Nuveen Municipal High Income Opportunity Fund

NMZNYSEFinancial Services● Active

$10.18

$-0.01(-0.05%)

Market Cap$1.2B

P/E Ratio—

52W High$10.77

52W Low$9.83

Avg Volume565K

Open$10.15

Beta0.73

Free Cash Flow Financials Revenue

Nuveen Municipal High Income Opportunity Fund (NMZ) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NMZ · free cash flow · updated Jun 9, 2026

Core FCF metrics

NMZ · FCF · TTM · margin & CAGR

Free cash flow was $69.0M for FY2025 (fiscal year ending 2025-10-31), up 283.6% year-over-year The FCF margin was 71.6%.

FY2025 Free Cash Flow$69.0M▲ +283.6% YoY

Trailing 12M (TTM)$68.2Mtrailing 4 quarters sum

FCF Margin71.6%$69.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NMZ · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$69.0M(0M)$69.0M▲ +283.6%71.6%

FY2024$18.0M(0M)$18.0M▼ 76.9%19.6%

FY2023$78.0M(0M)$78.0M▲ +148.4%196.7%

FY2022−$161.3M(0M)−$161.3M▲ +52.7%-400.0%

FY2021−$340.7M(0M)−$340.7M▼ 84.6%-426.1%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NMZ · P/FCF · FCF yield · FCF per share

Nuveen Municipal High Income Opportunity Fund (NMZ) trades at a FCF yield of 5.77% and a price-to-free-cash-flow ratio of 17.5x. FCF per share stands at $0.58, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.77%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.58

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.5

Share Price ÷ FCF per Share

EV / FCF (TTM)

x29.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-10-31

Cash flow statement summary

NMZ · cash flow statement · operating / investing / financing

For FY2025, Nuveen Municipal High Income Opportunity Fund generated $69.0M in operating cash flow and spent 0M in capital expenditures, yielding $69.0M in free cash flow.

Operating Activities

+$69.0M

Cash from core business operations

2025-10-31

Investing Activities

−$54.1M

CapEx, acquisitions & investments

2025-10-31

Financing Activities

−$25.8M

Buybacks, dividends & debt

2025-10-31

FCF FormulaOperating CF ($69.0M) − |CapEx| (0M) = FCF ($69.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

NMZ vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Nuveen Municipal High Income Opportunity FundYOU

NMZ

$69.0M+283.6%71.6%

Berkshire Hathaway Inc.

BRK-A

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Nuveen Municipal High Income Opportunity Fund (NMZ) reported free cash flow of $69.0M for FY2025 (fiscal year ending 2025-10-31), up 283.6% year-over-year. The FCF margin was 71.6%.

Based on available data, Nuveen Municipal High Income Opportunity Fund has maintained positive free cash flow for at least 7 fiscal year(s). FCF peaked at $78.0M in FY2023.

Nuveen Municipal High Income Opportunity Fund's FCF yield is 5.77% and price-to-FCF ratio is 17.5x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NMZ free cash flow · 8 questions

Nuveen Municipal High Income Opportunity Fund free cash flow was $69.0M for FY2025, up 283.6% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $68.2M.

NMZ free cash flowNMZ FCFNMZ FCF 2025NMZ free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Nuveen Municipal High Income Opportunity Fund · Nuveen Municipal High Income Opportunity Fund SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026