Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
ICMB's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.29 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Investcorp Credit Management BDC (NAS:ICMB) 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.
Investcorp Credit Management BDC Net-Net Working Capital Related Terms
Investcorp Credit Management BDC 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.
Investcorp Credit Management BDC Net-Net Working Capital Chart
ICMB vs EQS, BHV, RCG: Net-Net Working Capital Comparison
For the Asset Management subindustry, Investcorp Credit Management BDC'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.
Investcorp Credit Management BDC Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Investcorp Credit Management BDC's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Investcorp Credit Management BDC'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 $-7.56 mean?
Investcorp Credit Management BDC (ICMB) has a Net-Net Working Capital of $-7.56 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 Investcorp Credit Management BDC According to the industry distribution chart, Investcorp Credit Management BDC ranks #999999 out of 498 companies in the Asset Management industry.
Is Investcorp Credit Management BDC's Net-Net Working Capital too high?
Investcorp Credit Management BDC's current Net-Net Working Capital is $-7.56. Based on the distribution chart, Investcorp Credit Management BDC ranks #999999 out of 498 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Investcorp Credit Management BDC has a GF Score™ of 37/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Investcorp Credit Management BDC's Net-Net Working Capital compare to EQS and BHV?
According to the Asset Management industry distribution chart, Investcorp Credit Management BDC ranks #999999 out of 498 companies for Net-Net Working Capital. This places Investcorp Credit Management BDC in the lower half of its industry. The industry median Net-Net Working Capital is 6.29. 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.29, based on 498 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 Investcorp Credit Management BDC For the Asset Management industry, the median Net-Net Working Capital is 6.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Investcorp Credit Management BDC's current Net-Net Working Capital is $-7.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Investcorp Credit Management BDC stock overvalued right now?
Based on GuruFocus' analysis, Investcorp Credit Management BDC (ICMB) is currently considered Significantly Undervalued. The stock's GF Value™ is $2.92, compared to a current price of $0.86 — trading 70.6% below its estimated fair value. The current Net-Net Working Capital is $-7.56. Investcorp Credit Management BDC's overall GF Score™ is 37/100. 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 Investcorp Credit Management BDC (ICMB), the current Net-Net Working Capital is $-7.56 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 Investcorp Credit Management BDC (ICMB) Overvalued in 2026?
Based on GuruFocus' analysis, Investcorp Credit Management BDC stock appears to be undervalued.
The current stock price of $0.86 is trading 70.6% below its estimated GF Value™ of $2.92.
GuruFocus considers Investcorp Credit Management BDC to be Significantly Undervalued.
Key valuation signals for ICMB:
Net-Net Working Capital: $-7.56
GF Value™: $2.92 vs. price of $0.86 (70.6% below fair value)
No single metric tells the full story. See the ICMB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Investcorp Credit Management BDC Business Description
Investcorp Credit Management BDC Inc is an externally managed, non-diversified closed-end management investment firm that has elected to be regulated as a business development company (BDC). The investment objective of the company is to maximize total return to stockholders in the form of current income and capital appreciation by investing in debt and related equity of privately held lower middle-market companies. The company principally invests in the debt of middle-market companies, which it defines as those companies that have an enterprise value.
37GF Score
Get the complete analysis for ICMB
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ICMB has been successfully added to your 
