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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.
The industry rank for Intershop Communications AG's Net-Net Working Capital or its related term are showing as below:
HAM:ISHA's Price-to-Net-Net-Working-Capital is not ranked *
in the Software industry.
Industry Median: 6.995 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Intershop Communications AG (HAM:ISHA) 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.
Intershop Communications AG Net-Net Working Capital Related Terms
Intershop Communications AG 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.
Intershop Communications AG Net-Net Working Capital Chart
HAM:ISHA vs QH, SHOP, UBER: Net-Net Working Capital Comparison
For the Software - Application subindustry, Intershop Communications AG'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.
Intershop Communications AG Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Intershop Communications AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Intershop Communications AG'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 €-0.49 mean?
Intershop Communications AG (HAM:ISHA) has a Net-Net Working Capital of €-0.49 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 Intershop Communications AG According to the industry distribution chart, Intershop Communications AG ranks #999999 out of 1226 companies in the Software industry.
Is Intershop Communications AG's Net-Net Working Capital too high?
Intershop Communications AG's current Net-Net Working Capital is €-0.49. Based on the distribution chart, Intershop Communications AG ranks #999999 out of 1226 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Intershop Communications AG has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Intershop Communications AG's Net-Net Working Capital compare to QH and SHOP?
According to the Software industry distribution chart, Intershop Communications AG ranks #999999 out of 1226 companies for Net-Net Working Capital. This places Intershop Communications AG in the lower half of its industry. The industry median Net-Net Working Capital is 7.00. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.00, based on 1,226 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 Intershop Communications AG For the Software industry, the median Net-Net Working Capital is 7.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Intershop Communications AG's current Net-Net Working Capital is €-0.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Intershop Communications AG stock overvalued right now?
Based on GuruFocus' analysis, Intershop Communications AG (HAM:ISHA) is currently considered Significantly Overvalued. The stock's GF Value™ is €1.05, compared to a current price of €1.47 — trading 40% above its estimated fair value. The current Net-Net Working Capital is €-0.49. Intershop Communications AG's overall GF Score™ is 62/100 with 3 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 Intershop Communications AG (HAM:ISHA), the current Net-Net Working Capital is €-0.49 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 Intershop Communications AG (HAM:ISHA) Overvalued in 2026?
Based on GuruFocus' analysis, Intershop Communications AG stock appears to be overvalued.
The current stock price of €1.47 is trading 40% above its estimated GF Value™ of €1.05.
GuruFocus considers Intershop Communications AG to be Significantly Overvalued.
Key valuation signals for HAM:ISHA:
Net-Net Working Capital: €-0.49
GF Value™: €1.05 vs. price of €1.47 (40% above fair value)
No single metric tells the full story. See the HAM:ISHA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Intershop Communications AG is an independent supplier of high-performance cloud e-commerce software. The company's Agentic B2B Commerce platform caters to manufacturing, wholesale, and network organization sectors. Intershop's solutions help its clients with digitizing and automating their sales and service processes, optimizing their online presence, creating a consistently positive customer experience, sustainably increasing online revenues, and reducing the costs of the e-commerce unit through AI-supported automation. The company's business activities are divided into two main business segments: Software and Cloud, which generate maximum revenue, and Service. Its geographical operating segments are: Europe, which derives maximum revenue, the USA, and the Asia-Pacific.
62GF Score
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