Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Supply Network's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.36.
The industry rank for Supply Network's Net-Net Working Capital or its related term are showing as below:
ASX:SNL's Price-to-Net-Net-Working-Capital is ranked worse than 94.79% of 384
companies
in the Vehicles & Parts industry
Industry Median: 7.465
vs ASX:SNL: 91.83
Supply Network (ASX:SNL) 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.
Supply Network Net-Net Working Capital Related Terms
Supply Network Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Supply Network'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:SNL vs ORLY, AZO: Net-Net Working Capital Comparison
For the Auto Parts subindustry, Supply Network'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.
Supply Network Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Supply Network's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Supply Network'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$0.36 mean?
Supply Network (ASX:SNL) has a Net-Net Working Capital of A$0.36 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 Supply Network According to the industry distribution chart, Supply Network ranks #364 out of 384 companies in the Vehicles & Parts industry, placing it in the top 94.8%.
Is Supply Network's Net-Net Working Capital too high?
Supply Network's current Net-Net Working Capital is A$0.36. Based on the distribution chart, Supply Network ranks #364 out of 384 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Supply Network has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Supply Network's Net-Net Working Capital compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Supply Network ranks #364 out of 384 companies for Net-Net Working Capital. This places Supply Network in the lower half of its industry. The industry median Net-Net Working Capital is 7.47. 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 Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 7.47, based on 384 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 Supply Network For the Vehicles & Parts industry, the median Net-Net Working Capital is 7.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Supply Network's current Net-Net Working Capital is A$0.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Supply Network stock overvalued right now?
Based on GuruFocus' analysis, Supply Network (ASX:SNL) is currently considered Fairly Valued. The stock's GF Value™ is A$35.03, compared to a current price of A$33.06 — trading 5.6% below its estimated fair value. The current Net-Net Working Capital is A$0.36. Supply Network's overall GF Score™ is 96/100 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 Supply Network (ASX:SNL), the current Net-Net Working Capital is A$0.36 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 Supply Network (ASX:SNL) Overvalued in 2026?
Based on GuruFocus' analysis, Supply Network stock appears to be undervalued.
The current stock price of A$33.06 is trading 5.6% below its estimated GF Value™ of A$35.03.
GuruFocus considers Supply Network to be Fairly Valued.
Key valuation signals for ASX:SNL:
Net-Net Working Capital: A$0.36
GF Value™: A$35.03 vs. price of A$33.06 (5.6% below fair value)
No single metric tells the full story. See the ASX:SNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Supply Network is a distributor of aftermarket truck and bus parts in Australia and New Zealand, operating under the Multispares brand. The company provides a range of services, including parts supply, procurement, and technical support for fleet operators. Supply Network's revenue has increasingly shifted toward truck parts, which we estimate accounts for at least 85% of sales. The company operates 24 distribution centers and branch sites across Australia and New Zealand.
96GF Score
Get the complete analysis for ASX:SNL
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ASX:SNL has been successfully added to your 
