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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:CIOC's Price-to-Net-Net-Working-Capital is not ranked *
in the Hardware industry.
Industry Median: 8.465 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
China Aerospace International Holdings (FRA:CIOC) 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.
China Aerospace International Holdings Net-Net Working Capital Related Terms
China Aerospace International 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.
China Aerospace International Holdings Net-Net Working Capital Chart
China Aerospace International Holdings Annual Data
FRA:CIOC vs APH, GLW, TEL: Net-Net Working Capital Comparison
For the Electronic Components subindustry, China Aerospace International 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.
China Aerospace International Holdings Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, China Aerospace International Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where China Aerospace International 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 €-0.16 mean?
China Aerospace International Holdings (FRA:CIOC) has a Net-Net Working Capital of €-0.16 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 China Aerospace International Holdings According to the industry distribution chart, China Aerospace International Holdings ranks #999999 out of 1204 companies in the Hardware industry.
Is China Aerospace International Holdings' Net-Net Working Capital too high?
China Aerospace International Holdings' current Net-Net Working Capital is €-0.16. Based on the distribution chart, China Aerospace International Holdings ranks #999999 out of 1204 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, China Aerospace International Holdings has a GF Score™ of 43/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does China Aerospace International Holdings' Net-Net Working Capital compare to APH and GLW?
According to the Hardware industry distribution chart, China Aerospace International Holdings ranks #999999 out of 1204 companies for Net-Net Working Capital. This places China Aerospace International Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 8.47. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 8.47, based on 1,204 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 China Aerospace International Holdings For the Hardware industry, the median Net-Net Working Capital is 8.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Aerospace International Holdings's current Net-Net Working Capital is €-0.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Aerospace International Holdings stock overvalued right now?
Based on GuruFocus' analysis, China Aerospace International Holdings (FRA:CIOC) is currently considered Significantly Overvalued. The stock's GF Value™ is €0.04, compared to a current price of €0.06 — trading 37.5% above its estimated fair value. The current Net-Net Working Capital is €-0.16. China Aerospace International Holdings' overall GF Score™ is 43/100 with 6 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 China Aerospace International Holdings (FRA:CIOC), the current Net-Net Working Capital is €-0.16 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 China Aerospace International Holdings (FRA:CIOC) Overvalued in 2026?
Based on GuruFocus' analysis, China Aerospace International Holdings stock appears to be overvalued.
The current stock price of €0.06 is trading 37.5% above its estimated GF Value™ of €0.04.
GuruFocus considers China Aerospace International Holdings to be Significantly Overvalued.
Key valuation signals for FRA:CIOC:
Net-Net Working Capital: €-0.16
GF Value™: €0.04 vs. price of €0.06 (37.5% above fair value)
No single metric tells the full story. See the FRA:CIOC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Aerospace International Holdings Ltd is an investment holding company engaged in the research and development, design, professional production, sales, and services of the high-tech manufacturing business such as plastic products, electronic products, power products, and semiconductor products. The firm has 7 reportable segments, namely Hi-Tech Manufacturing Business (including plastic products, liquid crystal display, printed circuit boards, intelligent chargers, intelligent power modules, and industrial property investment) and Aerospace Service (including property investment in the S&T Plaza). It generates key revenue from manufacturing Plastic products, Liquid crystal display, and Printed circuit boards. Geographically, It derives key revenue from Hong Kong and Mainland China.
43GF 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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