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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.
Phoenix New Media's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €7.87.
The industry rank for Phoenix New Media's Net-Net Working Capital or its related term are showing as below:
FRA:1PX's Price-to-Net-Net-Working-Capital is ranked better than 99.65% of 283
companies
in the Interactive Media industry
Industry Median: 4.99
vs FRA:1PX: 0.16
Phoenix New Media (FRA:1PX) 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.
Phoenix New Media Net-Net Working Capital Related Terms
Phoenix New Media Net-Net Working Capital Historical Data
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The historical data trend for Phoenix New Media'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:1PX vs NAMI, CHAI, GITS: Net-Net Working Capital Comparison
For the Internet Content & Information subindustry, Phoenix New Media'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.
Phoenix New Media Price-to-Net-Net-Working-Capital vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Phoenix New Media's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Phoenix New Media'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 €7.87 mean?
Phoenix New Media (FRA:1PX) has a Net-Net Working Capital of €7.87 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 Phoenix New Media According to the industry distribution chart, Phoenix New Media ranks #1 out of 283 companies in the Interactive Media industry, placing it in the top 0.40000000000001%.
Is Phoenix New Media's Net-Net Working Capital too high?
Phoenix New Media's current Net-Net Working Capital is €7.87. Based on the distribution chart, Phoenix New Media ranks #1 out of 283 companies in the Interactive Media industry, which is in the top quartile — a strong position relative to peers. Overall, Phoenix New Media has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.
How does Phoenix New Media's Net-Net Working Capital compare to NAMI and CHAI?
According to the Interactive Media industry distribution chart, Phoenix New Media ranks #1 out of 283 companies for Net-Net Working Capital. This places Phoenix New Media in the top 0% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 4.99. 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 Interactive Media company?
The median Net-Net Working Capital among Interactive Media companies is 4.99, based on 283 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 Phoenix New Media For the Interactive Media industry, the median Net-Net Working Capital is 4.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Phoenix New Media's current Net-Net Working Capital is €7.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Phoenix New Media stock overvalued right now?
Phoenix New Media (FRA:1PX) has a current Net-Net Working Capital of €7.87. The stock's GF Value™ is €2.00, compared to a current price of €1.23 — trading 38.5% below its estimated fair value. The current Net-Net Working Capital is €7.87. Phoenix New Media's overall GF Score™ is 52/100 with 3 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 Phoenix New Media (FRA:1PX), the current Net-Net Working Capital is €7.87 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 Phoenix New Media (FRA:1PX) Overvalued in 2026?
Based on GuruFocus' analysis, Phoenix New Media stock appears to be undervalued.
The current stock price of €1.23 is trading 38.5% below its estimated GF Value™ of €2.00.
Key valuation signals for FRA:1PX:
Net-Net Working Capital: €7.87
GF Value™: €2.00 vs. price of €1.23 (38.5% below fair value)
No single metric tells the full story. See the FRA:1PX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Phoenix New Media Ltd is a media company providing premium content on an integrated platform across the internet, mobile and TV channels in China. The company organizes its operations into two main segments: Net advertising services and Paid services. It provides its content and services through three channels: ifeng.com channel, video channel, and mobile channel. The company also offers a wide range of paid services including mobile value-added services, games, and content sales. It generates the majority of its revenue from Net advertising services. Geographically, it derives all of its revenue from PRC.
52GF 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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