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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.
PJSC Lukoil's Net-Net Working Capital for the quarter that ended in Sep. 2023 was £-16.67.
The industry rank for PJSC Lukoil's Net-Net Working Capital or its related term are showing as below:
LSE:31KX's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.27 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
PJSC Lukoil (LSE:31KX) 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.
PJSC Lukoil Net-Net Working Capital Related Terms
PJSC Lukoil Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for PJSC Lukoil'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.
LSE:31KX vs XOM, CVX: Net-Net Working Capital Comparison
For the Oil & Gas Integrated subindustry, PJSC Lukoil'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.
PJSC Lukoil Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, PJSC Lukoil's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PJSC Lukoil'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 £-16.67 mean?
PJSC Lukoil (LSE:31KX) has a Net-Net Working Capital of £-16.67 as of Sep. 2023. 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 PJSC Lukoil
Is PJSC Lukoil's Net-Net Working Capital too high?
PJSC Lukoil's current Net-Net Working Capital is £-16.67. Overall, PJSC Lukoil has a GF Score™ of 17/100, reflecting its overall financial health beyond just this single metric.
How does PJSC Lukoil's Net-Net Working Capital compare to XOM and CVX?
PJSC Lukoil's Net-Net Working Capital of £-16.67 can be compared against companies in the Oil & Gas industry. The industry median Net-Net Working Capital is 6.27. 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 6.27, based on 195 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 PJSC Lukoil For the Oil & Gas industry, the median Net-Net Working Capital is 6.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PJSC Lukoil's current Net-Net Working Capital is £-16.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PJSC Lukoil stock overvalued right now?
PJSC Lukoil (LSE:31KX) has a current Net-Net Working Capital of £-16.67. The current Net-Net Working Capital is £-16.67. PJSC Lukoil's overall GF Score™ is 17/100 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 PJSC Lukoil (LSE:31KX), the current Net-Net Working Capital is £-16.67 as of Sep. 2023. 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.
PJSC Lukoil directs the financial decisions and operations of the main group's subsidiaries. Altogether, Lukoil is an integrated oil company that has exposure to the entire range of activities in the oil and gas cycle from exploration to sales of refined products. Exploration and production activities are conducted with assets located in Russia, Iraq, and Uzbekistan, on offshore and onshore fields. Lukoil brings an array of petroleum products to the market through its refinery unit, including gasoline, medium distillates, dark petroleum products, lubricants, and other related products. Russia constitutes a significant portion of the group's distribution network; however, its products penetrate a number of different markets in Europe and the Americas.
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