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Evolution MiningASX:EVN +1.90%91 Net-Net Working Capital is A$-1.47 as of Dec. 2025. GuruFocus rates ASX:EVN with a GF Score™ of 91/100 and a GF Value™ of A$8.14 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 1,134 Metals & Mining companies, Evolution Mining ranks worse than 88183.33% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Evolution Mining's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$-1.47.
The industry rank for Evolution Mining's Net-Net Working Capital or its related term are showing as below:
ASX:EVN's Price-to-Net-Net-Working-Capital is not ranked *
in the Metals & Mining industry.
Industry Median: 6.88 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Evolution Mining (ASX:EVN) 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.
Evolution Mining Net-Net Working Capital Related Terms
Evolution Mining Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Evolution Mining'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:EVN vs NEM, AU: Net-Net Working Capital Comparison
For the Gold subindustry, Evolution Mining'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.
Evolution Mining Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Evolution Mining's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Evolution Mining'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$-1.47 mean?
Evolution Mining (ASX:EVN) has a Net-Net Working Capital of A$-1.47 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 Evolution Mining According to the industry distribution chart, Evolution Mining ranks #999999 out of 1134 companies in the Metals & Mining industry.
Is Evolution Mining's Net-Net Working Capital too high?
Evolution Mining's current Net-Net Working Capital is A$-1.47. Based on the distribution chart, Evolution Mining ranks #999999 out of 1134 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Evolution Mining has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Evolution Mining's Net-Net Working Capital compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Evolution Mining ranks #999999 out of 1134 companies for Net-Net Working Capital. This places Evolution Mining in the lower half of its industry. The industry median Net-Net Working Capital is 6.88. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Metals & Mining company?
The median Net-Net Working Capital among Metals & Mining companies is 6.88, based on 1,134 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Evolution Mining For the Metals & Mining industry, the median Net-Net Working Capital is 6.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Evolution Mining's current Net-Net Working Capital is A$-1.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Evolution Mining stock overvalued right now?
Based on GuruFocus' analysis, Evolution Mining (ASX:EVN) is currently considered Significantly Overvalued. The stock's GF Value™ is A$8.14, compared to a current price of A$11.27 — trading 38.5% above its estimated fair value. The current Net-Net Working Capital is A$-1.47. Evolution Mining's overall GF Score™ is 91/100 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 Evolution Mining (ASX:EVN), the current Net-Net Working Capital is A$-1.47 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 Evolution Mining (ASX:EVN) Overvalued in 2026?
Based on GuruFocus' analysis, Evolution Mining stock appears to be overvalued.
The current stock price of A$11.27 is trading 38.5% above its estimated GF Value™ of A$8.14.
GuruFocus considers Evolution Mining to be Significantly Overvalued.
Key valuation signals for ASX:EVN:
Net-Net Working Capital: A$-1.47
GF Value™: A$8.14 vs. price of A$11.27 (38.5% above fair value)
No single metric tells the full story. See the ASX:EVN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Evolution Mining is an Australia-based gold miner. It sold around 750,000 ounces of gold in fiscal 2025 from six wholly or majority owned mines in Australia and Canada. Formed in 2011 via the merger of Conquest Mining and Catalpa Resources and the purchase of Newcrest Mining's Mt Rawdon and Cracow mines, Evolution has acquired more mines and sold the generally less attractive, higher-cost mines. Cowal and Mungari were purchased in 2015, with an initial interest in Glencore's Ernest Henry mine following in 2016, Red Lake in Canada in 2020, the rest of Ernest Henry in 2022 and an 80% stake in the Northparkes copper and gold mine in December 2023. It had roughly 15 years of gold reserves and two decades of copper reserves at the end of December 2024.
91GF Score
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