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Kernel HoldingKARNF 64 Net-Net Working Capital is $-0.04 as of Mar. 2026. GuruFocus rates KARNF with a GF Score™ of 64/100 and a GF Value™ of $3.54. The stock has 1 warning sign investors should review. Among 80 Retail - Defensive companies, Kernel Holding ranks worse than 1249998.75% on this metric.
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.
Kernel Holding's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-0.04.
The industry rank for Kernel Holding's Net-Net Working Capital or its related term are showing as below:
KARNF's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Defensive industry.
Industry Median: 5.215 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Kernel Holding (OTCPK:KARNF) 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.
Kernel Holding Net-Net Working Capital Related Terms
Kernel Holding Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kernel Holding'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.
KARNF vs SYY, USFD, PFGC: Net-Net Working Capital Comparison
For the Food Distribution subindustry, Kernel Holding'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.
Kernel Holding Price-to-Net-Net-Working-Capital vs Retail - Defensive Industry
For the Retail - Defensive industry and Consumer Defensive sector, Kernel Holding's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kernel Holding'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 $-0.04 mean?
Kernel Holding (KARNF) has a Net-Net Working Capital of $-0.04 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 Kernel Holding According to the industry distribution chart, Kernel Holding ranks #999999 out of 80 companies in the Retail - Defensive industry.
Is Kernel Holding's Net-Net Working Capital too high?
Kernel Holding's current Net-Net Working Capital is $-0.04. Based on the distribution chart, Kernel Holding ranks #999999 out of 80 companies in the Retail - Defensive industry, which is in the bottom quartile relative to peers. Overall, Kernel Holding has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Kernel Holding's Net-Net Working Capital compare to SYY and USFD?
According to the Retail - Defensive industry distribution chart, Kernel Holding ranks #999999 out of 80 companies for Net-Net Working Capital. This places Kernel Holding in the lower half of its industry. The industry median Net-Net Working Capital is 5.22. 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 - Defensive company?
The median Net-Net Working Capital among Retail - Defensive companies is 5.22, based on 80 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 Kernel Holding For the Retail - Defensive industry, the median Net-Net Working Capital is 5.22 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kernel Holding's current Net-Net Working Capital is $-0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kernel Holding stock overvalued right now?
Kernel Holding (KARNF) has a current Net-Net Working Capital of $-0.04. The stock's GF Value™ is $3.54, compared to a current price of $5.20 — trading 46.9% above its estimated fair value. The current Net-Net Working Capital is $-0.04. Kernel Holding's overall GF Score™ is 64/100 with 1 warning sign 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 Kernel Holding (KARNF), the current Net-Net Working Capital is $-0.04 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 Kernel Holding (KARNF) Overvalued in 2026?
Based on GuruFocus' analysis, Kernel Holding stock appears to be overvalued.
The current stock price of $5.20 is trading 46.9% above its estimated GF Value™ of $3.54.
Key valuation signals for KARNF:
Net-Net Working Capital: $-0.04
GF Value™: $3.54 vs. price of $5.20 (46.9% above fair value)
No single metric tells the full story. See the KARNF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kernel Holding SA is an investment holding company. The company's segment includes Oilseed Processing; Infrastructure and Trading and Farming. It generates maximum revenue from the Infrastructure and Trading segment. The Infrastructure and Trading segment includes sourcing and merchandising of wholesale edible oils, grain, provision of silo services, grain handling and transshipment services.
64GF Score
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