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BOC KenyaNAI:BOC +0.65%67 Net-Net Working Capital is KES54.93 as of Dec. 2025. GuruFocus rates NAI:BOC with a GF Score™ of 67/100 and a GF Value™ of KES90.55 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 595 Chemicals companies, BOC Kenya ranks better than 76.3% 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.
BOC Kenya's Net-Net Working Capital for the quarter that ended in Dec. 2025 was KES54.93.
The industry rank for BOC Kenya's Net-Net Working Capital or its related term are showing as below:
NAI:BOC's Price-to-Net-Net-Working-Capital is ranked better than 76.3% of 595
companies
in the Chemicals industry
Industry Median: 8.36
vs NAI:BOC: 3.54
BOC Kenya (NAI:BOC) 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.
BOC Kenya Net-Net Working Capital Related Terms
BOC Kenya Net-Net Working Capital Historical Data
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The historical data trend for BOC Kenya'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.
NAI:BOC vs DOW: Net-Net Working Capital Comparison
For the Chemicals subindustry, BOC Kenya'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.
BOC Kenya Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, BOC Kenya's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where BOC Kenya'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 KES54.93 mean?
BOC Kenya (NAI:BOC) has a Net-Net Working Capital of KES54.93 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 BOC Kenya According to the industry distribution chart, BOC Kenya ranks #141 out of 595 companies in the Chemicals industry, placing it in the top 23.7%.
Is BOC Kenya's Net-Net Working Capital too high?
BOC Kenya's current Net-Net Working Capital is KES54.93. Based on the distribution chart, BOC Kenya ranks #141 out of 595 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, BOC Kenya has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does BOC Kenya's Net-Net Working Capital compare to DOW?
According to the Chemicals industry distribution chart, BOC Kenya ranks #141 out of 595 companies for Net-Net Working Capital. This places BOC Kenya in the top 24% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 8.36. 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 Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 8.36, based on 595 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 BOC Kenya For the Chemicals industry, the median Net-Net Working Capital is 8.36 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. BOC Kenya's current Net-Net Working Capital is KES54.93. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is BOC Kenya stock overvalued right now?
Based on GuruFocus' analysis, BOC Kenya (NAI:BOC) is currently considered Significantly Overvalued. The stock's GF Value™ is KES90.55, compared to a current price of KES194.50 — trading 114.8% above its estimated fair value. The current Net-Net Working Capital is KES54.93. BOC Kenya's overall GF Score™ is 67/100 with 4 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 BOC Kenya (NAI:BOC), the current Net-Net Working Capital is KES54.93 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 BOC Kenya (NAI:BOC) Overvalued in 2026?
Based on GuruFocus' analysis, BOC Kenya stock appears to be overvalued.
The current stock price of KES194.50 is trading 114.8% above its estimated GF Value™ of KES90.55.
GuruFocus considers BOC Kenya to be Significantly Overvalued.
Key valuation signals for NAI:BOC:
Net-Net Working Capital: KES54.93
GF Value™: KES90.55 vs. price of KES194.50 (114.8% above fair value)
No single metric tells the full story. See the NAI:BOC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
BOC Kenya PLC is involved in the manufacture and sale of industrial and medical gases and welding products. Its product range consists of Bulk gases, Packaged gases, and Engineering services. Bulk gases include liquid oxygen and liquid nitrogen. Packaged gases comprise medical gases, industrial gases, special gas mixtures, and liquefied petroleum gas. The engineering services include supplies of medical equipment, construction of medical and other gas pipelines, liquefied petroleum gas installations, tanks and pipelines, industrial gas storage and pipeline installations, and related maintenance services. The company generates the majority of its revenue from the sale of medical and industrial gases.
67GF Score
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