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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.
APS Bank's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-8.02.
The industry rank for APS Bank's Net-Net Working Capital or its related term are showing as below:
MAL:APS's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.785 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
APS Bank (MAL:APS) 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.
APS Bank Net-Net Working Capital Related Terms
APS Bank Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for APS Bank'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.
MAL:APS vs PNC, USB: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, APS Bank'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.
APS Bank Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, APS Bank's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where APS Bank'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 €-8.02 mean?
APS Bank (MAL:APS) has a Net-Net Working Capital of €-8.02 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 APS Bank According to the industry distribution chart, APS Bank ranks #999999 out of 8 companies in the Banks industry.
Is APS Bank's Net-Net Working Capital too high?
APS Bank's current Net-Net Working Capital is €-8.02. Based on the distribution chart, APS Bank ranks #999999 out of 8 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, APS Bank has a GF Score™ of 18/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does APS Bank's Net-Net Working Capital compare to PNC and USB?
According to the Banks industry distribution chart, APS Bank ranks #999999 out of 8 companies for Net-Net Working Capital. This places APS Bank in the lower half of its industry. The industry median Net-Net Working Capital is 1.79. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 1.79, based on 8 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 APS Bank For the Banks industry, the median Net-Net Working Capital is 1.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. APS Bank's current Net-Net Working Capital is €-8.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is APS Bank stock overvalued right now?
Based on GuruFocus' analysis, APS Bank (MAL:APS) is currently considered Fairly Valued. The stock's GF Value™ is €0.61, compared to a current price of €0.59 — trading 3.3% below its estimated fair value. The current Net-Net Working Capital is €-8.02. APS Bank's overall GF Score™ is 18/100 with 7 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 APS Bank (MAL:APS), the current Net-Net Working Capital is €-8.02 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.
Is APS Bank (MAL:APS) Overvalued in 2026?
Based on GuruFocus' analysis, APS Bank stock appears to be undervalued.
The current stock price of €0.59 is trading 3.3% below its estimated GF Value™ of €0.61.
GuruFocus considers APS Bank to be Fairly Valued.
Key valuation signals for MAL:APS:
Net-Net Working Capital: €-8.02
GF Value™: €0.61 vs. price of €0.59 (3.3% below fair value)
No single metric tells the full story. See the MAL:APS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
APS Bank Ltd offers various personal banking and other financial products and services, including savings accounts, insurance and investment products, home loans, and personal loans, among others. It also caters to the banking needs of corporate customers. The company, along with its subsidiaries, operates in four reportable segments: Retail, Commercial, Investment Services, and Liquidity Management and Structured Loans. Maximum revenue is generated from the Retail segment, which offers various products and services to meet the personal banking needs of individual customers. This includes home loans, personal loans, overdraft facilities, deposit products, and other general banking activities.
18GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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