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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:I54's Price-to-Net-Net-Working-Capital is ranked worse than 98.33% of 837
companies
in the Biotechnology industry
Industry Median: 5.36
vs FRA:I54: 163.75
Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) 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.
Biocytogen Pharmaceuticals (Beijing) Co Net-Net Working Capital Related Terms
Biocytogen Pharmaceuticals (Beijing) Co 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.
Biocytogen Pharmaceuticals (Beijing) Co Net-Net Working Capital Chart
Biocytogen Pharmaceuticals (Beijing) Co Annual Data
FRA:I54 vs VRTX, REGN, MRNA: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Biocytogen Pharmaceuticals (Beijing) Co'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.
Biocytogen Pharmaceuticals (Beijing) Co Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Biocytogen Pharmaceuticals (Beijing) Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Biocytogen Pharmaceuticals (Beijing) Co'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?
Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) has a Net-Net Working Capital of €0.04 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 Biocytogen Pharmaceuticals (Beijing) Co According to the industry distribution chart, Biocytogen Pharmaceuticals (Beijing) Co ranks #823 out of 837 companies in the Biotechnology industry, placing it in the top 98.3%.
Is Biocytogen Pharmaceuticals (Beijing) Co's Net-Net Working Capital too high?
Biocytogen Pharmaceuticals (Beijing) Co's current Net-Net Working Capital is €0.04. Based on the distribution chart, Biocytogen Pharmaceuticals (Beijing) Co ranks #823 out of 837 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Biocytogen Pharmaceuticals (Beijing) Co has a GF Score™ of 72/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Biocytogen Pharmaceuticals (Beijing) Co's Net-Net Working Capital compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Biocytogen Pharmaceuticals (Beijing) Co ranks #823 out of 837 companies for Net-Net Working Capital. This places Biocytogen Pharmaceuticals (Beijing) Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.36. 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.36, based on 837 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 Biocytogen Pharmaceuticals (Beijing) Co For the Biotechnology industry, the median Net-Net Working Capital is 5.36 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Biocytogen Pharmaceuticals (Beijing) Co'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 Biocytogen Pharmaceuticals (Beijing) Co stock overvalued right now?
Based on GuruFocus' analysis, Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) is currently considered Significantly Overvalued. The stock's GF Value™ is €3.45, compared to a current price of €6.55 — trading 89.9% above its estimated fair value. The current Net-Net Working Capital is €0.04. Biocytogen Pharmaceuticals (Beijing) Co's overall GF Score™ is 72/100 with 3 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 Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54), the current Net-Net Working Capital is €0.04 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.
Is Biocytogen Pharmaceuticals (Beijing) Co (FRA:I54) Overvalued in 2026?
Based on GuruFocus' analysis, Biocytogen Pharmaceuticals (Beijing) Co stock appears to be overvalued.
The current stock price of €6.55 is trading 89.9% above its estimated GF Value™ of €3.45.
GuruFocus considers Biocytogen Pharmaceuticals (Beijing) Co to be Significantly Overvalued.
Key valuation signals for FRA:I54:
Net-Net Working Capital: €0.04
GF Value™: €3.45 vs. price of €6.55 (89.9% above fair value)
No single metric tells the full story. See the FRA:I54 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Biocytogen Pharmaceuticals (Beijing) Co Ltd is a biopharmaceutical and pre-clinical research services company. It has two Core Products, YH003 and YH001. YH003 is a recombinant humanized agonistic anti-Cluster of Differentiation 40 (CD40) Immunoglobulin G2 (IgG2) monoclonal antibody and YH001 is a recombinant humanized anti-CTLA-4, a protein receptor expressed constitutively on T cells that functions as an immune checkpoint and downregulates immune responses, Immunoglobulin G1 (IgG1) monoclonal antibody. YH003 is being developed for pancreatic ductal adenocarcinoma, melanoma, and other developed solid tumors. YH001 is being developed for hepatocellular carcinoma (HCC), non-small-cell lung carcinoma (NSCLC), and other solid tumors.
72GF Score
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