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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.
NFJ's Price-to-Net-Net-Working-Capital is ranked worse than 89.94% of 497
companies
in the Asset Management industry
Industry Median: 6.19
vs NFJ: 75.35
Virtus Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) 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.
Virtus Dividend, Interest & Premium Strategy Fund Net-Net Working Capital Related Terms
Virtus Dividend, Interest & Premium Strategy 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.
Virtus Dividend, Interest & Premium Strategy Fund Net-Net Working Capital Chart
Virtus Dividend, Interest & Premium Strategy Fund Annual Data
NFJ vs QQQX, HYT, CSWC: Net-Net Working Capital Comparison
For the Asset Management subindustry, Virtus Dividend, Interest & Premium Strategy 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.
Virtus Dividend, Interest & Premium Strategy 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 $0.20 mean?
Virtus Dividend, Interest & Premium Strategy Fund (NFJ) has a Net-Net Working Capital of $0.20 as of Jan. 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 Virtus Dividend, Interest & Premium Strategy Fund According to the industry distribution chart, Virtus Dividend, Interest & Premium Strategy Fund ranks #447 out of 497 companies in the Asset Management industry, placing it in the top 89.9%.
Is Virtus Dividend, Interest & Premium Strategy Fund's Net-Net Working Capital too high?
Virtus Dividend, Interest & Premium Strategy Fund's current Net-Net Working Capital is $0.20. The Asset Management industry median Net-Net Working Capital is 6.19. Virtus Dividend, Interest & Premium Strategy Fund's value of $0.20 is 96.8% below this industry median. Based on the distribution chart, Virtus Dividend, Interest & Premium Strategy Fund ranks #447 out of 497 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Virtus Dividend, Interest & Premium Strategy Fund has a GF Score™ of 61/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Virtus Dividend, Interest & Premium Strategy Fund's Net-Net Working Capital compare to QQQX and HYT?
According to the Asset Management industry distribution chart, Virtus Dividend, Interest & Premium Strategy Fund ranks #447 out of 497 companies for Net-Net Working Capital. This places Virtus Dividend, Interest & Premium Strategy Fund in the lower half of its industry. The industry median Net-Net Working Capital is 6.19. Virtus Dividend, Interest & Premium Strategy Fund's value of $0.20 is 96.8% below 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.19, 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. Virtus Dividend, Interest & Premium Strategy Fund's current Net-Net Working Capital of $0.20 is 96.8% below 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 Virtus Dividend, Interest & Premium Strategy Fund For the Asset Management industry, the median Net-Net Working Capital is 6.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Virtus Dividend, Interest & Premium Strategy Fund's current Net-Net Working Capital is $0.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Virtus Dividend, Interest & Premium Strategy Fund stock overvalued right now?
Based on GuruFocus' analysis, Virtus Dividend, Interest & Premium Strategy Fund (NFJ) is currently considered Modestly Undervalued. The stock's GF Value™ is $19.40, compared to a current price of $15.07 — trading 22.3% below its estimated fair value. The current Net-Net Working Capital is $0.20 and 96.8% below the Asset Management industry median of 6.19. Virtus Dividend, Interest & Premium Strategy Fund's overall GF Score™ is 61/100 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 Virtus Dividend, Interest & Premium Strategy Fund (NFJ), the current Net-Net Working Capital is $0.20 as of Jan. 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 Virtus Dividend, Interest & Premium Strategy Fund (NFJ) Overvalued in 2026?
Based on GuruFocus' analysis, Virtus Dividend, Interest & Premium Strategy Fund stock appears to be undervalued.
The current stock price of $15.07 is trading 22.3% below its estimated GF Value™ of $19.40.
GuruFocus considers Virtus Dividend, Interest & Premium Strategy Fund to be Modestly Undervalued.
Key valuation signals for NFJ:
Net-Net Working Capital: $0.20
GF Value™: $19.40 vs. price of $15.07 (22.3% below fair value)
Industry Position: 96.8% below the Asset Management median (#447 of 497)
No single metric tells the full story. See the NFJ stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Virtus Dividend, Interest & Premium Strategy Fund Business Description
Virtus Dividend, Interest & Premium Strategy Fund is a Massachusetts-based business trust. The primary investment objective of the company is to seek current income and gains, with a secondary objective of long-term capital appreciation. It pursues its investment objectives by investing in a diversified portfolio of dividend-paying common stocks and income-producing convertible securities.
61GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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