Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
UpconNGO:5075 -0.77%86 Net-Net Working Capital is 円260.91 as of Jan. 2026. GuruFocus rates NGO:5075 with a GF Score™ of 86/100 and a GF Value™ of 円747.12 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 477 Construction companies, Upcon ranks better than 70.23% 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.
Upcon's Net-Net Working Capital for the quarter that ended in Jan. 2026 was 円260.91.
The industry rank for Upcon's Net-Net Working Capital or its related term are showing as below:
NGO:5075's Price-to-Net-Net-Working-Capital is ranked better than 70.23% of 477
companies
in the Construction industry
Industry Median: 6.69
vs NGO:5075: 3.65
Upcon (NGO:5075) 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.
Upcon Net-Net Working Capital Related Terms
Upcon Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Upcon'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.
NGO:5075 vs PWR, FIX, EME: Net-Net Working Capital Comparison
For the Engineering & Construction subindustry, Upcon'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.
Upcon Price-to-Net-Net-Working-Capital vs Construction Industry
For the Construction industry and Industrials sector, Upcon's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Upcon'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 円260.91 mean?
Upcon (NGO:5075) has a Net-Net Working Capital of 円260.91 as of Jan. 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 Upcon According to the industry distribution chart, Upcon ranks #142 out of 477 companies in the Construction industry, placing it in the top 29.8%.
Is Upcon's Net-Net Working Capital too high?
Upcon's current Net-Net Working Capital is 円260.91. Based on the distribution chart, Upcon ranks #142 out of 477 companies in the Construction industry, which is above the industry midpoint. Overall, Upcon has a GF Score™ of 86/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Upcon's Net-Net Working Capital compare to PWR and FIX?
According to the Construction industry distribution chart, Upcon ranks #142 out of 477 companies for Net-Net Working Capital. This puts Upcon in the upper half of its industry. The industry median Net-Net Working Capital is 6.69. 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 Construction company?
The median Net-Net Working Capital among Construction companies is 6.69, based on 477 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 Upcon For the Construction industry, the median Net-Net Working Capital is 6.69 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Upcon's current Net-Net Working Capital is 円260.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Upcon stock overvalued right now?
Based on GuruFocus' analysis, Upcon (NGO:5075) is currently considered Significantly Overvalued. The stock's GF Value™ is 円747.12, compared to a current price of 円1,026.00 — trading 37.3% above its estimated fair value. The current Net-Net Working Capital is 円260.91. Upcon's overall GF Score™ is 86/100 with 1 warning sign 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 Upcon (NGO:5075), the current Net-Net Working Capital is 円260.91 as of Jan. 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 Upcon (NGO:5075) Overvalued in 2026?
Based on GuruFocus' analysis, Upcon stock appears to be overvalued.
The current stock price of 円1,026.00 is trading 37.3% above its estimated GF Value™ of 円747.12.
GuruFocus considers Upcon to be Significantly Overvalued.
Key valuation signals for NGO:5075:
Net-Net Working Capital: 円260.91
GF Value™: 円747.12 vs. price of 円1,026.00 (37.3% above fair value)
No single metric tells the full story. See the NGO:5075 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Upcon Corp operates in the civil engineering and construction industry predominantly in Japan. The company applies its Upcon method, which uses completely non-freon urethane resin and small machines to repair subsidence, tilt, steps, gaps, etc., in concrete floors, caused by earthquakes or uneven ground settlement. The Upcon method is also used to correct unevenness on roads, ports, and airports, mainly for public works projects. In addition, the company provides gap and cavity filling services, maintains and repairs waterway tunnels, and is working on several projects, including a new construction method using urethane foam resin. It operates in a single segment, the subsidence correction business.
86GF Score
Get the complete analysis for NGO:5075
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
NGO:5075 has been successfully added to your 
