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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.
Attock Refinery's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₨447.46.
The industry rank for Attock Refinery's Net-Net Working Capital or its related term are showing as below:
KAR:ATRL's Price-to-Net-Net-Working-Capital is ranked better than 75.26% of 194
companies
in the Oil & Gas industry
Industry Median: 6.16
vs KAR:ATRL: 2.30
Attock Refinery (KAR:ATRL) 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.
Attock Refinery Net-Net Working Capital Related Terms
Attock Refinery Net-Net Working Capital Historical Data
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The historical data trend for Attock Refinery'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.
KAR:ATRL vs MPC, VLO, PSX: Net-Net Working Capital Comparison
For the Oil & Gas Refining & Marketing subindustry, Attock Refinery'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.
Attock Refinery Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Attock Refinery's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Attock Refinery'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 ₨447.46 mean?
Attock Refinery (KAR:ATRL) has a Net-Net Working Capital of ₨447.46 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 Attock Refinery According to the industry distribution chart, Attock Refinery ranks #48 out of 194 companies in the Oil & Gas industry, placing it in the top 24.7%.
Is Attock Refinery's Net-Net Working Capital too high?
Attock Refinery's current Net-Net Working Capital is ₨447.46. Based on the distribution chart, Attock Refinery ranks #48 out of 194 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. Overall, Attock Refinery has a GF Score™ of 76/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Attock Refinery's Net-Net Working Capital compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Attock Refinery ranks #48 out of 194 companies for Net-Net Working Capital. This places Attock Refinery in the top 25% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 6.16. 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 6.16, based on 194 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 Attock Refinery For the Oil & Gas industry, the median Net-Net Working Capital is 6.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Attock Refinery's current Net-Net Working Capital is ₨447.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Attock Refinery stock overvalued right now?
Based on GuruFocus' analysis, Attock Refinery (KAR:ATRL) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨518.52, compared to a current price of ₨1,027.03 — trading 98.1% above its estimated fair value. The current Net-Net Working Capital is ₨447.46. Attock Refinery's overall GF Score™ is 76/100 with 6 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 Attock Refinery (KAR:ATRL), the current Net-Net Working Capital is ₨447.46 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 Attock Refinery (KAR:ATRL) Overvalued in 2026?
Based on GuruFocus' analysis, Attock Refinery stock appears to be overvalued.
The current stock price of ₨1,027.03 is trading 98.1% above its estimated GF Value™ of ₨518.52.
GuruFocus considers Attock Refinery to be Significantly Overvalued.
Key valuation signals for KAR:ATRL:
Net-Net Working Capital: ₨447.46
GF Value™: ₨518.52 vs. price of ₨1,027.03 (98.1% above fair value)
No single metric tells the full story. See the KAR:ATRL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Attock Refinery Ltd is a Pakistan-based oil refining company. It is engaged in refining crude oil and supplying refined petroleum products. Its products include liquefied petroleum gas (LPG), naphtha, kerosene oil, high-speed diesel, furnace fuel oil, jet petroleum, motor gasoline, and light diesel oil. The company mainly operates in Pakistan. The company generates the majority of its revenue from High Speed Diesel and Premier Motor Gasoline products.
76GF 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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