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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.
Japan Airlines Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-4.74.
The industry rank for Japan Airlines Co's Net-Net Working Capital or its related term are showing as below:
JAPSY's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 5.975 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Japan Airlines Co (OTCPK:JAPSY) 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.
Japan Airlines Co Net-Net Working Capital Related Terms
Japan Airlines Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Japan Airlines Co'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.
JAPSY vs DAL, UAL, LUV: Net-Net Working Capital Comparison
For the Airlines subindustry, Japan Airlines Co'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.
Japan Airlines Co Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Japan Airlines Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Japan Airlines Co'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 $-4.74 mean?
Japan Airlines Co (JAPSY) has a Net-Net Working Capital of $-4.74 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 Japan Airlines Co According to the industry distribution chart, Japan Airlines Co ranks #999999 out of 220 companies in the Transportation industry.
Is Japan Airlines Co's Net-Net Working Capital too high?
Japan Airlines Co's current Net-Net Working Capital is $-4.74. Based on the distribution chart, Japan Airlines Co ranks #999999 out of 220 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Japan Airlines Co has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Japan Airlines Co's Net-Net Working Capital compare to DAL and UAL?
According to the Transportation industry distribution chart, Japan Airlines Co ranks #999999 out of 220 companies for Net-Net Working Capital. This places Japan Airlines Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.98. 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 Transportation company?
The median Net-Net Working Capital among Transportation companies is 5.98, based on 220 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 Japan Airlines Co For the Transportation industry, the median Net-Net Working Capital is 5.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Japan Airlines Co's current Net-Net Working Capital is $-4.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Japan Airlines Co stock overvalued right now?
Based on GuruFocus' analysis, Japan Airlines Co (JAPSY) is currently considered Fairly Valued. The stock's GF Value™ is $9.98, compared to a current price of $9.09 — trading 8.9% below its estimated fair value. The current Net-Net Working Capital is $-4.74. Japan Airlines Co's overall GF Score™ is 82/100 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 Japan Airlines Co (JAPSY), the current Net-Net Working Capital is $-4.74 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 Japan Airlines Co (JAPSY) Overvalued in 2026?
Based on GuruFocus' analysis, Japan Airlines Co stock appears to be undervalued.
The current stock price of $9.09 is trading 8.9% below its estimated GF Value™ of $9.98.
GuruFocus considers Japan Airlines Co to be Fairly Valued.
Key valuation signals for JAPSY:
Net-Net Working Capital: $-4.74
GF Value™: $9.98 vs. price of $9.09 (8.9% below fair value)
No single metric tells the full story. See the JAPSY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Japan Airlines Co Ltd is an international air transport services company. It offers scheduled and non-scheduled air transport services and aerial work services. The company operates large aircraft, medium-sized aircraft, small aircraft, and regional jets. The company is also engaged in the travel planning and sales business, which covers travel planning and sales, baggage delivery, system development and operation, ticketing systems for the travel industry, and credit card services related to air travel.
82GF 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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