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Li Ning CoFRA:LNL 97 Net-Net Working Capital is €12.02 as of Dec. 2025. GuruFocus rates FRA:LNL with a GF Score™ of 97/100 and a GF Value™ of €53.80. The stock has 3 warning signs investors should review. Among 207 Travel & Leisure companies, Li Ning Co ranks better than 62.8% 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.
Li Ning Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €12.02.
The industry rank for Li Ning Co's Net-Net Working Capital or its related term are showing as below:
FRA:LNL's Price-to-Net-Net-Working-Capital is ranked better than 62.8% of 207
companies
in the Travel & Leisure industry
Industry Median: 5.94
vs FRA:LNL: 3.79
Li Ning Co (FRA:LNL) 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.
Li Ning Co Net-Net Working Capital Related Terms
Li Ning Co Net-Net Working Capital Historical Data
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The historical data trend for Li Ning Co'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:LNL vs AS, HAS, LTH: Net-Net Working Capital Comparison
For the Leisure subindustry, Li Ning 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.
Li Ning Co Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Li Ning Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Li Ning 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 €12.02 mean?
Li Ning Co (FRA:LNL) has a Net-Net Working Capital of €12.02 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 Li Ning Co According to the industry distribution chart, Li Ning Co ranks #77 out of 207 companies in the Travel & Leisure industry, placing it in the top 37.2%.
Is Li Ning Co's Net-Net Working Capital too high?
Li Ning Co's current Net-Net Working Capital is €12.02. Based on the distribution chart, Li Ning Co ranks #77 out of 207 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Li Ning Co has a GF Score™ of 97/100, reflecting its overall financial health beyond just this single metric.
How does Li Ning Co's Net-Net Working Capital compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Li Ning Co ranks #77 out of 207 companies for Net-Net Working Capital. This puts Li Ning Co in the upper half of its industry. The industry median Net-Net Working Capital is 5.94. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 5.94, based on 207 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 Li Ning Co For the Travel & Leisure industry, the median Net-Net Working Capital is 5.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Li Ning Co's current Net-Net Working Capital is €12.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Li Ning Co stock overvalued right now?
Li Ning Co (FRA:LNL) has a current Net-Net Working Capital of €12.02. The stock's GF Value™ is €53.80, compared to a current price of €34.60 — trading 35.7% below its estimated fair value. The current Net-Net Working Capital is €12.02. Li Ning Co's overall GF Score™ is 97/100 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 Li Ning Co (FRA:LNL), the current Net-Net Working Capital is €12.02 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 Li Ning Co (FRA:LNL) Overvalued in 2026?
Based on GuruFocus' analysis, Li Ning Co stock appears to be undervalued.
The current stock price of €34.60 is trading 35.7% below its estimated GF Value™ of €53.80.
Key valuation signals for FRA:LNL:
Net-Net Working Capital: €12.02
GF Value™: €53.80 vs. price of €34.60 (35.7% below fair value)
No single metric tells the full story. See the FRA:LNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Established in 1989, Li Ning is one of the largest sportswear companies in China. Headquartered in Beijing, Li Ning mainly sells professional and leisure footwear and apparel under the Li Ning brand. Despite having a single-brand strategy, Li Ning launched multiple sub-brands (such as China Li Ning and Li Ning 1990) to appeal to different demographics. As of the end of 2024, the company had 7,585 stores in China, of which 1,297 were directly operated, and the rest franchised.
97GF Score
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