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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.
FEDU's Price-to-Net-Net-Working-Capital is not ranked *
in the Education industry.
Industry Median: 5.06 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Four Seasons Education (Cayman) (NYSE:FEDU) 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.
Four Seasons Education (Cayman) Net-Net Working Capital Related Terms
Four Seasons Education (Cayman) 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.
Four Seasons Education (Cayman) Net-Net Working Capital Chart
FEDU vs PCSV, EDTK, LMMY: Net-Net Working Capital Comparison
For the Education & Training Services subindustry, Four Seasons Education (Cayman)'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.
Four Seasons Education (Cayman) Price-to-Net-Net-Working-Capital vs Education Industry
For the Education industry and Consumer Defensive sector, Four Seasons Education (Cayman)'s Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Four Seasons Education (Cayman)'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 $-2.06 mean?
Four Seasons Education (Cayman) (FEDU) has a Net-Net Working Capital of $-2.06 as of Feb. 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 Four Seasons Education (Cayman) According to the industry distribution chart, Four Seasons Education (Cayman) ranks #999999 out of 93 companies in the Education industry.
Is Four Seasons Education (Cayman)'s Net-Net Working Capital too high?
Four Seasons Education (Cayman)'s current Net-Net Working Capital is $-2.06. Based on the distribution chart, Four Seasons Education (Cayman) ranks #999999 out of 93 companies in the Education industry, which is in the bottom quartile relative to peers. Overall, Four Seasons Education (Cayman) has a GF Score™ of 57/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Four Seasons Education (Cayman)'s Net-Net Working Capital compare to PCSV and EDTK?
According to the Education industry distribution chart, Four Seasons Education (Cayman) ranks #999999 out of 93 companies for Net-Net Working Capital. This places Four Seasons Education (Cayman) in the lower half of its industry. The industry median Net-Net Working Capital is 5.06. 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 Education company?
The median Net-Net Working Capital among Education companies is 5.06, based on 93 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 Four Seasons Education (Cayman) For the Education industry, the median Net-Net Working Capital is 5.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Four Seasons Education (Cayman)'s current Net-Net Working Capital is $-2.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Four Seasons Education (Cayman) stock overvalued right now?
Based on GuruFocus' analysis, Four Seasons Education (Cayman) (FEDU) is currently considered Possible Value Trap. The stock's GF Value™ is $18.96, compared to a current price of $8.20 — trading 56.8% below its estimated fair value. The current Net-Net Working Capital is $-2.06. Four Seasons Education (Cayman)'s overall GF Score™ is 57/100 with 6 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 Four Seasons Education (Cayman) (FEDU), the current Net-Net Working Capital is $-2.06 as of Feb. 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 Four Seasons Education (Cayman) (FEDU) Overvalued in 2026?
Based on GuruFocus' analysis, Four Seasons Education (Cayman) stock appears to be undervalued.
The current stock price of $8.20 is trading 56.8% below its estimated GF Value™ of $18.96.
GuruFocus considers Four Seasons Education (Cayman) to be Possible Value Trap.
Key valuation signals for FEDU:
Net-Net Working Capital: $-2.06
GF Value™: $18.96 vs. price of $8.20 (56.8% below fair value)
No single metric tells the full story. See the FEDU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Four Seasons Education (Cayman) Inc is a service provider of both tourism and education-related services in China. Its program, service, and product offerings mainly consist of enrichment learning programs, school-based tutoring product solutions, and training programs for teachers, study camps and learning trips for students, and travel agency services for all age groups. The Company provides a wide variety of learning and tourism services and is committed to maximizing a learner's potential through technology and content capabilities. The Group operates through three segments: Learning Services, which generates maximum revenue, Tourism Services, and Learning Technology and Content Solutions. The Group mainly operates in the PRC.
57GF Score
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