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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.
Waste Connections's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-43.30.
The industry rank for Waste Connections's Net-Net Working Capital or its related term are showing as below:
FRA:UI51's Price-to-Net-Net-Working-Capital is not ranked *
in the Waste Management industry.
Industry Median: 6.65 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Waste Connections (FRA:UI51) 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.
Waste Connections Net-Net Working Capital Related Terms
Waste Connections Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Waste Connections'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:UI51 vs RSG, CLH, GFL: Net-Net Working Capital Comparison
For the Waste Management subindustry, Waste Connections'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.
Waste Connections Price-to-Net-Net-Working-Capital vs Waste Management Industry
For the Waste Management industry and Industrials sector, Waste Connections's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Waste Connections'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 €-43.30 mean?
Waste Connections (FRA:UI51) has a Net-Net Working Capital of €-43.30 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 Waste Connections According to the industry distribution chart, Waste Connections ranks #999999 out of 58 companies in the Waste Management industry.
Is Waste Connections' Net-Net Working Capital too high?
Waste Connections' current Net-Net Working Capital is €-43.30. Based on the distribution chart, Waste Connections ranks #999999 out of 58 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Waste Connections has a GF Score™ of 82/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Waste Connections' Net-Net Working Capital compare to RSG and CLH?
According to the Waste Management industry distribution chart, Waste Connections ranks #999999 out of 58 companies for Net-Net Working Capital. This places Waste Connections in the lower half of its industry. The industry median Net-Net Working Capital is 6.65. 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 Waste Management company?
The median Net-Net Working Capital among Waste Management companies is 6.65, based on 58 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 Waste Connections For the Waste Management industry, the median Net-Net Working Capital is 6.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Waste Connections's current Net-Net Working Capital is €-43.30. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Waste Connections stock overvalued right now?
Based on GuruFocus' analysis, Waste Connections (FRA:UI51) is currently considered Modestly Undervalued. The stock's GF Value™ is €173.18, compared to a current price of €144.86 — trading 16.4% below its estimated fair value. The current Net-Net Working Capital is €-43.30. Waste Connections' overall GF Score™ is 82/100 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 Waste Connections (FRA:UI51), the current Net-Net Working Capital is €-43.30 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 Waste Connections (FRA:UI51) Overvalued in 2026?
Based on GuruFocus' analysis, Waste Connections stock appears to be undervalued.
The current stock price of €144.86 is trading 16.4% below its estimated GF Value™ of €173.18.
GuruFocus considers Waste Connections to be Modestly Undervalued.
Key valuation signals for FRA:UI51:
Net-Net Working Capital: €-43.30
GF Value™: €173.18 vs. price of €144.86 (16.4% below fair value)
No single metric tells the full story. See the FRA:UI51 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Waste Connections is a North American waste management company focused on integrated waste collection services. The firm primarily focuses on residential, commercial, municipal, and industrial waste collection, with a secondary market focus on rural areas. With 113 landfills and 222 transfer stations as of 2024, it is the third-largest waste management company by revenue. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth.
82GF Score
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