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.
CSWYY's Price-to-Net-Net-Working-Capital is ranked better than 95.89% of 414
companies
in the Drug Manufacturers industry
Industry Median: 7.75
vs CSWYY: 0.89
China Shineway Pharmaceutical Group (OTCPK:CSWYY) 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 Shineway Pharmaceutical Group Net-Net Working Capital Related Terms
China Shineway Pharmaceutical 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.
China Shineway Pharmaceutical Group Net-Net Working Capital Chart
CSWYY vs ZTS, UTHR: Net-Net Working Capital Comparison
For the Drug Manufacturers - Specialty & Generic subindustry, China Shineway Pharmaceutical 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.
China Shineway Pharmaceutical Group Price-to-Net-Net-Working-Capital vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, China Shineway Pharmaceutical Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where China Shineway Pharmaceutical 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 $21.80 mean?
China Shineway Pharmaceutical Group (CSWYY) has a Net-Net Working Capital of $21.80 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 Shineway Pharmaceutical Group According to the industry distribution chart, China Shineway Pharmaceutical Group ranks #17 out of 414 companies in the Drug Manufacturers industry, placing it in the top 4.1%.
Is China Shineway Pharmaceutical Group's Net-Net Working Capital too high?
China Shineway Pharmaceutical Group's current Net-Net Working Capital is $21.80. The Drug Manufacturers industry median Net-Net Working Capital is 7.75. China Shineway Pharmaceutical Group's value of $21.80 is 181.3% above this industry median. Based on the distribution chart, China Shineway Pharmaceutical Group ranks #17 out of 414 companies in the Drug Manufacturers industry, which is in the top quartile — a strong position relative to peers. Overall, China Shineway Pharmaceutical Group has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does China Shineway Pharmaceutical Group's Net-Net Working Capital compare to ZTS and UTHR?
According to the Drug Manufacturers industry distribution chart, China Shineway Pharmaceutical Group ranks #17 out of 414 companies for Net-Net Working Capital. This places China Shineway Pharmaceutical Group in the top 4% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.75. China Shineway Pharmaceutical Group's value of $21.80 is 181.3% above 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 7.75, based on 414 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 Shineway Pharmaceutical Group's current Net-Net Working Capital of $21.80 is 181.3% above 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 Shineway Pharmaceutical Group For the Drug Manufacturers industry, the median Net-Net Working Capital is 7.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Shineway Pharmaceutical Group's current Net-Net Working Capital is $21.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Shineway Pharmaceutical Group stock overvalued right now?
China Shineway Pharmaceutical Group (CSWYY) has a current Net-Net Working Capital of $21.80. The stock's GF Value™ is $17.03, compared to a current price of $19.25 — trading 13% above its estimated fair value. The current Net-Net Working Capital is $21.80 and 181.3% above the Drug Manufacturers industry median of 7.75. China Shineway Pharmaceutical Group's overall GF Score™ is 92/100 with 2 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 China Shineway Pharmaceutical Group (CSWYY), the current Net-Net Working Capital is $21.80 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 Shineway Pharmaceutical Group (CSWYY) Overvalued in 2026?
Based on GuruFocus' analysis, China Shineway Pharmaceutical Group stock appears to be overvalued.
The current stock price of $19.25 is trading 13% above its estimated GF Value™ of $17.03.
Key valuation signals for CSWYY:
Net-Net Working Capital: $21.80
GF Value™: $17.03 vs. price of $19.25 (13% above fair value)
Industry Position: 181.3% above the Drug Manufacturers median (#17 of 414)
No single metric tells the full story. See the CSWYY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Shineway Pharmaceutical Group Business Description
China Shineway Pharmaceutical Group Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the research, development, manufacturing, and trading of modern Chinese medicines. The company's products comprise injection, soft capsule, granule, traditional Chinese medicine formula granules, and others, of which injections generate maximum revenue for the company. Geographically, the group operates in the People's Republic of China (PRC) and Hong Kong.
92GF Score
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