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Sleep NumberFRA:SL2 52 Net-Net Working Capital is €-45.66 as of Mar. 2026. GuruFocus rates FRA:SL2 with a GF Score™ of 52/100 and a GF Value™ of €55.88. The stock has 8 warning signs investors should review. Among 172 Furnishings, Fixtures & Appliances companies, Sleep Number ranks worse than 581394.77% 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.
Sleep Number's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €-45.66.
The industry rank for Sleep Number's Net-Net Working Capital or its related term are showing as below:
FRA:SL2's Price-to-Net-Net-Working-Capital is not ranked *
in the Furnishings, Fixtures & Appliances industry.
Industry Median: 7.06 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Sleep Number (FRA:SL2) 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.
Sleep Number Net-Net Working Capital Related Terms
Sleep Number Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Sleep Number'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:SL2 vs LBRA, NCLX, LUVU: Net-Net Working Capital Comparison
For the Furnishings, Fixtures & Appliances subindustry, Sleep Number'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.
Sleep Number Price-to-Net-Net-Working-Capital vs Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Sleep Number's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Sleep Number'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 €-45.66 mean?
Sleep Number (FRA:SL2) has a Net-Net Working Capital of €-45.66 as of Mar. 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 Sleep Number According to the industry distribution chart, Sleep Number ranks #999999 out of 172 companies in the Furnishings, Fixtures & Appliances industry.
Is Sleep Number's Net-Net Working Capital too high?
Sleep Number's current Net-Net Working Capital is €-45.66. Based on the distribution chart, Sleep Number ranks #999999 out of 172 companies in the Furnishings, Fixtures & Appliances industry, which is in the bottom quartile relative to peers. Overall, Sleep Number has a GF Score™ of 52/100, reflecting its overall financial health beyond just this single metric.
How does Sleep Number's Net-Net Working Capital compare to LBRA and NCLX?
According to the Furnishings, Fixtures & Appliances industry distribution chart, Sleep Number ranks #999999 out of 172 companies for Net-Net Working Capital. This places Sleep Number in the lower half of its industry. The industry median Net-Net Working Capital is 7.06. 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 Furnishings, Fixtures & Appliances company?
The median Net-Net Working Capital among Furnishings, Fixtures & Appliances companies is 7.06, based on 172 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 Sleep Number For the Furnishings, Fixtures & Appliances industry, the median Net-Net Working Capital is 7.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Sleep Number's current Net-Net Working Capital is €-45.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sleep Number stock overvalued right now?
Sleep Number (FRA:SL2) has a current Net-Net Working Capital of €-45.66. The stock's GF Value™ is €55.88, compared to a current price of €0.13 — trading 99.8% below its estimated fair value. The current Net-Net Working Capital is €-45.66. Sleep Number's overall GF Score™ is 52/100 with 8 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 Sleep Number (FRA:SL2), the current Net-Net Working Capital is €-45.66 as of Mar. 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 Sleep Number (FRA:SL2) Overvalued in 2026?
Based on GuruFocus' analysis, Sleep Number stock appears to be undervalued.
The current stock price of €0.13 is trading 99.8% below its estimated GF Value™ of €55.88.
Key valuation signals for FRA:SL2:
Net-Net Working Capital: €-45.66
GF Value™: €55.88 vs. price of €0.13 (99.8% below fair value)
No single metric tells the full story. See the FRA:SL2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sleep Number Corp is a designer, manufacturer, marketer, and retailer, which allows it to offer consumers high-quality, individualized sleep solutions and services. It also offers FlextFit adjustable bases, and Sleep Number pillows, sheets, and other bedding products. The company generates revenue by marketing its innovations directly to new and existing customers and selling products through its Stores, Online, Phone, Chat (Total Retail), and Other. It focuses on personalized sleep wellness, with mattresses designed to evolve with each sleeper to help them feel and perform well, featuring adjustable firmness, pressure-relieving support, and temperature-balancing comfort built into every mattress. Its products include mattresses, bundles, bedding, pillows, and furniture.
52GF 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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