Focus MineralsASX:FML +5.47%60 Net-Net Working Capital is A$0.33 as of Dec. 2025. GuruFocus rates ASX:FML with a GF Score™ of 60/100 and a GF Value™ of A$1.82 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 1,123 Metals & Mining companies, Focus Minerals ranks better than 65.81% 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.
Focus Minerals's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.33.
The industry rank for Focus Minerals's Net-Net Working Capital or its related term are showing as below:
ASX:FML's Price-to-Net-Net-Working-Capital is ranked better than 65.81% of 1123
companies
in the Metals & Mining industry
Industry Median: 7.1
vs ASX:FML: 4.97
Focus Minerals (ASX:FML) 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.
Focus Minerals Net-Net Working Capital Related Terms
Focus Minerals Net-Net Working Capital Historical Data
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The historical data trend for Focus Minerals'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:FML vs NEM, AU: Net-Net Working Capital Comparison
For the Gold subindustry, Focus Minerals'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.
Focus Minerals Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Focus Minerals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Focus Minerals'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$0.33 mean?
Focus Minerals (ASX:FML) has a Net-Net Working Capital of A$0.33 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 Focus Minerals According to the industry distribution chart, Focus Minerals ranks #384 out of 1123 companies in the Metals & Mining industry, placing it in the top 34.2%.
Is Focus Minerals' Net-Net Working Capital too high?
Focus Minerals' current Net-Net Working Capital is A$0.33. Based on the distribution chart, Focus Minerals ranks #384 out of 1123 companies in the Metals & Mining industry, which is above the industry midpoint. Overall, Focus Minerals has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Focus Minerals' Net-Net Working Capital compare to NEM and AU?
According to the Metals & Mining industry distribution chart, Focus Minerals ranks #384 out of 1123 companies for Net-Net Working Capital. This puts Focus Minerals in the upper half of its industry. The industry median Net-Net Working Capital is 7.10. 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 7.10, based on 1,123 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 Focus Minerals For the Metals & Mining industry, the median Net-Net Working Capital is 7.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Focus Minerals's current Net-Net Working Capital is A$0.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Focus Minerals stock overvalued right now?
Based on GuruFocus' analysis, Focus Minerals (ASX:FML) is currently considered Modestly Undervalued. The stock's GF Value™ is A$1.82, compared to a current price of A$1.64 — trading 9.9% below its estimated fair value. The current Net-Net Working Capital is A$0.33. Focus Minerals' overall GF Score™ is 60/100 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 Focus Minerals (ASX:FML), the current Net-Net Working Capital is A$0.33 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 Focus Minerals (ASX:FML) Overvalued in 2026?
Based on GuruFocus' analysis, Focus Minerals stock appears to be undervalued.
The current stock price of A$1.64 is trading 9.9% below its estimated GF Value™ of A$1.82.
GuruFocus considers Focus Minerals to be Modestly Undervalued.
Key valuation signals for ASX:FML:
Net-Net Working Capital: A$0.33
GF Value™: A$1.82 vs. price of A$1.64 (9.9% below fair value)
No single metric tells the full story. See the ASX:FML stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Focus Minerals Ltd is engaged in gold exploration and production in Western Australia. The company's projects include Three Mile Hill Processing plant, Varischetti Village, and Coolgardie Gold Project which generates key revenue.
60GF Score
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