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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.
China High Precision Automation Group (OTCPK:HPAGF) 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.
China High Precision Automation Group Net-Net Working Capital Related Terms
China High Precision Automation 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.
China High Precision Automation Group Net-Net Working Capital Chart
HPAGF vs COHR, KEYS, GRMN: Net-Net Working Capital Comparison
For the Scientific & Technical Instruments subindustry, China High Precision Automation 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.
China High Precision Automation Group Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, China High Precision Automation Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where China High Precision Automation 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 $0.20 mean?
China High Precision Automation Group (HPAGF) has a Net-Net Working Capital of $0.20 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 China High Precision Automation Group According to the industry distribution chart, China High Precision Automation Group ranks #5 out of 1193 companies in the Hardware industry, placing it in the top 0.40000000000001%.
Is China High Precision Automation Group's Net-Net Working Capital too high?
China High Precision Automation Group's current Net-Net Working Capital is $0.20. The Hardware industry median Net-Net Working Capital is 9.17. China High Precision Automation Group's value of $0.20 is 97.8% below this industry median. Based on the distribution chart, China High Precision Automation Group ranks #5 out of 1193 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, China High Precision Automation Group has a GF Score™ of 45/100, reflecting its overall financial health beyond just this single metric.
How does China High Precision Automation Group's Net-Net Working Capital compare to COHR and KEYS?
According to the Hardware industry distribution chart, China High Precision Automation Group ranks #5 out of 1193 companies for Net-Net Working Capital. This places China High Precision Automation Group in the top 0% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 9.17. China High Precision Automation Group's value of $0.20 is 97.8% 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 9.17, based on 1,193 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. China High Precision Automation Group's current Net-Net Working Capital of $0.20 is 97.8% 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 China High Precision Automation Group For the Hardware industry, the median Net-Net Working Capital is 9.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China High Precision Automation Group's current Net-Net Working Capital is $0.20. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China High Precision Automation Group stock overvalued right now?
China High Precision Automation Group (HPAGF) has a current Net-Net Working Capital of $0.20. The stock's GF Value™ is $0.03, compared to a current price of $0.03 — trading 3.4% below its estimated fair value. The current Net-Net Working Capital is $0.20 and 97.8% below the Hardware industry median of 9.17. China High Precision Automation Group's overall GF Score™ is 45/100 with 2 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 China High Precision Automation Group (HPAGF), the current Net-Net Working Capital is $0.20 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 China High Precision Automation Group (HPAGF) Overvalued in 2026?
Based on GuruFocus' analysis, China High Precision Automation Group stock appears to be undervalued.
The current stock price of $0.03 is trading 3.4% below its estimated GF Value™ of $0.03.
Key valuation signals for HPAGF:
Net-Net Working Capital: $0.20
GF Value™: $0.03 vs. price of $0.03 (3.4% below fair value)
Industry Position: 97.8% below the Hardware median (#5 of 1193)
No single metric tells the full story. See the HPAGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China High Precision Automation Group Ltd is an investment holding company. Through its subsidiaries engaged in the manufacturing and selling of and provision of consigned processing services on high precision industrial automation instrument and technology products, and the manufacturing and selling of multi-functional all plastic quartz watch movements. The company has the following two business segments: Automation instrument and technology products and Horological instruments. It generates the majority of its reveue from the sales of automation instrument and technology products.
45GF Score
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