Often, but not always. Certainly, .com, .net, .org, .us, .biz, ,mobi, .info are worth more than a single year's registration fee. At least, there would be a ready supply of buyers for those domains at a single year's registration fee.
However, for many three-letter cctlds, like .in, .tv, .cc, three-letter domains value has a wider span that often includes a range less than a single year's registration fee.