Benjamin Graham Net-Net Working Capital Screener


What are Benjamin Graham's Net Current Asset Value Bargains?

In The Intelligent Investor, Benjamin Graham discussed the methods he used in his investment firm Graham_Newman. One is them is what he called Net-Current-Asset (Or “Bargain”) issues. He wrote:

The idea here was to acquire as many issues as possible at a cost for each of less than their book value in terms of net-current-assets alone – i.e., giving no value to the plant account and other assets. Our purchases were made typically at two-thirds or less of such stripped-down asset value. In most years we carried a wide diversification here – at least 100 different issues.

Graham’s “net current asset value” approach, apparently works very well. 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.

Ben Graham loved these types of situations, defining the Net Current Asset Value (NCAV) or Liquation value as:

Net Current Asset Value (NCAV) = Current Assets - total liabilities

and Net Cash as

Net Cash = Cash and short-term investments - total liabilities

Ben Graham loved these types of situations, defining the net-net working capital (NNWC) value as:

Net-Net Working Capital (NNWC) = Cash and short-term investments + (0.75 * accounts receivable) + (0.5 * inventory) - total liabilities

Graham looked for companies whose market values were less than two-thirds of that net-net value.

With this in mind, GuruFocus has created a Graham Net-Net Working Capital screener to filter out the companies that meets the net-net value criteria. The rules are:

  • The stock prices are less than the net current asset value of the companies – Benjamin Graham. The companies with Price/NNWC between 100% to 300% are also displayed for you to get more investment ideas.
  • During the past 12 months, the companies generated positive operating cashflow. The ones with negative operating cashflow is also displayed.
  • The company has no meaningful debt compared to its cash position.
  • According to Benjamin Graham, some of these companies may well go under as economic conditions worsen, it is important to hold a diversified group of them.

The performance of the stocks can be seen in user portfolios, described in this article



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Symbol Company Price Net Current Asset Value (NCAV) Price/NCAV (%) Net-Net Working Captial (NNWC) Price/NNWC (%) Oprt. Cash Flow per share(12m) ($) Market Cap ($mil)
Premium Member OnlyPremium Member Only$2.517.98031.57.4433.70.4338.486
Premium Member OnlyPremium Member Only$0.721.77040.71.6144.7-2.656.849
Premium Member OnlyPremium Member Only$1.232.320532.2355.2-0.6126.834
Premium Member OnlyPremium Member Only$1.192.19054.32.1555.3-1.546.344
Premium Member OnlyPremium Member Only$0.801.44055.61.4455.6-0.161.004
Premium Member OnlyPremium Member Only$2.985.25056.85.1258.20.0032.936
Premium Member OnlyPremium Member Only$0.801.36058.81.3559.3-0.9028.631
Premium Member OnlyPremium Member Only$1.502.75054.52.5159.8-2.478.250
Premium Member OnlyPremium Member Only$2.593.80068.23.7968.3-1.2460.962
Premium Member OnlyPremium Member Only$2.163.24066.73.0770.4-1.2480.383
Premium Member OnlyPremium Member Only$1.662.41068.92.3570.6-1.1379.954
Premium Member OnlyPremium Member Only$0.310.43072.10.4372.10.098.173
Premium Member OnlyPremium Member Only$0.380.51074.50.5174.5-0.2542.882
Premium Member OnlyPremium Member Only$0.440.70062.90.5974.6-1.993.575
Premium Member OnlyPremium Member Only$4.075.63072.35.3176.6-0.8637.257
Premium Member OnlyPremium Member Only$0.791.040761.0277.5-1.3624.593
Premium Member OnlyPremium Member Only$1.161.79064.81.4580-3.278.206
Premium Member OnlyPremium Member Only$0.951.85051.41.1880.5-0.7723.073
Premium Member OnlyPremium Member Only$2.433.02080.52.9781.8-8.6111.059
Premium Member OnlyPremium Member Only$9.4911.42083.111.1984.8-1.99113.336
Premium Member OnlyPremium Member Only$0.580.73079.50.6786.6-1.7410.516
Premium Member OnlyPremium Member Only$2.603.07084.72.9987-1.6479.638
Premium Member OnlyPremium Member Only$0.470.56083.90.5487-0.415.261
Premium Member OnlyPremium Member Only$1.682.000841.9088.4-2.009.298
Premium Member OnlyPremium Member Only$5.656.420886.3189.5-2.04129.826
Premium Member OnlyPremium Member Only$1.461.71085.41.5892.4-0.1132.817
Premium Member OnlyPremium Member Only$1.121.91058.61.1696.60.00189.864
Premium Member OnlyPremium Member Only$0.951.01094.10.9896.9-0.6310.852
Premium Member OnlyPremium Member Only$2.702.97090.92.7697.8-0.1450.771
Premium Member OnlyPremium Member Only$6.878.05085.36.9698.71.2890.965
Premium Member OnlyPremium Member Only$0.420.45093.30.42100-0.6167.414
Premium Member OnlyPremium Member Only$0.630.64098.40.62101.6-0.978.733
Premium Member OnlyPremium Member Only$1.732.060841.70101.80.0045.026
Premium Member OnlyPremium Member Only$1.982.77071.51.94102.1-0.45296.772
Premium Member OnlyPremium Member Only$1.441.45099.31.39103.6-0.0451.632
Premium Member OnlyPremium Member Only$0.770.96080.20.74104.1-0.0911.077
Premium Member OnlyPremium Member Only$0.480.470102.10.46104.3-0.0229.215
Premium Member OnlyPremium Member Only$3.603.5301023.45104.3-1.17172.895
Premium Member OnlyPremium Member Only$4.564.440102.74.32105.6-2.3444.348
Premium Member OnlyPremium Member Only$7.8712.16064.77.41106.2-0.7821.575
Premium Member OnlyPremium Member Only$1.291.220105.71.21106.6-0.9322.084
Premium Member OnlyPremium Member Only$1.411.550911.31107.6-0.6216.916
Premium Member OnlyPremium Member Only$0.940.96097.90.85110.60.5528.123
Premium Member OnlyPremium Member Only$1.771.610109.91.58112-0.50131.589
Premium Member OnlyPremium Member Only$0.960.870110.30.85112.9-0.2228.297
Premium Member OnlyPremium Member Only$1.572.69058.41.39112.9-0.7813.042
Premium Member OnlyPremium Member Only$1.791.650108.51.57114-1.5143.042
Premium Member OnlyPremium Member Only$2.802.460113.82.45114.30.5566.741
Premium Member OnlyPremium Member Only$1.021.68060.70.89114.6-0.1513.327
Premium Member OnlyPremium Member Only$3.233.24099.72.80115.4-4.5011.801
Premium Member OnlyPremium Member Only$0.930.810114.80.79117.70.00438.549
Premium Member OnlyPremium Member Only$11.179.540117.19.43118.5-0.5335.122
Premium Member OnlyPremium Member Only$2.322.070112.11.94119.6-1.60122.632
Premium Member OnlyPremium Member Only$2.121.800117.81.77119.84.71100.778
Premium Member OnlyPremium Member Only$6.005.020119.54.98120.5-0.2177.629
Premium Member OnlyPremium Member Only$2.672.270117.62.20121.4-0.6370.212
Premium Member OnlyPremium Member Only$0.560.480116.70.46121.7-0.01471.802
Premium Member OnlyPremium Member Only$2.452.54096.51.98123.70.2038.260
Premium Member OnlyPremium Member Only$1.951.610121.11.56125-0.2254.648
Premium Member OnlyPremium Member Only$2.041.940105.21.63125.2-2.3010.211
Premium Member OnlyPremium Member Only$4.493.590125.13.54126.8-0.75281.496
Premium Member OnlyPremium Member Only$4.954.080121.33.89127.2-3.617.254
Premium Member OnlyPremium Member Only$4.013.280122.33.15127.3-7.8053.505
Premium Member OnlyPremium Member Only$8.307.170115.86.50127.70.0541.188
Premium Member OnlyPremium Member Only$3.082.500123.22.40128.30.79152.445
Premium Member OnlyPremium Member Only$0.780.99078.80.60130-0.2126.060
Premium Member OnlyPremium Member Only$0.430.330130.30.33130.3-0.0380.428
Premium Member OnlyPremium Member Only$2.883.55081.12.19131.5-0.4326.352
Premium Member OnlyPremium Member Only$1.511.290117.11.14132.5-0.3448.367
Premium Member OnlyPremium Member Only$1.100.890123.60.83132.5-2.1619.458
Premium Member OnlyPremium Member Only$2.351.870125.71.77132.8-1.7334.633
Premium Member OnlyPremium Member Only$0.440.330133.30.33133.30.000.616
Premium Member OnlyPremium Member Only$161.85235.15068.8121.10133.6-21.33433.816
Premium Member OnlyPremium Member Only$3.683.100118.72.75133.80.1012.496
Premium Member OnlyPremium Member Only$1.220.940129.80.90135.6-0.0670.995
Premium Member OnlyPremium Member Only$6.454.950130.34.72136.7-1.80116.964
Premium Member OnlyPremium Member Only$0.530.430123.30.38139.5-0.207.798
Premium Member OnlyPremium Member Only$21.7516.050135.515.23142.84.261723.979
Premium Member OnlyPremium Member Only$2.581.9401331.80143.30.10107.800
Premium Member OnlyPremium Member Only$8.507.8001095.91143.80.2821.916
Premium Member OnlyPremium Member Only$5.213.720140.13.60144.7-1.59187.494
Premium Member OnlyPremium Member Only$0.550.66083.30.38144.7-0.04486.226
Premium Member OnlyPremium Member Only$5.053.820132.23.48145.10.401043.906
Premium Member OnlyPremium Member Only$11.268.980125.47.75145.30.22163.199
Premium Member OnlyPremium Member Only$5.744.3501323.95145.30.00384.984
Premium Member OnlyPremium Member Only$0.480.4001200.33145.5-0.032.393
Premium Member OnlyPremium Member Only$2.962.050144.42.01147.3-0.54410.215
Premium Member OnlyPremium Member Only$0.310.220140.90.21147.6-0.407.340
Premium Member OnlyPremium Member Only$0.390.290134.50.261500.0464.561
Premium Member OnlyPremium Member Only$0.330.2201500.22150-0.0219.025
Premium Member OnlyPremium Member Only$8.208.130100.95.46150.20.14106.990
Premium Member OnlyPremium Member Only$0.550.530103.80.36152.80.03529.085
Premium Member OnlyPremium Member Only$1.491.220122.10.97153.6-0.2625.532
Premium Member OnlyPremium Member Only$4.123.100132.92.66154.90.0019279.943
Premium Member OnlyPremium Member Only$1.241.140108.80.801550.069.133
Premium Member OnlyPremium Member Only$3.472.340148.32.22156.30.0674.918
Premium Member OnlyPremium Member Only$1.260.910138.50.80157.50.0019.082
Premium Member OnlyPremium Member Only$5.694.170136.53.58158.90.0019279.943
Premium Member OnlyPremium Member Only$0.580.410141.50.36161.1-0.438.120
Premium Member OnlyPremium Member Only$7.615.670134.24.72161.20.3710.692

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