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$0.902.24040.22.2140.7-0.6219.739
Premium Member OnlyPremium Member Only$1.213.15038.42.9541-3.823.651
Premium Member OnlyPremium Member Only$0.400.97041.20.9641.7-1.2812.397
Premium Member OnlyPremium Member Only$4.0026.08015.37.9850.10.00132.096
Premium Member OnlyPremium Member Only$9.4318.69050.517.5853.6-12.35121.782
Premium Member OnlyPremium Member Only$1.523.17047.92.8253.9-1.4556.581
Premium Member OnlyPremium Member Only$1.001.80055.61.7756.54.7147.760
Premium Member OnlyPremium Member Only$2.935.140575.0258.40.0032.383
Premium Member OnlyPremium Member Only$0.330.600550.5658.9-1.455.927
Premium Member OnlyPremium Member Only$2.464.16059.14.1659.1-3.2711.064
Premium Member OnlyPremium Member Only$1.262.15058.62.0860.6-2.368.469
Premium Member OnlyPremium Member Only$0.731.23059.31.1563.5-2.304.186
Premium Member OnlyPremium Member Only$1.201.91062.81.8764.2-1.616.397
Premium Member OnlyPremium Member Only$0.801.380581.2464.5-0.579.997
Premium Member OnlyPremium Member Only$0.781.24062.91.1965.5-1.1430.170
Premium Member OnlyPremium Member Only$10.0017.76056.315.0066.7-30.055.125
Premium Member OnlyPremium Member Only$1.402.16064.82.0867.3-1.0467.431
Premium Member OnlyPremium Member Only$1.482.27065.22.1668.5-2.664.841
Premium Member OnlyPremium Member Only$0.600.870690.8769-0.07161.131
Premium Member OnlyPremium Member Only$0.651.04062.50.9369.90.5719.395
Premium Member OnlyPremium Member Only$2.363.24072.83.2373.1-1.4255.548
Premium Member OnlyPremium Member Only$1.962.88068.12.6873.1-3.629.325
Premium Member OnlyPremium Member Only$1.271.89067.21.7174.3-1.587.171
Premium Member OnlyPremium Member Only$11.0019.59056.214.6974.9-2.0645.850
Premium Member OnlyPremium Member Only$2.032.77073.32.6975.5-1.3962.179
Premium Member OnlyPremium Member Only$0.601.05057.10.7975.9-0.2320.268
Premium Member OnlyPremium Member Only$3.755.65066.44.8876.8-0.5334.143
Premium Member OnlyPremium Member Only$0.320.52061.50.4178-0.076.449
Premium Member OnlyPremium Member Only$0.320.47068.10.4178-0.653.444
Premium Member OnlyPremium Member Only$8.2210.83075.910.5378.1-2.1798.169
Premium Member OnlyPremium Member Only$0.681.33051.10.8778.2-0.6420.366
Premium Member OnlyPremium Member Only$0.961.280751.2080-1.6423.092
Premium Member OnlyPremium Member Only$0.410.53077.40.5180.4-0.805.709
Premium Member OnlyPremium Member Only$5.517.23076.26.8081-41.5172.180
Premium Member OnlyPremium Member Only$3.043.850793.7181.9-1.2855.127
Premium Member OnlyPremium Member Only$2.933.50083.73.4485.2-1.19148.622
Premium Member OnlyPremium Member Only$1.042.080501.2285.20.00179.306
Premium Member OnlyPremium Member Only$0.680.99068.70.7788.3-0.109.934
Premium Member OnlyPremium Member Only$8.3111.58071.89.3888.6-0.6522.784
Premium Member OnlyPremium Member Only$1.411.69083.41.5889.2-1.3275.612
Premium Member OnlyPremium Member Only$2.272.640862.4791.9-2.977.664
Premium Member OnlyPremium Member Only$1.201.32090.91.2993-0.0643.057
Premium Member OnlyPremium Member Only$5.806.30092.16.2293.2-2.01134.747
Premium Member OnlyPremium Member Only$0.730.81090.10.7893.6-0.2322.863
Premium Member OnlyPremium Member Only$3.554.11086.43.7594.70.00238.554
Premium Member OnlyPremium Member Only$1.441.69085.21.5294.7-0.1530.910
Premium Member OnlyPremium Member Only$1.572.040771.6595.20.0040.882
Premium Member OnlyPremium Member Only$0.470.500940.4995.9-0.059.234
Premium Member OnlyPremium Member Only$3.193.38094.43.3196.4-0.86200.550
Premium Member OnlyPremium Member Only$2.752.91094.52.8297.5-1.7614.657
Premium Member OnlyPremium Member Only$1.121.16096.61.1498.2-0.4719.286
Premium Member OnlyPremium Member Only$0.310.3101000.31100-0.0356.378
Premium Member OnlyPremium Member Only$7.198.22087.57.15100.60.7795.202
Premium Member OnlyPremium Member Only$2.102.11099.52.04102.9-0.6558.076
Premium Member OnlyPremium Member Only$1.013.30030.60.97104.10.0022.335
Premium Member OnlyPremium Member Only$4.143.9801043.91105.9-1.50121.228
Premium Member OnlyPremium Member Only$0.841.26066.70.79106.3-0.5211.360
Premium Member OnlyPremium Member Only$0.810.760106.60.751080.00383.228
Premium Member OnlyPremium Member Only$0.530.5301000.49108.2-0.6312.082
Premium Member OnlyPremium Member Only$2.572.3801082.36108.90.4161.051
Premium Member OnlyPremium Member Only$0.610.64095.30.56108.9-0.4620.519
Premium Member OnlyPremium Member Only$2.152.000107.51.97109.1-0.51298.025
Premium Member OnlyPremium Member Only$2.152.77077.61.94110.8-0.45322.252
Premium Member OnlyPremium Member Only$0.400.62064.50.36111.1-0.04394.510
Premium Member OnlyPremium Member Only$6.245.680109.95.50113.5-3.3644.328
Premium Member OnlyPremium Member Only$2.273.390671.99114.1-0.4420.744
Premium Member OnlyPremium Member Only$0.840.780107.70.73115.1-0.759.595
Premium Member OnlyPremium Member Only$2.512.400104.62.18115.1-0.0547.472
Premium Member OnlyPremium Member Only$3.062.750111.32.65115.5-1.9183.175
Premium Member OnlyPremium Member Only$2.282.49091.61.97115.70.3435.541
Premium Member OnlyPremium Member Only$3.132.7701132.65118.1-0.06155.371
Premium Member OnlyPremium Member Only$2.151.910112.61.79120.1-3.8712.200
Premium Member OnlyPremium Member Only$0.771.08071.30.64120.3-0.429.300
Premium Member OnlyPremium Member Only$1.001.30076.90.83120.50.0023.620
Premium Member OnlyPremium Member Only$3.923.610108.63.24121-1.9869.097
Premium Member OnlyPremium Member Only$9.727.980121.87.98121.8-0.01305.694
Premium Member OnlyPremium Member Only$1.090.900121.10.88123.9-0.12203.119
Premium Member OnlyPremium Member Only$4.974.110120.94.00124.3-2.1548.915
Premium Member OnlyPremium Member Only$1.411.260111.91.13124.8-0.3745.187
Premium Member OnlyPremium Member Only$8.296.750122.86.62125.2-2.22150.774
Premium Member OnlyPremium Member Only$2.381.9201241.90125.3-0.34236.560
Premium Member OnlyPremium Member Only$4.393.580122.63.49125.8-1.71167.372
Premium Member OnlyPremium Member Only$0.340.35097.10.27125.9-1.826.120
Premium Member OnlyPremium Member Only$1.981.600123.81.57126.1-0.1952.893
Premium Member OnlyPremium Member Only$5.984.760125.64.71127-1.23200.314
Premium Member OnlyPremium Member Only$3.613.180113.52.81128.50.0412.253
Premium Member OnlyPremium Member Only$6.805.670119.95.29128.5-1.5491.506
Premium Member OnlyPremium Member Only$5.174.0401283.96130.6-2.10146.380
Premium Member OnlyPremium Member Only$129.00242.34053.298.08131.5-14.22345.685
Premium Member OnlyPremium Member Only$5.894.490131.24.36135.1-2.25151.873
Premium Member OnlyPremium Member Only$10.047.620131.87.41135.5-2.82356.076
Premium Member OnlyPremium Member Only$3.103.32093.42.27136.60.3649.244
Premium Member OnlyPremium Member Only$8.266.7701226.03137-0.0440.982
Premium Member OnlyPremium Member Only$1.482.34063.21.08137-0.6324.587
Premium Member OnlyPremium Member Only$1.471.220120.51.07137.4-1.8421.670
Premium Member OnlyPremium Member Only$2.341.740134.51.69138.5-0.6387.403
Premium Member OnlyPremium Member Only$22.1316.77013215.91139.13.121852.284
Premium Member OnlyPremium Member Only$0.640.600106.70.46139.1-0.1746.606
Premium Member OnlyPremium Member Only$0.420.44095.50.301400.02464.237
Premium Member OnlyPremium Member Only$0.350.270129.60.25140-0.424.865

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