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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.
The industry rank for Western Asset Highome Oppor Fd's Net-Net Working Capital or its related term are showing as below:
HIO's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.25 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Western Asset Highome Oppor Fd (NYSE:HIO) 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.
Western Asset Highome Oppor Fd Net-Net Working Capital Related Terms
Western Asset Highome Oppor Fd 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.
Western Asset Highome Oppor Fd Net-Net Working Capital Chart
HIO vs CAF, HPF, BKT: Net-Net Working Capital Comparison
For the Asset Management subindustry, Western Asset Highome Oppor Fd'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.
Western Asset Highome Oppor Fd Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Western Asset Highome Oppor Fd's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Western Asset Highome Oppor Fd'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 $-0.04 mean?
Western Asset Highome Oppor Fd (HIO) has a Net-Net Working Capital of $-0.04 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 Western Asset Highome Oppor Fd According to the industry distribution chart, Western Asset Highome Oppor Fd ranks #999999 out of 497 companies in the Asset Management industry.
Is Western Asset Highome Oppor Fd's Net-Net Working Capital too high?
Western Asset Highome Oppor Fd's current Net-Net Working Capital is $-0.04. Based on the distribution chart, Western Asset Highome Oppor Fd ranks #999999 out of 497 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Western Asset Highome Oppor Fd has a GF Score™ of 54/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Western Asset Highome Oppor Fd's Net-Net Working Capital compare to CAF and HPF?
According to the Asset Management industry distribution chart, Western Asset Highome Oppor Fd ranks #999999 out of 497 companies for Net-Net Working Capital. This places Western Asset Highome Oppor Fd in the lower half of its industry. The industry median Net-Net Working Capital is 6.25. 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 6.25, 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 Western Asset Highome Oppor Fd For the Asset Management industry, the median Net-Net Working Capital is 6.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Western Asset Highome Oppor Fd's current Net-Net Working Capital is $-0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Western Asset Highome Oppor Fd stock overvalued right now?
Based on GuruFocus' analysis, Western Asset Highome Oppor Fd (HIO) is currently considered Fairly Valued. The stock's GF Value™ is $3.73, compared to a current price of $3.62 — trading 2.9% below its estimated fair value. The current Net-Net Working Capital is $-0.04. Western Asset Highome Oppor Fd's overall GF Score™ is 54/100 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 Western Asset Highome Oppor Fd (HIO), the current Net-Net Working Capital is $-0.04 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 Western Asset Highome Oppor Fd (HIO) Overvalued in 2026?
Based on GuruFocus' analysis, Western Asset Highome Oppor Fd stock appears to be undervalued.
The current stock price of $3.62 is trading 2.9% below its estimated GF Value™ of $3.73.
GuruFocus considers Western Asset Highome Oppor Fd to be Fairly Valued.
Key valuation signals for HIO:
Net-Net Working Capital: $-0.04
GF Value™: $3.73 vs. price of $3.62 (2.9% below fair value)
No single metric tells the full story. See the HIO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Western Asset Highome Oppor Fd Business Description
Western Asset High Income Oppor Fd Inc is a diversified closed-end management investment company. The company's primary objective is to seek high current income and the secondary objective is capital appreciation. It invests a majority of its net assets in high-yield corporate debt securities and the rest in common stock equivalents, including options, warrants, and rights. The company invests in securities of companies from various sectors such as energy, technology, utilities, industrials, communications, finance, and capital goods among others.
54GF Score
Get the complete analysis for HIO
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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