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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.
BSP Financial Group's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$-13.73.
The industry rank for BSP Financial Group's Net-Net Working Capital or its related term are showing as below:
ASX:BFL's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.755 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
BSP Financial Group (ASX:BFL) 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.
BSP Financial Group Net-Net Working Capital Related Terms
BSP Financial Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for BSP Financial Group'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:BFL vs PNC, USB: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, BSP Financial Group'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.
BSP Financial Group Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, BSP Financial Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where BSP Financial Group'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$-13.73 mean?
BSP Financial Group (ASX:BFL) has a Net-Net Working Capital of A$-13.73 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on BSP Financial Group According to the industry distribution chart, BSP Financial Group ranks #999999 out of 8 companies in the Banks industry.
Is BSP Financial Group's Net-Net Working Capital too high?
BSP Financial Group's current Net-Net Working Capital is A$-13.73. Based on the distribution chart, BSP Financial Group ranks #999999 out of 8 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, BSP Financial Group has a GF Score™ of 51/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does BSP Financial Group's Net-Net Working Capital compare to PNC and USB?
According to the Banks industry distribution chart, BSP Financial Group ranks #999999 out of 8 companies for Net-Net Working Capital. This places BSP Financial Group in the lower half of its industry. The industry median Net-Net Working Capital is 1.76. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 1.76, based on 8 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 BSP Financial Group For the Banks industry, the median Net-Net Working Capital is 1.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BSP Financial Group's current Net-Net Working Capital is A$-13.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BSP Financial Group stock overvalued right now?
Based on GuruFocus' analysis, BSP Financial Group (ASX:BFL) is currently considered Fairly Valued. The stock's GF Value™ is A$8.03, compared to a current price of A$7.87 — trading 2% below its estimated fair value. The current Net-Net Working Capital is A$-13.73. BSP Financial Group's overall GF Score™ is 51/100 with 1 warning sign 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 BSP Financial Group (ASX:BFL), the current Net-Net Working Capital is A$-13.73 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 BSP Financial Group (ASX:BFL) Overvalued in 2026?
Based on GuruFocus' analysis, BSP Financial Group stock appears to be undervalued.
The current stock price of A$7.87 is trading 2% below its estimated GF Value™ of A$8.03.
GuruFocus considers BSP Financial Group to be Fairly Valued.
Key valuation signals for ASX:BFL:
Net-Net Working Capital: A$-13.73
GF Value™: A$8.03 vs. price of A$7.87 (2% below fair value)
No single metric tells the full story. See the ASX:BFL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BSP Financial Group Ltd is a diversified business covering banking, asset finance, life insurance, and fund management. The company's operating segments include banking services, split into PNG Bank and Offshore Banks, and non-banking services, which comprise insurance operations, fund management, and asset financing activities. It generates a vast majority of its revenues from the PNG Bank segment. Geographically, the company operates in Papua New Guinea, Fiji, Solomon Islands, Cook Islands, Tonga, Samoa, Vanuatu, Cambodia, and Laos.
51GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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