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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.
Papa John's International's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-30.12.
The industry rank for Papa John's International's Net-Net Working Capital or its related term are showing as below:
FRA:PP1's Price-to-Net-Net-Working-Capital is not ranked *
in the Restaurants industry.
Industry Median: 13.82 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Papa John's International (FRA:PP1) 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.
Papa John's International Net-Net Working Capital Related Terms
Papa John's International Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Papa John's International'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.
Papa John's International Net-Net Working Capital Chart
FRA:PP1 vs BH, CBRL, FWRG: Net-Net Working Capital Comparison
For the Restaurants subindustry, Papa John's International'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.
Papa John's International Price-to-Net-Net-Working-Capital vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Papa John's International's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Papa John's International'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 €-30.12 mean?
Papa John's International (FRA:PP1) has a Net-Net Working Capital of €-30.12 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 Papa John's International According to the industry distribution chart, Papa John's International ranks #999999 out of 47 companies in the Restaurants industry.
Is Papa John's International's Net-Net Working Capital too high?
Papa John's International's current Net-Net Working Capital is €-30.12. Based on the distribution chart, Papa John's International ranks #999999 out of 47 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Papa John's International has a GF Score™ of 63/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Papa John's International's Net-Net Working Capital compare to BH and CBRL?
According to the Restaurants industry distribution chart, Papa John's International ranks #999999 out of 47 companies for Net-Net Working Capital. This places Papa John's International in the lower half of its industry. The industry median Net-Net Working Capital is 13.82. 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 Restaurants company?
The median Net-Net Working Capital among Restaurants companies is 13.82, based on 47 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 Papa John's International For the Restaurants industry, the median Net-Net Working Capital is 13.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Papa John's International's current Net-Net Working Capital is €-30.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Papa John's International stock overvalued right now?
Based on GuruFocus' analysis, Papa John's International (FRA:PP1) is currently considered Significantly Undervalued. The stock's GF Value™ is €36.10, compared to a current price of €19.80 — trading 45.2% below its estimated fair value. The current Net-Net Working Capital is €-30.12. Papa John's International's overall GF Score™ is 63/100 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 Papa John's International (FRA:PP1), the current Net-Net Working Capital is €-30.12 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 Papa John's International (FRA:PP1) Overvalued in 2026?
Based on GuruFocus' analysis, Papa John's International stock appears to be undervalued.
The current stock price of €19.80 is trading 45.2% below its estimated GF Value™ of €36.10.
GuruFocus considers Papa John's International to be Significantly Undervalued.
Key valuation signals for FRA:PP1:
Net-Net Working Capital: €-30.12
GF Value™: €36.10 vs. price of €19.80 (45.2% below fair value)
No single metric tells the full story. See the FRA:PP1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Papa John's International Inc operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants. It has four defined reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International. The company derives maximum revenue from North America commissaries segment. The North America commissaries segment consists of the operations of its regional dough production and product distribution centers in the United States and Canada and derives its revenues principally from the sale and distribution of food and paper products to Domestic Company-owned and franchised restaurants in the United States and Canada.
63GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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