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Kowa CoFRA:49N +0.45%75 Net-Net Working Capital is €2.06 as of Feb. 2026. GuruFocus rates FRA:49N with a GF Score™ of 75/100 and a GF Value™ of €5.62. The stock has 1 warning sign investors should review. Among 174 Furnishings, Fixtures & Appliances companies, Kowa Co ranks better than 84.48% 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.
Kowa Co's Net-Net Working Capital for the quarter that ended in Feb. 2026 was €2.06.
The industry rank for Kowa Co's Net-Net Working Capital or its related term are showing as below:
FRA:49N's Price-to-Net-Net-Working-Capital is ranked better than 84.48% of 174
companies
in the Furnishings, Fixtures & Appliances industry
Industry Median: 7.23
vs FRA:49N: 2.19
Kowa Co (FRA:49N) 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.
Kowa Co Net-Net Working Capital Related Terms
Kowa Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kowa Co'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:49N vs SN, SGI, MHK: Net-Net Working Capital Comparison
For the Furnishings, Fixtures & Appliances subindustry, Kowa Co'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.
Kowa Co Price-to-Net-Net-Working-Capital vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Kowa Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kowa Co'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?
Kowa Co (FRA:49N) 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 Kowa Co According to the industry distribution chart, Kowa Co ranks #27 out of 174 companies in the Furnishings, Fixtures & Appliances industry, placing it in the top 15.5%.
Is Kowa Co's Net-Net Working Capital too high?
Kowa Co's current Net-Net Working Capital is €2.06. Based on the distribution chart, Kowa Co ranks #27 out of 174 companies in the Furnishings, Fixtures & Appliances industry, which is in the top quartile — a strong position relative to peers. Overall, Kowa Co has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Kowa Co's Net-Net Working Capital compare to SN and SGI?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Kowa Co ranks #27 out of 174 companies for Net-Net Working Capital. This places Kowa Co in the top 16% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.23. 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 Furnishings, Fixtures & Appliances company?
The median Net-Net Working Capital among Furnishings, Fixtures & Appliances companies is 7.23, based on 174 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 Kowa Co For the Furnishings, Fixtures & Appliances industry, the median Net-Net Working Capital is 7.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kowa Co'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 Kowa Co stock overvalued right now?
Kowa Co (FRA:49N) has a current Net-Net Working Capital of €2.06. The stock's GF Value™ is €5.62, compared to a current price of €4.42 — trading 21.4% below its estimated fair value. The current Net-Net Working Capital is €2.06. Kowa Co's overall GF Score™ is 75/100 with 1 warning sign 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 Kowa Co (FRA:49N), 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 Kowa Co (FRA:49N) Overvalued in 2026?
Based on GuruFocus' analysis, Kowa Co stock appears to be undervalued.
The current stock price of €4.42 is trading 21.4% below its estimated GF Value™ of €5.62.
Key valuation signals for FRA:49N:
Net-Net Working Capital: €2.06
GF Value™: €5.62 vs. price of €4.42 (21.4% below fair value)
No single metric tells the full story. See the FRA:49N stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kowa Co Ltd is a Japan-based company engaged in manufacture and sale of welfare equipment. The company is involved in the production and sales of welfare nursing care products including walking cars and walking aids or walk assistance carts, silver cars, handrails, walking canes, bath related products, toilet-related products and life-support products. It supplies its products mainly to chain stores, wholesale trading companies for welfare equipment, national welfare equipment lease companies, department stores, mail-order companies and others.
75GF Score
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