fiscal years.
Interest well covered
No meaningful interest expense to cover.

What to watch

Margin of safety under 20%
The price is 6.3% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was -2.3% over the last twelve months and averaged -0.8% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.4%, below the 10% that usually covers the cost of capital.
Earnings growth not accelerating
Net income grew -162% over the last twelve months, against a 5-year average of 16.9% a year.

Valuation1/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B above the industry
Invesco DB US Dollar Index Bearish Fund's price-to-book of 1.03 is above the Commodity Contracts Brokers and Dealers median of 0.94.
Trading below fair value
The share price of $17.66 is below our fair value estimate of $18.85.
Margin of safety under 20%
The price is 6.3% below fair value, less than the 20% cushion we look for.

Growth0/6

Revenue growth over 3 years
Needs three years of positive revenue.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings growth not accelerating
Net income grew -162% over the last twelve months, against a 5-year average of 16.9% a year.
Growth against the industry
Needs revenue for this year and last.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance1/6

Return on equity under 15%
Return on equity was -2.3% over the last twelve months and averaged -0.8% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 2.4%, below the 10% that usually covers the cost of capital.
Return on equity below the industry
Invesco DB US Dollar Index Bearish Fund's return on equity of -2.3% is below the Commodity Contracts Brokers and Dealers median of 2.2%.
Earnings grew over 5 years
Net income grew 16.9% a year on average over the last five fiscal years.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health5/6

No debt
Invesco DB US Dollar Index Bearish Fund has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 468.17; above 3 is the safe zone and below 1.8 the distress zone.

Dividend1/6

Pays a dividend
Invesco DB US Dollar Index Bearish Fund paid dividends worth 3.0% of the share price over the last twelve months.
Yield below Treasuries
The 3.0% yield is below the 4.4% on a 1-year Treasury.
Yield below the top quarter
The top quarter of US dividend payers yield 3.8% or more; Invesco DB US Dollar Index Bearish Fund yields 3.0%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$18.85

The share price is 6% below this estimate.

20%+ below

Near fair value

20%+ above

$17.66Price

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
EV/EBITDA	30.0×	–	40.3×	$19.62	78%
P/B	0.9×	–	0.9×	$16.18	22%
Fair value				$18.85	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day: $1.27M
Value traded per 1% price move: $3.30M

Downside

Low risk

Typical loss in a bad month: 3.4%
Volatility (annualized): 6%
Sharpe ratio, 1 year: -1.45
Beta to the S&P 500 (5Y): 0.15

Typical bad-month loss, week by week

Margins need revenue and profit figures

This company does not report the lines needed to calculate margins.

Per year	1 year	3 years	5 years	10 years	Five-year pace
Operating income	+57.4%	+82.8%	–	–
Net income	–	–	+16.9%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	-4.1%	6.1%	9.5%
Return on assets	-3.9%	5.7%	9.5%
Interest coverage	-264.2×	-392.7×	–

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