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Fitzroy RiverASX:FZR 40 Net-Net Working Capital is A$0.01 as of Dec. 2025. GuruFocus rates ASX:FZR with a GF Score™ of 40/100 and a GF Value™ of A$0.10 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 191 Oil & Gas companies, Fitzroy River ranks worse than 80.63% 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.
Fitzroy River's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.01.
The industry rank for Fitzroy River's Net-Net Working Capital or its related term are showing as below:
ASX:FZR's Price-to-Net-Net-Working-Capital is ranked worse than 80.63% of 191
companies
in the Oil & Gas industry
Industry Median: 6.5
vs ASX:FZR: 22.50
Fitzroy River (ASX:FZR) 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.
Fitzroy River Net-Net Working Capital Related Terms
Fitzroy River Net-Net Working Capital Historical Data
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The historical data trend for Fitzroy River'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:FZR vs COP, EOG, FANG: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, Fitzroy River'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.
Fitzroy River Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Fitzroy River's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Fitzroy River'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$0.01 mean?
Fitzroy River (ASX:FZR) has a Net-Net Working Capital of A$0.01 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 Fitzroy River According to the industry distribution chart, Fitzroy River ranks #154 out of 191 companies in the Oil & Gas industry, placing it in the top 80.6%.
Is Fitzroy River's Net-Net Working Capital too high?
Fitzroy River's current Net-Net Working Capital is A$0.01. Based on the distribution chart, Fitzroy River ranks #154 out of 191 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Fitzroy River has a GF Score™ of 40/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fitzroy River's Net-Net Working Capital compare to COP and EOG?
According to the Oil & Gas industry distribution chart, Fitzroy River ranks #154 out of 191 companies for Net-Net Working Capital. This places Fitzroy River in the lower half of its industry. The industry median Net-Net Working Capital is 6.50. 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 an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.50, based on 191 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 Fitzroy River For the Oil & Gas industry, the median Net-Net Working Capital is 6.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fitzroy River's current Net-Net Working Capital is A$0.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fitzroy River stock overvalued right now?
Based on GuruFocus' analysis, Fitzroy River (ASX:FZR) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.10, compared to a current price of A$0.23 — trading 125% above its estimated fair value. The current Net-Net Working Capital is A$0.01. Fitzroy River's overall GF Score™ is 40/100 with 4 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 Fitzroy River (ASX:FZR), the current Net-Net Working Capital is A$0.01 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 Fitzroy River (ASX:FZR) Overvalued in 2026?
Based on GuruFocus' analysis, Fitzroy River stock appears to be overvalued.
The current stock price of A$0.23 is trading 125% above its estimated GF Value™ of A$0.10.
GuruFocus considers Fitzroy River to be Significantly Overvalued.
Key valuation signals for ASX:FZR:
Net-Net Working Capital: A$0.01
GF Value™: A$0.10 vs. price of A$0.23 (125% above fair value)
No single metric tells the full story. See the ASX:FZR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fitzroy River Corp Ltd is an oil and gas and mineral investment holding company focusing on non-operational assets such as royalties, free carried interests, and equity investments. Its primary focus is on Western Australia, specifically, the Canning Superbasin, where the company holds royalty interests. Revenue is realized in the form of royalty income and interest. The company has one operating segment: the management of resource-based royalties and investments. The company derives its revenue within Australia.
40GF Score
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