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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.
Winnebago Industries's Net-Net Working Capital for the quarter that ended in May. 2026 was €-11.83.
The industry rank for Winnebago Industries's Net-Net Working Capital or its related term are showing as below:
FRA:WI1's Price-to-Net-Net-Working-Capital is not ranked *
in the Vehicles & Parts industry.
Industry Median: 7.65 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Winnebago Industries (FRA:WI1) 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.
Winnebago Industries Net-Net Working Capital Related Terms
Winnebago Industries Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Winnebago Industries'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.
Winnebago Industries Net-Net Working Capital Chart
FRA:WI1 vs MCFT, MBUU, KNDI: Net-Net Working Capital Comparison
For the Recreational Vehicles subindustry, Winnebago Industries'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.
Winnebago Industries Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Winnebago Industries's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Winnebago Industries'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 €-11.83 mean?
Winnebago Industries (FRA:WI1) has a Net-Net Working Capital of €-11.83 as of May. 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 Winnebago Industries According to the industry distribution chart, Winnebago Industries ranks #999999 out of 379 companies in the Vehicles & Parts industry.
Is Winnebago Industries' Net-Net Working Capital too high?
Winnebago Industries' current Net-Net Working Capital is €-11.83. Based on the distribution chart, Winnebago Industries ranks #999999 out of 379 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Winnebago Industries has a GF Score™ of 71/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Winnebago Industries' Net-Net Working Capital compare to MCFT and MBUU?
According to the Vehicles & Parts industry distribution chart, Winnebago Industries ranks #999999 out of 379 companies for Net-Net Working Capital. This places Winnebago Industries in the lower half of its industry. The industry median Net-Net Working Capital is 7.65. 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 Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 7.65, based on 379 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 Winnebago Industries For the Vehicles & Parts industry, the median Net-Net Working Capital is 7.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Winnebago Industries's current Net-Net Working Capital is €-11.83. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Winnebago Industries stock overvalued right now?
Based on GuruFocus' analysis, Winnebago Industries (FRA:WI1) is currently considered Significantly Undervalued. The stock's GF Value™ is €39.79, compared to a current price of €27.00 — trading 32.1% below its estimated fair value. The current Net-Net Working Capital is €-11.83. Winnebago Industries' overall GF Score™ is 71/100 with 5 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 Winnebago Industries (FRA:WI1), the current Net-Net Working Capital is €-11.83 as of May. 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 Winnebago Industries (FRA:WI1) Overvalued in 2026?
Based on GuruFocus' analysis, Winnebago Industries stock appears to be undervalued.
The current stock price of €27.00 is trading 32.1% below its estimated GF Value™ of €39.79.
GuruFocus considers Winnebago Industries to be Significantly Undervalued.
Key valuation signals for FRA:WI1:
Net-Net Working Capital: €-11.83
GF Value™: €39.79 vs. price of €27.00 (32.1% below fair value)
No single metric tells the full story. See the FRA:WI1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Winnebago Industries manufactures Class A, B, and C motor homes along with towables, customized specialty vehicles, boats, and parts. Headquartered in Eden Prairie, Minnesota, Winnebago has been producing recreational vehicles since 1958. Revenue was $2.8 billion in fiscal 2025. Winnebago expanded into towables in 2011 with the acquisition of SunnyBrook and acquired Grand Design in November 2016. Towables made up 84% of the firm's RV unit volume, up from 31% in fiscal 2016. The company's total fiscal 2025 RV unit volume was 36,911. Winnebago expanded into boating in 2018 with the purchase of Chris-Craft, bought premium motor home maker Newmar in November 2019, and bought Barletta pontoon boats in August 2021. It also is developing electric and autonomous technology.
71GF Score
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