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.
Alps Alpine Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-0.46.
The industry rank for Alps Alpine Co's Net-Net Working Capital or its related term are showing as below:
APELY's Price-to-Net-Net-Working-Capital is ranked worse than 77.19% of 1219
companies
in the Hardware industry
Industry Median: 9.38
vs APELY: 27.93
Alps Alpine Co (OTCPK:APELY) 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.
Alps Alpine Co Net-Net Working Capital Related Terms
Alps Alpine Co Net-Net Working Capital Historical Data
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The historical data trend for Alps Alpine 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.
APELY vs APH, GLW: Net-Net Working Capital Comparison
For the Electronic Components subindustry, Alps Alpine 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.
Alps Alpine Co Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Alps Alpine Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Alps Alpine 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 $-0.46 mean?
Alps Alpine Co (APELY) has a Net-Net Working Capital of $-0.46 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 Alps Alpine Co According to the industry distribution chart, Alps Alpine Co ranks #941 out of 1219 companies in the Hardware industry, placing it in the top 77.2%.
Is Alps Alpine Co's Net-Net Working Capital too high?
Alps Alpine Co's current Net-Net Working Capital is $-0.46. Based on the distribution chart, Alps Alpine Co ranks #941 out of 1219 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Alps Alpine Co has a GF Score™ of 64/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Alps Alpine Co's Net-Net Working Capital compare to APH and GLW?
According to the Hardware industry distribution chart, Alps Alpine Co ranks #941 out of 1219 companies for Net-Net Working Capital. This places Alps Alpine Co in the lower half of its industry. The industry median Net-Net Working Capital is 9.38. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 9.38, based on 1,219 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 Alps Alpine Co For the Hardware industry, the median Net-Net Working Capital is 9.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Alps Alpine Co's current Net-Net Working Capital is $-0.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alps Alpine Co stock overvalued right now?
Based on GuruFocus' analysis, Alps Alpine Co (APELY) is currently considered Modestly Overvalued. The stock's GF Value™ is $21.81, compared to a current price of $25.70 — trading 17.8% above its estimated fair value. The current Net-Net Working Capital is $-0.46. Alps Alpine Co's overall GF Score™ is 64/100 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 Alps Alpine Co (APELY), the current Net-Net Working Capital is $-0.46 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 Alps Alpine Co (APELY) Overvalued in 2026?
Based on GuruFocus' analysis, Alps Alpine Co stock appears to be overvalued.
The current stock price of $25.70 is trading 17.8% above its estimated GF Value™ of $21.81.
GuruFocus considers Alps Alpine Co to be Modestly Overvalued.
Key valuation signals for APELY:
Net-Net Working Capital: $-0.46
GF Value™: $21.81 vs. price of $25.70 (17.8% above fair value)
No single metric tells the full story. See the APELY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alps Alpine Co Ltd is a Japan-based company mainly engaged in businesses related to the components, sensors and communications, and modules and systems businesses. The company operates through three segments. The Component segment manufactures and sells electronic components such as switches, actuators, and haptics. The Module/System segment provides automotive modules, infotainment systems, displays, and related services. The Sensor Communication segment handles sensors and communication devices. The Others segment includes system development, office services, screws, as well as finance and leasing businesses. It generates the majority of its revenue from the Module/System business segment.
64GF Score
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