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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.
Microwave Filter Co's Net-Net Working Capital for the quarter that ended in Sep. 2025 was $0.21.
The industry rank for Microwave Filter Co's Net-Net Working Capital or its related term are showing as below:
MFCO's Price-to-Net-Net-Working-Capital is ranked better than 52.42% of 1200
companies
in the Hardware industry
Industry Median: 8.895
vs MFCO: 8.33
Microwave Filter Co (OTCPK:MFCO) 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.
Microwave Filter Co Net-Net Working Capital Related Terms
Microwave Filter Co Net-Net Working Capital Historical Data
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The historical data trend for Microwave Filter Co'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.
MFCO vs MITQ, ASNS, WLAN: Net-Net Working Capital Comparison
For the Communication Equipment subindustry, Microwave Filter Co'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.
Microwave Filter Co Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Microwave Filter Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Microwave Filter Co'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 $0.21 mean?
Microwave Filter Co (MFCO) has a Net-Net Working Capital of $0.21 as of Sep. 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 Microwave Filter Co According to the industry distribution chart, Microwave Filter Co ranks #571 out of 1200 companies in the Hardware industry, placing it in the top 47.6%.
Is Microwave Filter Co's Net-Net Working Capital too high?
Microwave Filter Co's current Net-Net Working Capital is $0.21. The Hardware industry median Net-Net Working Capital is 8.90. Microwave Filter Co's value of $0.21 is 97.6% below this industry median. Based on the distribution chart, Microwave Filter Co ranks #571 out of 1200 companies in the Hardware industry, which is above the industry midpoint. Overall, Microwave Filter Co has a GF Score™ of 29/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Microwave Filter Co's Net-Net Working Capital compare to MITQ and ASNS?
According to the Hardware industry distribution chart, Microwave Filter Co ranks #571 out of 1200 companies for Net-Net Working Capital. This puts Microwave Filter Co in the upper half of its industry. The industry median Net-Net Working Capital is 8.90. Microwave Filter Co's value of $0.21 is 97.6% 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 8.90, based on 1,200 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. Microwave Filter Co's current Net-Net Working Capital of $0.21 is 97.6% 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 Microwave Filter Co For the Hardware industry, the median Net-Net Working Capital is 8.90 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Microwave Filter Co's current Net-Net Working Capital is $0.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Microwave Filter Co stock overvalued right now?
Based on GuruFocus' analysis, Microwave Filter Co (MFCO) is currently considered Significantly Overvalued. The stock's GF Value™ is $0.33, compared to a current price of $1.75 — trading 430.3% above its estimated fair value. The current Net-Net Working Capital is $0.21 and 97.6% below the Hardware industry median of 8.90. Microwave Filter Co's overall GF Score™ is 29/100 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 Microwave Filter Co (MFCO), the current Net-Net Working Capital is $0.21 as of Sep. 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 Microwave Filter Co (MFCO) Overvalued in 2026?
Based on GuruFocus' analysis, Microwave Filter Co stock appears to be overvalued.
The current stock price of $1.75 is trading 430.3% above its estimated GF Value™ of $0.33.
GuruFocus considers Microwave Filter Co to be Significantly Overvalued.
Key valuation signals for MFCO:
Net-Net Working Capital: $0.21
GF Value™: $0.33 vs. price of $1.75 (430.3% above fair value)
Industry Position: 97.6% below the Hardware median (#571 of 1200)
No single metric tells the full story. See the MFCO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Microwave Filter Co Inc operates in the United States and designs, develops, manufactures and sells electronic filters for radio and microwave frequencies. Its products support signal distribution and interference prevention and serve cable television, broadcast, satellite, mobile radio, cellular including 5G, telephone, commercial, aerospace and defense markets. The Company offers filter products covering frequencies from 5 Hz to 50 GHz, including custom designs such as waveguide, stripline and microstrip, lumped element, dielectric resonator, and cavity and coaxial topologies. Its product range includes bandpass, bandstop, highpass and lowpass filters, combiners, couplers, diplexers, adaptors, and CATV headend channel deletion filters and networks for wireless and PCS applications.
29GF Score
Get the complete analysis for MFCO
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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