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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.
4D Molecular Therapeutics's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $6.31.
The industry rank for 4D Molecular Therapeutics's Net-Net Working Capital or its related term are showing as below:
FDMT's Price-to-Net-Net-Working-Capital is ranked better than 83.7% of 859
companies
in the Biotechnology industry
Industry Median: 5.35
vs FDMT: 1.74
4D Molecular Therapeutics (NAS:FDMT) 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.
4D Molecular Therapeutics Net-Net Working Capital Related Terms
4D Molecular Therapeutics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for 4D Molecular Therapeutics's Net-Net Working Capital 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.
4D Molecular Therapeutics Net-Net Working Capital Chart
FDMT vs TECX, ACHV, STTK: Net-Net Working Capital Comparison
For the Biotechnology subindustry, 4D Molecular Therapeutics'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.
4D Molecular Therapeutics Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, 4D Molecular Therapeutics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where 4D Molecular Therapeutics'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 $6.31 mean?
4D Molecular Therapeutics (FDMT) has a Net-Net Working Capital of $6.31 as of Mar. 2026. 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 4D Molecular Therapeutics According to the industry distribution chart, 4D Molecular Therapeutics ranks #140 out of 859 companies in the Biotechnology industry, placing it in the top 16.3%.
Is 4D Molecular Therapeutics' Net-Net Working Capital too high?
4D Molecular Therapeutics' current Net-Net Working Capital is $6.31. The Biotechnology industry median Net-Net Working Capital is 5.35. 4D Molecular Therapeutics' value of $6.31 is 17.9% above this industry median. Based on the distribution chart, 4D Molecular Therapeutics ranks #140 out of 859 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, 4D Molecular Therapeutics has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does 4D Molecular Therapeutics' Net-Net Working Capital compare to TECX and ACHV?
According to the Biotechnology industry distribution chart, 4D Molecular Therapeutics ranks #140 out of 859 companies for Net-Net Working Capital. This places 4D Molecular Therapeutics in the top 16% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.35. 4D Molecular Therapeutics' value of $6.31 is 17.9% above this benchmark. 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 a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.35, based on 859 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. 4D Molecular Therapeutics's current Net-Net Working Capital of $6.31 is 17.9% 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 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 4D Molecular Therapeutics For the Biotechnology industry, the median Net-Net Working Capital is 5.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. 4D Molecular Therapeutics's current Net-Net Working Capital is $6.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is 4D Molecular Therapeutics stock overvalued right now?
Based on GuruFocus' analysis, 4D Molecular Therapeutics (FDMT) is currently considered Possible Value Trap. The stock's GF Value™ is $216.99, compared to a current price of $10.99 — trading 94.9% below its estimated fair value. The current Net-Net Working Capital is $6.31 and 17.9% above the Biotechnology industry median of 5.35. 4D Molecular Therapeutics' overall GF Score™ is 55/100 with 5 warning signs 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 4D Molecular Therapeutics (FDMT), the current Net-Net Working Capital is $6.31 as of Mar. 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.
Is 4D Molecular Therapeutics (FDMT) Overvalued in 2026?
Based on GuruFocus' analysis, 4D Molecular Therapeutics stock appears to be undervalued.
The current stock price of $10.99 is trading 94.9% below its estimated GF Value™ of $216.99.
GuruFocus considers 4D Molecular Therapeutics to be Possible Value Trap.
Key valuation signals for FDMT:
Net-Net Working Capital: $6.31
GF Value™: $216.99 vs. price of $10.99 (94.9% below fair value)
Industry Position: 17.9% above the Biotechnology median (#140 of 859)
No single metric tells the full story. See the FDMT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
4D Molecular Therapeutics Inc is biotechnology company advancing durable and disease-targeted therapeutics with potential to transform treatment paradigms and provide unprecedented benefits to patients. Companies focus is on advancing 4D-150 for wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME) through late-stage studies. It has built a portfolio of gene therapy product candidates focused on three therapeutic areas: Ophthalmology (intravitreal vector) includes 4D-150, 4D-710 and 4D-175; Cardiology (intravenous vector) includes 4D-710, 4D-725, and Pulmonology (aerosol vector).
55GF Score
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