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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.
Advanced Micro Devices's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $3.51.
The industry rank for Advanced Micro Devices's Net-Net Working Capital or its related term are showing as below:
AMD's Price-to-Net-Net-Working-Capital is ranked worse than 95.17% of 538
companies
in the Semiconductors industry
Industry Median: 13.325
vs AMD: 150.75
Advanced Micro Devices (NAS:AMD) 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.
Advanced Micro Devices Net-Net Working Capital Related Terms
Advanced Micro Devices Net-Net Working Capital Historical Data
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The historical data trend for Advanced Micro Devices's Net-Net Working Capital can be seen below:
* 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.
Advanced Micro Devices Net-Net Working Capital Chart
AMD vs INTC, MU, TXN: Net-Net Working Capital Comparison
For the Semiconductors subindustry, Advanced Micro Devices'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.
Advanced Micro Devices Price-to-Net-Net-Working-Capital vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Advanced Micro Devices's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Advanced Micro Devices's Price-to-Net-Net-Working-Capital falls into.
* 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 $3.51 mean?
Advanced Micro Devices (AMD) has a Net-Net Working Capital of $3.51 as of Mar. 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 Advanced Micro Devices According to the industry distribution chart, Advanced Micro Devices ranks #512 out of 538 companies in the Semiconductors industry, placing it in the top 95.2%.
Is Advanced Micro Devices' Net-Net Working Capital too high?
Advanced Micro Devices' current Net-Net Working Capital is $3.51. The Semiconductors industry median Net-Net Working Capital is 13.33. Advanced Micro Devices' value of $3.51 is 73.7% below this industry median. Based on the distribution chart, Advanced Micro Devices ranks #512 out of 538 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Advanced Micro Devices has a GF Score™ of 79/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Advanced Micro Devices' Net-Net Working Capital compare to INTC and MU?
According to the Semiconductors industry distribution chart, Advanced Micro Devices ranks #512 out of 538 companies for Net-Net Working Capital. This places Advanced Micro Devices in the lower half of its industry. The industry median Net-Net Working Capital is 13.33. Advanced Micro Devices' value of $3.51 is 73.7% 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 a Semiconductors company?
The median Net-Net Working Capital among Semiconductors companies is 13.33, based on 538 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. Advanced Micro Devices's current Net-Net Working Capital of $3.51 is 73.7% 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 Advanced Micro Devices For the Semiconductors industry, the median Net-Net Working Capital is 13.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Advanced Micro Devices's current Net-Net Working Capital is $3.51. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Advanced Micro Devices stock overvalued right now?
Based on GuruFocus' analysis, Advanced Micro Devices (AMD) is currently considered Significantly Overvalued. The stock's GF Value™ is $241.73, compared to a current price of $529.14 — trading 118.9% above its estimated fair value. The current Net-Net Working Capital is $3.51 and 73.7% below the Semiconductors industry median of 13.33. Advanced Micro Devices' overall GF Score™ is 79/100 with 9 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 Advanced Micro Devices (AMD), the current Net-Net Working Capital is $3.51 as of Mar. 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 Advanced Micro Devices (AMD) Overvalued in 2026?
Based on GuruFocus' analysis, Advanced Micro Devices stock appears to be overvalued.
The current stock price of $529.14 is trading 118.9% above its estimated GF Value™ of $241.73.
GuruFocus considers Advanced Micro Devices to be Significantly Overvalued.
Key valuation signals for AMD:
Net-Net Working Capital: $3.51
GF Value™: $241.73 vs. price of $529.14 (118.9% above fair value)
Industry Position: 73.7% below the Semiconductors median (#512 of 538)
No single metric tells the full story. See the AMD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Advanced Micro Devices designs a variety of digital semiconductors for markets such as PCs, gaming consoles, data centers (including artificial intelligence), industrial, and automotive applications. AMD's traditional strength was in central processing units and graphics processing units used in PCs and data centers. However, AMD is emerging as a prominent player in AI GPUs and related hardware. Additionally, the firm supplies the chips found in prominent game consoles such as the Sony PlayStation and Microsoft Xbox.
79GF 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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