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.
LKREF's Price-to-Net-Net-Working-Capital is not ranked *
in the REITs industry.
Industry Median: 17.165 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Link Real Estate Investment Trust (OTCPK:LKREF) 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.
Link Real Estate Investment Trust Net-Net Working Capital Related Terms
Link Real Estate Investment Trust Net-Net Working Capital Historical Data
* 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.
Link Real Estate Investment Trust Net-Net Working Capital Chart
LKREF vs SPG, O, KIM: Net-Net Working Capital Comparison
For the REIT - Retail subindustry, Link Real Estate Investment Trust'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.
Link Real Estate Investment Trust Price-to-Net-Net-Working-Capital vs REITs Industry
For the REITs industry and Real Estate sector, Link Real Estate Investment Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Link Real Estate Investment Trust'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 $-3.25 mean?
Link Real Estate Investment Trust (LKREF) has a Net-Net Working Capital of $-3.25 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 Link Real Estate Investment Trust According to the industry distribution chart, Link Real Estate Investment Trust ranks #999999 out of 116 companies in the REITs industry.
Is Link Real Estate Investment Trust's Net-Net Working Capital too high?
Link Real Estate Investment Trust's current Net-Net Working Capital is $-3.25. Based on the distribution chart, Link Real Estate Investment Trust ranks #999999 out of 116 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Link Real Estate Investment Trust has a GF Score™ of 67/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Link Real Estate Investment Trust's Net-Net Working Capital compare to SPG and O?
According to the REITs industry distribution chart, Link Real Estate Investment Trust ranks #999999 out of 116 companies for Net-Net Working Capital. This places Link Real Estate Investment Trust in the lower half of its industry. The industry median Net-Net Working Capital is 17.17. 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 REITs company?
The median Net-Net Working Capital among REITs companies is 17.17, based on 116 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 Link Real Estate Investment Trust For the REITs industry, the median Net-Net Working Capital is 17.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Link Real Estate Investment Trust's current Net-Net Working Capital is $-3.25. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Link Real Estate Investment Trust stock overvalued right now?
Based on GuruFocus' analysis, Link Real Estate Investment Trust (LKREF) is currently considered Fairly Valued. The stock's GF Value™ is $4.42, compared to a current price of $4.68 — trading 5.8% above its estimated fair value. The current Net-Net Working Capital is $-3.25. Link Real Estate Investment Trust's overall GF Score™ is 67/100 with 5 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 Link Real Estate Investment Trust (LKREF), the current Net-Net Working Capital is $-3.25 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 Link Real Estate Investment Trust (LKREF) Overvalued in 2026?
Based on GuruFocus' analysis, Link Real Estate Investment Trust stock appears to be overvalued.
The current stock price of $4.68 is trading 5.8% above its estimated GF Value™ of $4.42.
GuruFocus considers Link Real Estate Investment Trust to be Fairly Valued.
Key valuation signals for LKREF:
Net-Net Working Capital: $-3.25
GF Value™: $4.42 vs. price of $4.68 (5.8% above fair value)
No single metric tells the full story. See the LKREF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Link Real Estate Investment Trust Business Description
Link REIT is Asia's largest REIT, listed in 2005 to privatize retail assets held by the Hong Kong Housing Authority. It owns 154 properties and around 57,000 car park spaces. It expanded its investment mandate in 2014 to allow overseas acquisitions, and has since acquired retail, office, and logistics properties in China, as well as an office development project in Hong Kong. Link also expanded its footprint to Sydney, Melbourne, London, and Singapore.
67GF Score
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