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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.
Personal Group Holdings's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €0.55.
The industry rank for Personal Group Holdings's Net-Net Working Capital or its related term are showing as below:
FRA:RLL's Price-to-Net-Net-Working-Capital is ranked better than 50% of 60
companies
in the Insurance industry
Industry Median: 8.6
vs FRA:RLL: 8.26
Personal Group Holdings (FRA:RLL) 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.
Personal Group Holdings Net-Net Working Capital Related Terms
Personal Group Holdings Net-Net Working Capital Historical Data
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The historical data trend for Personal Group Holdings'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.
Personal Group Holdings Net-Net Working Capital Chart
FRA:RLL vs CB, PGR, TRV: Net-Net Working Capital Comparison
For the Insurance - Property & Casualty subindustry, Personal Group Holdings'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.
Personal Group Holdings Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, Personal Group Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Personal Group Holdings'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 €0.55 mean?
Personal Group Holdings (FRA:RLL) has a Net-Net Working Capital of €0.55 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 Personal Group Holdings According to the industry distribution chart, Personal Group Holdings ranks #30 out of 60 companies in the Insurance industry, placing it in the top 50%.
Is Personal Group Holdings' Net-Net Working Capital too high?
Personal Group Holdings' current Net-Net Working Capital is €0.55. Based on the distribution chart, Personal Group Holdings ranks #30 out of 60 companies in the Insurance industry, which is above the industry midpoint. Overall, Personal Group Holdings has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Personal Group Holdings' Net-Net Working Capital compare to CB and PGR?
According to the Insurance industry distribution chart, Personal Group Holdings ranks #30 out of 60 companies for Net-Net Working Capital. This puts Personal Group Holdings in the upper half of its industry. The industry median Net-Net Working Capital is 8.60. 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 Insurance company?
The median Net-Net Working Capital among Insurance companies is 8.60, based on 60 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 Personal Group Holdings For the Insurance industry, the median Net-Net Working Capital is 8.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Personal Group Holdings's current Net-Net Working Capital is €0.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Personal Group Holdings stock overvalued right now?
Personal Group Holdings (FRA:RLL) has a current Net-Net Working Capital of €0.55. The stock's GF Value™ is €2.59, compared to a current price of €4.46 — trading 72.2% above its estimated fair value. The current Net-Net Working Capital is €0.55. Personal Group Holdings' overall GF Score™ is 56/100 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 Personal Group Holdings (FRA:RLL), the current Net-Net Working Capital is €0.55 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 Personal Group Holdings (FRA:RLL) Overvalued in 2026?
Based on GuruFocus' analysis, Personal Group Holdings stock appears to be overvalued.
The current stock price of €4.46 is trading 72.2% above its estimated GF Value™ of €2.59.
Key valuation signals for FRA:RLL:
Net-Net Working Capital: €0.55
GF Value™: €2.59 vs. price of €4.46 (72.2% above fair value)
No single metric tells the full story. See the FRA:RLL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Personal Group Holdings PLC and its subsidiaries are mainly engaged in providing employee services and offering short-term accident and health insurance in the UK. The Group operates through two main segments: the Affordable Insurance segment, which provides simple insurance products underwritten by its subsidiaries and generates income through insurance premiums; and the Benefits & Reward segment, which contributes the majority of revenue by delivering a benefits platform to employers directly and via partners such as Sage for SME solutions, along with comprehensive reward services through its subsidiaries and generating income from digital platform subscriptions, commissions on third-party benefits, and consultancy services including industry surveys.
56GF 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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