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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.
The industry rank for Academy Sports and Outdoors's Net-Net Working Capital or its related term are showing as below:
ASO's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.05 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Academy Sports and Outdoors (NAS:ASO) 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.
Academy Sports and Outdoors Net-Net Working Capital Related Terms
Academy Sports and Outdoors 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.
Academy Sports and Outdoors Net-Net Working Capital Chart
ASO vs RH, MNSO, BOBS: Net-Net Working Capital Comparison
For the Specialty Retail subindustry, Academy Sports and Outdoors'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.
Academy Sports and Outdoors Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Academy Sports and Outdoors's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Academy Sports and Outdoors'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 $-34.71 mean?
Academy Sports and Outdoors (ASO) has a Net-Net Working Capital of $-34.71 as of Apr. 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 Academy Sports and Outdoors According to the industry distribution chart, Academy Sports and Outdoors ranks #999999 out of 327 companies in the Retail - Cyclical industry.
Is Academy Sports and Outdoors' Net-Net Working Capital too high?
Academy Sports and Outdoors' current Net-Net Working Capital is $-34.71. Based on the distribution chart, Academy Sports and Outdoors ranks #999999 out of 327 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Academy Sports and Outdoors has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Academy Sports and Outdoors' Net-Net Working Capital compare to RH and MNSO?
According to the Retail - Cyclical industry distribution chart, Academy Sports and Outdoors ranks #999999 out of 327 companies for Net-Net Working Capital. This places Academy Sports and Outdoors in the lower half of its industry. The industry median Net-Net Working Capital is 6.05. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.05, based on 327 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 Academy Sports and Outdoors For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Academy Sports and Outdoors's current Net-Net Working Capital is $-34.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Academy Sports and Outdoors stock overvalued right now?
Based on GuruFocus' analysis, Academy Sports and Outdoors (ASO) is currently considered Modestly Undervalued. The stock's GF Value™ is $59.61, compared to a current price of $47.22 — trading 20.8% below its estimated fair value. The current Net-Net Working Capital is $-34.71. Academy Sports and Outdoors' overall GF Score™ is 79/100 with 2 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 Academy Sports and Outdoors (ASO), the current Net-Net Working Capital is $-34.71 as of Apr. 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 Academy Sports and Outdoors (ASO) Overvalued in 2026?
Based on GuruFocus' analysis, Academy Sports and Outdoors stock appears to be undervalued.
The current stock price of $47.22 is trading 20.8% below its estimated GF Value™ of $59.61.
GuruFocus considers Academy Sports and Outdoors to be Modestly Undervalued.
Key valuation signals for ASO:
Net-Net Working Capital: $-34.71
GF Value™: $59.61 vs. price of $47.22 (20.8% below fair value)
No single metric tells the full story. See the ASO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Academy Sports and Outdoors Inc is engaged in the full-line sporting goods and outdoor recreation retailer in the United States. The company's product categories are outdoors, apparel, sports & recreation, and footwear.
79GF Score
Get the complete analysis for ASO
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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