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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:DAS's Price-to-Net-Net-Working-Capital is not ranked *
in the Industrial Products industry.
Industry Median: 7.71 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Danieli & C. Officine Meccaniche SpA (FRA:DAS) 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.
Danieli & C. Officine Meccaniche SpA Net-Net Working Capital Related Terms
Danieli & C. Officine Meccaniche SpA 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.
Danieli & C. Officine Meccaniche SpA Net-Net Working Capital Chart
FRA:DAS vs GEV, ETN, PH: Net-Net Working Capital Comparison
For the Specialty Industrial Machinery subindustry, Danieli & C. Officine Meccaniche SpA'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.
Danieli & C. Officine Meccaniche SpA Price-to-Net-Net-Working-Capital vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Danieli & C. Officine Meccaniche SpA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Danieli & C. Officine Meccaniche SpA'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 €-13.41 mean?
Danieli & C. Officine Meccaniche SpA (FRA:DAS) has a Net-Net Working Capital of €-13.41 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 Danieli & C. Officine Meccaniche SpA According to the industry distribution chart, Danieli & C. Officine Meccaniche SpA ranks #999999 out of 1360 companies in the Industrial Products industry.
Is Danieli & C. Officine Meccaniche SpA's Net-Net Working Capital too high?
Danieli & C. Officine Meccaniche SpA's current Net-Net Working Capital is €-13.41. Based on the distribution chart, Danieli & C. Officine Meccaniche SpA ranks #999999 out of 1360 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Danieli & C. Officine Meccaniche SpA has a GF Score™ of 66/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Danieli & C. Officine Meccaniche SpA's Net-Net Working Capital compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Danieli & C. Officine Meccaniche SpA ranks #999999 out of 1360 companies for Net-Net Working Capital. This places Danieli & C. Officine Meccaniche SpA in the lower half of its industry. The industry median Net-Net Working Capital is 7.71. 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 Industrial Products company?
The median Net-Net Working Capital among Industrial Products companies is 7.71, based on 1,360 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 Danieli & C. Officine Meccaniche SpA For the Industrial Products industry, the median Net-Net Working Capital is 7.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Danieli & C. Officine Meccaniche SpA's current Net-Net Working Capital is €-13.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Danieli & C. Officine Meccaniche SpA stock overvalued right now?
Based on GuruFocus' analysis, Danieli & C. Officine Meccaniche SpA (FRA:DAS) is currently considered Significantly Overvalued. The stock's GF Value™ is €30.13, compared to a current price of €66.90 — trading 122% above its estimated fair value. The current Net-Net Working Capital is €-13.41. Danieli & C. Officine Meccaniche SpA's overall GF Score™ is 66/100 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 Danieli & C. Officine Meccaniche SpA (FRA:DAS), the current Net-Net Working Capital is €-13.41 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 Danieli & C. Officine Meccaniche SpA (FRA:DAS) Overvalued in 2026?
Based on GuruFocus' analysis, Danieli & C. Officine Meccaniche SpA stock appears to be overvalued.
The current stock price of €66.90 is trading 122% above its estimated GF Value™ of €30.13.
GuruFocus considers Danieli & C. Officine Meccaniche SpA to be Significantly Overvalued.
Key valuation signals for FRA:DAS:
Net-Net Working Capital: €-13.41
GF Value™: €30.13 vs. price of €66.90 (122% above fair value)
No single metric tells the full story. See the FRA:DAS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Danieli & C. Officine Meccaniche SpA Business Description
Danieli & C. Officine Meccaniche SpA is an Italy-based company that is engaged in manufacturing and distribution of steel and other nonferrous metal products as well as plant building. The company operates through two segments, namely steelmaking and plant making. The Steelmaking segment manufactures ingots, forged bars, blooms, rolled bars, bar in coils and others. End customers primarily come from the mechanical, automotive, oil & gas, power generation and other sectors. The Plant Making segment designs and builds mines, pellet production plants, furnaces, rolling mills and other various plants and facilities. The company has a global presence, with Europe, Middle East and Far East being the three largest markets for the company.
66GF Score
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