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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.
The industry rank for China Aviation Oil (Singapore)'s Net-Net Working Capital or its related term are showing as below:
CAOLF's Price-to-Net-Net-Working-Capital is ranked better than 66.49% of 191
companies
in the Oil & Gas industry
Industry Median: 6.68
vs CAOLF: 3.16
China Aviation Oil (Singapore) (OTCPK:CAOLF) 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.
China Aviation Oil (Singapore) Net-Net Working Capital Related Terms
China Aviation Oil (Singapore) 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.
China Aviation Oil (Singapore) Net-Net Working Capital Chart
CAOLF vs VLO, MPC, PSX: Net-Net Working Capital Comparison
For the Oil & Gas Refining & Marketing subindustry, China Aviation Oil (Singapore)'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.
China Aviation Oil (Singapore) Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, China Aviation Oil (Singapore)'s Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where China Aviation Oil (Singapore)'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 $0.40 mean?
China Aviation Oil (Singapore) (CAOLF) has a Net-Net Working Capital of $0.40 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 China Aviation Oil (Singapore) According to the industry distribution chart, China Aviation Oil (Singapore) ranks #64 out of 191 companies in the Oil & Gas industry, placing it in the top 33.5%.
Is China Aviation Oil (Singapore)'s Net-Net Working Capital too high?
China Aviation Oil (Singapore)'s current Net-Net Working Capital is $0.40. The Oil & Gas industry median Net-Net Working Capital is 6.68. China Aviation Oil (Singapore)'s value of $0.40 is 94% below this industry median. Based on the distribution chart, China Aviation Oil (Singapore) ranks #64 out of 191 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, China Aviation Oil (Singapore) has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does China Aviation Oil (Singapore)'s Net-Net Working Capital compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, China Aviation Oil (Singapore) ranks #64 out of 191 companies for Net-Net Working Capital. This puts China Aviation Oil (Singapore) in the upper half of its industry. The industry median Net-Net Working Capital is 6.68. China Aviation Oil (Singapore)'s value of $0.40 is 94% 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 an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.68, based on 191 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. China Aviation Oil (Singapore)'s current Net-Net Working Capital of $0.40 is 94% 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 China Aviation Oil (Singapore) For the Oil & Gas industry, the median Net-Net Working Capital is 6.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Aviation Oil (Singapore)'s current Net-Net Working Capital is $0.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Aviation Oil (Singapore) stock overvalued right now?
China Aviation Oil (Singapore) (CAOLF) has a current Net-Net Working Capital of $0.40. The stock's GF Value™ is $1.09, compared to a current price of $1.74 — trading 59.6% above its estimated fair value. The current Net-Net Working Capital is $0.40 and 94% below the Oil & Gas industry median of 6.68. China Aviation Oil (Singapore)'s overall GF Score™ is 75/100 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 China Aviation Oil (Singapore) (CAOLF), the current Net-Net Working Capital is $0.40 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.
Is China Aviation Oil (Singapore) (CAOLF) Overvalued in 2026?
Based on GuruFocus' analysis, China Aviation Oil (Singapore) stock appears to be overvalued.
The current stock price of $1.74 is trading 59.6% above its estimated GF Value™ of $1.09.
Key valuation signals for CAOLF:
Net-Net Working Capital: $0.40
GF Value™: $1.09 vs. price of $1.74 (59.6% above fair value)
Industry Position: 94% below the Oil & Gas median (#64 of 191)
No single metric tells the full story. See the CAOLF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Aviation Oil (Singapore) Business Description
China Aviation Oil (Singapore) Corp Ltd provides transportation fuels. With the core business involving the supply and trading of jet fuel across China and internationally, covering Asia-Pacific, North America, Europe, and the Middle East, the company also trades other oil products, which include fuel oil, gas oil, aviation gas, and crude oil in the Asia-Pacific region. The company operates in three segments: i) Middle Distillates: It engages in supplying and trading jet fuel and gas oil. ii) Other Oil Products: It involves the supply and trading of fuel oil, crude oil, and gasoline, and iii) Investments in Oil-Related Assets: Investments in oil-related assets through the Group's holdings in associates. The majority of the company's revenue is derived from the Middle distillates segment.
75GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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