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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.
ISX:MKAP's Price-to-Net-Net-Working-Capital is ranked worse than 100% of 196
companies
in the Oil & Gas industry
Industry Median: 6.19
vs ISX:MKAP: 2118.18
PT Multikarya Asia Pasifik Raya Tbk (ISX:MKAP) 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.
PT Multikarya Asia Pasifik Raya Tbk Net-Net Working Capital Related Terms
PT Multikarya Asia Pasifik Raya Tbk 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.
PT Multikarya Asia Pasifik Raya Tbk Net-Net Working Capital Chart
ISX:MKAP vs SLB, BKR, FTI: Net-Net Working Capital Comparison
For the Oil & Gas Equipment & Services subindustry, PT Multikarya Asia Pasifik Raya Tbk'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.
PT Multikarya Asia Pasifik Raya Tbk Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PT Multikarya Asia Pasifik Raya Tbk's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PT Multikarya Asia Pasifik Raya Tbk'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 Rp0.55 mean?
PT Multikarya Asia Pasifik Raya Tbk (ISX:MKAP) has a Net-Net Working Capital of Rp0.55 as of Jun. 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 PT Multikarya Asia Pasifik Raya Tbk According to the industry distribution chart, PT Multikarya Asia Pasifik Raya Tbk ranks #196 out of 196 companies in the Oil & Gas industry.
Is PT Multikarya Asia Pasifik Raya Tbk's Net-Net Working Capital too high?
PT Multikarya Asia Pasifik Raya Tbk's current Net-Net Working Capital is Rp0.55. Based on the distribution chart, PT Multikarya Asia Pasifik Raya Tbk ranks #196 out of 196 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, PT Multikarya Asia Pasifik Raya Tbk has a GF Score™ of 63/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does PT Multikarya Asia Pasifik Raya Tbk's Net-Net Working Capital compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, PT Multikarya Asia Pasifik Raya Tbk ranks #196 out of 196 companies for Net-Net Working Capital. This places PT Multikarya Asia Pasifik Raya Tbk in the lower half of its industry. The industry median Net-Net Working Capital is 6.19. 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 Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.19, based on 196 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 PT Multikarya Asia Pasifik Raya Tbk For the Oil & Gas industry, the median Net-Net Working Capital is 6.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PT Multikarya Asia Pasifik Raya Tbk's current Net-Net Working Capital is Rp0.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Multikarya Asia Pasifik Raya Tbk stock overvalued right now?
Based on GuruFocus' analysis, PT Multikarya Asia Pasifik Raya Tbk (ISX:MKAP) is currently considered Significantly Overvalued. The stock's GF Value™ is Rp520.18, compared to a current price of Rp1,165.00 — trading 124% above its estimated fair value. The current Net-Net Working Capital is Rp0.55. PT Multikarya Asia Pasifik Raya Tbk's overall GF Score™ is 63/100 with 7 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 PT Multikarya Asia Pasifik Raya Tbk (ISX:MKAP), the current Net-Net Working Capital is Rp0.55 as of Jun. 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 PT Multikarya Asia Pasifik Raya Tbk (ISX:MKAP) Overvalued in 2026?
Based on GuruFocus' analysis, PT Multikarya Asia Pasifik Raya Tbk stock appears to be overvalued.
The current stock price of Rp1,165.00 is trading 124% above its estimated GF Value™ of Rp520.18.
GuruFocus considers PT Multikarya Asia Pasifik Raya Tbk to be Significantly Overvalued.
Key valuation signals for ISX:MKAP:
Net-Net Working Capital: Rp0.55
GF Value™: Rp520.18 vs. price of Rp1,165.00 (124% above fair value)
No single metric tells the full story. See the ISX:MKAP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PT Multikarya Asia Pasifik Raya Tbk is engaged in the manufacturing and trading of services, as well as the rental and repair of pumps and other supporting equipment, including spare parts for the oil, natural gas, and mining industries. The firm operates through two main segments: Spare Parts and Procurement, and Rental and Services, with the majority of its revenue coming from the Spare Parts and Procurement segment. For the oil and gas industry, it offers products and services such as crude oil transfer to and from further processing, water reinjection production, water treatment injection plants, and pumps for mud, cement, and stimulation. In the mining industry, the company provides services for water drying and mud removal, along with reinstallation, repair, and rejuvenation of pump.
63GF 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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