Coles GroupFRA:2OF -0.70%74 Net-Net Working Capital is €-5.93 as of Dec. 2025. GuruFocus rates FRA:2OF with a GF Score™ of 74/100 and a GF Value™ of €12.13 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 80 Retail - Defensive companies, Coles Group ranks worse than 1249998.75% on this metric.
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.
Coles Group's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-5.93.
The industry rank for Coles Group's Net-Net Working Capital or its related term are showing as below:
FRA:2OF's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Defensive industry.
Industry Median: 5.56 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Coles Group (FRA:2OF) 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.
Coles Group Net-Net Working Capital Related Terms
Coles Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Coles Group'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:2OF vs KR, SFM, ACI: Net-Net Working Capital Comparison
For the Grocery Stores subindustry, Coles Group'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.
Coles Group Price-to-Net-Net-Working-Capital vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Coles Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Coles Group'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 €-5.93 mean?
Coles Group (FRA:2OF) has a Net-Net Working Capital of €-5.93 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 Coles Group According to the industry distribution chart, Coles Group ranks #999999 out of 80 companies in the Retail - Defensive industry.
Is Coles Group's Net-Net Working Capital too high?
Coles Group's current Net-Net Working Capital is €-5.93. Based on the distribution chart, Coles Group ranks #999999 out of 80 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Coles Group has a GF Score™ of 74/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Coles Group's Net-Net Working Capital compare to KR and SFM?
According to the Retail - Defensive industry distribution chart, Coles Group ranks #999999 out of 80 companies for Net-Net Working Capital. This places Coles Group in the lower half of its industry. The industry median Net-Net Working Capital is 5.56. 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 - Defensive company?
The median Net-Net Working Capital among Retail - Defensive companies is 5.56, based on 80 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 Coles Group For the Retail - Defensive industry, the median Net-Net Working Capital is 5.56 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Coles Group's current Net-Net Working Capital is €-5.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Coles Group stock overvalued right now?
Based on GuruFocus' analysis, Coles Group (FRA:2OF) is currently considered Modestly Overvalued. The stock's GF Value™ is €12.13, compared to a current price of €14.10 — trading 16.2% above its estimated fair value. The current Net-Net Working Capital is €-5.93. Coles Group's overall GF Score™ is 74/100 with 8 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 Coles Group (FRA:2OF), the current Net-Net Working Capital is €-5.93 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 Coles Group (FRA:2OF) Overvalued in 2026?
Based on GuruFocus' analysis, Coles Group stock appears to be overvalued.
The current stock price of €14.10 is trading 16.2% above its estimated GF Value™ of €12.13.
GuruFocus considers Coles Group to be Modestly Overvalued.
Key valuation signals for FRA:2OF:
Net-Net Working Capital: €-5.93
GF Value™: €12.13 vs. price of €14.10 (16.2% above fair value)
No single metric tells the full story. See the FRA:2OF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Coles is one of Australia's largest retailers, operating the second-largest supermarket chain behind market leader Woolworths, and the country's second-largest liquor chain. The group has an extensive store network of over 1,800 stores and roughly 80% of Australians live within a 10-minute drive from a Coles store. The retailer employs some 120,000 people, who process some 20 million individual customer transactions a week. This compares with Woolworths processing about 30 million customer transactions per week from Australia's population of 27 million.
74GF Score
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