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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.
Lewis Group's Net-Net Working Capital for the quarter that ended in Mar. 2026 was R28.06.
The industry rank for Lewis Group's Net-Net Working Capital or its related term are showing as below:
JSE:LEW's Price-to-Net-Net-Working-Capital is ranked better than 70% of 330
companies
in the Retail - Cyclical industry
Industry Median: 6.39
vs JSE:LEW: 3.09
Lewis Group (JSE:LEW) 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.
Lewis Group Net-Net Working Capital Related Terms
Lewis Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Lewis Group'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.
JSE:LEW vs CASY, WSM, ULTA: Net-Net Working Capital Comparison
For the Specialty Retail subindustry, Lewis Group'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.
Lewis Group Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Lewis Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Lewis Group'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 R28.06 mean?
Lewis Group (JSE:LEW) has a Net-Net Working Capital of R28.06 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 Lewis Group According to the industry distribution chart, Lewis Group ranks #99 out of 330 companies in the Retail - Cyclical industry, placing it in the top 30%.
Is Lewis Group's Net-Net Working Capital too high?
Lewis Group's current Net-Net Working Capital is R28.06. Based on the distribution chart, Lewis Group ranks #99 out of 330 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, Lewis Group has a GF Score™ of 96/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Lewis Group's Net-Net Working Capital compare to CASY and WSM?
According to the Retail - Cyclical industry distribution chart, Lewis Group ranks #99 out of 330 companies for Net-Net Working Capital. This puts Lewis Group in the upper half of its industry. The industry median Net-Net Working Capital is 6.39. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.39, based on 330 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 Lewis Group For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lewis Group's current Net-Net Working Capital is R28.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lewis Group stock overvalued right now?
Based on GuruFocus' analysis, Lewis Group (JSE:LEW) is currently considered Fairly Valued. The stock's GF Value™ is R84.51, compared to a current price of R86.75 — trading 2.7% above its estimated fair value. The current Net-Net Working Capital is R28.06. Lewis Group's overall GF Score™ is 96/100 with 2 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 Lewis Group (JSE:LEW), the current Net-Net Working Capital is R28.06 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.
Is Lewis Group (JSE:LEW) Overvalued in 2026?
Based on GuruFocus' analysis, Lewis Group stock appears to be overvalued.
The current stock price of R86.75 is trading 2.7% above its estimated GF Value™ of R84.51.
GuruFocus considers Lewis Group to be Fairly Valued.
Key valuation signals for JSE:LEW:
Net-Net Working Capital: R28.06
GF Value™: R84.51 vs. price of R86.75 (2.7% above fair value)
No single metric tells the full story. See the JSE:LEW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lewis Group Ltd is a South Africa-based retailer of household furniture and electrical appliances through its three trading brands, Lewis, Beares, and Best Home and Electric. Lewis sells a range of household furniture, electrical appliances, and home electronics to customers in the LSM 4 to 7 categories. Best Home and Electric is a retailer of electrical appliances, sound and vision equipment, and furniture, targeting LSM four to seven customers. Its operating segments are Traditional retail and Cash retail. The company generates majority of the revenue from Traditional retail segment. Beares is a retailer of upmarket furniture, electrical appliances, and home electronics to customers in the LSM 6 to 9 categories.
96GF 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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