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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.
BSDGF's Price-to-Net-Net-Working-Capital is ranked worse than 60.75% of 372
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 5.275
vs BSDGF: 7.65
Bosideng International Holdings (OTCPK:BSDGF) 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.
Bosideng International Holdings Net-Net Working Capital Related Terms
Bosideng International Holdings 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.
Bosideng International Holdings Net-Net Working Capital Chart
BSDGF vs RL, LEVI, VFC: Net-Net Working Capital Comparison
For the Apparel Manufacturing subindustry, Bosideng International Holdings'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.
Bosideng International Holdings Price-to-Net-Net-Working-Capital vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Bosideng International Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bosideng International Holdings'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 $0.02 mean?
Bosideng International Holdings (BSDGF) has a Net-Net Working Capital of $0.02 as of Sep. 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 Bosideng International Holdings According to the industry distribution chart, Bosideng International Holdings ranks #226 out of 372 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 60.8%.
Is Bosideng International Holdings' Net-Net Working Capital too high?
Bosideng International Holdings' current Net-Net Working Capital is $0.02. The Manufacturing - Apparel & Accessories industry median Net-Net Working Capital is 5.28. Bosideng International Holdings' value of $0.02 is 99.6% below this industry median. Based on the distribution chart, Bosideng International Holdings ranks #226 out of 372 companies in the Manufacturing - Apparel & Accessories industry, which is below the industry midpoint. Overall, Bosideng International Holdings has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Bosideng International Holdings' Net-Net Working Capital compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Bosideng International Holdings ranks #226 out of 372 companies for Net-Net Working Capital. This places Bosideng International Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 5.28. Bosideng International Holdings' value of $0.02 is 99.6% 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 Manufacturing - Apparel & Accessories company?
The median Net-Net Working Capital among Manufacturing - Apparel & Accessories companies is 5.28, based on 372 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. Bosideng International Holdings's current Net-Net Working Capital of $0.02 is 99.6% 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 Bosideng International Holdings For the Manufacturing - Apparel & Accessories industry, the median Net-Net Working Capital is 5.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bosideng International Holdings's current Net-Net Working Capital is $0.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bosideng International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Bosideng International Holdings (BSDGF) is currently considered Modestly Undervalued. The stock's GF Value™ is $0.72, compared to a current price of $0.61 — trading 15% below its estimated fair value. The current Net-Net Working Capital is $0.02 and 99.6% below the Manufacturing - Apparel & Accessories industry median of 5.28. Bosideng International Holdings' overall GF Score™ is 76/100 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 Bosideng International Holdings (BSDGF), the current Net-Net Working Capital is $0.02 as of Sep. 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 Bosideng International Holdings (BSDGF) Overvalued in 2026?
Based on GuruFocus' analysis, Bosideng International Holdings stock appears to be undervalued.
The current stock price of $0.61 is trading 15% below its estimated GF Value™ of $0.72.
GuruFocus considers Bosideng International Holdings to be Modestly Undervalued.
Key valuation signals for BSDGF:
Net-Net Working Capital: $0.02
GF Value™: $0.72 vs. price of $0.61 (15% below fair value)
Industry Position: 99.6% below the Manufacturing - Apparel & Accessories median (#226 of 372)
No single metric tells the full story. See the BSDGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bosideng is the largest down apparel firm in China. The company operates several brands with different market positionings. Among them, its namesake Bosideng brand targets the mid to high-end segment, Snow Flying serves the mass market, and Bogner caters to the luxury segment. The firm also owns over 30% stake in Moose Knuckle, a Canadian luxury brand. As of March 2025, Bosideng has 3,470 retail locations across China, including 1,524 self-operated stores. In addition to its core business, Bosideng distributes ladieswear and provides OEM services to other brands, leveraging its supply chain strength.
76GF Score
Get the complete analysis for BSDGF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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