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HCW BiologicsHCWB -1.96%37 Net-Net Working Capital is $-18.09 as of Mar. 2026. GuruFocus rates HCWB with a GF Score™ of 37/100 and a GF Value™ of $43.75 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 859 Biotechnology companies, HCW Biologics ranks worse than 116414.32% on this metric.
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.
HCW Biologics's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-18.09.
The industry rank for HCW Biologics's Net-Net Working Capital or its related term are showing as below:
HCWB's Price-to-Net-Net-Working-Capital is not ranked *
in the Biotechnology industry.
Industry Median: 5.35 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
HCW Biologics (NAS:HCWB) 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.
HCW Biologics Net-Net Working Capital Related Terms
HCW Biologics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for HCW Biologics'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.
HCWB vs KAPA, IMNN, MTVA: Net-Net Working Capital Comparison
For the Biotechnology subindustry, HCW Biologics'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.
HCW Biologics Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, HCW Biologics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where HCW Biologics'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 $-18.09 mean?
HCW Biologics (HCWB) has a Net-Net Working Capital of $-18.09 as of Mar. 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 HCW Biologics According to the industry distribution chart, HCW Biologics ranks #999999 out of 859 companies in the Biotechnology industry.
Is HCW Biologics' Net-Net Working Capital too high?
HCW Biologics' current Net-Net Working Capital is $-18.09. Based on the distribution chart, HCW Biologics ranks #999999 out of 859 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, HCW Biologics has a GF Score™ of 37/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does HCW Biologics' Net-Net Working Capital compare to KAPA and IMNN?
According to the Biotechnology industry distribution chart, HCW Biologics ranks #999999 out of 859 companies for Net-Net Working Capital. This places HCW Biologics in the lower half of its industry. The industry median Net-Net Working Capital is 5.35. 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.35, based on 859 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 HCW Biologics For the Biotechnology industry, the median Net-Net Working Capital is 5.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HCW Biologics's current Net-Net Working Capital is $-18.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HCW Biologics stock overvalued right now?
Based on GuruFocus' analysis, HCW Biologics (HCWB) is currently considered Possible Value Trap. The stock's GF Value™ is $43.75, compared to a current price of $4.00 — trading 90.9% below its estimated fair value. The current Net-Net Working Capital is $-18.09. HCW Biologics' overall GF Score™ is 37/100 with 7 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 HCW Biologics (HCWB), the current Net-Net Working Capital is $-18.09 as of Mar. 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 HCW Biologics (HCWB) Overvalued in 2026?
Based on GuruFocus' analysis, HCW Biologics stock appears to be undervalued.
The current stock price of $4.00 is trading 90.9% below its estimated GF Value™ of $43.75.
GuruFocus considers HCW Biologics to be Possible Value Trap.
Key valuation signals for HCWB:
Net-Net Working Capital: $-18.09
GF Value™: $43.75 vs. price of $4.00 (90.9% below fair value)
No single metric tells the full story. See the HCWB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HCW Biologics Inc is a clinical-stage biopharmaceutical company developing transformative fusion immunotherapeutics to support or treat diseases promoted by chronic inflammation. It has created novel compounds that represent a new class of drugs that it believes has the potential to fundamentally change the treatment of autoimmune disorders and other proinflammatory diseases, cancer and senescence-associated dysplasia. The company has developed two proprietary drug discovery and development platforms which it uses to create novel fusion immunotherapeutics: The TOBI (Tissue factOr-Based fusIon) platform, and The T-cell Receptor Beta Chain constant region (TRBC) platform. It operates and manages its business as one reportable segment.
37GF Score
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