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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.
HAM:CBA's Price-to-Net-Net-Working-Capital is ranked better than 70.83% of 384
companies
in the Vehicles & Parts industry
Industry Median: 7.465
vs HAM:CBA: 3.67
Brilliance China Automotive Holdings (HAM:CBA) 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.
Brilliance China Automotive Holdings Net-Net Working Capital Related Terms
Brilliance China Automotive Holdings 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.
Brilliance China Automotive Holdings Net-Net Working Capital Chart
HAM:CBA vs TSLA, GM, F: Net-Net Working Capital Comparison
For the Auto Manufacturers subindustry, Brilliance China Automotive Holdings'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.
Brilliance China Automotive Holdings Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Brilliance China Automotive Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Brilliance China Automotive Holdings'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 €0.06 mean?
Brilliance China Automotive Holdings (HAM:CBA) has a Net-Net Working Capital of €0.06 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 Brilliance China Automotive Holdings According to the industry distribution chart, Brilliance China Automotive Holdings ranks #112 out of 384 companies in the Vehicles & Parts industry, placing it in the top 29.2%.
Is Brilliance China Automotive Holdings' Net-Net Working Capital too high?
Brilliance China Automotive Holdings' current Net-Net Working Capital is €0.06. Based on the distribution chart, Brilliance China Automotive Holdings ranks #112 out of 384 companies in the Vehicles & Parts industry, which is above the industry midpoint. Overall, Brilliance China Automotive Holdings has a GF Score™ of 68/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Brilliance China Automotive Holdings' Net-Net Working Capital compare to TSLA and GM?
According to the Vehicles & Parts industry distribution chart, Brilliance China Automotive Holdings ranks #112 out of 384 companies for Net-Net Working Capital. This puts Brilliance China Automotive Holdings in the upper half of its industry. The industry median Net-Net Working Capital is 7.47. 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 7.47, based on 384 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 Brilliance China Automotive Holdings For the Vehicles & Parts industry, the median Net-Net Working Capital is 7.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Brilliance China Automotive Holdings's current Net-Net Working Capital is €0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Brilliance China Automotive Holdings stock overvalued right now?
Based on GuruFocus' analysis, Brilliance China Automotive Holdings (HAM:CBA) is currently considered Significantly Undervalued. The stock's GF Value™ is €0.48, compared to a current price of €0.23 — trading 53% below its estimated fair value. The current Net-Net Working Capital is €0.06. Brilliance China Automotive Holdings' overall GF Score™ is 68/100 with 4 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 Brilliance China Automotive Holdings (HAM:CBA), the current Net-Net Working Capital is €0.06 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 Brilliance China Automotive Holdings (HAM:CBA) Overvalued in 2026?
Based on GuruFocus' analysis, Brilliance China Automotive Holdings stock appears to be undervalued.
The current stock price of €0.23 is trading 53% below its estimated GF Value™ of €0.48.
GuruFocus considers Brilliance China Automotive Holdings to be Significantly Undervalued.
Key valuation signals for HAM:CBA:
Net-Net Working Capital: €0.06
GF Value™: €0.48 vs. price of €0.23 (53% below fair value)
No single metric tells the full story. See the HAM:CBA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Brilliance China Automotive Holdings Business Description
Brilliance China Automotive Holdings Ltd is a provincial state-owned enterprise that manufactures passenger vehicles, minibuses, and automotive components. The company's operating profits come from the passenger vehicle joint venture with BMW. The activities of the Company and its subsidiaries are the manufacture and sale of BMW vehicles and components in the PRC through its associate, BMW Brilliance Automotive Ltd. The company is also engaged in the manufacture and sale of non-BMW vehicles and automotive components through its other subsidiaries.
68GF 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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