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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.
The industry rank for Earth Tech Environment PCL's Net-Net Working Capital or its related term are showing as below:
BKK:ETC-R's Price-to-Net-Net-Working-Capital is ranked better than 75% of 64
companies
in the Utilities - Independent Power Producers industry
Industry Median: 7.59
vs BKK:ETC-R: 1.78
Earth Tech Environment PCL (BKK:ETC-R) 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.
Earth Tech Environment PCL Net-Net Working Capital Related Terms
Earth Tech Environment PCL 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.
Earth Tech Environment PCL Net-Net Working Capital Chart
Earth Tech Environment PCL Net-Net Working Capital Competitor Comparison
For the Utilities - Renewable subindustry, Earth Tech Environment PCL'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.
Earth Tech Environment PCL Price-to-Net-Net-Working-Capital vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Earth Tech Environment PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Earth Tech Environment PCL'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 ฿0.39 mean?
Earth Tech Environment PCL (BKK:ETC-R) has a Net-Net Working Capital of ฿0.39 as of Mar. 2026. 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 Earth Tech Environment PCL According to the industry distribution chart, Earth Tech Environment PCL ranks #16 out of 64 companies in the Utilities - Independent Power Producers industry, placing it in the top 25%.
Is Earth Tech Environment PCL's Net-Net Working Capital too high?
Earth Tech Environment PCL's current Net-Net Working Capital is ฿0.39. Based on the distribution chart, Earth Tech Environment PCL ranks #16 out of 64 companies in the Utilities - Independent Power Producers industry, which is in the top quartile — a strong position relative to peers. Overall, Earth Tech Environment PCL has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Earth Tech Environment PCL's Net-Net Working Capital compare to competitors?
According to the Utilities - Independent Power Producers industry distribution chart, Earth Tech Environment PCL ranks #16 out of 64 companies for Net-Net Working Capital. This places Earth Tech Environment PCL in the top 25% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.59. 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 Utilities - Independent Power Producers company?
The median Net-Net Working Capital among Utilities - Independent Power Producers companies is 7.59, based on 64 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 Earth Tech Environment PCL For the Utilities - Independent Power Producers industry, the median Net-Net Working Capital is 7.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Earth Tech Environment PCL's current Net-Net Working Capital is ฿0.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Earth Tech Environment PCL stock overvalued right now?
Earth Tech Environment PCL (BKK:ETC-R) has a current Net-Net Working Capital of ฿0.39. The stock's GF Value™ is ฿1.83, compared to a current price of ฿0.68 — trading 63% below its estimated fair value. The current Net-Net Working Capital is ฿0.39. Earth Tech Environment PCL's overall GF Score™ is 71/100 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 Earth Tech Environment PCL (BKK:ETC-R), the current Net-Net Working Capital is ฿0.39 as of Mar. 2026. 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 Earth Tech Environment PCL (BKK:ETC-R) Overvalued in 2026?
Based on GuruFocus' analysis, Earth Tech Environment PCL stock appears to be undervalued.
The current stock price of ฿0.68 is trading 63% below its estimated GF Value™ of ฿1.83.
Key valuation signals for BKK:ETC-R:
Net-Net Working Capital: ฿0.39
GF Value™: ฿1.83 vs. price of ฿0.68 (63% below fair value)
No single metric tells the full story. See the BKK:ETC-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Earth Tech Environment PCL is a service provider for the production and distribution of electricity. It produces and distributes electricity from the first non-hazardous industrial materials in Thailand by using sewage or unused materials to process as fuel to produce electricity. It also provides an air quality control system, water management system, and community involvement. The company's segment includes Power business and Construction. It generates maximum revenue from the Power business segment.
71GF Score
Get the complete analysis for BKK:ETC-R
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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