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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.
IST:BULGS's Price-to-Net-Net-Working-Capital is ranked worse than 67.32% of 254
companies
in the Capital Markets industry
Industry Median: 4.25
vs IST:BULGS: 9.11
Bulls Girisim Sermayesi Yatirim Ortakligi AS (IST:BULGS) 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.
Bulls Girisim Sermayesi Yatirim Ortakligi AS Net-Net Working Capital Related Terms
Bulls Girisim Sermayesi Yatirim Ortakligi AS 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.
Bulls Girisim Sermayesi Yatirim Ortakligi AS Net-Net Working Capital Chart
Bulls Girisim Sermayesi Yatirim Ortakligi AS Annual Data
Trend
Dec21
Dec22
Dec23
Dec24
Dec25
Net-Net Working Capital
0.08
0.26
0.13
0.18
4.41
Bulls Girisim Sermayesi Yatirim Ortakligi AS Quarterly Data
IST:BULGS vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, Bulls Girisim Sermayesi Yatirim Ortakligi AS'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.
Bulls Girisim Sermayesi Yatirim Ortakligi AS Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Bulls Girisim Sermayesi Yatirim Ortakligi AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bulls Girisim Sermayesi Yatirim Ortakligi AS'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 ₺4.06 mean?
Bulls Girisim Sermayesi Yatirim Ortakligi AS (IST:BULGS) has a Net-Net Working Capital of ₺4.06 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 Bulls Girisim Sermayesi Yatirim Ortakligi AS According to the industry distribution chart, Bulls Girisim Sermayesi Yatirim Ortakligi AS ranks #171 out of 254 companies in the Capital Markets industry, placing it in the top 67.3%.
Is Bulls Girisim Sermayesi Yatirim Ortakligi AS's Net-Net Working Capital too high?
Bulls Girisim Sermayesi Yatirim Ortakligi AS's current Net-Net Working Capital is ₺4.06. Based on the distribution chart, Bulls Girisim Sermayesi Yatirim Ortakligi AS ranks #171 out of 254 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Bulls Girisim Sermayesi Yatirim Ortakligi AS has a GF Score™ of 24/100, reflecting its overall financial health beyond just this single metric.
How does Bulls Girisim Sermayesi Yatirim Ortakligi AS's Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, Bulls Girisim Sermayesi Yatirim Ortakligi AS ranks #171 out of 254 companies for Net-Net Working Capital. This places Bulls Girisim Sermayesi Yatirim Ortakligi AS in the lower half of its industry. The industry median Net-Net Working Capital is 4.25. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.25, based on 254 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 Bulls Girisim Sermayesi Yatirim Ortakligi AS For the Capital Markets industry, the median Net-Net Working Capital is 4.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bulls Girisim Sermayesi Yatirim Ortakligi AS's current Net-Net Working Capital is ₺4.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bulls Girisim Sermayesi Yatirim Ortakligi AS stock overvalued right now?
Bulls Girisim Sermayesi Yatirim Ortakligi AS (IST:BULGS) has a current Net-Net Working Capital of ₺4.06. The current Net-Net Working Capital is ₺4.06. Bulls Girisim Sermayesi Yatirim Ortakligi AS's overall GF Score™ is 24/100 with 3 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 Bulls Girisim Sermayesi Yatirim Ortakligi AS (IST:BULGS), the current Net-Net Working Capital is ₺4.06 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.
Bulls Girisim Sermayesi Yatirim Ortakligi AS provides financial, managerial, and structuring support to growth-stage and medium-sized companies, and ensures that the initiative values will contribute to the Turkish economy with professional capital. The company closely follows opportunities to invest in different sectors with high growth potential, with its corporate knowledge and experience.
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