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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.
BJTRF's Price-to-Net-Net-Working-Capital is ranked better than 88.8% of 393
companies
in the Drug Manufacturers industry
Industry Median: 8.18
vs BJTRF: 1.91
Beijing Tong Ren Tang Chinese Medicine Co (OTCPK:BJTRF) 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.
Beijing Tong Ren Tang Chinese Medicine Co Net-Net Working Capital Related Terms
Beijing Tong Ren Tang Chinese Medicine Co Net-Net Working Capital Historical Data
* 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.
Beijing Tong Ren Tang Chinese Medicine Co Net-Net Working Capital Chart
Beijing Tong Ren Tang Chinese Medicine Co Annual Data
For the Drug Manufacturers - Specialty & Generic subindustry, Beijing Tong Ren Tang Chinese Medicine Co'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.
Beijing Tong Ren Tang Chinese Medicine Co Price-to-Net-Net-Working-Capital vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Beijing Tong Ren Tang Chinese Medicine Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Beijing Tong Ren Tang Chinese Medicine Co'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 $0.43 mean?
Beijing Tong Ren Tang Chinese Medicine Co (BJTRF) has a Net-Net Working Capital of $0.43 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 Beijing Tong Ren Tang Chinese Medicine Co According to the industry distribution chart, Beijing Tong Ren Tang Chinese Medicine Co ranks #44 out of 393 companies in the Drug Manufacturers industry, placing it in the top 11.2%.
Is Beijing Tong Ren Tang Chinese Medicine Co's Net-Net Working Capital too high?
Beijing Tong Ren Tang Chinese Medicine Co's current Net-Net Working Capital is $0.43. The Drug Manufacturers industry median Net-Net Working Capital is 8.18. Beijing Tong Ren Tang Chinese Medicine Co's value of $0.43 is 94.7% below this industry median. Based on the distribution chart, Beijing Tong Ren Tang Chinese Medicine Co ranks #44 out of 393 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. Overall, Beijing Tong Ren Tang Chinese Medicine Co has a GF Score™ of 88/100, reflecting its overall financial health beyond just this single metric.
How does Beijing Tong Ren Tang Chinese Medicine Co's Net-Net Working Capital compare to ZTS?
According to the Drug Manufacturers industry distribution chart, Beijing Tong Ren Tang Chinese Medicine Co ranks #44 out of 393 companies for Net-Net Working Capital. This places Beijing Tong Ren Tang Chinese Medicine Co in the top 11% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 8.18. Beijing Tong Ren Tang Chinese Medicine Co's value of $0.43 is 94.7% below this benchmark. 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 Drug Manufacturers company?
The median Net-Net Working Capital among Drug Manufacturers companies is 8.18, based on 393 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. Beijing Tong Ren Tang Chinese Medicine Co's current Net-Net Working Capital of $0.43 is 94.7% below the industry median. 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 Beijing Tong Ren Tang Chinese Medicine Co For the Drug Manufacturers industry, the median Net-Net Working Capital is 8.18 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Beijing Tong Ren Tang Chinese Medicine Co's current Net-Net Working Capital is $0.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Beijing Tong Ren Tang Chinese Medicine Co stock overvalued right now?
Beijing Tong Ren Tang Chinese Medicine Co (BJTRF) has a current Net-Net Working Capital of $0.43. The stock's GF Value™ is $0.99, compared to a current price of $0.65 — trading 34.5% below its estimated fair value. The current Net-Net Working Capital is $0.43 and 94.7% below the Drug Manufacturers industry median of 8.18. Beijing Tong Ren Tang Chinese Medicine Co's overall GF Score™ is 88/100 with 3 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 Beijing Tong Ren Tang Chinese Medicine Co (BJTRF), the current Net-Net Working Capital is $0.43 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 Beijing Tong Ren Tang Chinese Medicine Co (BJTRF) Overvalued in 2026?
Based on GuruFocus' analysis, Beijing Tong Ren Tang Chinese Medicine Co stock appears to be undervalued.
The current stock price of $0.65 is trading 34.5% below its estimated GF Value™ of $0.99.
Key valuation signals for BJTRF:
Net-Net Working Capital: $0.43
GF Value™: $0.99 vs. price of $0.65 (34.5% below fair value)
Industry Position: 94.7% below the Drug Manufacturers median (#44 of 393)
No single metric tells the full story. See the BJTRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Beijing Tong Ren Tang Chinese Medicine Co Ltd is a pharmaceutical retailer that specializes in Chinese medicine operating in three segments; Hong Kong includes the sale of Chinese medicine products and healthcare products and the provision of Chinese medical consultation and treatments through retail and wholesale of Chinese medicine products and healthcare products; Chinese Mainland (PRC, but excluding Hong Kong, Macao, and Taiwan) includes wholesale of healthcare products in Chinese Mainland and the sole distributor of Tong Ren Tang branded products of Tong Ren Tang Technologies and Tong Ren Tang Ltd; and Overseas includes retail and wholesale of Chinese medicine products and healthcare products and provision of Chinese medical consultation and treatments.
88GF 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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