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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.
NRT's Price-to-Net-Net-Working-Capital is ranked worse than 89.12% of 193
companies
in the Oil & Gas industry
Industry Median: 6.72
vs NRT: 38.86
North European Oil Royalty Trust (NYSE:NRT) 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.
North European Oil Royalty Trust Net-Net Working Capital Related Terms
North European Oil Royalty Trust 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.
North European Oil Royalty Trust Net-Net Working Capital Chart
NRT vs PROP, LRDC, PVL: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, North European Oil 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.
North European Oil Royalty Trust Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, North European Oil Royalty Trust's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where North European Oil 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 $0.21 mean?
North European Oil Royalty Trust (NRT) has a Net-Net Working Capital of $0.21 as of Apr. 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 North European Oil Royalty Trust According to the industry distribution chart, North European Oil Royalty Trust ranks #172 out of 193 companies in the Oil & Gas industry, placing it in the top 89.1%.
Is North European Oil Royalty Trust's Net-Net Working Capital too high?
North European Oil Royalty Trust's current Net-Net Working Capital is $0.21. The Oil & Gas industry median Net-Net Working Capital is 6.72. North European Oil Royalty Trust's value of $0.21 is 96.9% below this industry median. Based on the distribution chart, North European Oil Royalty Trust ranks #172 out of 193 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, North European Oil Royalty Trust has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does North European Oil Royalty Trust's Net-Net Working Capital compare to PROP and LRDC?
According to the Oil & Gas industry distribution chart, North European Oil Royalty Trust ranks #172 out of 193 companies for Net-Net Working Capital. This places North European Oil Royalty Trust in the lower half of its industry. The industry median Net-Net Working Capital is 6.72. North European Oil Royalty Trust's value of $0.21 is 96.9% 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 6.72, based on 193 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. North European Oil Royalty Trust's current Net-Net Working Capital of $0.21 is 96.9% 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 North European Oil Royalty Trust For the Oil & Gas industry, the median Net-Net Working Capital is 6.72 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. North European Oil Royalty Trust's current Net-Net Working Capital is $0.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is North European Oil Royalty Trust stock overvalued right now?
Based on GuruFocus' analysis, North European Oil Royalty Trust (NRT) is currently considered Fairly Valued. The stock's GF Value™ is $7.87, compared to a current price of $8.16 — trading 3.7% above its estimated fair value. The current Net-Net Working Capital is $0.21 and 96.9% below the Oil & Gas industry median of 6.72. North European Oil Royalty Trust's overall GF Score™ is 74/100 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 North European Oil Royalty Trust (NRT), the current Net-Net Working Capital is $0.21 as of Apr. 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 North European Oil Royalty Trust (NRT) Overvalued in 2026?
Based on GuruFocus' analysis, North European Oil Royalty Trust stock appears to be overvalued.
The current stock price of $8.16 is trading 3.7% above its estimated GF Value™ of $7.87.
GuruFocus considers North European Oil Royalty Trust to be Fairly Valued.
Key valuation signals for NRT:
Net-Net Working Capital: $0.21
GF Value™: $7.87 vs. price of $8.16 (3.7% above fair value)
Industry Position: 96.9% below the Oil & Gas median (#172 of 193)
No single metric tells the full story. See the NRT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
North European Oil Royalty Trust Business Description
North European Oil Royalty Trust holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. The properties of the trust are overriding royalty rights on sales of gas, sulfur, and oil under certain concessions or leases in the Federal Republic of Germany. The trust also holds other royalty rights, which are based on leases. It receives various percentages of royalties on the proceeds of the sales of certain products from the areas involved.
74GF 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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