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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 Koninklijke Ahold Delhaize NV's Net-Net Working Capital or its related term are showing as below:
CHIX:ADa's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Defensive industry.
Industry Median: 5.275 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Koninklijke Ahold Delhaize NV (CHIX:ADa) 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.
Koninklijke Ahold Delhaize NV Net-Net Working Capital Related Terms
Koninklijke Ahold Delhaize NV 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.
Koninklijke Ahold Delhaize NV Net-Net Working Capital Chart
CHIX:ADA vs KR, SFM: Net-Net Working Capital Comparison
For the Grocery Stores subindustry, Koninklijke Ahold Delhaize NV'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.
Koninklijke Ahold Delhaize NV Price-to-Net-Net-Working-Capital vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Koninklijke Ahold Delhaize NV's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Koninklijke Ahold Delhaize NV'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 €-30.02 mean?
Koninklijke Ahold Delhaize NV (CHIX:ADA) has a Net-Net Working Capital of €-30.02 as of Mar. 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 Koninklijke Ahold Delhaize NV According to the industry distribution chart, Koninklijke Ahold Delhaize NV ranks #999999 out of 80 companies in the Retail - Defensive industry.
Is Koninklijke Ahold Delhaize NV's Net-Net Working Capital too high?
Koninklijke Ahold Delhaize NV's current Net-Net Working Capital is €-30.02. Based on the distribution chart, Koninklijke Ahold Delhaize NV ranks #999999 out of 80 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Koninklijke Ahold Delhaize NV has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Koninklijke Ahold Delhaize NV's Net-Net Working Capital compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, Koninklijke Ahold Delhaize NV ranks #999999 out of 80 companies for Net-Net Working Capital. This places Koninklijke Ahold Delhaize NV in the lower half of its industry. The industry median Net-Net Working Capital is 5.28. 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 Retail - Defensive company?
The median Net-Net Working Capital among Retail - Defensive companies is 5.28, based on 80 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 Koninklijke Ahold Delhaize NV For the Retail - Defensive industry, the median Net-Net Working Capital is 5.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Koninklijke Ahold Delhaize NV's current Net-Net Working Capital is €-30.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Koninklijke Ahold Delhaize NV stock overvalued right now?
Based on GuruFocus' analysis, Koninklijke Ahold Delhaize NV (CHIX:ADA) is currently considered Fairly Valued. The stock's GF Value™ is €35.54, compared to a current price of €34.06 — trading 4.2% below its estimated fair value. The current Net-Net Working Capital is €-30.02. Koninklijke Ahold Delhaize NV's overall GF Score™ is 88/100 with 4 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 Koninklijke Ahold Delhaize NV (CHIX:ADA), the current Net-Net Working Capital is €-30.02 as of Mar. 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 Koninklijke Ahold Delhaize NV (CHIX:ADA) Overvalued in 2026?
Based on GuruFocus' analysis, Koninklijke Ahold Delhaize NV stock appears to be undervalued.
The current stock price of €34.06 is trading 4.2% below its estimated GF Value™ of €35.54.
GuruFocus considers Koninklijke Ahold Delhaize NV to be Fairly Valued.
Key valuation signals for CHIX:ADA:
Net-Net Working Capital: €-30.02
GF Value™: €35.54 vs. price of €34.06 (4.2% below fair value)
No single metric tells the full story. See the CHIX:ADA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Koninklijke Ahold Delhaize NV Business Description
Ahold Delhaize is the product of the July 2016 merger between Netherlands-based Ahold and Belgium's Delhaize, forming the seventh-largest grocer in the US and a top player in several parts of Europe. The US is its largest market, accounting for over 60% of group sales, and the network stretches from Maine to Georgia, including banners Stop & Shop, The Giant Company, Giant Food, Food Lion, and Hannaford. The Europe segment accounts for the rest of the revenue, with the firm operating in the Netherlands, Belgium, Greece, Romania, Serbia, and Luxembourg.
88GF Score
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