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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.
Chugai Pharmaceutical Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $3.72.
The industry rank for Chugai Pharmaceutical Co's Net-Net Working Capital or its related term are showing as below:
CHGCF's Price-to-Net-Net-Working-Capital is ranked worse than 65.77% of 409
companies
in the Drug Manufacturers industry
Industry Median: 7.89
vs CHGCF: 11.34
Chugai Pharmaceutical Co (OTCPK:CHGCF) 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.
Chugai Pharmaceutical Co Net-Net Working Capital Related Terms
Chugai Pharmaceutical Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Chugai Pharmaceutical Co'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.
Chugai Pharmaceutical Co Net-Net Working Capital Chart
CHGCF vs LLY, JNJ, ABBV: Net-Net Working Capital Comparison
For the Drug Manufacturers - General subindustry, Chugai Pharmaceutical Co'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.
Chugai Pharmaceutical Co Price-to-Net-Net-Working-Capital vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Chugai Pharmaceutical Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Chugai Pharmaceutical Co'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 $3.72 mean?
Chugai Pharmaceutical Co (CHGCF) has a Net-Net Working Capital of $3.72 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 Chugai Pharmaceutical Co According to the industry distribution chart, Chugai Pharmaceutical Co ranks #269 out of 409 companies in the Drug Manufacturers industry, placing it in the top 65.8%.
Is Chugai Pharmaceutical Co's Net-Net Working Capital too high?
Chugai Pharmaceutical Co's current Net-Net Working Capital is $3.72. The Drug Manufacturers industry median Net-Net Working Capital is 7.89. Chugai Pharmaceutical Co's value of $3.72 is 52.9% below this industry median. Based on the distribution chart, Chugai Pharmaceutical Co ranks #269 out of 409 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Chugai Pharmaceutical Co has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Chugai Pharmaceutical Co's Net-Net Working Capital compare to LLY and JNJ?
According to the Drug Manufacturers industry distribution chart, Chugai Pharmaceutical Co ranks #269 out of 409 companies for Net-Net Working Capital. This places Chugai Pharmaceutical Co in the lower half of its industry. The industry median Net-Net Working Capital is 7.89. Chugai Pharmaceutical Co's value of $3.72 is 52.9% 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 a Drug Manufacturers company?
The median Net-Net Working Capital among Drug Manufacturers companies is 7.89, based on 409 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. Chugai Pharmaceutical Co's current Net-Net Working Capital of $3.72 is 52.9% 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 Chugai Pharmaceutical Co For the Drug Manufacturers industry, the median Net-Net Working Capital is 7.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Chugai Pharmaceutical Co's current Net-Net Working Capital is $3.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chugai Pharmaceutical Co stock overvalued right now?
Based on GuruFocus' analysis, Chugai Pharmaceutical Co (CHGCF) is currently considered Modestly Undervalued. The stock's GF Value™ is $47.50, compared to a current price of $42.29 — trading 11% below its estimated fair value. The current Net-Net Working Capital is $3.72 and 52.9% below the Drug Manufacturers industry median of 7.89. Chugai Pharmaceutical Co's overall GF Score™ is 85/100 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 Chugai Pharmaceutical Co (CHGCF), the current Net-Net Working Capital is $3.72 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 Chugai Pharmaceutical Co (CHGCF) Overvalued in 2026?
Based on GuruFocus' analysis, Chugai Pharmaceutical Co stock appears to be undervalued.
The current stock price of $42.29 is trading 11% below its estimated GF Value™ of $47.50.
GuruFocus considers Chugai Pharmaceutical Co to be Modestly Undervalued.
Key valuation signals for CHGCF:
Net-Net Working Capital: $3.72
GF Value™: $47.50 vs. price of $42.29 (11% below fair value)
Industry Position: 52.9% below the Drug Manufacturers median (#269 of 409)
No single metric tells the full story. See the CHGCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Chugai Pharmaceutical is a Japanese drug developer and subsidiary of Roche Holding, which owns roughly 60% of the company. Founded in 1925, Chugai deals primarily in the Japanese market, where it generates roughly half of its revenue. It has been the leader in Japan's oncology market for the past decade, largely due to drugs licensed from its parent's portfolio. The company also develops its own innovative medicines. It is an industry leader in antibody technology with several flagship therapies, including Hemlibra (hemophilia), Actemra (rheumatoid arthritis, covid), Foundayo (oral obesity pill), and Nemluvio (atopic dermatitis, prurigo nodularis).
85GF Score
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