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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.
FTHY's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.17 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND (NYSE:FTHY) 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.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Net-Net Working Capital Related Terms
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND 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.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Net-Net Working Capital Chart
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Annual Data
Trend
May21
May22
May23
May24
May25
Net-Net Working Capital
-9.00
-7.67
-3.64
-3.81
-5.07
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Semi-Annual Data
FTHY vs BGB, PML, EIM: Net-Net Working Capital Comparison
For the Asset Management subindustry, FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND'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.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Price-to-Net-Net-Working-Capital vs Asset Management Industry
* 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 $-5.22 mean?
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND (FTHY) has a Net-Net Working Capital of $-5.22 as of Nov. 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 FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND According to the industry distribution chart, FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND ranks #999999 out of 497 companies in the Asset Management industry.
Is FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND's Net-Net Working Capital too high?
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND's current Net-Net Working Capital is $-5.22. Based on the distribution chart, FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND ranks #999999 out of 497 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND has a GF Score™ of 30/100, reflecting its overall financial health beyond just this single metric.
How does FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND's Net-Net Working Capital compare to BGB and PML?
According to the Asset Management industry distribution chart, FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND ranks #999999 out of 497 companies for Net-Net Working Capital. This places FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND in the lower half of its industry. The industry median Net-Net Working Capital is 6.17. 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 6.17, 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 FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND For the Asset Management industry, the median Net-Net Working Capital is 6.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND's current Net-Net Working Capital is $-5.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND stock overvalued right now?
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND (FTHY) has a current Net-Net Working Capital of $-5.22. The current Net-Net Working Capital is $-5.22. FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND's overall GF Score™ is 30/100 with 6 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 FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND (FTHY), the current Net-Net Working Capital is $-5.22 as of Nov. 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.
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND Business Description
FIRST TRUST HIGH YIELD OPPORTUNITIES 2027 TERM FUND is a diversified, closed-end management investment company. The investment objective of the fund is to provide current income. The fund invests a majority of its managed assets in high-yield debt securities of any maturity that are rated below investment grade at the time of purchase or unrated securities. Its investment portfolio comprises corporate bonds and notes, senior floating-rate loan interests, foreign corporate bonds and notes, money market funds, and other instruments across various industries.
30GF Score
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