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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.
Aspen Insurance Holdings's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-76.25.
The industry rank for Aspen Insurance Holdings's Net-Net Working Capital or its related term are showing as below:
FRA:8ZV's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 7.39 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Aspen Insurance Holdings (FRA:8ZV) 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.
Aspen Insurance Holdings Net-Net Working Capital Related Terms
Aspen Insurance Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Aspen Insurance Holdings'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.
Aspen Insurance Holdings Net-Net Working Capital Chart
FRA:8ZV vs CB, PGR, TRV: Net-Net Working Capital Comparison
For the Insurance - Property & Casualty subindustry, Aspen Insurance 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.
Aspen Insurance Holdings Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, Aspen Insurance Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Aspen Insurance 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 €-76.25 mean?
Aspen Insurance Holdings (FRA:8ZV) has a Net-Net Working Capital of €-76.25 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 Aspen Insurance Holdings
Is Aspen Insurance Holdings' Net-Net Working Capital too high?
Aspen Insurance Holdings' current Net-Net Working Capital is €-76.25. Overall, Aspen Insurance Holdings has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does Aspen Insurance Holdings' Net-Net Working Capital compare to CB and PGR?
Aspen Insurance Holdings' Net-Net Working Capital of €-76.25 can be compared against companies in the Insurance industry. The industry median Net-Net Working Capital is 7.39. 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 Insurance company?
The median Net-Net Working Capital among Insurance companies is 7.39, based on 63 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 Aspen Insurance Holdings For the Insurance industry, the median Net-Net Working Capital is 7.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aspen Insurance Holdings's current Net-Net Working Capital is €-76.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aspen Insurance Holdings stock overvalued right now?
Aspen Insurance Holdings (FRA:8ZV) has a current Net-Net Working Capital of €-76.25. The current Net-Net Working Capital is €-76.25. Aspen Insurance Holdings' overall GF Score™ is 31/100 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 Aspen Insurance Holdings (FRA:8ZV), the current Net-Net Working Capital is €-76.25 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.
Aspen Insurance Holdings Ltd is a Bermudian insurance and reinsurance company. Its principal business is marketing and underwriting specialty insurance and reinsurance regularly. It comprises underwriting operations, which include risk-bearing insurance and reinsurance operations; Investing activities, which support underwriting operations; and ACM operations, which earn underwriting, management, and performance fees. It has two segments: Aspen Insurance and Aspen Reinsurance. Aspen Insurance consists of property and casualty insurance, marine, aviation, energy insurance, and financial and professional lines insurance. Aspen Reinsurance comprises property catastrophe reinsurance, other property reinsurance, casualty reinsurance, and specialty reinsurance.
31GF Score
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