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Kaleon SPAMIL:KLN 21 Net-Net Working Capital is €-0.19 as of Dec. 2025. GuruFocus rates MIL:KLN with a GF Score™ of 21/100. The stock has 2 warning signs investors should review. Among 207 Travel & Leisure companies, Kaleon SPA ranks worse than 483091.3% 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.
Kaleon SPA's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-0.19.
The industry rank for Kaleon SPA's Net-Net Working Capital or its related term are showing as below:
MIL:KLN's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.01 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Kaleon SPA (MIL:KLN) 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.
Kaleon SPA Net-Net Working Capital Related Terms
Kaleon SPA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kaleon 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.
Kaleon SPA Net-Net Working Capital Chart
Kaleon SPA Annual Data
Trend
Dec23
Dec24
Dec25
Net-Net Working Capital
-1.26
-1.29
-0.19
Kaleon SPA Semi-Annual Data
Dec23
Jun24
Dec24
Jun25
Dec25
Net-Net Working Capital
-1.26
0.00
-1.29
-1.38
-0.19
MIL:KLN vs BKNG, ABNB, RCL: Net-Net Working Capital Comparison
For the Travel Services subindustry, Kaleon 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.
Kaleon SPA Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Kaleon SPA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kaleon 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 €-0.19 mean?
Kaleon SPA (MIL:KLN) has a Net-Net Working Capital of €-0.19 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 Kaleon SPA According to the industry distribution chart, Kaleon SPA ranks #999999 out of 207 companies in the Travel & Leisure industry.
Is Kaleon SPA's Net-Net Working Capital too high?
Kaleon SPA's current Net-Net Working Capital is €-0.19. Based on the distribution chart, Kaleon SPA ranks #999999 out of 207 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Kaleon SPA has a GF Score™ of 21/100, reflecting its overall financial health beyond just this single metric.
How does Kaleon SPA's Net-Net Working Capital compare to BKNG and ABNB?
According to the Travel & Leisure industry distribution chart, Kaleon SPA ranks #999999 out of 207 companies for Net-Net Working Capital. This places Kaleon SPA in the lower half of its industry. The industry median Net-Net Working Capital is 6.01. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.01, based on 207 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 Kaleon SPA For the Travel & Leisure industry, the median Net-Net Working Capital is 6.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kaleon SPA's current Net-Net Working Capital is €-0.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kaleon SPA stock overvalued right now?
Kaleon SPA (MIL:KLN) has a current Net-Net Working Capital of €-0.19. The current Net-Net Working Capital is €-0.19. Kaleon SPA's overall GF Score™ is 21/100 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 Kaleon SPA (MIL:KLN), the current Net-Net Working Capital is €-0.19 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.
Kaleon SPA is a company specialized in the operational, administrative, and marketing management of both proprietary and third-parties' prominent cultural and tourist sites. It directly oversees the activities of the Terre Borromeo, the brand which identifies the portfolio of cultural and natural sites historically linked to the Borromeo Family located in the Lake Maggiore area. These include iconic destinations such as Isola Bella, Isola Madre, Rocca di Angera, Parco Pallavicino, Parco del Mottarone and Castelli di Cannero, blending culture, nature, and art with an extensive range of services (i.e., hospitality and leisure services) to offer visitors a full and memorable experience.
21GF Score
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