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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.
Alexander & Baldwin's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-7.31.
The industry rank for Alexander & Baldwin's Net-Net Working Capital or its related term are showing as below:
FRA:ABU's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 16.245 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Alexander & Baldwin (FRA:ABU) 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.
Alexander & Baldwin Net-Net Working Capital Related Terms
Alexander & Baldwin Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Alexander & Baldwin'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:ABU vs ALX, CBL, GTY: Net-Net Working Capital Comparison
For the REIT - Retail subindustry, Alexander & Baldwin'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.
Alexander & Baldwin Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, Alexander & Baldwin's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Alexander & Baldwin'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 €-7.31 mean?
Alexander & Baldwin (FRA:ABU) has a Net-Net Working Capital of €-7.31 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 Alexander & Baldwin
Is Alexander & Baldwin's Net-Net Working Capital too high?
Alexander & Baldwin's current Net-Net Working Capital is €-7.31. Overall, Alexander & Baldwin has a GF Score™ of 71/100, reflecting its overall financial health beyond just this single metric.
How does Alexander & Baldwin's Net-Net Working Capital compare to ALX and CBL?
Alexander & Baldwin's Net-Net Working Capital of €-7.31 can be compared against companies in the REITs industry. The industry median Net-Net Working Capital is 16.25. 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 REITs company?
The median Net-Net Working Capital among REITs companies is 16.25, based on 112 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 Alexander & Baldwin For the REITs industry, the median Net-Net Working Capital is 16.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Alexander & Baldwin's current Net-Net Working Capital is €-7.31. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Alexander & Baldwin stock overvalued right now?
Alexander & Baldwin (FRA:ABU) has a current Net-Net Working Capital of €-7.31. The stock's GF Value™ is €13.88, compared to a current price of €17.80 — trading 28.2% above its estimated fair value. The current Net-Net Working Capital is €-7.31. Alexander & Baldwin's overall GF Score™ is 71/100 with 10 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 Alexander & Baldwin (FRA:ABU), the current Net-Net Working Capital is €-7.31 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 Alexander & Baldwin (FRA:ABU) Overvalued in 2026?
Based on GuruFocus' analysis, Alexander & Baldwin stock appears to be overvalued.
The current stock price of €17.80 is trading 28.2% above its estimated GF Value™ of €13.88.
Key valuation signals for FRA:ABU:
Net-Net Working Capital: €-7.31
GF Value™: €13.88 vs. price of €17.80 (28.2% above fair value)
No single metric tells the full story. See the FRA:ABU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Alexander & Baldwin Inc is a Hawaii commercial real estate company. The group owns, operates, and manages a million square feet of retail, industrial, and office space in Hawaii. It is a real estate investment trust (REIT) and the owner of grocery and drug-anchored retail centers in the state. It functions through two segments, namely Commercial Real Estate and Land Operations. The Commercial Real Estate segment owns and manages retail, industrial spaces, and also urban ground leases in Hawaii, thereby accounting for a majority of the company's revenue. The Land Operations segment actively manages the company's land and real estate-related assets and makes optimum utilization of these assets. Geographically, the activities are carried out across the United States.
71GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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