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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.
Assa Abloy AB's Net-Net Working Capital for the quarter that ended in Jun. 2026 was €-6.89.
The industry rank for Assa Abloy AB's Net-Net Working Capital or its related term are showing as below:
MIL:1ASSA's Price-to-Net-Net-Working-Capital is not ranked *
in the Business Services industry.
Industry Median: 5.5 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Assa Abloy AB (MIL:1ASSA) 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.
Assa Abloy AB Net-Net Working Capital Related Terms
Assa Abloy AB Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Assa Abloy AB'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.
MIL:1ASSA vs ALLE, MSA, ADT: Net-Net Working Capital Comparison
For the Security & Protection Services subindustry, Assa Abloy AB'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.
Assa Abloy AB Price-to-Net-Net-Working-Capital vs Business Services Industry
For the Business Services industry and Industrials sector, Assa Abloy AB's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Assa Abloy AB'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 €-6.89 mean?
Assa Abloy AB (MIL:1ASSA) has a Net-Net Working Capital of €-6.89 as of Jun. 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 Assa Abloy AB According to the industry distribution chart, Assa Abloy AB ranks #999999 out of 447 companies in the Business Services industry.
Is Assa Abloy AB's Net-Net Working Capital too high?
Assa Abloy AB's current Net-Net Working Capital is €-6.89. Based on the distribution chart, Assa Abloy AB ranks #999999 out of 447 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Assa Abloy AB has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does Assa Abloy AB's Net-Net Working Capital compare to ALLE and MSA?
According to the Business Services industry distribution chart, Assa Abloy AB ranks #999999 out of 447 companies for Net-Net Working Capital. This places Assa Abloy AB in the lower half of its industry. The industry median Net-Net Working Capital is 5.50. 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 Business Services company?
The median Net-Net Working Capital among Business Services companies is 5.50, based on 447 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 Assa Abloy AB For the Business Services industry, the median Net-Net Working Capital is 5.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Assa Abloy AB's current Net-Net Working Capital is €-6.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Assa Abloy AB stock overvalued right now?
Assa Abloy AB (MIL:1ASSA) has a current Net-Net Working Capital of €-6.89. The stock's GF Value™ is €30.01, compared to a current price of €31.51 — trading 5% above its estimated fair value. The current Net-Net Working Capital is €-6.89. Assa Abloy AB's overall GF Score™ is 92/100 with 2 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 Assa Abloy AB (MIL:1ASSA), the current Net-Net Working Capital is €-6.89 as of Jun. 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 Assa Abloy AB (MIL:1ASSA) Overvalued in 2026?
Based on GuruFocus' analysis, Assa Abloy AB stock appears to be overvalued.
The current stock price of €31.51 is trading 5% above its estimated GF Value™ of €30.01.
Key valuation signals for MIL:1ASSA:
Net-Net Working Capital: €-6.89
GF Value™: €30.01 vs. price of €31.51 (5% above fair value)
No single metric tells the full story. See the MIL:1ASSA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Assa Abloy is the world's largest supplier of locking and physical access solutions, sporting the world's largest installed base of locks that protect some of the most security-sensitive buildings, such as the European Parliament in Brussels. Some 70% of the group's revenue is derived from commercial, government, and other nonresidential customers. The company's product base is centered on electromechanical locks, which require identification to unlock with a keycard, biometric scan, or personal identification number. Assa Abloy's products are sold directly to security systems integrators, locksmiths, hardware stores, and original equipment manufacturers.
92GF Score
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