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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.
National Foods FZCO's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₨36.38.
The industry rank for National Foods FZCO's Net-Net Working Capital or its related term are showing as below:
KAR:NATF's Price-to-Net-Net-Working-Capital is ranked worse than 66.42% of 664
companies
in the Consumer Packaged Goods industry
Industry Median: 6.765
vs KAR:NATF: 10.94
National Foods FZCO (KAR:NATF) 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.
National Foods FZCO Net-Net Working Capital Related Terms
National Foods FZCO Net-Net Working Capital Historical Data
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The historical data trend for National Foods FZCO'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:NATF vs KHC, GIS: Net-Net Working Capital Comparison
For the Packaged Foods subindustry, National Foods FZCO'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.
National Foods FZCO Price-to-Net-Net-Working-Capital vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, National Foods FZCO's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where National Foods FZCO'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 ₨36.38 mean?
National Foods FZCO (KAR:NATF) has a Net-Net Working Capital of ₨36.38 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 National Foods FZCO According to the industry distribution chart, National Foods FZCO ranks #441 out of 664 companies in the Consumer Packaged Goods industry, placing it in the top 66.4%.
Is National Foods FZCO's Net-Net Working Capital too high?
National Foods FZCO's current Net-Net Working Capital is ₨36.38. Based on the distribution chart, National Foods FZCO ranks #441 out of 664 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, National Foods FZCO has a GF Score™ of 97/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does National Foods FZCO's Net-Net Working Capital compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, National Foods FZCO ranks #441 out of 664 companies for Net-Net Working Capital. This places National Foods FZCO in the lower half of its industry. The industry median Net-Net Working Capital is 6.77. 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 Consumer Packaged Goods company?
The median Net-Net Working Capital among Consumer Packaged Goods companies is 6.77, based on 664 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 National Foods FZCO For the Consumer Packaged Goods industry, the median Net-Net Working Capital is 6.77 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Foods FZCO's current Net-Net Working Capital is ₨36.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Foods FZCO stock overvalued right now?
Based on GuruFocus' analysis, National Foods FZCO (KAR:NATF) is currently considered Significantly Overvalued. The stock's GF Value™ is ₨266.15, compared to a current price of ₨398.07 — trading 49.6% above its estimated fair value. The current Net-Net Working Capital is ₨36.38. National Foods FZCO's overall GF Score™ is 97/100 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 National Foods FZCO (KAR:NATF), the current Net-Net Working Capital is ₨36.38 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 National Foods FZCO (KAR:NATF) Overvalued in 2026?
Based on GuruFocus' analysis, National Foods FZCO stock appears to be overvalued.
The current stock price of ₨398.07 is trading 49.6% above its estimated GF Value™ of ₨266.15.
GuruFocus considers National Foods FZCO to be Significantly Overvalued.
Key valuation signals for KAR:NATF:
Net-Net Working Capital: ₨36.38
GF Value™: ₨266.15 vs. price of ₨398.07 (49.6% above fair value)
No single metric tells the full story. See the KAR:NATF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Foods FZCO, formerly known as National Foods Ltd, is a Pakistan-based multi-category food company. It is principally engaged in the manufacturing and sale of convenience food products. The company's operating segment includes Food and food-related products and Retail. It generates maximum revenue from the Food and food-related products segment. Geographically, it derives the majority of revenue from Pakistan and also has a presence in KSA/Canada, the Middle East. The products of the company include desserts, jams, pickles, frozen meals, ketchup, recipe masala, rice, basic spices, and snacks.
97GF 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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