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Patagonia GoldHGLD -14.29%29 Net-Net Working Capital is $-0.18 as of Mar. 2026. GuruFocus rates HGLD with a GF Score™ of 29/100 and a GF Value™ of $0.03 (Significantly Overvalued). The stock has 7 warning signs investors should review. Among 1,134 Metals & Mining companies, Patagonia Gold ranks worse than 88183.33% 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.
Patagonia Gold's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-0.18.
The industry rank for Patagonia Gold's Net-Net Working Capital or its related term are showing as below:
HGLD's Price-to-Net-Net-Working-Capital is not ranked *
in the Metals & Mining industry.
Industry Median: 7 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Patagonia Gold (OTCPK:HGLD) 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.
Patagonia Gold Net-Net Working Capital Related Terms
Patagonia Gold Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Patagonia Gold'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.
For the Other Precious Metals & Mining subindustry, Patagonia Gold'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.
Patagonia Gold Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Patagonia Gold's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Patagonia Gold'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 $-0.18 mean?
Patagonia Gold (HGLD) has a Net-Net Working Capital of $-0.18 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 Patagonia Gold According to the industry distribution chart, Patagonia Gold ranks #999999 out of 1134 companies in the Metals & Mining industry.
Is Patagonia Gold's Net-Net Working Capital too high?
Patagonia Gold's current Net-Net Working Capital is $-0.18. Based on the distribution chart, Patagonia Gold ranks #999999 out of 1134 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Patagonia Gold has a GF Score™ of 29/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Patagonia Gold's Net-Net Working Capital compare to HL?
According to the Metals & Mining industry distribution chart, Patagonia Gold ranks #999999 out of 1134 companies for Net-Net Working Capital. This places Patagonia Gold 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 Metals & Mining company?
The median Net-Net Working Capital among Metals & Mining companies is 7.00, based on 1,134 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 Patagonia Gold For the Metals & Mining 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. Patagonia Gold's current Net-Net Working Capital is $-0.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Patagonia Gold stock overvalued right now?
Based on GuruFocus' analysis, Patagonia Gold (HGLD) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.03, compared to a current price of $0.33 — trading 1000% above its estimated fair value. The current Net-Net Working Capital is $-0.18. Patagonia Gold's overall GF Score™ is 29/100 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 Patagonia Gold (HGLD), the current Net-Net Working Capital is $-0.18 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 Patagonia Gold (HGLD) Overvalued in 2026?
Based on GuruFocus' analysis, Patagonia Gold stock appears to be overvalued.
The current stock price of $0.33 is trading 1000% above its estimated GF Value™ of $0.03.
GuruFocus considers Patagonia Gold to be Significantly Overvalued.
Key valuation signals for HGLD:
Net-Net Working Capital: $-0.18
GF Value™: $0.03 vs. price of $0.33 (1000% above fair value)
No single metric tells the full story. See the HGLD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Patagonia Gold Corp is a Canada-based mineral exploration company. The firm is engaged in the exploration, development, and production of gold and silver projects in the southern Patagonia region of Argentina and Chile. It also holds interests in mineral exploration companies, which are involved in the identification, acquisition, development, and exploitation of mineral projects. Some of its projects include the Calcatreu, Cap-Oeste, El Tranquilo, La Josefina, La Manchuria and others.
29GF Score
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