AustalASX:ASB -5.34%77 Net-Net Working Capital is A$-1.86 as of Dec. 2025. GuruFocus rates ASX:ASB with a GF Score™ of 77/100 and a GF Value™ of A$3.08 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 117 Aerospace & Defense companies, Austal ranks worse than 854700% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Austal's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$-1.86.
The industry rank for Austal's Net-Net Working Capital or its related term are showing as below:
ASX:ASB's Price-to-Net-Net-Working-Capital is not ranked *
in the Aerospace & Defense industry.
Industry Median: 9.61 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Austal (ASX:ASB) 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.
Austal Net-Net Working Capital Related Terms
Austal Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Austal'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.
ASX:ASB vs SPCX, GE, RTX: Net-Net Working Capital Comparison
For the Aerospace & Defense subindustry, Austal'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.
Austal Price-to-Net-Net-Working-Capital vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Austal's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Austal'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$-1.86 mean?
Austal (ASX:ASB) has a Net-Net Working Capital of A$-1.86 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 Austal According to the industry distribution chart, Austal ranks #999999 out of 117 companies in the Aerospace & Defense industry.
Is Austal's Net-Net Working Capital too high?
Austal's current Net-Net Working Capital is A$-1.86. Based on the distribution chart, Austal ranks #999999 out of 117 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Austal has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Austal's Net-Net Working Capital compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Austal ranks #999999 out of 117 companies for Net-Net Working Capital. This places Austal in the lower half of its industry. The industry median Net-Net Working Capital is 9.61. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Aerospace & Defense company?
The median Net-Net Working Capital among Aerospace & Defense companies is 9.61, based on 117 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Austal For the Aerospace & Defense industry, the median Net-Net Working Capital is 9.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Austal's current Net-Net Working Capital is A$-1.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Austal stock overvalued right now?
Based on GuruFocus' analysis, Austal (ASX:ASB) is currently considered Modestly Overvalued. The stock's GF Value™ is A$3.08, compared to a current price of A$3.72 — trading 20.8% above its estimated fair value. The current Net-Net Working Capital is A$-1.86. Austal's overall GF Score™ is 77/100 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 Austal (ASX:ASB), the current Net-Net Working Capital is A$-1.86 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 Austal (ASX:ASB) Overvalued in 2026?
Based on GuruFocus' analysis, Austal stock appears to be overvalued.
The current stock price of A$3.72 is trading 20.8% above its estimated GF Value™ of A$3.08.
GuruFocus considers Austal to be Modestly Overvalued.
Key valuation signals for ASX:ASB:
Net-Net Working Capital: A$-1.86
GF Value™: A$3.08 vs. price of A$3.72 (20.8% above fair value)
No single metric tells the full story. See the ASX:ASB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Austal Ltd is engaged in designing, constructing, and supporting revolutionary defense and commercial vessels. The company designs, constructs, and supports passenger ferries, vehicle passenger ferries, and offshore and windfarm vessels; naval vessels; naval surface warfare combatants; and patrol boats for government law enforcement and border protection agencies. Its reportable segments are USA Shipbuilding; USA Support; Australasia Shipbuilding and Australasia Support. Maximum revenue is generated from its USA Shipbuilding segment which manufactures high performance defence vessels for U.S. Navy and Coast Guard. Geographically, the company derives a majority of its revenue from the United States of America and the rest from Australia, Europe, Asia, South America, and the Middle East.
77GF Score
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