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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.
Treasury Wine Estates's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$-2.34.
The industry rank for Treasury Wine Estates's Net-Net Working Capital or its related term are showing as below:
ASX:TWE's Price-to-Net-Net-Working-Capital is not ranked *
in the Beverages - Alcoholic industry.
Industry Median: 7.93 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Treasury Wine Estates (ASX:TWE) 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.
Treasury Wine Estates Net-Net Working Capital Related Terms
Treasury Wine Estates Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Treasury Wine Estates'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.
Treasury Wine Estates Net-Net Working Capital Chart
ASX:TWE vs BF.B: Net-Net Working Capital Comparison
For the Beverages - Wineries & Distilleries subindustry, Treasury Wine Estates'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.
Treasury Wine Estates Price-to-Net-Net-Working-Capital vs Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Treasury Wine Estates's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Treasury Wine Estates'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$-2.34 mean?
Treasury Wine Estates (ASX:TWE) has a Net-Net Working Capital of A$-2.34 as of Dec. 2025. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Treasury Wine Estates According to the industry distribution chart, Treasury Wine Estates ranks #999999 out of 67 companies in the Beverages - Alcoholic industry.
Is Treasury Wine Estates' Net-Net Working Capital too high?
Treasury Wine Estates' current Net-Net Working Capital is A$-2.34. Based on the distribution chart, Treasury Wine Estates ranks #999999 out of 67 companies in the Beverages - Alcoholic industry, which is in the bottom quartile relative to peers. Overall, Treasury Wine Estates has a GF Score™ of 63/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Treasury Wine Estates' Net-Net Working Capital compare to BF.B?
According to the Beverages - Alcoholic industry distribution chart, Treasury Wine Estates ranks #999999 out of 67 companies for Net-Net Working Capital. This places Treasury Wine Estates in the lower half of its industry. The industry median Net-Net Working Capital is 7.93. 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 Beverages - Alcoholic company?
The median Net-Net Working Capital among Beverages - Alcoholic companies is 7.93, based on 67 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 Treasury Wine Estates For the Beverages - Alcoholic industry, the median Net-Net Working Capital is 7.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Treasury Wine Estates's current Net-Net Working Capital is A$-2.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Treasury Wine Estates stock overvalued right now?
Based on GuruFocus' analysis, Treasury Wine Estates (ASX:TWE) is currently considered Possible Value Trap. The stock's GF Value™ is A$9.93, compared to a current price of A$5.50 — trading 44.6% below its estimated fair value. The current Net-Net Working Capital is A$-2.34. Treasury Wine Estates' overall GF Score™ is 63/100 with 10 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 Treasury Wine Estates (ASX:TWE), the current Net-Net Working Capital is A$-2.34 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 Treasury Wine Estates (ASX:TWE) Overvalued in 2026?
Based on GuruFocus' analysis, Treasury Wine Estates stock appears to be undervalued.
The current stock price of A$5.50 is trading 44.6% below its estimated GF Value™ of A$9.93.
GuruFocus considers Treasury Wine Estates to be Possible Value Trap.
Key valuation signals for ASX:TWE:
Net-Net Working Capital: A$-2.34
GF Value™: A$9.93 vs. price of A$5.50 (44.6% below fair value)
No single metric tells the full story. See the ASX:TWE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Treasury Wine Estates is an Australia-based global wine company that demerged from Foster's Group in 2011. The company is among the world's top five wine producers, and owns a portfolio that includes Australian labels such as Penfolds and Wolf Blass, US wines like Chateau St Jean and Sterling, and newly launched names such as 19 Crimes and Maison de Grand Esprit. An acquisition of Diageo's wine business in 2016 added additional US brands including BV and Stags' Leap. Treasury owns over 130 wineries, with more than 13,000 planted hectares.
63GF Score
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