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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.
London Stock Exchange Group's Net-Net Working Capital for the quarter that ended in Jun. 2026 was £-1,597.24.
The industry rank for London Stock Exchange Group's Net-Net Working Capital or its related term are showing as below:
CHIX:LSEGl's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.615 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
London Stock Exchange Group (CHIX:LSEGl) 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.
London Stock Exchange Group Net-Net Working Capital Related Terms
London Stock Exchange Group 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.
London Stock Exchange Group Net-Net Working Capital Chart
CHIX:LSEGL vs SPGI, CME, ICE: Net-Net Working Capital Comparison
For the Financial Data & Stock Exchanges subindustry, London Stock Exchange Group'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.
London Stock Exchange Group Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, London Stock Exchange Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where London Stock Exchange Group'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 £-1,597.24 mean?
London Stock Exchange Group (CHIX:LSEGL) has a Net-Net Working Capital of £-1,597.24 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 London Stock Exchange Group According to the industry distribution chart, London Stock Exchange Group ranks #999999 out of 280 companies in the Capital Markets industry.
Is London Stock Exchange Group's Net-Net Working Capital too high?
London Stock Exchange Group's current Net-Net Working Capital is £-1,597.24. Based on the distribution chart, London Stock Exchange Group ranks #999999 out of 280 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, London Stock Exchange Group has a GF Score™ of 85/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does London Stock Exchange Group's Net-Net Working Capital compare to SPGI and CME?
According to the Capital Markets industry distribution chart, London Stock Exchange Group ranks #999999 out of 280 companies for Net-Net Working Capital. This places London Stock Exchange Group in the lower half of its industry. The industry median Net-Net Working Capital is 4.62. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.62, based on 280 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 London Stock Exchange Group For the Capital Markets industry, the median Net-Net Working Capital is 4.62 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. London Stock Exchange Group's current Net-Net Working Capital is £-1,597.24. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is London Stock Exchange Group stock overvalued right now?
Based on GuruFocus' analysis, London Stock Exchange Group (CHIX:LSEGL) is currently considered Modestly Undervalued. The stock's GF Value™ is £115.47, compared to a current price of £84.72 — trading 26.6% below its estimated fair value. The current Net-Net Working Capital is £-1,597.24. London Stock Exchange Group's overall GF Score™ is 85/100 with 5 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 London Stock Exchange Group (CHIX:LSEGL), the current Net-Net Working Capital is £-1,597.24 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 London Stock Exchange Group (CHIX:LSEGL) Overvalued in 2026?
Based on GuruFocus' analysis, London Stock Exchange Group stock appears to be undervalued.
The current stock price of £84.72 is trading 26.6% below its estimated GF Value™ of £115.47.
GuruFocus considers London Stock Exchange Group to be Modestly Undervalued.
Key valuation signals for CHIX:LSEGL:
Net-Net Working Capital: £-1,597.24
GF Value™: £115.47 vs. price of £84.72 (26.6% below fair value)
No single metric tells the full story. See the CHIX:LSEGL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
London Stock Exchange Group is a fully integrated financial exchange company covering the financial market value chain from primary and secondary markets across multiple asset classes over data, index, and analytics down to clearing and post-trading reporting. With the acquisition of Refinitiv, LSEG generates about two-thirds of its revenue from data and analytics including its FTSE Russell and WM/Refinitiv benchmarks as well as data feeds and terminals. The group is also a majority shareholder in Tradeweb, one of the dominant global fixed-income trading venues, as well as LCH, the largest clearinghouse for over-the-counter swaps globally.
85GF 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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