Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Cleo DiagnosticsASX:COV -3.79%31 Net-Net Working Capital is A$0.06 as of Dec. 2025. GuruFocus rates ASX:COV with a GF Score™ of 31/100. The stock has 1 warning sign investors should review. Among 408 Medical Devices & Instruments companies, Cleo Diagnostics ranks better than 61.27% 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.
Cleo Diagnostics's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.06.
The industry rank for Cleo Diagnostics's Net-Net Working Capital or its related term are showing as below:
ASX:COV's Price-to-Net-Net-Working-Capital is ranked better than 61.27% of 408
companies
in the Medical Devices & Instruments industry
Industry Median: 7.11
vs ASX:COV: 5.29
Cleo Diagnostics (ASX:COV) 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.
Cleo Diagnostics Net-Net Working Capital Related Terms
Cleo Diagnostics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Cleo Diagnostics'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:COV vs ABT, SYK, MDT: Net-Net Working Capital Comparison
For the Medical Devices subindustry, Cleo Diagnostics'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.
Cleo Diagnostics Price-to-Net-Net-Working-Capital vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Cleo Diagnostics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cleo Diagnostics'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$0.06 mean?
Cleo Diagnostics (ASX:COV) has a Net-Net Working Capital of A$0.06 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 Cleo Diagnostics According to the industry distribution chart, Cleo Diagnostics ranks #158 out of 408 companies in the Medical Devices & Instruments industry, placing it in the top 38.7%.
Is Cleo Diagnostics' Net-Net Working Capital too high?
Cleo Diagnostics' current Net-Net Working Capital is A$0.06. Based on the distribution chart, Cleo Diagnostics ranks #158 out of 408 companies in the Medical Devices & Instruments industry, which is above the industry midpoint. Overall, Cleo Diagnostics has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Cleo Diagnostics' Net-Net Working Capital compare to ABT and SYK?
According to the Medical Devices & Instruments industry distribution chart, Cleo Diagnostics ranks #158 out of 408 companies for Net-Net Working Capital. This puts Cleo Diagnostics in the upper half of its industry. The industry median Net-Net Working Capital is 7.11. 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 Medical Devices & Instruments company?
The median Net-Net Working Capital among Medical Devices & Instruments companies is 7.11, based on 408 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 Cleo Diagnostics For the Medical Devices & Instruments industry, the median Net-Net Working Capital is 7.11 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleo Diagnostics's current Net-Net Working Capital is A$0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cleo Diagnostics stock overvalued right now?
Cleo Diagnostics (ASX:COV) has a current Net-Net Working Capital of A$0.06. The current Net-Net Working Capital is A$0.06. Cleo Diagnostics' overall GF Score™ is 31/100 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 Cleo Diagnostics (ASX:COV), the current Net-Net Working Capital is A$0.06 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.
Cleo Diagnostics Ltd is focused on the development of non-invasive blood-based IVD tests to detect the presence, and recurrence, of ovarian cancer. The company's first product to market is intended to be the Triage Test which results to accurately differentiate patients with malignant ovarian cancer from those with benign gynecological conditions. The company aims to improve the diagnostic process and procedures for detecting ovarian cancer and, in this regard, improve quality-of-life outcomes for patients who have been diagnosed with ovarian cancer.
31GF Score
Get the complete analysis for ASX:COV
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ASX:COV has been successfully added to your 
