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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:SAPI11's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.25 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario (BSP:SAPI11) 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.
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Net-Net Working Capital Related Terms
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario 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.
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Net-Net Working Capital Chart
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Annual Data
Trend
Dec23
Dec24
Dec25
Net-Net Working Capital
0.00
-0.10
-0.22
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Semi-Annual Data
Dec23
Dec24
Dec25
Net-Net Working Capital
0.00
-0.10
-0.22
BSP:SAPI11 vs BLK, BX, KKR: 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.
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Price-to-Net-Net-Working-Capital vs Asset Management 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$-0.22 mean?
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario (BSP:SAPI11) has a Net-Net Working Capital of R$-0.22 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 Santander Papeis Imobiliarios Fundo De Investimento Imobiliario According to the industry distribution chart, Santander Papeis Imobiliarios Fundo De Investimento Imobiliario ranks #999999 out of 499 companies in the Asset Management industry.
Is Santander Papeis Imobiliarios Fundo De Investimento Imobiliario's Net-Net Working Capital too high?
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario's current Net-Net Working Capital is R$-0.22. Based on the distribution chart, Santander Papeis Imobiliarios Fundo De Investimento Imobiliario ranks #999999 out of 499 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Santander Papeis Imobiliarios Fundo De Investimento Imobiliario has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does Santander Papeis Imobiliarios Fundo De Investimento Imobiliario's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Santander Papeis Imobiliarios Fundo De Investimento Imobiliario ranks #999999 out of 499 companies for Net-Net Working Capital. This places Santander Papeis Imobiliarios Fundo De Investimento Imobiliario in the lower half of its industry. The industry median Net-Net Working Capital is 6.25. 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 Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.25, based on 499 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 Santander Papeis Imobiliarios Fundo De Investimento Imobiliario For the Asset Management industry, the median Net-Net Working Capital is 6.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Santander Papeis Imobiliarios Fundo De Investimento Imobiliario's current Net-Net Working Capital is R$-0.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Santander Papeis Imobiliarios Fundo De Investimento Imobiliario stock overvalued right now?
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario (BSP:SAPI11) has a current Net-Net Working Capital of R$-0.22. The current Net-Net Working Capital is R$-0.22. Santander Papeis Imobiliarios Fundo De Investimento Imobiliario's overall GF Score™ is 17/100 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 Santander Papeis Imobiliarios Fundo De Investimento Imobiliario (BSP:SAPI11), the current Net-Net Working Capital is R$-0.22 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.
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario Business Description
Santander Papeis Imobiliarios Fundo De Investimento Imobiliario is a Real Estate Fund that invests mainly in CRI's (Real Estate Receivables Certificates). The Fund's objective is to seek out businesses with low credit risk, diversifying the allocation in CRIs indexed to the IPCA and/or CDI, in addition to having monthly distribution of dividends.
17GF Score
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