Experience CoASX:EXP Net-Net Working Capital is A$-0.06 as of Dec. 2025. The stock has 9 warning signs investors should review. Among 213 Travel & Leisure companies, Experience Co ranks worse than 469483.1% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Experience Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$-0.06.
The industry rank for Experience Co's Net-Net Working Capital or its related term are showing as below:
ASX:EXP's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.55 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Experience Co (ASX:EXP) 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.
Experience Co Net-Net Working Capital Related Terms
Experience Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Experience Co'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:EXP vs AS, HAS, LTH: Net-Net Working Capital Comparison
For the Leisure subindustry, Experience Co'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.
Experience Co Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Experience Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Experience Co'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$-0.06 mean?
Experience Co (ASX:EXP) has a Net-Net Working Capital of A$-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 Experience Co According to the industry distribution chart, Experience Co ranks #999999 out of 213 companies in the Travel & Leisure industry.
Is Experience Co's Net-Net Working Capital too high?
Experience Co's current Net-Net Working Capital is A$-0.06. Based on the distribution chart, Experience Co ranks #999999 out of 213 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers.
How does Experience Co's Net-Net Working Capital compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Experience Co ranks #999999 out of 213 companies for Net-Net Working Capital. This places Experience Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.55. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.55, based on 213 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Experience Co For the Travel & Leisure industry, the median Net-Net Working Capital is 6.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Experience Co's current Net-Net Working Capital is A$-0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Experience Co stock overvalued right now?
Based on GuruFocus' analysis, Experience Co (ASX:EXP) is currently considered Possible Value Trap. The stock's GF Value™ is A$0.16, compared to a current price of A$0.09 — trading 46.9% below its estimated fair value. The current Net-Net Working Capital is A$-0.06. 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 Experience Co (ASX:EXP), 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.
Experience Co Ltd operates as an adventure tourism company that engages in the provision of adventure tourism and leisure experiences to the public. The firm offers sky-diving, island day trips, reef tours, rainforest tours, and multi-day experiences in Australia and New Zealand. The company segment includes Skydiving, Adventure Experiences and Corporate. The company generates the majority of its revenue from the Adventure Experiences segment. Geographically the company generates the majority from Australia.
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