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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.
Mesa Royalty Trust's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $1.04.
The industry rank for Mesa Royalty Trust's Net-Net Working Capital or its related term are showing as below:
MTR's Price-to-Net-Net-Working-Capital is ranked better than 68.56% of 194
companies
in the Oil & Gas industry
Industry Median: 6.245
vs MTR: 2.76
Mesa Royalty Trust (NYSE:MTR) 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.
Mesa Royalty Trust Net-Net Working Capital Related Terms
Mesa Royalty Trust Net-Net Working Capital Historical Data
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The historical data trend for Mesa Royalty Trust'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.
MTR vs HGTXU, MVO, ALTX: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, Mesa Royalty Trust'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.
Mesa Royalty Trust Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Mesa Royalty Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Mesa Royalty Trust'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 $1.04 mean?
Mesa Royalty Trust (MTR) has a Net-Net Working Capital of $1.04 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 Mesa Royalty Trust According to the industry distribution chart, Mesa Royalty Trust ranks #61 out of 194 companies in the Oil & Gas industry, placing it in the top 31.4%.
Is Mesa Royalty Trust's Net-Net Working Capital too high?
Mesa Royalty Trust's current Net-Net Working Capital is $1.04. The Oil & Gas industry median Net-Net Working Capital is 6.25. Mesa Royalty Trust's value of $1.04 is 83.3% below this industry median. Based on the distribution chart, Mesa Royalty Trust ranks #61 out of 194 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Mesa Royalty Trust has a GF Score™ of 64/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Mesa Royalty Trust's Net-Net Working Capital compare to HGTXU and MVO?
According to the Oil & Gas industry distribution chart, Mesa Royalty Trust ranks #61 out of 194 companies for Net-Net Working Capital. This puts Mesa Royalty Trust in the upper half of its industry. The industry median Net-Net Working Capital is 6.25. Mesa Royalty Trust's value of $1.04 is 83.3% below this benchmark. 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 Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.25, based on 194 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. Mesa Royalty Trust's current Net-Net Working Capital of $1.04 is 83.3% below the industry median. 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 Mesa Royalty Trust For the Oil & Gas industry, the median Net-Net Working Capital is 6.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mesa Royalty Trust's current Net-Net Working Capital is $1.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mesa Royalty Trust stock overvalued right now?
Based on GuruFocus' analysis, Mesa Royalty Trust (MTR) is currently considered Modestly Undervalued. The stock's GF Value™ is $3.59, compared to a current price of $2.87 — trading 20.1% below its estimated fair value. The current Net-Net Working Capital is $1.04 and 83.3% below the Oil & Gas industry median of 6.25. Mesa Royalty Trust's overall GF Score™ is 64/100 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 Mesa Royalty Trust (MTR), the current Net-Net Working Capital is $1.04 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 Mesa Royalty Trust (MTR) Overvalued in 2026?
Based on GuruFocus' analysis, Mesa Royalty Trust stock appears to be undervalued.
The current stock price of $2.87 is trading 20.1% below its estimated GF Value™ of $3.59.
GuruFocus considers Mesa Royalty Trust to be Modestly Undervalued.
Key valuation signals for MTR:
Net-Net Working Capital: $1.04
GF Value™: $3.59 vs. price of $2.87 (20.1% below fair value)
Industry Position: 83.3% below the Oil & Gas median (#61 of 194)
No single metric tells the full story. See the MTR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mesa Royalty Trust holds net overriding royalty interests in various oil and gas properties located in the: Hugoton field of Kansas, San Juan Basin field of New Mexico, and San Juan Basin Field of Colorado.
64GF Score
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