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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.
Nikola's Net-Net Working Capital for the quarter that ended in Dec. 2024 was MXN-58.34.
The industry rank for Nikola's Net-Net Working Capital or its related term are showing as below:
MEX:NKLA's Price-to-Net-Net-Working-Capital is not ranked *
in the Farm & Heavy Construction Machinery industry.
Industry Median: 7.05 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Nikola (MEX:NKLA) 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.
Nikola Net-Net Working Capital Related Terms
Nikola Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Nikola'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.
MEX:NKLA vs NMHI, GP, CAT: Net-Net Working Capital Comparison
For the Farm & Heavy Construction Machinery subindustry, Nikola'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.
Nikola Price-to-Net-Net-Working-Capital vs Farm & Heavy Construction Machinery Industry
For the Farm & Heavy Construction Machinery industry and Industrials sector, Nikola's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nikola'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 MXN-58.34 mean?
Nikola (MEX:NKLA) has a Net-Net Working Capital of MXN-58.34 as of Dec. 2024. 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 Nikola
Is Nikola's Net-Net Working Capital too high?
Nikola's current Net-Net Working Capital is MXN-58.34. Overall, Nikola has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Nikola's Net-Net Working Capital compare to NMHI and GP?
Nikola's Net-Net Working Capital of MXN-58.34 can be compared against companies in the Farm & Heavy Construction Machinery industry. The industry median Net-Net Working Capital is 7.05. 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 Farm & Heavy Construction Machinery company?
The median Net-Net Working Capital among Farm & Heavy Construction Machinery companies is 7.05, based on 73 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 Nikola For the Farm & Heavy Construction Machinery industry, the median Net-Net Working Capital is 7.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nikola's current Net-Net Working Capital is MXN-58.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nikola stock overvalued right now?
Nikola (MEX:NKLA) has a current Net-Net Working Capital of MXN-58.34. The current Net-Net Working Capital is MXN-58.34. Nikola's overall GF Score™ is 12/100. 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 Nikola (MEX:NKLA), the current Net-Net Working Capital is MXN-58.34 as of Dec. 2024. 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.
Nikola Corp is a technology innovator and integrator, working to develop inventive energy and transportation solutions. It works on a business model that enables customers and fleets to integrate next-generation truck technology, hydrogen fueling and charging infrastructure, and related maintenance. It operates in two business units: Truck and Energy. The Truck business unit is engaged in manufacturing and selling FCEV and BEV trucks that provide environmentally friendly, cost-effective solutions to the trucking sector. The Energy business unit is engaged in developing and constructing a network of hydrogen fueling stations to meet the hydrogen fuel demand for the company's customers, as well as other third-party customers.
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