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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.
Harbor Bankshares's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-283.43.
The industry rank for Harbor Bankshares's Net-Net Working Capital or its related term are showing as below:
HRBK's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 2.06 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Harbor Bankshares (OTCPK:HRBK) 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.
Harbor Bankshares Net-Net Working Capital Related Terms
Harbor Bankshares Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Harbor Bankshares'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.
HRBK vs CDAB, ECLP, PFBN: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, Harbor Bankshares'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.
Harbor Bankshares Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, Harbor Bankshares's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Harbor Bankshares'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 $-283.43 mean?
Harbor Bankshares (HRBK) has a Net-Net Working Capital of $-283.43 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 Harbor Bankshares According to the industry distribution chart, Harbor Bankshares ranks #999999 out of 9 companies in the Banks industry.
Is Harbor Bankshares' Net-Net Working Capital too high?
Harbor Bankshares' current Net-Net Working Capital is $-283.43. Based on the distribution chart, Harbor Bankshares ranks #999999 out of 9 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Harbor Bankshares has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Harbor Bankshares' Net-Net Working Capital compare to CDAB and ECLP?
According to the Banks industry distribution chart, Harbor Bankshares ranks #999999 out of 9 companies for Net-Net Working Capital. This places Harbor Bankshares in the lower half of its industry. The industry median Net-Net Working Capital is 2.06. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 2.06, based on 9 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 Harbor Bankshares For the Banks industry, the median Net-Net Working Capital is 2.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Harbor Bankshares's current Net-Net Working Capital is $-283.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Harbor Bankshares stock overvalued right now?
Based on GuruFocus' analysis, Harbor Bankshares (HRBK) is currently considered Significantly Overvalued. The stock's GF Value™ is $18.11, compared to a current price of $25.00 — trading 38% above its estimated fair value. The current Net-Net Working Capital is $-283.43. Harbor Bankshares' overall GF Score™ is 68/100 with 1 warning sign 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 Harbor Bankshares (HRBK), the current Net-Net Working Capital is $-283.43 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 Harbor Bankshares (HRBK) Overvalued in 2026?
Based on GuruFocus' analysis, Harbor Bankshares stock appears to be overvalued.
The current stock price of $25.00 is trading 38% above its estimated GF Value™ of $18.11.
GuruFocus considers Harbor Bankshares to be Significantly Overvalued.
Key valuation signals for HRBK:
Net-Net Working Capital: $-283.43
GF Value™: $18.11 vs. price of $25.00 (38% above fair value)
No single metric tells the full story. See the HRBK stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Harbor Bankshares Corp is a bank holding company. The Bank is a commercial bank. The deposits of the Bank are insured up to statutory limits by the Federal Deposit Insurance Corporation (FDIC). The Bank conducts general banking business in locations and mainly serves the Baltimore, Maryland, metropolitan area. It offers checking, savings and time deposits, commercial real estate, personal, home improvement, automobiles, and other installment and term loans. The Bank is also a member of a national ATM network. The retail nature of the Bank allows for diversification of depositors and borrowers, which limits its dependency upon a single or a few customers. Its activities include providing private capital to businesses through loans and principal investments.
68GF Score
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