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.
Fast Retailing Co's Net-Net Working Capital for the quarter that ended in Feb. 2026 was $18.37.
The industry rank for Fast Retailing Co's Net-Net Working Capital or its related term are showing as below:
FRCOF's Price-to-Net-Net-Working-Capital is ranked worse than 84.71% of 327
companies
in the Retail - Cyclical industry
Industry Median: 5.97
vs FRCOF: 28.60
Fast Retailing Co (OTCPK:FRCOF) 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.
Fast Retailing Co Net-Net Working Capital Related Terms
Fast Retailing Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Fast Retailing Co'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.
FRCOF vs TJX, ROST, BURL: Net-Net Working Capital Comparison
For the Apparel Retail subindustry, Fast Retailing Co'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.
Fast Retailing Co Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Fast Retailing Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Fast Retailing Co'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 $18.37 mean?
Fast Retailing Co (FRCOF) has a Net-Net Working Capital of $18.37 as of Feb. 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 Fast Retailing Co According to the industry distribution chart, Fast Retailing Co ranks #277 out of 327 companies in the Retail - Cyclical industry, placing it in the top 84.7%.
Is Fast Retailing Co's Net-Net Working Capital too high?
Fast Retailing Co's current Net-Net Working Capital is $18.37. The Retail - Cyclical industry median Net-Net Working Capital is 5.97. Fast Retailing Co's value of $18.37 is 207.7% above this industry median. Based on the distribution chart, Fast Retailing Co ranks #277 out of 327 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Fast Retailing Co has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Fast Retailing Co's Net-Net Working Capital compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Fast Retailing Co ranks #277 out of 327 companies for Net-Net Working Capital. This places Fast Retailing Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.97. Fast Retailing Co's value of $18.37 is 207.7% above this benchmark. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 5.97, based on 327 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. Fast Retailing Co's current Net-Net Working Capital of $18.37 is 207.7% above the industry median. 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 Fast Retailing Co For the Retail - Cyclical industry, the median Net-Net Working Capital is 5.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fast Retailing Co's current Net-Net Working Capital is $18.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fast Retailing Co stock overvalued right now?
Based on GuruFocus' analysis, Fast Retailing Co (FRCOF) is currently considered Significantly Overvalued. The stock's GF Value™ is $348.96, compared to a current price of $513.44 — trading 47.1% above its estimated fair value. The current Net-Net Working Capital is $18.37 and 207.7% above the Retail - Cyclical industry median of 5.97. Fast Retailing Co's overall GF Score™ is 91/100 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 Fast Retailing Co (FRCOF), the current Net-Net Working Capital is $18.37 as of Feb. 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 Fast Retailing Co (FRCOF) Overvalued in 2026?
Based on GuruFocus' analysis, Fast Retailing Co stock appears to be overvalued.
The current stock price of $513.44 is trading 47.1% above its estimated GF Value™ of $348.96.
GuruFocus considers Fast Retailing Co to be Significantly Overvalued.
Key valuation signals for FRCOF:
Net-Net Working Capital: $18.37
GF Value™: $348.96 vs. price of $513.44 (47.1% above fair value)
Industry Position: 207.7% above the Retail - Cyclical median (#277 of 327)
No single metric tells the full story. See the FRCOF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fast Retailing is Japan's largest apparel company. It operates casualwear retail chain Uniqlo, known for its high-quality functional apparel at reasonable prices. Fast Retailing is in charge of product design and sales and outsources almost all of its production to factories in places including China, Vietnam, Bangladesh, Indonesia, and India. It is ranked the second-largest apparel company by sales globally in 2024 per Euromonitor, thanks to the expansion of Uniqlo International. As of February 2025, it ran 3,616 stores globally. Other brands in its portfolio include GU and acquired brands like Theory, Comptoir des Cotonniers, and Princesse tam.tam. The Yanai family owned a 40.86% stake in the firm as of July 2025.
91GF Score
Get the complete analysis for FRCOF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRCOF has been successfully added to your 
