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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.
Iovance Biotherapeutics's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $0.46.
The industry rank for Iovance Biotherapeutics's Net-Net Working Capital or its related term are showing as below:
IOVA's Price-to-Net-Net-Working-Capital is ranked worse than 71.83% of 859
companies
in the Biotechnology industry
Industry Median: 5.4
vs IOVA: 10.86
Iovance Biotherapeutics (NAS:IOVA) 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.
Iovance Biotherapeutics Net-Net Working Capital Related Terms
Iovance Biotherapeutics Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Iovance Biotherapeutics'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.
Iovance Biotherapeutics Net-Net Working Capital Chart
IOVA vs SNDX, GLUE, TYRA: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Iovance Biotherapeutics'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.
Iovance Biotherapeutics Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Iovance Biotherapeutics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Iovance Biotherapeutics'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 $0.46 mean?
Iovance Biotherapeutics (IOVA) has a Net-Net Working Capital of $0.46 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 Iovance Biotherapeutics According to the industry distribution chart, Iovance Biotherapeutics ranks #617 out of 859 companies in the Biotechnology industry, placing it in the top 71.8%.
Is Iovance Biotherapeutics' Net-Net Working Capital too high?
Iovance Biotherapeutics' current Net-Net Working Capital is $0.46. The Biotechnology industry median Net-Net Working Capital is 5.40. Iovance Biotherapeutics' value of $0.46 is 91.5% below this industry median. Based on the distribution chart, Iovance Biotherapeutics ranks #617 out of 859 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Iovance Biotherapeutics has a GF Score™ of 45/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Iovance Biotherapeutics' Net-Net Working Capital compare to SNDX and GLUE?
According to the Biotechnology industry distribution chart, Iovance Biotherapeutics ranks #617 out of 859 companies for Net-Net Working Capital. This places Iovance Biotherapeutics in the lower half of its industry. The industry median Net-Net Working Capital is 5.40. Iovance Biotherapeutics' value of $0.46 is 91.5% 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.40, 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. Iovance Biotherapeutics's current Net-Net Working Capital of $0.46 is 91.5% 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 Iovance Biotherapeutics For the Biotechnology industry, the median Net-Net Working Capital is 5.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Iovance Biotherapeutics's current Net-Net Working Capital is $0.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Iovance Biotherapeutics stock overvalued right now?
Based on GuruFocus' analysis, Iovance Biotherapeutics (IOVA) is currently considered Possible Value Trap. The stock's GF Value™ is $19.09, compared to a current price of $5.00 — trading 73.8% below its estimated fair value. The current Net-Net Working Capital is $0.46 and 91.5% below the Biotechnology industry median of 5.40. Iovance Biotherapeutics' overall GF Score™ is 45/100 with 5 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 Iovance Biotherapeutics (IOVA), the current Net-Net Working Capital is $0.46 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 Iovance Biotherapeutics (IOVA) Overvalued in 2026?
Based on GuruFocus' analysis, Iovance Biotherapeutics stock appears to be undervalued.
The current stock price of $5.00 is trading 73.8% below its estimated GF Value™ of $19.09.
GuruFocus considers Iovance Biotherapeutics to be Possible Value Trap.
Key valuation signals for IOVA:
Net-Net Working Capital: $0.46
GF Value™: $19.09 vs. price of $5.00 (73.8% below fair value)
Industry Position: 91.5% below the Biotechnology median (#617 of 859)
No single metric tells the full story. See the IOVA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Iovance Biotherapeutics Inc is a clinical-stage biopharmaceutical company, pioneering a transformational approach to treating cancer by harnessing the human immune system's ability to recognize and destroy diverse cancer cells using therapies personalized for each patient. The company is preparing for potential U.S. regulatory approvals and commercialization of the first autologous T-cell therapy to address a solid tumor cancer. It operates in one segment, focusing on innovating, developing, and commercializing therapies using its autologous TIL cell therapies for patients with solid tumor cancers. Geographically, the company operates in United States and Rest of the World.
45GF Score
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