Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
DHH SpAMIL:DHH +1.54%85 Net-Net Working Capital is €-2.41 as of Dec. 2025. GuruFocus rates MIL:DHH with a GF Score™ of 85/100 and a GF Value™ of €26.27 (Fairly Valued). The stock has 3 warning signs investors should review. Among 1,258 Software companies, DHH SpA ranks worse than 79491.18% 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.
DHH SpA's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-2.41.
The industry rank for DHH SpA's Net-Net Working Capital or its related term are showing as below:
MIL:DHH's Price-to-Net-Net-Working-Capital is not ranked *
in the Software industry.
Industry Median: 7.155 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
DHH SpA (MIL:DHH) 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.
DHH SpA Net-Net Working Capital Related Terms
DHH SpA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for DHH SpA'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:DHH vs MSFT, ORCL, PLTR: Net-Net Working Capital Comparison
For the Software - Infrastructure subindustry, DHH SpA'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.
DHH SpA Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, DHH SpA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where DHH SpA'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 €-2.41 mean?
DHH SpA (MIL:DHH) has a Net-Net Working Capital of €-2.41 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 DHH SpA According to the industry distribution chart, DHH SpA ranks #999999 out of 1258 companies in the Software industry.
Is DHH SpA's Net-Net Working Capital too high?
DHH SpA's current Net-Net Working Capital is €-2.41. Based on the distribution chart, DHH SpA ranks #999999 out of 1258 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, DHH SpA has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does DHH SpA's Net-Net Working Capital compare to MSFT and ORCL?
According to the Software industry distribution chart, DHH SpA ranks #999999 out of 1258 companies for Net-Net Working Capital. This places DHH SpA in the lower half of its industry. The industry median Net-Net Working Capital is 7.16. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.16, based on 1,258 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 DHH SpA For the Software industry, the median Net-Net Working Capital is 7.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. DHH SpA's current Net-Net Working Capital is €-2.41. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is DHH SpA stock overvalued right now?
Based on GuruFocus' analysis, DHH SpA (MIL:DHH) is currently considered Fairly Valued. The stock's GF Value™ is €26.27, compared to a current price of €26.40 — trading 0.5% above its estimated fair value. The current Net-Net Working Capital is €-2.41. DHH SpA's overall GF Score™ is 85/100 with 3 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 DHH SpA (MIL:DHH), the current Net-Net Working Capital is €-2.41 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 DHH SpA (MIL:DHH) Overvalued in 2026?
Based on GuruFocus' analysis, DHH SpA stock appears to be overvalued.
The current stock price of €26.40 is trading 0.5% above its estimated GF Value™ of €26.27.
GuruFocus considers DHH SpA to be Fairly Valued.
Key valuation signals for MIL:DHH:
Net-Net Working Capital: €-2.41
GF Value™: €26.27 vs. price of €26.40 (0.5% above fair value)
No single metric tells the full story. See the MIL:DHH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
DHH SpA is a technology group dedicated to developing digital infrastructure in Southern Europe. It specializes in providing the technology needed to run websites, apps, e-commerce platforms, and Software as a Service (SaaS) solutions. The Group's operating segments are: Cloud computing, Cloud Hosting, Business connectivity, Datacenter & Networking, and Managed IT Services. The majority of its revenue is generated from the Cloud computing segment, which is engaged in the sales of servers, storage, networks, and SaaS (Software as a Service) sales of applications and software platforms as a service. Geographically, it derives maximum revenue from Italy, and the rest from Slovenia, Croatia, Serbia, Switzerland, and Bulgaria.
85GF Score
Get the complete analysis for MIL:DHH
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
MIL:DHH has been successfully added to your 
