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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.
Murphy USA's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-171.61.
The industry rank for Murphy USA's Net-Net Working Capital or its related term are showing as below:
FRA:1MU's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.44 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Murphy USA (FRA:1MU) 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.
Murphy USA Net-Net Working Capital Related Terms
Murphy USA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Murphy USA'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.
FRA:1MU vs FIVE, GME, TSCO: Net-Net Working Capital Comparison
For the Specialty Retail subindustry, Murphy USA'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.
Murphy USA Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Murphy USA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Murphy USA'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 €-171.61 mean?
Murphy USA (FRA:1MU) has a Net-Net Working Capital of €-171.61 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 Murphy USA According to the industry distribution chart, Murphy USA ranks #999999 out of 327 companies in the Retail - Cyclical industry.
Is Murphy USA's Net-Net Working Capital too high?
Murphy USA's current Net-Net Working Capital is €-171.61. Based on the distribution chart, Murphy USA ranks #999999 out of 327 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Murphy USA has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Murphy USA's Net-Net Working Capital compare to FIVE and GME?
According to the Retail - Cyclical industry distribution chart, Murphy USA ranks #999999 out of 327 companies for Net-Net Working Capital. This places Murphy USA in the lower half of its industry. The industry median Net-Net Working Capital is 6.44. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.44, based on 327 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 Murphy USA For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Murphy USA's current Net-Net Working Capital is €-171.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Murphy USA stock overvalued right now?
Murphy USA (FRA:1MU) has a current Net-Net Working Capital of €-171.61. The stock's GF Value™ is €441.28, compared to a current price of €483.40 — trading 9.5% above its estimated fair value. The current Net-Net Working Capital is €-171.61. Murphy USA's overall GF Score™ is 71/100 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 Murphy USA (FRA:1MU), the current Net-Net Working Capital is €-171.61 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 Murphy USA (FRA:1MU) Overvalued in 2026?
Based on GuruFocus' analysis, Murphy USA stock appears to be overvalued.
The current stock price of €483.40 is trading 9.5% above its estimated GF Value™ of €441.28.
Key valuation signals for FRA:1MU:
Net-Net Working Capital: €-171.61
GF Value™: €441.28 vs. price of €483.40 (9.5% above fair value)
No single metric tells the full story. See the FRA:1MU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Murphy USA Inc is mainly engaged in the marketing of retail motor fuel products and convenience merchandise through a network of several retail stores in the Southwest, Southeast, Midwest, and Northeast United States. The majority of Murphy USA's stores are located in proximity to Walmart Supercenters, but it also operates standalone stores that market gasoline and other products under the Murphy USA, Murphy Express, and QuickChek brands. In addition, the company also markets fuel to unbranded wholesale customers through a mixture of company-owned and third-party product distribution terminals and pipeline positions. The firm generates maximum revenue through retail sales of petroleum products, and the rest from merchandise sales and wholesale of petroleum products.
71GF 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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