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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.
XRF Scientific's Net-Net Working Capital for the quarter that ended in Dec. 2025 was A$0.13.
The industry rank for XRF Scientific's Net-Net Working Capital or its related term are showing as below:
ASX:XRF's Price-to-Net-Net-Working-Capital is ranked worse than 74.56% of 114
companies
in the Conglomerates industry
Industry Median: 6.015
vs ASX:XRF: 12.92
XRF Scientific (ASX:XRF) 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.
XRF Scientific Net-Net Working Capital Related Terms
XRF Scientific Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for XRF Scientific'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:XRF vs HON, MMM: Net-Net Working Capital Comparison
For the Conglomerates subindustry, XRF Scientific'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.
XRF Scientific Price-to-Net-Net-Working-Capital vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, XRF Scientific's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where XRF Scientific'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$0.13 mean?
XRF Scientific (ASX:XRF) has a Net-Net Working Capital of A$0.13 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 XRF Scientific According to the industry distribution chart, XRF Scientific ranks #85 out of 114 companies in the Conglomerates industry, placing it in the top 74.6%.
Is XRF Scientific's Net-Net Working Capital too high?
XRF Scientific's current Net-Net Working Capital is A$0.13. Based on the distribution chart, XRF Scientific ranks #85 out of 114 companies in the Conglomerates industry, which is below the industry midpoint. Overall, XRF Scientific has a GF Score™ of 98/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does XRF Scientific's Net-Net Working Capital compare to HON and MMM?
According to the Conglomerates industry distribution chart, XRF Scientific ranks #85 out of 114 companies for Net-Net Working Capital. This places XRF Scientific in the lower half of its industry. The industry median Net-Net Working Capital is 6.02. 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 Conglomerates company?
The median Net-Net Working Capital among Conglomerates companies is 6.02, based on 114 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 XRF Scientific For the Conglomerates industry, the median Net-Net Working Capital is 6.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. XRF Scientific's current Net-Net Working Capital is A$0.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is XRF Scientific stock overvalued right now?
Based on GuruFocus' analysis, XRF Scientific (ASX:XRF) is currently considered Fairly Valued. The stock's GF Value™ is A$1.66, compared to a current price of A$1.68 — trading 1.2% above its estimated fair value. The current Net-Net Working Capital is A$0.13. XRF Scientific's overall GF Score™ is 98/100 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 XRF Scientific (ASX:XRF), the current Net-Net Working Capital is A$0.13 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 XRF Scientific (ASX:XRF) Overvalued in 2026?
Based on GuruFocus' analysis, XRF Scientific stock appears to be overvalued.
The current stock price of A$1.68 is trading 1.2% above its estimated GF Value™ of A$1.66.
GuruFocus considers XRF Scientific to be Fairly Valued.
Key valuation signals for ASX:XRF:
Net-Net Working Capital: A$0.13
GF Value™: A$1.66 vs. price of A$1.68 (1.2% above fair value)
No single metric tells the full story. See the ASX:XRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
XRF Scientific Ltd is engaged in the business of manufacturing and marketing precious metal products, specialized chemicals and instruments for the scientific, analytical and mining industries. It operates through the following segments: Capital Equipment, Precious Metals, and Consumables. The company generates maximum revenue from the Capital Equipment segment that Manufactures sample preparation products and analytical instruments. Geographically, it derives a majority of revenue from Australia and also has a presence in Canada and Europe. Some of its product includes Electric Fusion Machines; Fusion Flux; Crushing and Pulverising, platinum lab ware and others.
98GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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