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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
BTA's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.11 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Blackrock Long-term Municipal AdtgTrust (NYSE:BTA) Net-Net Working Capital Explanation
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.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Blackrock Long-term Municipal AdtgTrust Net-Net Working Capital Related Terms
Blackrock Long-term Municipal AdtgTrust Net-Net Working Capital 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.
Blackrock Long-term Municipal AdtgTrust Net-Net Working Capital Chart
Blackrock Long-term Municipal AdtgTrust Annual Data
BTA vs CIK, BGX, HYI: Net-Net Working Capital Comparison
For the Asset Management subindustry, Blackrock Long-term Municipal AdtgTrust's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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.
Blackrock Long-term Municipal AdtgTrust Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Blackrock Long-term Municipal AdtgTrust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Blackrock Long-term Municipal AdtgTrust's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-6.25 mean?
Blackrock Long-term Municipal AdtgTrust (BTA) has a Net-Net Working Capital of $-6.25 as of Jul. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Blackrock Long-term Municipal AdtgTrust
Is Blackrock Long-term Municipal AdtgTrust's Net-Net Working Capital too high?
Blackrock Long-term Municipal AdtgTrust's current Net-Net Working Capital is $-6.25. Overall, Blackrock Long-term Municipal AdtgTrust has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Blackrock Long-term Municipal AdtgTrust's Net-Net Working Capital compare to CIK and BGX?
Blackrock Long-term Municipal AdtgTrust's Net-Net Working Capital of $-6.25 can be compared against companies in the Asset Management industry. The industry median Net-Net Working Capital is 6.11. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.11, based on 497 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Blackrock Long-term Municipal AdtgTrust For the Asset Management industry, the median Net-Net Working Capital is 6.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Blackrock Long-term Municipal AdtgTrust's current Net-Net Working Capital is $-6.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Blackrock Long-term Municipal AdtgTrust stock overvalued right now?
Blackrock Long-term Municipal AdtgTrust (BTA) has a current Net-Net Working Capital of $-6.25. The current Net-Net Working Capital is $-6.25. Blackrock Long-term Municipal AdtgTrust's overall GF Score™ is 18/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Blackrock Long-term Municipal AdtgTrust (BTA), the current Net-Net Working Capital is $-6.25 as of Jul. 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.
Blackrock Long-term Municipal AdtgTrust is a diversified closed-end investment trust. Its investment objective is to provide current income exempt from regular U.S. federal income tax. The fund, under normal market conditions, invests a majority of its managed assets in municipal obligations and derivative instruments with exposure to such municipal obligations, in each case that are expected to pay interest or income that is exempt from U.S. federal income tax. Its investment portfolio comprises dollar-weighted, long-term municipal bonds with a maturity of more than ten years at the time of investment. The fund's investments have exposure to various sectors such as Corporate, Health, County/City/Special District/School District, Transportation, Education, Utilities, State, Tobacco, etc.
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