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Lincoln InternationalLCLN +0.80%21 Net-Net Working Capital is $-7.11 as of Dec. 2025. GuruFocus rates LCLN with a GF Score™ of 21/100. The stock has 4 warning signs investors should review. Among 271 Capital Markets companies, Lincoln International ranks worse than 369003.32% 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.
Lincoln International's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-7.11.
The industry rank for Lincoln International's Net-Net Working Capital or its related term are showing as below:
LCLN's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.44 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Lincoln International (NYSE:LCLN) 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.
Lincoln International Net-Net Working Capital Related Terms
Lincoln International Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Lincoln International'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.
Lincoln International Net-Net Working Capital Chart
Lincoln International Annual Data
Trend
Dec20
Dec21
Dec23
Dec24
Dec25
Net-Net Working Capital
1.53
4.76
1.35
1.21
-7.11
Lincoln International Semi-Annual Data
Dec20
Dec21
Dec23
Dec24
Dec25
Net-Net Working Capital
1.53
4.76
1.35
1.21
-7.11
LCLN vs TIGR, AXG, BTGO: Net-Net Working Capital Comparison
For the Capital Markets subindustry, Lincoln International'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.
Lincoln International Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Lincoln International's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Lincoln International'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 $-7.11 mean?
Lincoln International (LCLN) has a Net-Net Working Capital of $-7.11 as of Dec. 2025. 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 Lincoln International According to the industry distribution chart, Lincoln International ranks #999999 out of 271 companies in the Capital Markets industry.
Is Lincoln International's Net-Net Working Capital too high?
Lincoln International's current Net-Net Working Capital is $-7.11. Based on the distribution chart, Lincoln International ranks #999999 out of 271 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Lincoln International has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Lincoln International's Net-Net Working Capital compare to TIGR and AXG?
According to the Capital Markets industry distribution chart, Lincoln International ranks #999999 out of 271 companies for Net-Net Working Capital. This places Lincoln International in the lower half of its industry. The industry median Net-Net Working Capital is 4.44. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.44, based on 271 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 Lincoln International For the Capital Markets industry, the median Net-Net Working Capital is 4.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lincoln International's current Net-Net Working Capital is $-7.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lincoln International stock overvalued right now?
Lincoln International (LCLN) has a current Net-Net Working Capital of $-7.11. The current Net-Net Working Capital is $-7.11. Lincoln International's overall GF Score™ is 21/100 with 4 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 Lincoln International (LCLN), the current Net-Net Working Capital is $-7.11 as of Dec. 2025. 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.
Lincoln International Inc is an independent investment banking advisory company focused on private capital markets. The company operates its business through its two operating segments: Investment Banking Advisory and Valuations and Opinions. The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The majority of revenue is derived from the Investment Banking Advisory segment. Geographically, the maximum revenue is derived from the Americas.
21GF Score
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