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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.
NEN's Price-to-Net-Net-Working-Capital is not ranked *
in the Real Estate industry.
Industry Median: 4.29 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
New England Realty Associates LP (AMEX:NEN) 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.
New England Realty Associates LP Net-Net Working Capital Related Terms
New England Realty Associates LP 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.
New England Realty Associates LP Net-Net Working Capital Chart
NEN vs RMAX, DOUG, ARL: Net-Net Working Capital Comparison
For the Real Estate Services subindustry, New England Realty Associates LP'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.
New England Realty Associates LP Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, New England Realty Associates LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where New England Realty Associates LP'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 $-157.77 mean?
New England Realty Associates LP (NEN) has a Net-Net Working Capital of $-157.77 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 New England Realty Associates LP According to the industry distribution chart, New England Realty Associates LP ranks #999999 out of 327 companies in the Real Estate industry.
Is New England Realty Associates LP's Net-Net Working Capital too high?
New England Realty Associates LP's current Net-Net Working Capital is $-157.77. Based on the distribution chart, New England Realty Associates LP ranks #999999 out of 327 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, New England Realty Associates LP has a GF Score™ of 61/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does New England Realty Associates LP's Net-Net Working Capital compare to RMAX and DOUG?
According to the Real Estate industry distribution chart, New England Realty Associates LP ranks #999999 out of 327 companies for Net-Net Working Capital. This places New England Realty Associates LP in the lower half of its industry. The industry median Net-Net Working Capital is 4.29. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.29, based on 327 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 New England Realty Associates LP For the Real Estate industry, the median Net-Net Working Capital is 4.29 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. New England Realty Associates LP's current Net-Net Working Capital is $-157.77. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is New England Realty Associates LP stock overvalued right now?
Based on GuruFocus' analysis, New England Realty Associates LP (NEN) is currently considered Possible Value Trap. The stock's GF Value™ is $92.36, compared to a current price of $56.04 — trading 39.3% below its estimated fair value. The current Net-Net Working Capital is $-157.77. New England Realty Associates LP's overall GF Score™ is 61/100 with 5 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 New England Realty Associates LP (NEN), the current Net-Net Working Capital is $-157.77 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 New England Realty Associates LP (NEN) Overvalued in 2026?
Based on GuruFocus' analysis, New England Realty Associates LP stock appears to be undervalued.
The current stock price of $56.04 is trading 39.3% below its estimated GF Value™ of $92.36.
GuruFocus considers New England Realty Associates LP to be Possible Value Trap.
Key valuation signals for NEN:
Net-Net Working Capital: $-157.77
GF Value™: $92.36 vs. price of $56.04 (39.3% below fair value)
No single metric tells the full story. See the NEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
New England Realty Associates LP is engaged in the business of acquiring, developing, holding for investment, operating, and selling real estate. The Partnership owns and operates various residential apartments, condominium units, and commercial properties located in Massachusetts and New Hampshire. The company generates revenue from rental income from residential and commercial properties recognized over the term of the related lease. The long-term goals of the Partnership are to manage, rent, and improve its properties and to acquire additional properties with income and capital appreciation potential as suitable opportunities arise.
61GF Score
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