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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.
Credit Acceptance's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-677.75.
The industry rank for Credit Acceptance's Net-Net Working Capital or its related term are showing as below:
CACC's Price-to-Net-Net-Working-Capital is not ranked *
in the Credit Services industry.
Industry Median: 7 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Credit Acceptance (NAS:CACC) 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.
Credit Acceptance Net-Net Working Capital Related Terms
Credit Acceptance Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Credit Acceptance'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.
CACC vs ENVA, KLAR, SEZL: Net-Net Working Capital Comparison
For the Credit Services subindustry, Credit Acceptance'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.
Credit Acceptance Price-to-Net-Net-Working-Capital vs Credit Services Industry
For the Credit Services industry and Financial Services sector, Credit Acceptance's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Credit Acceptance'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 $-677.75 mean?
Credit Acceptance (CACC) has a Net-Net Working Capital of $-677.75 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 Credit Acceptance According to the industry distribution chart, Credit Acceptance ranks #999999 out of 79 companies in the Credit Services industry.
Is Credit Acceptance's Net-Net Working Capital too high?
Credit Acceptance's current Net-Net Working Capital is $-677.75. Based on the distribution chart, Credit Acceptance ranks #999999 out of 79 companies in the Credit Services industry, which is in the bottom quartile relative to peers. Overall, Credit Acceptance has a GF Score™ of 73/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Credit Acceptance's Net-Net Working Capital compare to ENVA and KLAR?
According to the Credit Services industry distribution chart, Credit Acceptance ranks #999999 out of 79 companies for Net-Net Working Capital. This places Credit Acceptance in the lower half of its industry. The industry median Net-Net Working Capital is 7.00. 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 Credit Services company?
The median Net-Net Working Capital among Credit Services companies is 7.00, based on 79 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 Credit Acceptance For the Credit Services industry, the median Net-Net Working Capital is 7.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Credit Acceptance's current Net-Net Working Capital is $-677.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Credit Acceptance stock overvalued right now?
Based on GuruFocus' analysis, Credit Acceptance (CACC) is currently considered Fairly Valued. The stock's GF Value™ is $593.56, compared to a current price of $589.58 — trading 0.7% below its estimated fair value. The current Net-Net Working Capital is $-677.75. Credit Acceptance's overall GF Score™ is 73/100 with 7 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 Credit Acceptance (CACC), the current Net-Net Working Capital is $-677.75 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 Credit Acceptance (CACC) Overvalued in 2026?
Based on GuruFocus' analysis, Credit Acceptance stock appears to be undervalued.
The current stock price of $589.58 is trading 0.7% below its estimated GF Value™ of $593.56.
GuruFocus considers Credit Acceptance to be Fairly Valued.
Key valuation signals for CACC:
Net-Net Working Capital: $-677.75
GF Value™: $593.56 vs. price of $589.58 (0.7% below fair value)
No single metric tells the full story. See the CACC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Credit Acceptance Corp is a consumer finance company that specializes in automobile loans. These loans are offered through a U.S. nationwide network of automobile dealers that benefit from sales of vehicles to consumers who could otherwise not obtain financing. The company also benefits from repeat and referral sales, and from sales to customers responding to advertisements for financing, but qualify for traditional financing. The company derives its revenue from finance charges, premiums earned on the reinsurance of vehicle service contracts, and other fees. Of these, financing charges, including servicing fees, are by far a source of revenue.
73GF Score
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