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Calnex SolutionsFRA:CSO 54 Net-Net Working Capital is €0.04 as of Mar. 2026. GuruFocus rates FRA:CSO with a GF Score™ of 54/100 and a GF Value™ of €0.78 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 1,218 Hardware companies, Calnex Solutions ranks worse than 66.01% on this metric.
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.
Calnex Solutions's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €0.04.
The industry rank for Calnex Solutions's Net-Net Working Capital or its related term are showing as below:
FRA:CSO's Price-to-Net-Net-Working-Capital is ranked worse than 66.01% of 1218
companies
in the Hardware industry
Industry Median: 8.525
vs FRA:CSO: 17.38
Calnex Solutions (FRA:CSO) 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.
Calnex Solutions Net-Net Working Capital Related Terms
Calnex Solutions Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Calnex Solutions'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:CSO vs CSCO, CIEN, MSI: Net-Net Working Capital Comparison
For the Communication Equipment subindustry, Calnex Solutions'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.
Calnex Solutions Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Calnex Solutions's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Calnex Solutions'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 €0.04 mean?
Calnex Solutions (FRA:CSO) has a Net-Net Working Capital of €0.04 as of Mar. 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 Calnex Solutions According to the industry distribution chart, Calnex Solutions ranks #804 out of 1218 companies in the Hardware industry, placing it in the top 66%.
Is Calnex Solutions' Net-Net Working Capital too high?
Calnex Solutions' current Net-Net Working Capital is €0.04. Based on the distribution chart, Calnex Solutions ranks #804 out of 1218 companies in the Hardware industry, which is below the industry midpoint. Overall, Calnex Solutions has a GF Score™ of 54/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Calnex Solutions' Net-Net Working Capital compare to CSCO and CIEN?
According to the Hardware industry distribution chart, Calnex Solutions ranks #804 out of 1218 companies for Net-Net Working Capital. This places Calnex Solutions in the lower half of its industry. The industry median Net-Net Working Capital is 8.53. 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 8.53, based on 1,218 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 Calnex Solutions For the Hardware industry, the median Net-Net Working Capital is 8.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Calnex Solutions's current Net-Net Working Capital is €0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Calnex Solutions stock overvalued right now?
Based on GuruFocus' analysis, Calnex Solutions (FRA:CSO) is currently considered Modestly Undervalued. The stock's GF Value™ is €0.78, compared to a current price of €0.70 — trading 10.9% below its estimated fair value. The current Net-Net Working Capital is €0.04. Calnex Solutions' overall GF Score™ is 54/100 with 4 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 Calnex Solutions (FRA:CSO), the current Net-Net Working Capital is €0.04 as of Mar. 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 Calnex Solutions (FRA:CSO) Overvalued in 2026?
Based on GuruFocus' analysis, Calnex Solutions stock appears to be undervalued.
The current stock price of €0.70 is trading 10.9% below its estimated GF Value™ of €0.78.
GuruFocus considers Calnex Solutions to be Modestly Undervalued.
Key valuation signals for FRA:CSO:
Net-Net Working Capital: €0.04
GF Value™: €0.78 vs. price of €0.70 (10.9% below fair value)
No single metric tells the full story. See the FRA:CSO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Calnex Solutions PLC is a provider of test and measurement solutions for the telecommunications sector. It designs, produces, and markets test instrumentation and solutions for network synchronization and network emulation. The company offers its equipment to network operators, network providers, systems suppliers, laboratories, and network infrastructures. The company operates in North Asia, Americas and Rest of the world, out of which it derives maximum revenue from Rest of the World.
54GF Score
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