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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.
FNRN's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 2.06 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
First Northern Community Bancorp (NAS:FNRN) 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.
First Northern Community Bancorp Net-Net Working Capital Related Terms
First Northern Community Bancorp 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.
First Northern Community Bancorp Net-Net Working Capital Chart
FNRN vs QNBC, ATLO, FRAF: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, First Northern Community Bancorp'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.
First Northern Community Bancorp Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, First Northern Community Bancorp's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where First Northern Community Bancorp'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 $-71.21 mean?
First Northern Community Bancorp (FNRN) has a Net-Net Working Capital of $-71.21 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 First Northern Community Bancorp According to the industry distribution chart, First Northern Community Bancorp ranks #999999 out of 9 companies in the Banks industry.
Is First Northern Community Bancorp's Net-Net Working Capital too high?
First Northern Community Bancorp's current Net-Net Working Capital is $-71.21. Based on the distribution chart, First Northern Community Bancorp ranks #999999 out of 9 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, First Northern Community Bancorp has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does First Northern Community Bancorp's Net-Net Working Capital compare to QNBC and ATLO?
According to the Banks industry distribution chart, First Northern Community Bancorp ranks #999999 out of 9 companies for Net-Net Working Capital. This places First Northern Community Bancorp in the lower half of its industry. The industry median Net-Net Working Capital is 2.06. 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 a Banks company?
The median Net-Net Working Capital among Banks companies is 2.06, based on 9 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 First Northern Community Bancorp For the Banks industry, the median Net-Net Working Capital is 2.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Northern Community Bancorp's current Net-Net Working Capital is $-71.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Northern Community Bancorp stock overvalued right now?
Based on GuruFocus' analysis, First Northern Community Bancorp (FNRN) is currently considered Significantly Overvalued. The stock's GF Value™ is $10.64, compared to a current price of $16.63 — trading 56.3% above its estimated fair value. The current Net-Net Working Capital is $-71.21. First Northern Community Bancorp's overall GF Score™ is 57/100 with 4 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 First Northern Community Bancorp (FNRN), the current Net-Net Working Capital is $-71.21 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 First Northern Community Bancorp (FNRN) Overvalued in 2026?
Based on GuruFocus' analysis, First Northern Community Bancorp stock appears to be overvalued.
The current stock price of $16.63 is trading 56.3% above its estimated GF Value™ of $10.64.
GuruFocus considers First Northern Community Bancorp to be Significantly Overvalued.
Key valuation signals for FNRN:
Net-Net Working Capital: $-71.21
GF Value™: $10.64 vs. price of $16.63 (56.3% above fair value)
No single metric tells the full story. See the FNRN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Northern Community Bancorp is a bank holding company for a community bank, First Northern Bank of Dixon. It conducts general banking activities, including collecting deposits and originating loans, and serves Solano, Yolo, Sacramento, Placer, El Dorado, and Contra Costa Counties. It offers a broad range of alternative investment products and services, equipment leasing, credit cards, merchant card processing, payroll services, and limited international banking services. The bank generates the majority of its revenue by providing various products and services to small and medium-sized businesses and individuals. including accepting demand, interest bearing transaction, savings, and time deposits, and making commercial, consumer, and real estate-related loans.
57GF Score
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