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H & M Hennes & Mauritz ABMIL:1HMB 52 Net-Net Working Capital is €-4.84 as of May. 2026. GuruFocus rates MIL:1HMB with a GF Score™ of 52/100 and a GF Value™ of €14.60 (Fairly Valued). The stock has 5 warning signs investors should review. Among 370 Manufacturing - Apparel & Accessories companies, H & M Hennes & Mauritz AB ranks worse than 270270% on this metric.
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.
H & M Hennes & Mauritz AB's Net-Net Working Capital for the quarter that ended in May. 2026 was €-4.84.
The industry rank for H & M Hennes & Mauritz AB's Net-Net Working Capital or its related term are showing as below:
MIL:1HMB's Price-to-Net-Net-Working-Capital is not ranked *
in the Manufacturing - Apparel & Accessories industry.
Industry Median: 5.31 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
H & M Hennes & Mauritz AB (MIL:1HMB) 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.
H & M Hennes & Mauritz AB Net-Net Working Capital Related Terms
H & M Hennes & Mauritz AB Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for H & M Hennes & Mauritz 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.
H & M Hennes & Mauritz AB Net-Net Working Capital Chart
MIL:1HMB vs RL, LEVI, VFC: Net-Net Working Capital Comparison
For the Apparel Manufacturing subindustry, H & M Hennes & Mauritz 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.
H & M Hennes & Mauritz AB Price-to-Net-Net-Working-Capital vs Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, H & M Hennes & Mauritz AB's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where H & M Hennes & Mauritz 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 €-4.84 mean?
H & M Hennes & Mauritz AB (MIL:1HMB) has a Net-Net Working Capital of €-4.84 as of May. 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 H & M Hennes & Mauritz AB According to the industry distribution chart, H & M Hennes & Mauritz AB ranks #999999 out of 370 companies in the Manufacturing - Apparel & Accessories industry.
Is H & M Hennes & Mauritz AB's Net-Net Working Capital too high?
H & M Hennes & Mauritz AB's current Net-Net Working Capital is €-4.84. Based on the distribution chart, H & M Hennes & Mauritz AB ranks #999999 out of 370 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, H & M Hennes & Mauritz AB has a GF Score™ of 52/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does H & M Hennes & Mauritz AB's Net-Net Working Capital compare to RL and LEVI?
According to the Manufacturing - Apparel & Accessories industry distribution chart, H & M Hennes & Mauritz AB ranks #999999 out of 370 companies for Net-Net Working Capital. This places H & M Hennes & Mauritz AB in the lower half of its industry. The industry median Net-Net Working Capital is 5.31. 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 Manufacturing - Apparel & Accessories company?
The median Net-Net Working Capital among Manufacturing - Apparel & Accessories companies is 5.31, based on 370 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 H & M Hennes & Mauritz AB For the Manufacturing - Apparel & Accessories industry, the median Net-Net Working Capital is 5.31 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. H & M Hennes & Mauritz AB's current Net-Net Working Capital is €-4.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is H & M Hennes & Mauritz AB stock overvalued right now?
Based on GuruFocus' analysis, H & M Hennes & Mauritz AB (MIL:1HMB) is currently considered Fairly Valued. The stock's GF Value™ is €14.60, compared to a current price of €14.22 — trading 2.6% below its estimated fair value. The current Net-Net Working Capital is €-4.84. H & M Hennes & Mauritz AB's overall GF Score™ is 52/100 with 5 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 H & M Hennes & Mauritz AB (MIL:1HMB), the current Net-Net Working Capital is €-4.84 as of May. 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 H & M Hennes & Mauritz AB (MIL:1HMB) Overvalued in 2026?
Based on GuruFocus' analysis, H & M Hennes & Mauritz AB stock appears to be undervalued.
The current stock price of €14.22 is trading 2.6% below its estimated GF Value™ of €14.60.
GuruFocus considers H & M Hennes & Mauritz AB to be Fairly Valued.
Key valuation signals for MIL:1HMB:
Net-Net Working Capital: €-4.84
GF Value™: €14.60 vs. price of €14.22 (2.6% below fair value)
No single metric tells the full story. See the MIL:1HMB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The H&M Group is a global multi-brand fashion conglomerate founded in 1947. Its flagship brand, H&M, generates the majority of the group's revenue, while ARKET, COS, and the secondhand platform Sellpy represent key sources of future growth. Geographically, 34% of group revenues are generated in Western Europe, followed by North and South America at 23%, and both Southern Europe and Asia, Oceania, and Africa at 13% each. The Nordic region accounts for approximately 9% of total sales.The company operates 4,101 stores (3,660 attributable to H&M brand) across 81 markets worldwide, the majority of which are leased. Online sales contributed slightly above 30% of total group revenue in financial 2025 .
52GF 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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