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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.
Croghan Bancshares's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-582.78.
The industry rank for Croghan Bancshares's Net-Net Working Capital or its related term are showing as below:
CHBH's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 2 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Croghan Bancshares (OTCPK:CHBH) 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.
Croghan Bancshares Net-Net Working Capital Related Terms
Croghan Bancshares Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Croghan Bancshares'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.
CHBH vs PNBK, LSBK, SFDL: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, Croghan Bancshares'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.
Croghan Bancshares Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, Croghan Bancshares's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Croghan Bancshares'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 $-582.78 mean?
Croghan Bancshares (CHBH) has a Net-Net Working Capital of $-582.78 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 Croghan Bancshares According to the industry distribution chart, Croghan Bancshares ranks #999999 out of 9 companies in the Banks industry.
Is Croghan Bancshares' Net-Net Working Capital too high?
Croghan Bancshares' current Net-Net Working Capital is $-582.78. Based on the distribution chart, Croghan Bancshares ranks #999999 out of 9 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Croghan Bancshares has a GF Score™ of 56/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Croghan Bancshares' Net-Net Working Capital compare to PNBK and LSBK?
According to the Banks industry distribution chart, Croghan Bancshares ranks #999999 out of 9 companies for Net-Net Working Capital. This places Croghan Bancshares in the lower half of its industry. The industry median Net-Net Working Capital is 2.00. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 2.00, based on 9 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 Croghan Bancshares For the Banks industry, the median Net-Net Working Capital is 2.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Croghan Bancshares's current Net-Net Working Capital is $-582.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Croghan Bancshares stock overvalued right now?
Based on GuruFocus' analysis, Croghan Bancshares (CHBH) is currently considered Modestly Overvalued. The stock's GF Value™ is $61.68, compared to a current price of $72.25 — trading 17.1% above its estimated fair value. The current Net-Net Working Capital is $-582.78. Croghan Bancshares' overall GF Score™ is 56/100 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 Croghan Bancshares (CHBH), the current Net-Net Working Capital is $-582.78 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 Croghan Bancshares (CHBH) Overvalued in 2026?
Based on GuruFocus' analysis, Croghan Bancshares stock appears to be overvalued.
The current stock price of $72.25 is trading 17.1% above its estimated GF Value™ of $61.68.
GuruFocus considers Croghan Bancshares to be Modestly Overvalued.
Key valuation signals for CHBH:
Net-Net Working Capital: $-582.78
GF Value™: $61.68 vs. price of $72.25 (17.1% above fair value)
No single metric tells the full story. See the CHBH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Croghan Bancshares Inc is a financial holding company. The bank offers a diverse range of commercial and retail banking services through its banking centers located in Bellevue, Clyde, Curtice, Fremont, Green Springs, Monroeville, Norwalk, Maumee, Milan, Oak Harbor, Oregon, Port Clinton, and Tiffin, Ohio. Its products are comprised of traditional banking services such as consumer, commercial, agricultural and real estate loans, personal and business checking accounts, savings accounts, time deposit accounts, safe deposit box services, and trust department services. The company operates in one industry segment, the commercial banking industry.
56GF Score
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