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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.
The industry rank for Bawat Water Technologies AB's Net-Net Working Capital or its related term are showing as below:
FRA:M5W's Price-to-Net-Net-Working-Capital is not ranked *
in the Industrial Products industry.
Industry Median: 8.13 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Bawat Water Technologies AB (FRA:M5W) 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.
Bawat Water Technologies AB Net-Net Working Capital Related Terms
Bawat Water Technologies AB 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.
Bawat Water Technologies AB Net-Net Working Capital Chart
FRA:M5W vs VLTO, ZWS, CECO: Net-Net Working Capital Comparison
For the Pollution & Treatment Controls subindustry, Bawat Water Technologies AB'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.
Bawat Water Technologies AB Price-to-Net-Net-Working-Capital vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Bawat Water Technologies AB's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bawat Water Technologies AB'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 €-0.06 mean?
Bawat Water Technologies AB (FRA:M5W) has a Net-Net Working Capital of €-0.06 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 Bawat Water Technologies AB According to the industry distribution chart, Bawat Water Technologies AB ranks #999999 out of 1343 companies in the Industrial Products industry.
Is Bawat Water Technologies AB's Net-Net Working Capital too high?
Bawat Water Technologies AB's current Net-Net Working Capital is €-0.06. Based on the distribution chart, Bawat Water Technologies AB ranks #999999 out of 1343 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Bawat Water Technologies AB has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does Bawat Water Technologies AB's Net-Net Working Capital compare to VLTO and ZWS?
According to the Industrial Products industry distribution chart, Bawat Water Technologies AB ranks #999999 out of 1343 companies for Net-Net Working Capital. This places Bawat Water Technologies AB in the lower half of its industry. The industry median Net-Net Working Capital is 8.13. 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 8.13, based on 1,343 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 Bawat Water Technologies AB For the Industrial Products industry, the median Net-Net Working Capital is 8.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bawat Water Technologies AB's current Net-Net Working Capital is €-0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bawat Water Technologies AB stock overvalued right now?
Bawat Water Technologies AB (FRA:M5W) has a current Net-Net Working Capital of €-0.06. The stock's GF Value™ is €0.06, compared to a current price of €0.08 — trading 32.5% above its estimated fair value. The current Net-Net Working Capital is €-0.06. Bawat Water Technologies AB's overall GF Score™ is 38/100 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 Bawat Water Technologies AB (FRA:M5W), the current Net-Net Working Capital is €-0.06 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 Bawat Water Technologies AB (FRA:M5W) Overvalued in 2026?
Based on GuruFocus' analysis, Bawat Water Technologies AB stock appears to be overvalued.
The current stock price of €0.08 is trading 32.5% above its estimated GF Value™ of €0.06.
Key valuation signals for FRA:M5W:
Net-Net Working Capital: €-0.06
GF Value™: €0.06 vs. price of €0.08 (32.5% above fair value)
No single metric tells the full story. See the FRA:M5W stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bawat Water Technologies AB markets its patented ballast water management system globally, a cost-efficient, flexible, and sustainable solution to the problem of ballast water treatment. It offers ballast water solutions to the maritime industry in three categories; a ship BWMS for retrofit and new builds, a mobile containerized solution for multiple vessel usage in a port, on a ship or for rigs, and Ballast Water as a service for contingency services in port. Geographically, the company generates a majority of its revenue from Europe, and the rest from Asia and North America.
38GF Score
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