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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.
FSHYF's Price-to-Net-Net-Working-Capital is ranked worse than 51.4% of 179
companies
in the Steel industry
Industry Median: 4.33
vs FSHYF: 4.50
Shougang Fushan Resources Group (OTCPK:FSHYF) 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.
Shougang Fushan Resources Group Net-Net Working Capital Related Terms
Shougang Fushan Resources Group Net-Net Working Capital Historical Data
* 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.
Shougang Fushan Resources Group Net-Net Working Capital Chart
FSHYF vs HCC, AMR, SXC: Net-Net Working Capital Comparison
For the Coking Coal subindustry, Shougang Fushan Resources Group'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.
Shougang Fushan Resources Group Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Shougang Fushan Resources Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Shougang Fushan Resources Group'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 $0.07 mean?
Shougang Fushan Resources Group (FSHYF) has a Net-Net Working Capital of $0.07 as of Dec. 2025. 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 Shougang Fushan Resources Group According to the industry distribution chart, Shougang Fushan Resources Group ranks #92 out of 179 companies in the Steel industry, placing it in the top 51.4%.
Is Shougang Fushan Resources Group's Net-Net Working Capital too high?
Shougang Fushan Resources Group's current Net-Net Working Capital is $0.07. The Steel industry median Net-Net Working Capital is 4.33. Shougang Fushan Resources Group's value of $0.07 is 98.4% below this industry median. Based on the distribution chart, Shougang Fushan Resources Group ranks #92 out of 179 companies in the Steel industry, which is below the industry midpoint. Overall, Shougang Fushan Resources Group has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Shougang Fushan Resources Group's Net-Net Working Capital compare to HCC and AMR?
According to the Steel industry distribution chart, Shougang Fushan Resources Group ranks #92 out of 179 companies for Net-Net Working Capital. This places Shougang Fushan Resources Group in the lower half of its industry. The industry median Net-Net Working Capital is 4.33. Shougang Fushan Resources Group's value of $0.07 is 98.4% below 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.33, based on 179 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. Shougang Fushan Resources Group's current Net-Net Working Capital of $0.07 is 98.4% below 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 Shougang Fushan Resources Group For the Steel industry, the median Net-Net Working Capital is 4.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Shougang Fushan Resources Group's current Net-Net Working Capital is $0.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Shougang Fushan Resources Group stock overvalued right now?
Based on GuruFocus' analysis, Shougang Fushan Resources Group (FSHYF) is currently considered Fairly Valued. The stock's GF Value™ is $0.34, compared to a current price of $0.31 — trading 7.4% below its estimated fair value. The current Net-Net Working Capital is $0.07 and 98.4% below the Steel industry median of 4.33. Shougang Fushan Resources Group's overall GF Score™ is 60/100 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 Shougang Fushan Resources Group (FSHYF), the current Net-Net Working Capital is $0.07 as of Dec. 2025. 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 Shougang Fushan Resources Group (FSHYF) Overvalued in 2026?
Based on GuruFocus' analysis, Shougang Fushan Resources Group stock appears to be undervalued.
The current stock price of $0.31 is trading 7.4% below its estimated GF Value™ of $0.34.
GuruFocus considers Shougang Fushan Resources Group to be Fairly Valued.
Key valuation signals for FSHYF:
Net-Net Working Capital: $0.07
GF Value™: $0.34 vs. price of $0.31 (7.4% below fair value)
Industry Position: 98.4% below the Steel median (#92 of 179)
No single metric tells the full story. See the FSHYF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Shougang Fushan Resources Group Business Description
Shougang Fushan Resources Group Ltd is engaged in coking coal mining, producing, and selling coking coal products in the PRC. It derives revenue from the sale of clean coking coal, sales of self-produced by-products and trading of coal products. The Group operates coking coal mines and coal preparation plants. It has three premium operating coking coal mines in Liulin County, Shanxi Province (Xingwu Coal Mine, Jinjiazhuang Coal Mine and Zhaiyadi Coal Mine), along with three premium coking coal mines and the associated coal preparation plants for the production of raw and clean coking coal. The Group has a business presence in the PRC and Hong Kong. The Group generates overall revenue from the PRC.
60GF 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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