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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.
Thorney OpportunitiesASX:TOP -1.75%32 Net Cash per Share is A$0.80 as of Dec. 2025, which is 100% below its 10-year median of 0.97. GuruFocus rates ASX:TOP with a GF Score™ of 32/100 and a GF Value™ of A$0.96 (Significantly Undervalued). The stock has 1 warning sign investors should review. Among 463 Asset Management companies, Thorney Opportunities ranks better than 94.17% on this metric.
The historical rank and industry rank for Thorney Opportunities's Net Cash per Share or its related term are showing as below:
ASX:TOP'
s Price-to-Net-Cash Range Over the Past 10 Years
Min: 0.7 Med: 0.97 Max: 69.5
Current: 0.7
During the past 13 years, the highest Price-to-Net-Cash Ratio of Thorney Opportunities was 69.50. The lowest was 0.70. And the median was 0.97.
ASX:TOP's Price-to-Net-Cash is ranked better than 94.17% of 463
companies
in the Asset Management industry
Industry Median: 6
vs ASX:TOP: 0.70
Thorney Opportunities (ASX:TOP) Net Cash per Share Explanation
Ben Graham invested in situations where the company's stock price was lower than its net-cash. He assigned some value to the company's other current asset. The value is called Net Current Asset Value (NCAV). One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
You can find companies that are traded below their Net Current Asset Value (NCAV) with our Net-Net screener.
Thorney Opportunities Net Cash per Share Related Terms
Thorney Opportunities Net Cash per Share Historical Data
* Premium members only.
The historical data trend for Thorney Opportunities's Net Cash per Share can be seen below:
* 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.
ASX:TOP vs BLK, BX, KKR: Net Cash per Share Comparison
For the Asset Management subindustry, Thorney Opportunities's Price-to-Net-Cash, along with its competitors' market caps and Price-to-Net-Cash 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.
Thorney Opportunities Price-to-Net-Cash vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Thorney Opportunities's Price-to-Net-Cash distribution charts can be found below:
* The bar in red indicates where Thorney Opportunities's Price-to-Net-Cash falls into.
Thorney Opportunities Net Cash per Share Calculation
In the calculation of a company's Net Cash per Share, assets other than cash and short term investments are considered to be worth nothing. But the company has to pay its debt and other liabilities in full. This is an extremely conservative way of valuation. Most companies have negative Net Cash per Share. But sometimes a company's price may be lower than its net-cash.
Thorney Opportunities's Net Cash per Share for the fiscal year that ended in Jun. 2025 is calculated as
* 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.
Thorney Opportunities (ASX:TOP) has a Net Cash per Share of A$0.80 as of Dec. 2025. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on Thorney Opportunities and its competitors. This is 18% below median its historical median of 0.97. Over the past decade, Thorney Opportunities' Net Cash per Share has ranged from 0.70 to 69.50. According to the industry distribution chart, Thorney Opportunities ranks #27 out of 463 companies in the Asset Management industry, placing it in the top 5.8%.
Is Thorney Opportunities' Net Cash per Share too high?
Thorney Opportunities' current Net Cash per Share of A$0.80 is 18% below median its 10-year median of 0.97. Over the past 10 years, this metric has ranged from a low of 0.70 to a high of 69.50. Based on the distribution chart, Thorney Opportunities ranks #27 out of 463 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Thorney Opportunities has a GF Score™ of 32/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Thorney Opportunities' Net Cash per Share compare to BLK and BX?
According to the Asset Management industry distribution chart, Thorney Opportunities ranks #27 out of 463 companies for Net Cash per Share. This places Thorney Opportunities in the top 6% of its industry — outperforming the majority of peers. The industry median Net Cash per Share is 6.00. Historically, Thorney Opportunities' own Net Cash per Share has ranged from 0.70 to 69.50 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Cash per Share for an Asset Management company?
The median Net Cash per Share among Asset Management companies is 6.00, based on 463 companies in the industry. Companies in the top quartile (top 25%) have a Net Cash per Share significantly above this median, while those in the bottom quartile fall well below. However, Net Cash per Share should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Cash per Share mean?
A high Net Cash per Share can signal that a stock is expensive relative to its fundamentals. Net cash per share equals the per-share value of cash and equivalents less total liabilities and minority interest. View historical data on Thorney Opportunities and its competitors. For the Asset Management industry, the median Net Cash per Share is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thorney Opportunities's current Net Cash per Share is A$0.80, which is 18% below median its own 10-year median of 0.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thorney Opportunities stock overvalued right now?
Based on GuruFocus' analysis, Thorney Opportunities (ASX:TOP) is currently considered Significantly Undervalued. The stock's GF Value™ is A$0.96, compared to a current price of A$0.56 — trading 41.7% below its estimated fair value. The current Net Cash per Share is A$0.80, which is 18% below median its 10-year median of 0.97. Thorney Opportunities' overall GF Score™ is 32/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Cash per Share calculated?
Net Cash per Share is calculated from a company's financial statements. For Thorney Opportunities (ASX:TOP), the current Net Cash per Share is A$0.80 as of Dec. 2025. 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.
Is Thorney Opportunities (ASX:TOP) Overvalued in 2026?
Based on GuruFocus' analysis, Thorney Opportunities stock appears to be undervalued.
The current stock price of A$0.56 is trading 41.7% below its estimated GF Value™ of A$0.96.
GuruFocus considers Thorney Opportunities to be Significantly Undervalued.
Key valuation signals for ASX:TOP:
Net Cash per Share: A$0.80 (18% below median its 10-year median of 0.97)
GF Value™: A$0.96 vs. price of A$0.56 (41.7% below fair value)
No single metric tells the full story. See the ASX:TOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thorney Opportunities Ltd is an investment company that concentrates on producing absolute returns for shareholders over the medium to long term. Its principal activity is making investments in listed and unlisted securities in a variety of sectors, including media, automotive, energy, and pharmaceutical.
32GF Score
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