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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:EZTC3's Price-to-Net-Net-Working-Capital is ranked worse than 64.83% of 327
companies
in the Real Estate industry
Industry Median: 4.65
vs BSP:EZTC3: 7.67
EZ TEC Empreendimentos e Participacoes (BSP:EZTC3) 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.
EZ TEC Empreendimentos e Participacoes Net-Net Working Capital Related Terms
EZ TEC Empreendimentos e Participacoes 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.
EZ TEC Empreendimentos e Participacoes Net-Net Working Capital Chart
EZ TEC Empreendimentos e Participacoes Annual Data
EZ TEC Empreendimentos e Participacoes Net-Net Working Capital Competitor Comparison
For the Real Estate - Development subindustry, EZ TEC Empreendimentos e Participacoes'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.
EZ TEC Empreendimentos e Participacoes Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, EZ TEC Empreendimentos e Participacoes's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where EZ TEC Empreendimentos e Participacoes'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 R$1.53 mean?
EZ TEC Empreendimentos e Participacoes (BSP:EZTC3) has a Net-Net Working Capital of R$1.53 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 EZ TEC Empreendimentos e Participacoes According to the industry distribution chart, EZ TEC Empreendimentos e Participacoes ranks #212 out of 327 companies in the Real Estate industry, placing it in the top 64.8%.
Is EZ TEC Empreendimentos e Participacoes' Net-Net Working Capital too high?
EZ TEC Empreendimentos e Participacoes' current Net-Net Working Capital is R$1.53. Based on the distribution chart, EZ TEC Empreendimentos e Participacoes ranks #212 out of 327 companies in the Real Estate industry, which is below the industry midpoint. Overall, EZ TEC Empreendimentos e Participacoes has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does EZ TEC Empreendimentos e Participacoes' Net-Net Working Capital compare to competitors?
According to the Real Estate industry distribution chart, EZ TEC Empreendimentos e Participacoes ranks #212 out of 327 companies for Net-Net Working Capital. This places EZ TEC Empreendimentos e Participacoes in the lower half of its industry. The industry median Net-Net Working Capital is 4.65. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.65, based on 327 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 EZ TEC Empreendimentos e Participacoes For the Real Estate industry, the median Net-Net Working Capital is 4.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. EZ TEC Empreendimentos e Participacoes's current Net-Net Working Capital is R$1.53. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is EZ TEC Empreendimentos e Participacoes stock overvalued right now?
Based on GuruFocus' analysis, EZ TEC Empreendimentos e Participacoes (BSP:EZTC3) is currently considered Fairly Valued. The stock's GF Value™ is R$12.84, compared to a current price of R$11.74 — trading 8.6% below its estimated fair value. The current Net-Net Working Capital is R$1.53. EZ TEC Empreendimentos e Participacoes' overall GF Score™ is 88/100 with 6 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 EZ TEC Empreendimentos e Participacoes (BSP:EZTC3), the current Net-Net Working Capital is R$1.53 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 EZ TEC Empreendimentos e Participacoes (BSP:EZTC3) Overvalued in 2026?
Based on GuruFocus' analysis, EZ TEC Empreendimentos e Participacoes stock appears to be undervalued.
The current stock price of R$11.74 is trading 8.6% below its estimated GF Value™ of R$12.84.
GuruFocus considers EZ TEC Empreendimentos e Participacoes to be Fairly Valued.
Key valuation signals for BSP:EZTC3:
Net-Net Working Capital: R$1.53
GF Value™: R$12.84 vs. price of R$11.74 (8.6% below fair value)
No single metric tells the full story. See the BSP:EZTC3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
EZ TEC Empreendimentos e Participacoes SA is a real estate development company that operates out of Brazil. The company and its subsidiaries engage in the development & sale of real estate, the management & lease of its own properties, land allotment, construction of condominiums, and services related to projects. The company defines its operations to include two revenue generating segments: commercial projects and residential projects. A majority of revenue is derived from the residential project segment, while a smaller portion is derived from the commercial projects segment. The company earns majority of its revenue in Brazil.
88GF Score
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