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Pengana Capital GroupASX:PCG 36 Net-Net Working Capital is A$2.00 as of Dec. 2025. GuruFocus rates ASX:PCG with a GF Score™ of 36/100 and a GF Value™ of A$0.35 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 498 Asset Management companies, Pengana Capital Group ranks better than 98.39% 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.
Pengana Capital Group's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$2.00.
The industry rank for Pengana Capital Group's Net-Net Working Capital or its related term are showing as below:
ASX:PCG's Price-to-Net-Net-Working-Capital is ranked better than 98.39% of 498
companies
in the Asset Management industry
Industry Median: 6.29
vs ASX:PCG: 0.43
Pengana Capital Group (ASX:PCG) 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.
Pengana Capital Group Net-Net Working Capital Related Terms
Pengana Capital Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Pengana Capital Group'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.
Pengana Capital Group Net-Net Working Capital Chart
Pengana Capital Group Annual Data
Trend
Jun25
Net-Net Working Capital
0.04
Pengana Capital Group Semi-Annual Data
Dec24
Jun25
Dec25
Net-Net Working Capital
1.99
0.04
2.00
ASX:PCG vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Pengana Capital Group'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.
Pengana Capital Group Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Pengana Capital Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Pengana Capital Group'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$2.00 mean?
Pengana Capital Group (ASX:PCG) has a Net-Net Working Capital of A$2.00 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 Pengana Capital Group According to the industry distribution chart, Pengana Capital Group ranks #8 out of 498 companies in the Asset Management industry, placing it in the top 1.6%.
Is Pengana Capital Group's Net-Net Working Capital too high?
Pengana Capital Group's current Net-Net Working Capital is A$2.00. Based on the distribution chart, Pengana Capital Group ranks #8 out of 498 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Pengana Capital Group has a GF Score™ of 36/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Pengana Capital Group's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Pengana Capital Group ranks #8 out of 498 companies for Net-Net Working Capital. This places Pengana Capital Group in the top 2% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 6.29. 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 Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.29, based on 498 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 Pengana Capital Group For the Asset Management industry, the median Net-Net Working Capital is 6.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pengana Capital Group's current Net-Net Working Capital is A$2.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pengana Capital Group stock overvalued right now?
Based on GuruFocus' analysis, Pengana Capital Group (ASX:PCG) is currently considered Significantly Overvalued. The stock's GF Value™ is A$0.35, compared to a current price of A$0.85 — trading 141.4% above its estimated fair value. The current Net-Net Working Capital is A$2.00. Pengana Capital Group's overall GF Score™ is 36/100 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 Pengana Capital Group (ASX:PCG), the current Net-Net Working Capital is A$2.00 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 Pengana Capital Group (ASX:PCG) Overvalued in 2026?
Based on GuruFocus' analysis, Pengana Capital Group stock appears to be overvalued.
The current stock price of A$0.85 is trading 141.4% above its estimated GF Value™ of A$0.35.
GuruFocus considers Pengana Capital Group to be Significantly Overvalued.
Key valuation signals for ASX:PCG:
Net-Net Working Capital: A$2.00
GF Value™: A$0.35 vs. price of A$0.85 (141.4% above fair value)
No single metric tells the full story. See the ASX:PCG stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pengana Capital Group Ltd is a diversified fund management company. Its objective is to increase investor wealth by developing, offering, and managing investment funds in Australia and globally as opportunities arise. It operates in one operating segment being the development, offering of, and management of investment funds.
36GF Score
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