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.
The industry rank for Auckland International Airport's Net-Net Working Capital or its related term are showing as below:
ACKDF's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.16 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Auckland International Airport (OTCPK:ACKDF) 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.
Auckland International Airport Net-Net Working Capital Related Terms
Auckland International Airport Net-Net Working Capital Historical Data
* 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.
Auckland International Airport Net-Net Working Capital Chart
For the Airports & Air Services subindustry, Auckland International Airport'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.
Auckland International Airport Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Auckland International Airport's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Auckland International Airport'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 $-1.11 mean?
Auckland International Airport (ACKDF) has a Net-Net Working Capital of $-1.11 as of Dec. 2025. 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 Auckland International Airport According to the industry distribution chart, Auckland International Airport ranks #999999 out of 218 companies in the Transportation industry.
Is Auckland International Airport's Net-Net Working Capital too high?
Auckland International Airport's current Net-Net Working Capital is $-1.11. Based on the distribution chart, Auckland International Airport ranks #999999 out of 218 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Auckland International Airport has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Auckland International Airport's Net-Net Working Capital compare to JOBY?
According to the Transportation industry distribution chart, Auckland International Airport ranks #999999 out of 218 companies for Net-Net Working Capital. This places Auckland International Airport in the lower half of its industry. The industry median Net-Net Working Capital is 6.16. 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 Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.16, based on 218 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. 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 Auckland International Airport For the Transportation industry, the median Net-Net Working Capital is 6.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Auckland International Airport's current Net-Net Working Capital is $-1.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Auckland International Airport stock overvalued right now?
Based on GuruFocus' analysis, Auckland International Airport (ACKDF) is currently considered Fairly Valued. The stock's GF Value™ is $4.96, compared to a current price of $5.23 — trading 5.3% above its estimated fair value. The current Net-Net Working Capital is $-1.11. Auckland International Airport's overall GF Score™ is 87/100 with 5 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 Auckland International Airport (ACKDF), the current Net-Net Working Capital is $-1.11 as of Dec. 2025. 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 Auckland International Airport (ACKDF) Overvalued in 2026?
Based on GuruFocus' analysis, Auckland International Airport stock appears to be overvalued.
The current stock price of $5.23 is trading 5.3% above its estimated GF Value™ of $4.96.
GuruFocus considers Auckland International Airport to be Fairly Valued.
Key valuation signals for ACKDF:
Net-Net Working Capital: $-1.11
GF Value™: $4.96 vs. price of $5.23 (5.3% above fair value)
No single metric tells the full story. See the ACKDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Auckland International Airport Business Description
Auckland Airport is New Zealand's largest airport, handling about 75% of the country's international arrivals and departures. It owns over 1,500 hectares of land, and hosts unregulated ancillary commercial services, including retail and duty-free, car parking, hotels, warehouses, and offices. Substantial development opportunities are set to materially expand capacity over the next decade. The airport also has a 25% stake in the small, but fast-growing Queenstown airport on New Zealand's South Island.
87GF Score
Get the complete analysis for ACKDF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ACKDF has been successfully added to your 
