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Associate Global PartnersASX:APL 28 Net-Net Working Capital is A$0.02 as of Dec. 2025. GuruFocus rates ASX:APL with a GF Score™ of 28/100 and a GF Value™ of A$0.18 (Significantly Overvalued). Among 498 Asset Management companies, Associate Global Partners ranks worse than 65.66% 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.
Associate Global Partners's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.02.
The industry rank for Associate Global Partners's Net-Net Working Capital or its related term are showing as below:
ASX:APL's Price-to-Net-Net-Working-Capital is ranked worse than 65.66% of 498
companies
in the Asset Management industry
Industry Median: 6.29
vs ASX:APL: 13.25
Associate Global Partners (ASX:APL) 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.
Associate Global Partners Net-Net Working Capital Related Terms
Associate Global Partners Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Associate Global Partners'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.
Associate Global Partners Net-Net Working Capital Chart
ASX:APL vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Associate Global Partners'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.
Associate Global Partners Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Associate Global Partners's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Associate Global Partners'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 A$0.02 mean?
Associate Global Partners (ASX:APL) has a Net-Net Working Capital of A$0.02 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 Associate Global Partners According to the industry distribution chart, Associate Global Partners ranks #327 out of 498 companies in the Asset Management industry, placing it in the top 65.7%.
Is Associate Global Partners' Net-Net Working Capital too high?
Associate Global Partners' current Net-Net Working Capital is A$0.02. Based on the distribution chart, Associate Global Partners ranks #327 out of 498 companies in the Asset Management industry, which is below the industry midpoint. Overall, Associate Global Partners has a GF Score™ of 28/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Associate Global Partners' Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Associate Global Partners ranks #327 out of 498 companies for Net-Net Working Capital. This places Associate Global Partners in the lower half of its industry. The industry median Net-Net Working Capital is 6.29. 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 6.29, based on 498 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 Associate Global Partners For the Asset Management industry, the median Net-Net Working Capital is 6.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Associate Global Partners's current Net-Net Working Capital is A$0.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Associate Global Partners stock overvalued right now?
Based on GuruFocus' analysis, Associate Global Partners (ASX:APL) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.18, compared to a current price of A$0.27 — trading 47.2% above its estimated fair value. The current Net-Net Working Capital is A$0.02. Associate Global Partners' overall GF Score™ is 28/100. 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 Associate Global Partners (ASX:APL), the current Net-Net Working Capital is A$0.02 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 Associate Global Partners (ASX:APL) Overvalued in 2026?
Based on GuruFocus' analysis, Associate Global Partners stock appears to be overvalued.
The current stock price of A$0.27 is trading 47.2% above its estimated GF Value™ of A$0.18.
GuruFocus considers Associate Global Partners to be Significantly Overvalued.
Key valuation signals for ASX:APL:
Net-Net Working Capital: A$0.02
GF Value™: A$0.18 vs. price of A$0.27 (47.2% above fair value)
No single metric tells the full story. See the ASX:APL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Associate Global Partners Ltd is an independent, multi-boutique asset management firm. It has developed a distribution platform that provides investment managers with an end-to-end distribution solution that promotes their brand and grows funds under management (FUM).
28GF Score
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