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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.
FRA:68Z's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.68 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
iFOREX Financial Trading Holdings (FRA:68Z) 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.
iFOREX Financial Trading Holdings Net-Net Working Capital Related Terms
iFOREX Financial Trading Holdings Net-Net Working Capital Historical Data
* 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.
iFOREX Financial Trading Holdings Net-Net Working Capital Chart
iFOREX Financial Trading Holdings Annual Data
Trend
Dec22
Dec23
Dec24
Dec25
Net-Net Working Capital
0.23
0.45
0.03
-0.02
iFOREX Financial Trading Holdings Semi-Annual Data
Dec22
Dec23
Dec24
Dec25
Net-Net Working Capital
0.23
0.45
0.03
-0.02
FRA:68Z vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, iFOREX Financial Trading Holdings'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.
iFOREX Financial Trading Holdings Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, iFOREX Financial Trading Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where iFOREX Financial Trading Holdings'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 €-0.02 mean?
iFOREX Financial Trading Holdings (FRA:68Z) has a Net-Net Working Capital of €-0.02 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 iFOREX Financial Trading Holdings According to the industry distribution chart, iFOREX Financial Trading Holdings ranks #999999 out of 269 companies in the Capital Markets industry.
Is iFOREX Financial Trading Holdings' Net-Net Working Capital too high?
iFOREX Financial Trading Holdings' current Net-Net Working Capital is €-0.02. Based on the distribution chart, iFOREX Financial Trading Holdings ranks #999999 out of 269 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, iFOREX Financial Trading Holdings has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does iFOREX Financial Trading Holdings' Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, iFOREX Financial Trading Holdings ranks #999999 out of 269 companies for Net-Net Working Capital. This places iFOREX Financial Trading Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 4.68. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.68, based on 269 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 iFOREX Financial Trading Holdings For the Capital Markets industry, the median Net-Net Working Capital is 4.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. iFOREX Financial Trading Holdings's current Net-Net Working Capital is €-0.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is iFOREX Financial Trading Holdings stock overvalued right now?
iFOREX Financial Trading Holdings (FRA:68Z) has a current Net-Net Working Capital of €-0.02. The current Net-Net Working Capital is €-0.02. iFOREX Financial Trading Holdings' overall GF Score™ is 18/100 with 2 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 iFOREX Financial Trading Holdings (FRA:68Z), the current Net-Net Working Capital is €-0.02 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.
iFOREX Financial Trading Holdings Ltd developed and operates a proprietary online and mobile CFD trading platform enabling its retail clients to trade CFDs across over 870 financial instruments comprising currencies, commodities, indices, stocks, cryptocurrencies and ETFs. It also offers educational resources to its clients allowing them to benefit from a wide variety of free training, support and educational resources to enhance their understanding of the world-wide markets, online trading and the available trading tools. It operates in one segment being from the online trading on CFDs through the Group's internally developed platform. Its revenues are generated from three sources: dealing spreads, overnight premiums, and gains (offset by losses) from client's trading positions.
18GF Score
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