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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.
Tekfen Holding AS's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₺-69.08.
The industry rank for Tekfen Holding AS's Net-Net Working Capital or its related term are showing as below:
IST:TKFEN's Price-to-Net-Net-Working-Capital is not ranked *
in the Agriculture industry.
Industry Median: 9.145 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tekfen Holding AS (IST:TKFEN) 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.
Tekfen Holding AS Net-Net Working Capital Related Terms
Tekfen Holding AS Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Tekfen Holding AS'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.
IST:TKFEN vs CTVA, CF, MOS: Net-Net Working Capital Comparison
For the Agricultural Inputs subindustry, Tekfen Holding 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.
Tekfen Holding AS Price-to-Net-Net-Working-Capital vs Agriculture Industry
For the Agriculture industry and Basic Materials sector, Tekfen Holding AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tekfen Holding 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 ₺-69.08 mean?
Tekfen Holding AS (IST:TKFEN) has a Net-Net Working Capital of ₺-69.08 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 Tekfen Holding AS According to the industry distribution chart, Tekfen Holding AS ranks #999999 out of 84 companies in the Agriculture industry.
Is Tekfen Holding AS's Net-Net Working Capital too high?
Tekfen Holding AS's current Net-Net Working Capital is ₺-69.08. Based on the distribution chart, Tekfen Holding AS ranks #999999 out of 84 companies in the Agriculture industry, which is in the bottom quartile relative to peers. Overall, Tekfen Holding AS has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tekfen Holding AS's Net-Net Working Capital compare to CTVA and CF?
According to the Agriculture industry distribution chart, Tekfen Holding AS ranks #999999 out of 84 companies for Net-Net Working Capital. This places Tekfen Holding AS in the lower half of its industry. The industry median Net-Net Working Capital is 9.15. 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 Agriculture company?
The median Net-Net Working Capital among Agriculture companies is 9.15, based on 84 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 Tekfen Holding AS For the Agriculture industry, the median Net-Net Working Capital is 9.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tekfen Holding AS's current Net-Net Working Capital is ₺-69.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tekfen Holding AS stock overvalued right now?
Based on GuruFocus' analysis, Tekfen Holding AS (IST:TKFEN) is currently considered Significantly Overvalued. The stock's GF Value™ is ₺57.63, compared to a current price of ₺231.00 — trading 300.8% above its estimated fair value. The current Net-Net Working Capital is ₺-69.08. Tekfen Holding AS's overall GF Score™ is 44/100 with 10 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 Tekfen Holding AS (IST:TKFEN), the current Net-Net Working Capital is ₺-69.08 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 Tekfen Holding AS (IST:TKFEN) Overvalued in 2026?
Based on GuruFocus' analysis, Tekfen Holding AS stock appears to be overvalued.
The current stock price of ₺231.00 is trading 300.8% above its estimated GF Value™ of ₺57.63.
GuruFocus considers Tekfen Holding AS to be Significantly Overvalued.
Key valuation signals for IST:TKFEN:
Net-Net Working Capital: ₺-69.08
GF Value™: ₺57.63 vs. price of ₺231.00 (300.8% above fair value)
No single metric tells the full story. See the IST:TKFEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tekfen Holding AS is a conglomerate that operates in below business lines: Engineering and Contracting; Agricultural Industry; and Investment. It generates maximum revenue from the Agricultural Industry segment. The Agricultural Industry segment is engaged in the production and sale of mineral fertilizers as well as special water soluble fertilizers and organic fertilizers. It also manufactures bags used in fertilizer packaging in its facility. Additionally, it generates biogas through the fermentation of organic wastes and electricity from biogas and also produces solid and liquid organic fertilizers from wastes that have completed the gasification process. Geographically, the company generates maximum revenue from Turkey and the rest from the CIS, the Middle East, and other regions.
44GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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