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Neuberger Energy Infrastructure andome FundNML -0.19%31 Forward Rate of Return (Yacktman) % is 22.81% as of Nov. 2025, which is 125% above its 10-year median of 10.15. GuruFocus rates NML with a GF Score™ of 31/100 and a GF Value™ of $0.49 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 1,176 Asset Management companies, Neuberger Energy Infrastructure andome Fund ranks better than 90.22% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Neuberger Energy Infrastructure andome Fund's forward rate of return for was 22.81%.
NML's Forward Rate of Return (Yacktman) % is ranked better than 90.22% of 1176
companies
in the Asset Management industry
Industry Median: 4.5
vs NML: 21.76
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Neuberger Energy Infrastructure andome Fund (AMEX:NML) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of Book Value per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Neuberger Energy Infrastructure andome Fund Forward Rate of Return (Yacktman) % Related Terms
Neuberger Energy Infrastructure andome Fund Forward Rate of Return (Yacktman) % 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.
Neuberger Energy Infrastructure andome Fund Forward Rate of Return (Yacktman) % Chart
Neuberger Energy Infrastructure andome Fund Annual Data
NML vs DSU, MHD, BME: Forward Rate of Return (Yacktman) % Comparison
For the Asset Management subindustry, Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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.
Neuberger Energy Infrastructure andome Fund Forward Rate of Return (Yacktman) % vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) % falls into.
Neuberger Energy Infrastructure andome Fund Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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.
What does a Forward Rate of Return (Yacktman) % of 22.81% mean?
Neuberger Energy Infrastructure andome Fund (NML) has a Forward Rate of Return (Yacktman) % of 22.81% as of Nov. 2025. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Neuberger Energy Infrastructure andome Fund and its competitors. This is 125% above median its historical median of 10.15. Over the past decade, Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) % has ranged from 1.40 to 84.68. According to the industry distribution chart, Neuberger Energy Infrastructure andome Fund ranks #115 out of 1176 companies in the Asset Management industry, placing it in the top 9.8%.
Is Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) % too high?
Neuberger Energy Infrastructure andome Fund's current Forward Rate of Return (Yacktman) % of 22.81% is 125% above median its 10-year median of 10.15. Over the past 10 years, this metric has ranged from a low of 1.40 to a high of 84.68. The Asset Management industry median Forward Rate of Return (Yacktman) % is 4.50. Neuberger Energy Infrastructure andome Fund's value of 22.81% is 406.9% above this industry median. Based on the distribution chart, Neuberger Energy Infrastructure andome Fund ranks #115 out of 1176 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Neuberger Energy Infrastructure andome Fund has a GF Score™ of 31/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Neuberger Energy Infrastructure andome Fund's Forward Rate of Return (Yacktman) % compare to DSU and MHD?
According to the Asset Management industry distribution chart, Neuberger Energy Infrastructure andome Fund ranks #115 out of 1176 companies for Forward Rate of Return (Yacktman) %. This places Neuberger Energy Infrastructure andome Fund in the top 10% of its industry — outperforming the majority of peers. The industry median Forward Rate of Return (Yacktman) % is 4.50. Neuberger Energy Infrastructure andome Fund's value of 22.81% is 406.9% above this benchmark. Historically, Neuberger Energy Infrastructure andome Fund's own Forward Rate of Return (Yacktman) % has ranged from 1.40 to 84.68 over the past decade. While the company's 10-year median is 10.15 vs. the industry median of 4.50, Neuberger Energy Infrastructure andome Fund has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for an Asset Management company?
The median Forward Rate of Return (Yacktman) % among Asset Management companies is 4.50, based on 1,176 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Neuberger Energy Infrastructure andome Fund's current Forward Rate of Return (Yacktman) % of 22.81% is 406.9% 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Neuberger Energy Infrastructure andome Fund and its competitors. For the Asset Management industry, the median Forward Rate of Return (Yacktman) % is 4.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Neuberger Energy Infrastructure andome Fund's current Forward Rate of Return (Yacktman) % is 22.81%, which is 125% above median its own 10-year median of 10.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Neuberger Energy Infrastructure andome Fund stock overvalued right now?
Based on GuruFocus' analysis, Neuberger Energy Infrastructure andome Fund (NML) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.49, compared to a current price of $10.62 — trading 2067.3% above its estimated fair value. The current Forward Rate of Return (Yacktman) % is 22.81%, which is 125% above median its 10-year median of 10.15 and 406.9% above the Asset Management industry median of 4.50. Neuberger Energy Infrastructure andome Fund's overall GF Score™ is 31/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Neuberger Energy Infrastructure andome Fund (NML), the current Forward Rate of Return (Yacktman) % is 22.81% 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.
Is Neuberger Energy Infrastructure andome Fund (NML) Overvalued in 2026?
Based on GuruFocus' analysis, Neuberger Energy Infrastructure andome Fund stock appears to be overvalued.
The current stock price of $10.62 is trading 2067.3% above its estimated GF Value™ of $0.49.
GuruFocus considers Neuberger Energy Infrastructure andome Fund to be Significantly Overvalued.
Key valuation signals for NML:
Forward Rate of Return (Yacktman) %: 22.81% (125% above median its 10-year median of 10.15)
GF Value™: $0.49 vs. price of $10.62 (2067.3% above fair value)
Industry Position: 406.9% above the Asset Management median (#115 of 1176)
No single metric tells the full story. See the NML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Neuberger Berman Energy Infrastructure & Income Fund Inc is a closed-end investment management company based in the United States. Invest in Capital Markets, Chemicals, Oil, Gas & Consumable Fuels, Electric Utilities, Independent Power and Renewable Electricity Producers, Multi Utilities. Maximum is done in Oil, Gas & Consumable Fuels.
31GF Score
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