Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Delaware Investments Natl MuniomeVFL -0.58%32 Cyclically Adjusted PS Ratio is 17.78 as of Jul. 26, 2026, which is 20% above its 10-year median of 14.84. GuruFocus rates VFL with a GF Score™ of 32/100. The stock has 4 warning signs investors should review. Among 906 Asset Management companies, Delaware Investments Natl Muniome ranks worse than 85.21% on this metric.
The historical rank and industry rank for Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio or its related term are showing as below:
VFL'
s Cyclically Adjusted PS Ratio Range Over the Past 10 Years
Min: 11.29 Med: 14.84 Max: 24.85
Current: 17.77
During the past 13 years, Delaware Investments Natl Muniome's highest Cyclically Adjusted PS Ratio was 24.85. The lowest was 11.29. And the median was 14.84.
VFL's Cyclically Adjusted PS Ratio is ranked worse than 85.21% of 906
companies
in the Asset Management industry
Industry Median: 7.675
vs VFL: 17.77
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio. The Cyclically Adjusted Revenue per Share is the average of the inflation adjusted revenue per share of a company over the past 10 years.
Delaware Investments Natl Muniome's adjusted revenue per share data of for the fiscal year that ended in Sep25 was $-0.056. Add all the adjusted revenue per share for the past 10 years together and divide 10 will get our Cyclically Adjusted Revenue per Share, which is $0.58 for the trailing ten years ended in Sep25.
Shiller PE for Stocks: The True Measure of Stock Valuation
Delaware Investments Natl Muniome (AMEX:VFL) Cyclically Adjusted PS Ratio Explanation
Compared with the regular PS Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PS Ratio smoothed out the fluctuations of revenue during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PS Ratio should give similar results to regular PS Ratio.
Delaware Investments Natl Muniome Cyclically Adjusted PS Ratio Related Terms
Delaware Investments Natl Muniome Cyclically Adjusted PS Ratio Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Delaware Investments Natl Muniome Cyclically Adjusted PS Ratio Chart
VFL vs WEA, JHS, NMT: Cyclically Adjusted PS Ratio Comparison
For the Asset Management subindustry, Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio, along with its competitors' market caps and Cyclically Adjusted PS Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Delaware Investments Natl Muniome Cyclically Adjusted PS Ratio vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio distribution charts can be found below:
* The bar in red indicates where Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio falls into.
Delaware Investments Natl Muniome Cyclically Adjusted PS Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PS Ratio takes the Revenue per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/S calculation. Because it considers this 10-year average, it's often referred to as the CAPS Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PS Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PS Ratio of 17.78 mean?
Delaware Investments Natl Muniome (VFL) has a Cyclically Adjusted PS Ratio of 17.78 as of Jul. 26, 2026. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Delaware Investments Natl Muniome and its competitors. This is 20% above median its historical median of 14.84. Over the past decade, Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio has ranged from 11.29 to 24.85. According to the industry distribution chart, Delaware Investments Natl Muniome ranks #772 out of 906 companies in the Asset Management industry, placing it in the top 85.2%.
Is Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio too high?
Delaware Investments Natl Muniome's current Cyclically Adjusted PS Ratio of 17.78 is 20% above median its 10-year median of 14.84. Over the past 10 years, this metric has ranged from a low of 11.29 to a high of 24.85. The Asset Management industry median Cyclically Adjusted PS Ratio is 7.68. Delaware Investments Natl Muniome's value of 17.78 is 131.7% above this industry median. Based on the distribution chart, Delaware Investments Natl Muniome ranks #772 out of 906 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Delaware Investments Natl Muniome has a GF Score™ of 32/100, reflecting its overall financial health beyond just this single metric.
How does Delaware Investments Natl Muniome's Cyclically Adjusted PS Ratio compare to WEA and JHS?
According to the Asset Management industry distribution chart, Delaware Investments Natl Muniome ranks #772 out of 906 companies for Cyclically Adjusted PS Ratio. This places Delaware Investments Natl Muniome in the lower half of its industry. The industry median Cyclically Adjusted PS Ratio is 7.68. Delaware Investments Natl Muniome's value of 17.78 is 131.7% above this benchmark. Historically, Delaware Investments Natl Muniome's own Cyclically Adjusted PS Ratio has ranged from 11.29 to 24.85 over the past decade. While the company's 10-year median is 14.84 vs. the industry median of 7.68, Delaware Investments Natl Muniome has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PS Ratio for an Asset Management company?
The median Cyclically Adjusted PS Ratio among Asset Management companies is 7.68, based on 906 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PS Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PS Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Delaware Investments Natl Muniome's current Cyclically Adjusted PS Ratio of 17.78 is 131.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PS Ratio mean?
A high Cyclically Adjusted PS Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PS Ratio is the ratio of share price to a company's inflation-adjusted revenue per share over a 10-year period. View historical data on Delaware Investments Natl Muniome and its competitors. For the Asset Management industry, the median Cyclically Adjusted PS Ratio is 7.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Delaware Investments Natl Muniome's current Cyclically Adjusted PS Ratio is 17.78, which is 20% above median its own 10-year median of 14.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Delaware Investments Natl Muniome stock overvalued right now?
Delaware Investments Natl Muniome (VFL) has a current Cyclically Adjusted PS Ratio of 17.78. The current Cyclically Adjusted PS Ratio is 17.78, which is 20% above median its 10-year median of 14.84 and 131.7% above the Asset Management industry median of 7.68. Delaware Investments Natl Muniome's overall GF Score™ is 32/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PS Ratio calculated?
Cyclically Adjusted PS Ratio is calculated from a company's financial statements. For Delaware Investments Natl Muniome (VFL), the current Cyclically Adjusted PS Ratio is 17.78 as of Jul. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Delaware Investments Natl Muniome Business Description
Delaware Investments Natl Muni Income is a closed-end investment fund. The Fund's investment objective is to seek to provide current income exempt from regular federal income tax, consistent with the preservation of capital. The company's product portfolio includes Mutual funds, Exchange-traded funds, Private markets, and Closed-end funds.
32GF Score
Get the complete analysis for VFL
Cyclically Adjusted PS Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
VFL has been successfully added to your 
