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.
Associated Capital Group's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $16.19.
The industry rank for Associated Capital Group's Net-Net Working Capital or its related term are showing as below:
ACGP's Price-to-Net-Net-Working-Capital is ranked better than 72.34% of 499
companies
in the Asset Management industry
Industry Median: 6.28
vs ACGP: 2.10
Associated Capital Group (OTCPK:ACGP) 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.
Associated Capital Group Net-Net Working Capital Related Terms
Associated Capital Group Net-Net Working Capital Historical Data
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The historical data trend for Associated Capital Group'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.
Associated Capital Group Net-Net Working Capital Chart
ACGP vs GCMG, MYI, CGBD: Net-Net Working Capital Comparison
For the Asset Management subindustry, Associated Capital Group'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.
Associated Capital Group Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Associated Capital Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Associated Capital Group'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 $16.19 mean?
Associated Capital Group (ACGP) has a Net-Net Working Capital of $16.19 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 Associated Capital Group According to the industry distribution chart, Associated Capital Group ranks #138 out of 499 companies in the Asset Management industry, placing it in the top 27.7%.
Is Associated Capital Group's Net-Net Working Capital too high?
Associated Capital Group's current Net-Net Working Capital is $16.19. The Asset Management industry median Net-Net Working Capital is 6.28. Associated Capital Group's value of $16.19 is 157.8% above this industry median. Based on the distribution chart, Associated Capital Group ranks #138 out of 499 companies in the Asset Management industry, which is above the industry midpoint. Overall, Associated Capital Group has a GF Score™ of 55/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Associated Capital Group's Net-Net Working Capital compare to GCMG and MYI?
According to the Asset Management industry distribution chart, Associated Capital Group ranks #138 out of 499 companies for Net-Net Working Capital. This puts Associated Capital Group in the upper half of its industry. The industry median Net-Net Working Capital is 6.28. Associated Capital Group's value of $16.19 is 157.8% above 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.28, based on 499 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. Associated Capital Group's current Net-Net Working Capital of $16.19 is 157.8% 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 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 Associated Capital Group For the Asset Management industry, the median Net-Net Working Capital is 6.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Associated Capital Group's current Net-Net Working Capital is $16.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associated Capital Group stock overvalued right now?
Based on GuruFocus' analysis, Associated Capital Group (ACGP) is currently considered Possible Value Trap. The stock's GF Value™ is $77.42, compared to a current price of $34.00 — trading 56.1% below its estimated fair value. The current Net-Net Working Capital is $16.19 and 157.8% above the Asset Management industry median of 6.28. Associated Capital Group's overall GF Score™ is 55/100 with 4 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 Associated Capital Group (ACGP), the current Net-Net Working Capital is $16.19 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 Associated Capital Group (ACGP) Overvalued in 2026?
Based on GuruFocus' analysis, Associated Capital Group stock appears to be undervalued.
The current stock price of $34.00 is trading 56.1% below its estimated GF Value™ of $77.42.
GuruFocus considers Associated Capital Group to be Possible Value Trap.
Key valuation signals for ACGP:
Net-Net Working Capital: $16.19
GF Value™: $77.42 vs. price of $34.00 (56.1% below fair value)
Industry Position: 157.8% above the Asset Management median (#138 of 499)
No single metric tells the full story. See the ACGP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Associated Capital Group Inc is a diversified financial services company. It operates in the business of alternative investment management, institutional research services, and cash and other assets through subsidiaries. The company principally manages assets across a range of risk and event arbitrage portfolios and in equity event-driven value strategies. The business earns management and incentive fees from its advisory activities. It manages assets on a discretionary basis and invests in a variety of U.S. and foreign securities, mainly in the developed global markets. The firm serves a wide variety of investors globally, including private wealth management clients, corporations, corporate pension and profit-sharing plans, foundations and endowments.
55GF Score
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