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Vulcan Two GroupLSE:VUL 9 Net-Net Working Capital is £1.36 as of Dec. 2025. GuruFocus rates LSE:VUL with a GF Score™ of 9/100. The stock has 2 warning signs investors should review. Among 484 Asset Management companies, Vulcan Two Group ranks better than 77.89% 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.
Vulcan Two Group's Net-Net Working Capital for the quarter that ended in Dec. 2025 was £1.36.
The industry rank for Vulcan Two Group's Net-Net Working Capital or its related term are showing as below:
LSE:VUL's Price-to-Net-Net-Working-Capital is ranked better than 77.89% of 484
companies
in the Asset Management industry
Industry Median: 6.71
vs LSE:VUL: 1.63
Vulcan Two Group (LSE:VUL) 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.
Vulcan Two Group Net-Net Working Capital Related Terms
Vulcan Two Group Net-Net Working Capital Historical Data
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The historical data trend for Vulcan Two Group'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:VUL vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Vulcan Two Group'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.
Vulcan Two Group Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Vulcan Two Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Vulcan Two Group'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 £1.36 mean?
Vulcan Two Group (LSE:VUL) has a Net-Net Working Capital of £1.36 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 Vulcan Two Group According to the industry distribution chart, Vulcan Two Group ranks #107 out of 484 companies in the Asset Management industry, placing it in the top 22.1%.
Is Vulcan Two Group's Net-Net Working Capital too high?
Vulcan Two Group's current Net-Net Working Capital is £1.36. Based on the distribution chart, Vulcan Two Group ranks #107 out of 484 companies in the Asset Management industry, which is in the top quartile — a strong position relative to peers. Overall, Vulcan Two Group has a GF Score™ of 9/100, reflecting its overall financial health beyond just this single metric.
How does Vulcan Two Group's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Vulcan Two Group ranks #107 out of 484 companies for Net-Net Working Capital. This places Vulcan Two Group in the top 22% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 6.71. 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 Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.71, based on 484 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 Vulcan Two Group For the Asset Management industry, the median Net-Net Working Capital is 6.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vulcan Two Group's current Net-Net Working Capital is £1.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vulcan Two Group stock overvalued right now?
Vulcan Two Group (LSE:VUL) has a current Net-Net Working Capital of £1.36. The current Net-Net Working Capital is £1.36. Vulcan Two Group's overall GF Score™ is 9/100 with 2 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 Vulcan Two Group (LSE:VUL), the current Net-Net Working Capital is £1.36 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.
Vulcan Two Group PLC is principally engaged in the acquisition and subsequent development of assets within a target sector or industry. The group currently consists of CloudRx, Hyperdrug and Webmed. CloudRx provides a digital end-to-end prescription fulfilment service for private prescribers. Hyperdrug is a D2C digital pharmacy and online pet store, dispensing and distributing veterinary and human medications, as well as a wide range of animal products and accessories. Webmed is a vertically integrated B2C digital pharmacy, dispensing and distributing medications through a bespoke consumer-facing eCommerce website.
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