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The a2 Milk CoACOPF 88 Net-Net Working Capital is $0.54 as of Dec. 2025. GuruFocus rates ACOPF with a GF Score™ of 88/100 and a GF Value™ of $4.46 (Fairly Valued). The stock has 3 warning signs investors should review. Among 664 Consumer Packaged Goods companies, The a2 Milk Co ranks worse than 60.84% on this metric.
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 a2 Milk Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $0.54.
The industry rank for The a2 Milk Co's Net-Net Working Capital or its related term are showing as below:
ACOPF's Price-to-Net-Net-Working-Capital is ranked worse than 60.84% of 664
companies
in the Consumer Packaged Goods industry
Industry Median: 6.53
vs ACOPF: 8.55
The a2 Milk Co (OTCPK:ACOPF) 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.
The a2 Milk Co Net-Net Working Capital Related Terms
The a2 Milk Co Net-Net Working Capital Historical Data
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The historical data trend for The a2 Milk Co'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.
ACOPF vs KHC, GIS: Net-Net Working Capital Comparison
For the Packaged Foods subindustry, The a2 Milk Co'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.
The a2 Milk Co Price-to-Net-Net-Working-Capital vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The a2 Milk Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where The a2 Milk Co'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 $0.54 mean?
The a2 Milk Co (ACOPF) has a Net-Net Working Capital of $0.54 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 The a2 Milk Co According to the industry distribution chart, The a2 Milk Co ranks #404 out of 664 companies in the Consumer Packaged Goods industry, placing it in the top 60.8%.
Is The a2 Milk Co's Net-Net Working Capital too high?
The a2 Milk Co's current Net-Net Working Capital is $0.54. The Consumer Packaged Goods industry median Net-Net Working Capital is 6.53. The a2 Milk Co's value of $0.54 is 91.7% below this industry median. Based on the distribution chart, The a2 Milk Co ranks #404 out of 664 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, The a2 Milk Co has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does The a2 Milk Co's Net-Net Working Capital compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, The a2 Milk Co ranks #404 out of 664 companies for Net-Net Working Capital. This places The a2 Milk Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.53. The a2 Milk Co's value of $0.54 is 91.7% 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 Consumer Packaged Goods company?
The median Net-Net Working Capital among Consumer Packaged Goods companies is 6.53, based on 664 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. The a2 Milk Co's current Net-Net Working Capital of $0.54 is 91.7% 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 The a2 Milk Co For the Consumer Packaged Goods industry, the median Net-Net Working Capital is 6.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The a2 Milk Co's current Net-Net Working Capital is $0.54. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The a2 Milk Co stock overvalued right now?
Based on GuruFocus' analysis, The a2 Milk Co (ACOPF) is currently considered Fairly Valued. The stock's GF Value™ is $4.46, compared to a current price of $4.70 — trading 5.4% above its estimated fair value. The current Net-Net Working Capital is $0.54 and 91.7% below the Consumer Packaged Goods industry median of 6.53. The a2 Milk Co's overall GF Score™ is 88/100 with 3 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 The a2 Milk Co (ACOPF), the current Net-Net Working Capital is $0.54 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 The a2 Milk Co (ACOPF) Overvalued in 2026?
Based on GuruFocus' analysis, The a2 Milk Co stock appears to be overvalued.
The current stock price of $4.70 is trading 5.4% above its estimated GF Value™ of $4.46.
GuruFocus considers The a2 Milk Co to be Fairly Valued.
Key valuation signals for ACOPF:
Net-Net Working Capital: $0.54
GF Value™: $4.46 vs. price of $4.70 (5.4% above fair value)
Industry Position: 91.7% below the Consumer Packaged Goods median (#404 of 664)
No single metric tells the full story. See the ACOPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013.
88GF Score
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