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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.
NGO:5241's Price-to-Net-Net-Working-Capital is ranked better than 88.93% of 1229
companies
in the Software industry
Industry Median: 7.07
vs NGO:5241: 2.07
Nihon Office Automation Research Co (NGO:5241) 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.
Nihon Office Automation Research Co Net-Net Working Capital Related Terms
Nihon Office Automation Research Co 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.
Nihon Office Automation Research Co Net-Net Working Capital Chart
Nihon Office Automation Research Co Annual Data
Trend
Dec20
Dec21
Dec23
Dec24
Dec25
Net-Net Working Capital
264.32
333.31
384.52
233.47
302.17
Nihon Office Automation Research Co Semi-Annual Data
NGO:5241 vs IBM, ACN, CTSH: Net-Net Working Capital Comparison
For the Information Technology Services subindustry, Nihon Office Automation Research Co'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.
Nihon Office Automation Research Co Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Nihon Office Automation Research Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nihon Office Automation Research Co'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377.19 mean?
Nihon Office Automation Research Co (NGO:5241) has a Net-Net Working Capital of 円377.19 as of Jun. 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 Nihon Office Automation Research Co According to the industry distribution chart, Nihon Office Automation Research Co ranks #136 out of 1229 companies in the Software industry, placing it in the top 11.1%.
Is Nihon Office Automation Research Co's Net-Net Working Capital too high?
Nihon Office Automation Research Co's current Net-Net Working Capital is 円377.19. Based on the distribution chart, Nihon Office Automation Research Co ranks #136 out of 1229 companies in the Software industry, which is in the top quartile — a strong position relative to peers. Overall, Nihon Office Automation Research Co has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.
How does Nihon Office Automation Research Co's Net-Net Working Capital compare to IBM and ACN?
According to the Software industry distribution chart, Nihon Office Automation Research Co ranks #136 out of 1229 companies for Net-Net Working Capital. This places Nihon Office Automation Research Co in the top 11% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 7.07. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.07, based on 1,229 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 Nihon Office Automation Research Co For the Software industry, the median Net-Net Working Capital is 7.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nihon Office Automation Research Co's current Net-Net Working Capital is 円377.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nihon Office Automation Research Co stock overvalued right now?
Nihon Office Automation Research Co (NGO:5241) has a current Net-Net Working Capital of 円377.19. The current Net-Net Working Capital is 円377.19. Nihon Office Automation Research Co's overall GF Score™ is 19/100. 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 Nihon Office Automation Research Co (NGO:5241), the current Net-Net Working Capital is 円377.19 as of Jun. 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.
Nihon Office Automation Research Co Ltd is involved in system development, continuous maintenance, support, system modifications, and related services. The company provides high-value-added IT services by participating in the development of central government office systems.
19GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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