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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.
Western Marine Shipyard's Net-Net Working Capital for the quarter that ended in Jun. 2025 was BDT-82.11.
The industry rank for Western Marine Shipyard's Net-Net Working Capital or its related term are showing as below:
DHA:WMSHIPYARD's Price-to-Net-Net-Working-Capital is not ranked *
in the Aerospace & Defense industry.
Industry Median: 10.335 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Western Marine Shipyard (DHA:WMSHIPYARD) 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.
Western Marine Shipyard Net-Net Working Capital Related Terms
Western Marine Shipyard Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Western Marine Shipyard'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.
Western Marine Shipyard Net-Net Working Capital Chart
DHA:WMSHIPYARD vs SPCX, GE, RTX: Net-Net Working Capital Comparison
For the Aerospace & Defense subindustry, Western Marine Shipyard'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.
Western Marine Shipyard Price-to-Net-Net-Working-Capital vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Western Marine Shipyard's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Western Marine Shipyard'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 BDT-82.11 mean?
Western Marine Shipyard (DHA:WMSHIPYARD) has a Net-Net Working Capital of BDT-82.11 as of Jun. 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 Western Marine Shipyard According to the industry distribution chart, Western Marine Shipyard ranks #999999 out of 118 companies in the Aerospace & Defense industry.
Is Western Marine Shipyard's Net-Net Working Capital too high?
Western Marine Shipyard's current Net-Net Working Capital is BDT-82.11. Based on the distribution chart, Western Marine Shipyard ranks #999999 out of 118 companies in the Aerospace & Defense industry, which is in the bottom quartile relative to peers. Overall, Western Marine Shipyard has a GF Score™ of 71/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Western Marine Shipyard's Net-Net Working Capital compare to SPCX and GE?
According to the Aerospace & Defense industry distribution chart, Western Marine Shipyard ranks #999999 out of 118 companies for Net-Net Working Capital. This places Western Marine Shipyard in the lower half of its industry. The industry median Net-Net Working Capital is 10.34. 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 an Aerospace & Defense company?
The median Net-Net Working Capital among Aerospace & Defense companies is 10.34, based on 118 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 Western Marine Shipyard For the Aerospace & Defense industry, the median Net-Net Working Capital is 10.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Western Marine Shipyard's current Net-Net Working Capital is BDT-82.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Western Marine Shipyard stock overvalued right now?
Based on GuruFocus' analysis, Western Marine Shipyard (DHA:WMSHIPYARD) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT13.09, compared to a current price of BDT9.80 — trading 25.1% below its estimated fair value. The current Net-Net Working Capital is BDT-82.11. Western Marine Shipyard's overall GF Score™ is 71/100 with 8 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 Western Marine Shipyard (DHA:WMSHIPYARD), the current Net-Net Working Capital is BDT-82.11 as of Jun. 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 Western Marine Shipyard (DHA:WMSHIPYARD) Overvalued in 2026?
Based on GuruFocus' analysis, Western Marine Shipyard stock appears to be undervalued.
The current stock price of BDT9.80 is trading 25.1% below its estimated GF Value™ of BDT13.09.
GuruFocus considers Western Marine Shipyard to be Modestly Undervalued.
Key valuation signals for DHA:WMSHIPYARD:
Net-Net Working Capital: BDT-82.11
GF Value™: BDT13.09 vs. price of BDT9.80 (25.1% below fair value)
No single metric tells the full story. See the DHA:WMSHIPYARD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Western Marine Shipyard Ltd is a public limited company engaged in shipbuilding and related marine engineering activities and operates as an export-oriented shipyard in Bangladesh. The Company specializes in the construction of various vessels, including multi-purpose cargo ships, inland container vessels, inland tankers, passenger ships, Ro-Ro ferries, port utility vessels, tugs, offshore petroleum vessels, fishing trawlers, barges, dredgers, and landing crafts. Its activities mainly comprise new shipbuilding for domestic use and for export markets, supported by in-house ship design facilities and shipyard operations. The Company operates in Bangladesh and has exported vessels to countries such as Germany, Norway, Ecuador, New Zealand, and Kenya, as well as serving domestic clients.
71GF Score
Get the complete analysis for DHA:WMSHIPYARD
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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