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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.
Kloeckner SE's Net-Net Working Capital for the quarter that ended in Mar. 2026 was €-7.80.
The industry rank for Kloeckner SE's Net-Net Working Capital or its related term are showing as below:
LTS:0KVR's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.39 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Kloeckner SE (LTS:0KVR) 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.
Kloeckner SE Net-Net Working Capital Related Terms
Kloeckner SE Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kloeckner SE'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.
LTS:0KVR vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Kloeckner SE'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.
Kloeckner SE Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Kloeckner SE's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kloeckner SE'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 €-7.80 mean?
Kloeckner SE (LTS:0KVR) has a Net-Net Working Capital of €-7.80 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 Kloeckner SE According to the industry distribution chart, Kloeckner SE ranks #999999 out of 180 companies in the Steel industry.
Is Kloeckner SE's Net-Net Working Capital too high?
Kloeckner SE's current Net-Net Working Capital is €-7.80. Based on the distribution chart, Kloeckner SE ranks #999999 out of 180 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Kloeckner SE has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kloeckner SE's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Kloeckner SE ranks #999999 out of 180 companies for Net-Net Working Capital. This places Kloeckner SE in the lower half of its industry. The industry median Net-Net Working Capital is 4.39. 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.39, based on 180 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 Kloeckner SE For the Steel industry, the median Net-Net Working Capital is 4.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kloeckner SE's current Net-Net Working Capital is €-7.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kloeckner SE stock overvalued right now?
Based on GuruFocus' analysis, Kloeckner SE (LTS:0KVR) is currently considered Significantly Overvalued. The stock's GF Value™ is €5.99, compared to a current price of €12.33 — trading 105.8% above its estimated fair value. The current Net-Net Working Capital is €-7.80. Kloeckner SE's overall GF Score™ is 57/100 with 8 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 Kloeckner SE (LTS:0KVR), the current Net-Net Working Capital is €-7.80 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 Kloeckner SE (LTS:0KVR) Overvalued in 2026?
Based on GuruFocus' analysis, Kloeckner SE stock appears to be overvalued.
The current stock price of €12.33 is trading 105.8% above its estimated GF Value™ of €5.99.
GuruFocus considers Kloeckner SE to be Significantly Overvalued.
Key valuation signals for LTS:0KVR:
Net-Net Working Capital: €-7.80
GF Value™: €5.99 vs. price of €12.33 (105.8% above fair value)
No single metric tells the full story. See the LTS:0KVR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kloeckner & Co SE is a German-based steel and metal distributor, as well as an operator of steel service centers. It acts as a connecting link between steel producers and consumers. It provides customers with an optimized, end-to-end solution from procurement through logistics to prefabrication, including individual delivery and 24-hour service. It caters to industries like construction, consumer goods, metal transforming, transportation, machinery manufacturing, mechanical engineering, and others. The company has three operating segments: Kloeckner Metals Americas, and Kloeckner Metals Europe.
57GF Score
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