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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.
Toyo Kanetsu KK's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €-0.23.
The industry rank for Toyo Kanetsu KK's Net-Net Working Capital or its related term are showing as below:
FRA:TQ2'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.
Toyo Kanetsu KK (FRA:TQ2) 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.
Toyo Kanetsu KK Net-Net Working Capital Related Terms
Toyo Kanetsu KK Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Toyo Kanetsu KK'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:TQ2 vs GEV, ETN, PH: Net-Net Working Capital Comparison
For the Specialty Industrial Machinery subindustry, Toyo Kanetsu KK'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.
Toyo Kanetsu KK Price-to-Net-Net-Working-Capital vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Toyo Kanetsu KK's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Toyo Kanetsu KK'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 €-0.23 mean?
Toyo Kanetsu KK (FRA:TQ2) has a Net-Net Working Capital of €-0.23 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 Toyo Kanetsu KK According to the industry distribution chart, Toyo Kanetsu KK ranks #999999 out of 1343 companies in the Industrial Products industry.
Is Toyo Kanetsu KK's Net-Net Working Capital too high?
Toyo Kanetsu KK's current Net-Net Working Capital is €-0.23. Based on the distribution chart, Toyo Kanetsu KK ranks #999999 out of 1343 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Toyo Kanetsu KK has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Toyo Kanetsu KK's Net-Net Working Capital compare to GEV and ETN?
According to the Industrial Products industry distribution chart, Toyo Kanetsu KK ranks #999999 out of 1343 companies for Net-Net Working Capital. This places Toyo Kanetsu KK 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 Toyo Kanetsu KK 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. Toyo Kanetsu KK's current Net-Net Working Capital is €-0.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toyo Kanetsu KK stock overvalued right now?
Toyo Kanetsu KK (FRA:TQ2) has a current Net-Net Working Capital of €-0.23. The stock's GF Value™ is €12.38, compared to a current price of €13.10 — trading 5.8% above its estimated fair value. The current Net-Net Working Capital is €-0.23. Toyo Kanetsu KK's overall GF Score™ is 80/100 with 2 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 Toyo Kanetsu KK (FRA:TQ2), the current Net-Net Working Capital is €-0.23 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 Toyo Kanetsu KK (FRA:TQ2) Overvalued in 2026?
Based on GuruFocus' analysis, Toyo Kanetsu KK stock appears to be overvalued.
The current stock price of €13.10 is trading 5.8% above its estimated GF Value™ of €12.38.
Key valuation signals for FRA:TQ2:
Net-Net Working Capital: €-0.23
GF Value™: €12.38 vs. price of €13.10 (5.8% above fair value)
No single metric tells the full story. See the FRA:TQ2 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toyo Kanetsu KK produces and sells industrial furnaces. It operates in two reportable segments which include Plant and machinery segment and Material handling system segment. Plant and machinery comprise of designing, manufacturing, installation of storage tanks for LNG (Liquefied natural gas), crude oil and other gases and liquids whereas Material handling system segment is engaged in the development, designing and installation of distribution system especially for sorting, picking and conveyance. The business activity of the group is operated by Japan, Southeast Asia, Oceania, and Internationally.
80GF Score
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