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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.
The industry rank for MS&AD Insurance Group Holdings's Net-Net Working Capital or its related term are showing as below:
MSADF's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 8.44 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
MS&AD Insurance Group Holdings (OTCPK:MSADF) 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.
MS&AD Insurance Group Holdings Net-Net Working Capital Related Terms
MS&AD Insurance Group Holdings Net-Net Working Capital Historical Data
* 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.
MS&AD Insurance Group Holdings Net-Net Working Capital Chart
MSADF vs CB, PGR, TRV: Net-Net Working Capital Comparison
For the Insurance - Property & Casualty subindustry, MS&AD Insurance Group Holdings'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.
MS&AD Insurance Group Holdings Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, MS&AD Insurance Group Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where MS&AD Insurance Group Holdings'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 $-89.73 mean?
MS&AD Insurance Group Holdings (MSADF) has a Net-Net Working Capital of $-89.73 as of Mar. 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 MS&AD Insurance Group Holdings According to the industry distribution chart, MS&AD Insurance Group Holdings ranks #999999 out of 59 companies in the Insurance industry.
Is MS&AD Insurance Group Holdings' Net-Net Working Capital too high?
MS&AD Insurance Group Holdings' current Net-Net Working Capital is $-89.73. Based on the distribution chart, MS&AD Insurance Group Holdings ranks #999999 out of 59 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, MS&AD Insurance Group Holdings has a GF Score™ of 79/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does MS&AD Insurance Group Holdings' Net-Net Working Capital compare to CB and PGR?
According to the Insurance industry distribution chart, MS&AD Insurance Group Holdings ranks #999999 out of 59 companies for Net-Net Working Capital. This places MS&AD Insurance Group Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 8.44. 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 an Insurance company?
The median Net-Net Working Capital among Insurance companies is 8.44, based on 59 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 MS&AD Insurance Group Holdings For the Insurance industry, the median Net-Net Working Capital is 8.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. MS&AD Insurance Group Holdings's current Net-Net Working Capital is $-89.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is MS&AD Insurance Group Holdings stock overvalued right now?
Based on GuruFocus' analysis, MS&AD Insurance Group Holdings (MSADF) is currently considered Fairly Valued. The stock's GF Value™ is $28.88, compared to a current price of $27.27 — trading 5.6% below its estimated fair value. The current Net-Net Working Capital is $-89.73. MS&AD Insurance Group Holdings' overall GF Score™ is 79/100 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 MS&AD Insurance Group Holdings (MSADF), the current Net-Net Working Capital is $-89.73 as of Mar. 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 MS&AD Insurance Group Holdings (MSADF) Overvalued in 2026?
Based on GuruFocus' analysis, MS&AD Insurance Group Holdings stock appears to be undervalued.
The current stock price of $27.27 is trading 5.6% below its estimated GF Value™ of $28.88.
GuruFocus considers MS&AD Insurance Group Holdings to be Fairly Valued.
Key valuation signals for MSADF:
Net-Net Working Capital: $-89.73
GF Value™: $28.88 vs. price of $27.27 (5.6% below fair value)
No single metric tells the full story. See the MSADF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
MS&AD Insurance Group Holdings Business Description
MS&AD is Japan's largest domestic property and casualty insurer by market share, trailing Tokio Marine HCC in global scale. Domestically, it maintains a solid second-tier life presence. Overseas, MS&AD holds a dominant, profitable retail footprint in the Association of Southeast Asian Nations and is aggressively pivoting to US specialty lines via a milestone investment in W.R. Berkley, supported by MS Amlin's successful turnaround in global specialty markets.Domestically, MS&AD leverages deep corporate ties with Mitsui and Sumitomo, alongside an exclusive Toyota partnership that provides unparalleled advantages in capturing auto insurance customers and building advanced telematics data funnels.
79GF Score
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