RiverNorth Flexible Municipal Income Fund, Inc.
RFMFinancial Services · Stock · monthly payer
Forward Yield
7.94%
Annual Dividend
$1.06
Payout Ratio
61%
5-Yr Growth
-2.0%
Ex-Date
Sep 15, 2026
Frequency
Monthly
Summary
As of September 2026, RiverNorth Flexible Municipal Income Fund, Inc. (RFM) yields 7.94% ($1.06 per share annually), with a blended fair-value estimate of $16.54 — +23% upside, so it screens as undervalued. Dividend safety grade: C (52/100).
Is RFM a good dividend stock?
MixedRiverNorth Flexible Municipal Income Fund, Inc. (RFM) pays a monthly dividend yielding 7.94% ($1.06/yr), with 0 years of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2024
- Dividend has been shrinking, not growing
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 7.94%
- Payout Ratio
- 61%
- Annual Dividend
- $1.06
- 5-Yr Avg Growth
- -2.0%
- Ex-Dividend Date
- Sep 15, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- —
- Market Cap
- $80.0M
- P/E Ratio
- 7.3
- 5-Yr Total Return
- -41%
- 52-Week Range
- $13.23 – $15.03
- Dividend Safety
- C · 52/100
- Ever Cut?
- Yes (2024)
Frequently Asked Questions
RFM Price — Last 12 Months
Daily close
Price Return
1 Year
-6%
3 Years
+3%
5 Years
-41%
52-Week Range
$13.23 – $15.03
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is RFM worth?
Undervaluedhigh confidenceOur blended fair-value estimate for RiverNorth Flexible Municipal Income Fund, Inc. is $16.54 per share, versus a market price of $13.50. That implies 23% of upside — a margin of safety of about 18%.
Fair Value
$16.54
Current Price
$13.50
Upside
+23%
Margin of Safety
18%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model -2.0% — below our estimate, leaving room for upside if the business executes.
Assumptions: 9.3% discount rate (CAPM), -2.0% stage-1 growth, 2.5% terminal growth, $1.78 EPS, $1.06 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
RFM Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
Full RFM dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 15, 2026 | — | $0.0880 | regular |
| Aug 14, 2026 | — | $0.0880 | regular |
| Jul 15, 2026 | — | $0.0880 | regular |
| Jun 15, 2026 | — | $0.0880 | regular |
| May 15, 2026 | — | $0.0880 | regular |
| Apr 15, 2026 | — | $0.0880 | regular |
| Mar 16, 2026 | — | $0.0880 | regular |
| Feb 13, 2026 | — | $0.0880 | regular |
| Jan 15, 2026 | — | $0.0880 | regular |
| Dec 15, 2025 | — | $0.0940 | regular |
| Nov 14, 2025 | — | $0.0940 | regular |
| Oct 15, 2025 | — | $0.0940 | regular |
| Sep 15, 2025 | — | $0.0940 | regular |
| Aug 15, 2025 | — | $0.0940 | regular |
Income Calculator
At $1.06 / yr per share
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