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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.
Bicycle Therapeutics's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €5.14.
The industry rank for Bicycle Therapeutics's Net-Net Working Capital or its related term are showing as below:
FRA:50BA's Price-to-Net-Net-Working-Capital is ranked better than 96.03% of 856
companies
in the Biotechnology industry
Industry Median: 5.135
vs FRA:50BA: 0.62
Bicycle Therapeutics (FRA:50BA) 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.
Bicycle Therapeutics Net-Net Working Capital Related Terms
Bicycle Therapeutics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Bicycle Therapeutics'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.
Bicycle Therapeutics Net-Net Working Capital Chart
FRA:50BA vs CYDY, ALXO, SABS: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Bicycle Therapeutics'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.
Bicycle Therapeutics Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Bicycle Therapeutics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bicycle Therapeutics'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 €5.14 mean?
Bicycle Therapeutics (FRA:50BA) has a Net-Net Working Capital of €5.14 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 Bicycle Therapeutics According to the industry distribution chart, Bicycle Therapeutics ranks #34 out of 856 companies in the Biotechnology industry, placing it in the top 4%.
Is Bicycle Therapeutics' Net-Net Working Capital too high?
Bicycle Therapeutics' current Net-Net Working Capital is €5.14. Based on the distribution chart, Bicycle Therapeutics ranks #34 out of 856 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Bicycle Therapeutics has a GF Score™ of 53/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bicycle Therapeutics' Net-Net Working Capital compare to CYDY and ALXO?
According to the Biotechnology industry distribution chart, Bicycle Therapeutics ranks #34 out of 856 companies for Net-Net Working Capital. This places Bicycle Therapeutics in the top 4% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.14. 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.14, based on 856 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 Bicycle Therapeutics For the Biotechnology industry, the median Net-Net Working Capital is 5.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bicycle Therapeutics's current Net-Net Working Capital is €5.14. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bicycle Therapeutics stock overvalued right now?
Based on GuruFocus' analysis, Bicycle Therapeutics (FRA:50BA) is currently considered Possible Value Trap. The stock's GF Value™ is €12.92, compared to a current price of €3.18 — trading 75.4% below its estimated fair value. The current Net-Net Working Capital is €5.14. Bicycle Therapeutics' overall GF Score™ is 53/100 with 5 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 Bicycle Therapeutics (FRA:50BA), the current Net-Net Working Capital is €5.14 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 Bicycle Therapeutics (FRA:50BA) Overvalued in 2026?
Based on GuruFocus' analysis, Bicycle Therapeutics stock appears to be undervalued.
The current stock price of €3.18 is trading 75.4% below its estimated GF Value™ of €12.92.
GuruFocus considers Bicycle Therapeutics to be Possible Value Trap.
Key valuation signals for FRA:50BA:
Net-Net Working Capital: €5.14
GF Value™: €12.92 vs. price of €3.18 (75.4% below fair value)
No single metric tells the full story. See the FRA:50BA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bicycle Therapeutics PLC is a clinical-stage biopharmaceutical company developing a novel class of medicines which are referred to as Bicycles. The Bicycles are synthetic short peptides constrained to form two loops that stabilize their structural geometry. Its initial internal programs are focused on oncology indications with high unmet medical needs. The company's product candidate, BT1718, is a Bicycle Toxin Conjugate, or BTC. The company has two segments: the United Kingdom and the United States. It derives maximum revenue from United Kingdom.
53GF Score
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