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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.
The industry rank for McDonald's Holdings Co (Japan)'s Net-Net Working Capital or its related term are showing as below:
MDNDF's Price-to-Net-Net-Working-Capital is ranked worse than 92% of 50
companies
in the Restaurants industry
Industry Median: 14.885
vs MDNDF: 103.39
McDonald's Holdings Co (Japan) (OTCPK:MDNDF) 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.
McDonald's Holdings Co (Japan) Net-Net Working Capital Related Terms
McDonald's Holdings Co (Japan) 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.
McDonald's Holdings Co (Japan) Net-Net Working Capital Chart
MDNDF vs MCD, SBUX, YUM: Net-Net Working Capital Comparison
For the Restaurants subindustry, McDonald's Holdings Co (Japan)'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.
McDonald's Holdings Co (Japan) Price-to-Net-Net-Working-Capital vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, McDonald's Holdings Co (Japan)'s Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where McDonald's Holdings Co (Japan)'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 $0.47 mean?
McDonald's Holdings Co (Japan) (MDNDF) has a Net-Net Working Capital of $0.47 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 McDonald's Holdings Co (Japan) According to the industry distribution chart, McDonald's Holdings Co (Japan) ranks #46 out of 50 companies in the Restaurants industry, placing it in the top 92%.
Is McDonald's Holdings Co (Japan)'s Net-Net Working Capital too high?
McDonald's Holdings Co (Japan)'s current Net-Net Working Capital is $0.47. The Restaurants industry median Net-Net Working Capital is 14.89. McDonald's Holdings Co (Japan)'s value of $0.47 is 96.8% below this industry median. Based on the distribution chart, McDonald's Holdings Co (Japan) ranks #46 out of 50 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, McDonald's Holdings Co (Japan) has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does McDonald's Holdings Co (Japan)'s Net-Net Working Capital compare to MCD and SBUX?
According to the Restaurants industry distribution chart, McDonald's Holdings Co (Japan) ranks #46 out of 50 companies for Net-Net Working Capital. This places McDonald's Holdings Co (Japan) in the lower half of its industry. The industry median Net-Net Working Capital is 14.89. McDonald's Holdings Co (Japan)'s value of $0.47 is 96.8% below this benchmark. 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 Restaurants company?
The median Net-Net Working Capital among Restaurants companies is 14.89, based on 50 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. McDonald's Holdings Co (Japan)'s current Net-Net Working Capital of $0.47 is 96.8% below the industry median. 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 McDonald's Holdings Co (Japan) For the Restaurants industry, the median Net-Net Working Capital is 14.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. McDonald's Holdings Co (Japan)'s current Net-Net Working Capital is $0.47. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is McDonald's Holdings Co (Japan) stock overvalued right now?
McDonald's Holdings Co (Japan) (MDNDF) has a current Net-Net Working Capital of $0.47. The stock's GF Value™ is $37.48, compared to a current price of $43.82 — trading 16.9% above its estimated fair value. The current Net-Net Working Capital is $0.47 and 96.8% below the Restaurants industry median of 14.89. McDonald's Holdings Co (Japan)'s overall GF Score™ is 74/100 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 McDonald's Holdings Co (Japan) (MDNDF), the current Net-Net Working Capital is $0.47 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 McDonald's Holdings Co (Japan) (MDNDF) Overvalued in 2026?
Based on GuruFocus' analysis, McDonald's Holdings Co (Japan) stock appears to be overvalued.
The current stock price of $43.82 is trading 16.9% above its estimated GF Value™ of $37.48.
Key valuation signals for MDNDF:
Net-Net Working Capital: $0.47
GF Value™: $37.48 vs. price of $43.82 (16.9% above fair value)
Industry Position: 96.8% below the Restaurants median (#46 of 50)
No single metric tells the full story. See the MDNDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
McDonald's Holdings Co (Japan) Business Description
McDonald's Holdings Co (Japan) Ltd has a license to operate McDonald's fast-food restaurants in Japan. It is engaged in the operation and management of hamburger restaurant chains under the McDonald's brand. The company pays royalties for licensed rights and, in Japan, provides sub-licenses for its know-how and trademarks to franchisees operating its franchise restaurants, from whom it earns royalty income.
74GF Score
Get the complete analysis for MDNDF
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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