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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 Daphne International Holdings's Net-Net Working Capital or its related term are showing as below:
DPNEY's Price-to-Net-Net-Working-Capital is ranked better than 85.03% of 374
companies
in the Manufacturing - Apparel & Accessories industry
Industry Median: 5.415
vs DPNEY: 1.40
Daphne International Holdings (OTCPK:DPNEY) 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.
Daphne International Holdings Net-Net Working Capital Related Terms
Daphne International Holdings 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.
Daphne International Holdings Net-Net Working Capital Chart
DPNEY vs NKE, DECK, ONON: Net-Net Working Capital Comparison
For the Footwear & Accessories subindustry, Daphne International Holdings'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.
Daphne International Holdings Price-to-Net-Net-Working-Capital vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Daphne International Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Daphne International Holdings'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 $0.63 mean?
Daphne International Holdings (DPNEY) has a Net-Net Working Capital of $0.63 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 Daphne International Holdings According to the industry distribution chart, Daphne International Holdings ranks #56 out of 374 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 15%.
Is Daphne International Holdings' Net-Net Working Capital too high?
Daphne International Holdings' current Net-Net Working Capital is $0.63. The Manufacturing - Apparel & Accessories industry median Net-Net Working Capital is 5.42. Daphne International Holdings' value of $0.63 is 88.4% below this industry median. Based on the distribution chart, Daphne International Holdings ranks #56 out of 374 companies in the Manufacturing - Apparel & Accessories industry, which is in the top quartile — a strong position relative to peers. Overall, Daphne International Holdings has a GF Score™ of 44/100, reflecting its overall financial health beyond just this single metric.
How does Daphne International Holdings' Net-Net Working Capital compare to NKE and DECK?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Daphne International Holdings ranks #56 out of 374 companies for Net-Net Working Capital. This places Daphne International Holdings in the top 15% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.42. Daphne International Holdings' value of $0.63 is 88.4% 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 Manufacturing - Apparel & Accessories company?
The median Net-Net Working Capital among Manufacturing - Apparel & Accessories companies is 5.42, based on 374 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. Daphne International Holdings's current Net-Net Working Capital of $0.63 is 88.4% 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 Daphne International Holdings For the Manufacturing - Apparel & Accessories industry, the median Net-Net Working Capital is 5.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Daphne International Holdings's current Net-Net Working Capital is $0.63. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Daphne International Holdings stock overvalued right now?
Daphne International Holdings (DPNEY) has a current Net-Net Working Capital of $0.63. The stock's GF Value™ is $0.91, compared to a current price of $0.98 — trading 7.9% above its estimated fair value. The current Net-Net Working Capital is $0.63 and 88.4% below the Manufacturing - Apparel & Accessories industry median of 5.42. Daphne International Holdings' overall GF Score™ is 44/100 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 Daphne International Holdings (DPNEY), the current Net-Net Working Capital is $0.63 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 Daphne International Holdings (DPNEY) Overvalued in 2026?
Based on GuruFocus' analysis, Daphne International Holdings stock appears to be overvalued.
The current stock price of $0.98 is trading 7.9% above its estimated GF Value™ of $0.91.
Key valuation signals for DPNEY:
Net-Net Working Capital: $0.63
GF Value™: $0.91 vs. price of $0.98 (7.9% above fair value)
Industry Position: 88.4% below the Manufacturing - Apparel & Accessories median (#56 of 374)
No single metric tells the full story. See the DPNEY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Daphne International Holdings Business Description
Daphne International Holdings Ltd is an investment holding company. It is principally engaged in the distribution and licensing of footwear and accessories in Mainland China. The group's revenue mainly comprises sales of goods from directly managed and partnership stores and franchisees, as well as licensing fee income in Mainland China.
44GF 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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