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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.
BSP:AZPL11's Price-to-Net-Net-Working-Capital is ranked worse than 62.73% of 110
companies
in the REITs industry
Industry Median: 16.375
vs BSP:AZPL11: 31.96
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda (BSP:AZPL11) 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.
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda Net-Net Working Capital Related Terms
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda 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.
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda Net-Net Working Capital Chart
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda Annual Data
Trend
Dec24
Dec25
Net-Net Working Capital
0.00
0.23
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda Semi-Annual Data
Dec24
Dec25
Net-Net Working Capital
-2.41
0.23
BSP:AZPL11 vs PLD, PSA, EXR: Net-Net Working Capital Comparison
* 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.
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda Price-to-Net-Net-Working-Capital vs REITs Industry
* 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 R$0.23 mean?
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda (BSP:AZPL11) has a Net-Net Working Capital of R$0.23 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 Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda According to the industry distribution chart, Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda ranks #69 out of 110 companies in the REITs industry, placing it in the top 62.7%.
Is Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda's Net-Net Working Capital too high?
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda's current Net-Net Working Capital is R$0.23. Based on the distribution chart, Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda ranks #69 out of 110 companies in the REITs industry, which is below the industry midpoint. Overall, Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda has a GF Score™ of 7/100, reflecting its overall financial health beyond just this single metric.
How does Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda's Net-Net Working Capital compare to PLD and PSA?
According to the REITs industry distribution chart, Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda ranks #69 out of 110 companies for Net-Net Working Capital. This places Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda in the lower half of its industry. The industry median Net-Net Working Capital is 16.38. 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 REITs company?
The median Net-Net Working Capital among REITs companies is 16.38, based on 110 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 Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda For the REITs industry, the median Net-Net Working Capital is 16.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda's current Net-Net Working Capital is R$0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda stock overvalued right now?
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda (BSP:AZPL11) has a current Net-Net Working Capital of R$0.23. The current Net-Net Working Capital is R$0.23. Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda's overall GF Score™ is 7/100 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 Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda (BSP:AZPL11), the current Net-Net Working Capital is R$0.23 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.
Az Quest Panorama Logistica Fundo De Investimento Imobiliario Renda is a real estate investment fund. It invests in performing logistics warehouses leased to tenants with good credit quality. Its Portfolio is composed of (i) assets located close (up to 40km) to the main urban centers of the country and (ii) assets that may be outside the 40km radius, but that have an atypical long-term lease agreement.
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