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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.
NFC PCL's Net-Net Working Capital for the quarter that ended in Jun. 2026 was ฿-4.88.
The industry rank for NFC PCL's Net-Net Working Capital or its related term are showing as below:
BKK:NFC's Price-to-Net-Net-Working-Capital is not ranked *
in the Agriculture industry.
Industry Median: 10.055 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
NFC PCL (BKK:NFC) 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.
NFC PCL Net-Net Working Capital Related Terms
NFC PCL Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for NFC PCL'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.
BKK:NFC vs CTVA, CF, MOS: Net-Net Working Capital Comparison
For the Agricultural Inputs subindustry, NFC 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.
NFC PCL Price-to-Net-Net-Working-Capital vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, NFC PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where NFC 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 ฿-4.88 mean?
NFC PCL (BKK:NFC) has a Net-Net Working Capital of ฿-4.88 as of Jun. 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 NFC PCL
Is NFC PCL's Net-Net Working Capital too high?
NFC PCL's current Net-Net Working Capital is ฿-4.88. Overall, NFC PCL has a GF Score™ of 8/100, reflecting its overall financial health beyond just this single metric.
How does NFC PCL's Net-Net Working Capital compare to CTVA and CF?
NFC PCL's Net-Net Working Capital of ฿-4.88 can be compared against companies in the Agriculture industry. The industry median Net-Net Working Capital is 10.06. 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 Agriculture company?
The median Net-Net Working Capital among Agriculture companies is 10.06, based on 84 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 NFC PCL For the Agriculture industry, the median Net-Net Working Capital is 10.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NFC PCL's current Net-Net Working Capital is ฿-4.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NFC PCL stock overvalued right now?
NFC PCL (BKK:NFC) has a current Net-Net Working Capital of ฿-4.88. The stock's GF Value™ is ฿3.56, compared to a current price of ฿1.23 — trading 65.4% below its estimated fair value. The current Net-Net Working Capital is ฿-4.88. NFC PCL's overall GF Score™ is 8/100 with 5 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 NFC PCL (BKK:NFC), the current Net-Net Working Capital is ฿-4.88 as of Jun. 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 NFC PCL (BKK:NFC) Overvalued in 2026?
Based on GuruFocus' analysis, NFC PCL stock appears to be undervalued.
The current stock price of ฿1.23 is trading 65.4% below its estimated GF Value™ of ฿3.56.
Key valuation signals for BKK:NFC:
Net-Net Working Capital: ฿-4.88
GF Value™: ฿3.56 vs. price of ฿1.23 (65.4% below fair value)
No single metric tells the full story. See the BKK:NFC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NFC PCL core business activity is the sale of chemical products and the provision of other chemical related services. The Company also provides port and warehousing services, as well as logistics and liquid storage services. Its products and services include ammonia, ammonium hydroxide, sulfuric acid, warehousing services, logistics and liquid storage services, and port services. The Company operates through three reportable segments: Chemical, which generates the majority of the revenue; Service Fuel Tank Farm; and Port Service and Other.
8GF 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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