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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.
Fisher & Paykel Healthcare's Net-Net Working Capital for the quarter that ended in Mar. 2026 was A$0.15.
The industry rank for Fisher & Paykel Healthcare's Net-Net Working Capital or its related term are showing as below:
ASX:FPH's Price-to-Net-Net-Working-Capital is ranked worse than 98.58% of 422
companies
in the Medical Devices & Instruments industry
Industry Median: 6.585
vs ASX:FPH: 221.47
Fisher & Paykel Healthcare (ASX:FPH) 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.
Fisher & Paykel Healthcare Net-Net Working Capital Related Terms
Fisher & Paykel Healthcare Net-Net Working Capital Historical Data
* 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.
Fisher & Paykel Healthcare Net-Net Working Capital Chart
ASX:FPH vs ISRG, BDX, MDLN: Net-Net Working Capital Comparison
For the Medical Instruments & Supplies subindustry, Fisher & Paykel Healthcare'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.
Fisher & Paykel Healthcare Price-to-Net-Net-Working-Capital vs Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Fisher & Paykel Healthcare's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Fisher & Paykel Healthcare'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$0.15 mean?
Fisher & Paykel Healthcare (ASX:FPH) has a Net-Net Working Capital of A$0.15 as of Mar. 2026. 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 Fisher & Paykel Healthcare According to the industry distribution chart, Fisher & Paykel Healthcare ranks #416 out of 422 companies in the Medical Devices & Instruments industry, placing it in the top 98.6%.
Is Fisher & Paykel Healthcare's Net-Net Working Capital too high?
Fisher & Paykel Healthcare's current Net-Net Working Capital is A$0.15. Based on the distribution chart, Fisher & Paykel Healthcare ranks #416 out of 422 companies in the Medical Devices & Instruments industry, which is in the bottom quartile relative to peers. Overall, Fisher & Paykel Healthcare has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Fisher & Paykel Healthcare's Net-Net Working Capital compare to ISRG and BDX?
According to the Medical Devices & Instruments industry distribution chart, Fisher & Paykel Healthcare ranks #416 out of 422 companies for Net-Net Working Capital. This places Fisher & Paykel Healthcare in the lower half of its industry. The industry median Net-Net Working Capital is 6.59. 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 6.59, based on 422 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 Fisher & Paykel Healthcare For the Medical Devices & Instruments industry, the median Net-Net Working Capital is 6.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fisher & Paykel Healthcare's current Net-Net Working Capital is A$0.15. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fisher & Paykel Healthcare stock overvalued right now?
Based on GuruFocus' analysis, Fisher & Paykel Healthcare (ASX:FPH) is currently considered Fairly Valued. The stock's GF Value™ is A$36.67, compared to a current price of A$33.22 — trading 9.4% below its estimated fair value. The current Net-Net Working Capital is A$0.15. Fisher & Paykel Healthcare's overall GF Score™ is 88/100 with 2 warning signs 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 Fisher & Paykel Healthcare (ASX:FPH), the current Net-Net Working Capital is A$0.15 as of Mar. 2026. 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 Fisher & Paykel Healthcare (ASX:FPH) Overvalued in 2026?
Based on GuruFocus' analysis, Fisher & Paykel Healthcare stock appears to be undervalued.
The current stock price of A$33.22 is trading 9.4% below its estimated GF Value™ of A$36.67.
GuruFocus considers Fisher & Paykel Healthcare to be Fairly Valued.
Key valuation signals for ASX:FPH:
Net-Net Working Capital: A$0.15
GF Value™: A$36.67 vs. price of A$33.22 (9.4% below fair value)
No single metric tells the full story. See the ASX:FPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fisher & Paykel Healthcare is one of the three largest respiratory care device companies globally. It is the market leader in hospital use of humidifiers, masks, and related consumables, and the number three player in the at-home treatment of sleep apnea using respiratory devices. Both the hospital and homecare markets for respiratory devices are growing strongly in the developed markets in which Fisher & Paykel has a presence. The company earns roughly half of its revenue in North America, around a quarter in Europe, and approximately a fifth in Asia-Pacific. Fisher conducts its own R&D and has thousands of patents and pending applications. It manufactures in New Zealand, Mexico, and China, and has a multichannel distribution model.
88GF Score
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