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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.
NSE:WHITEFORCE's Price-to-Net-Net-Working-Capital is ranked better than 73.03% of 445
companies
in the Business Services industry
Industry Median: 5.41
vs NSE:WHITEFORCE: 2.77
Happy Square Outsourcing Services (NSE:WHITEFORCE) 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.
Happy Square Outsourcing Services Net-Net Working Capital Related Terms
Happy Square Outsourcing Services 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.
Happy Square Outsourcing Services Net-Net Working Capital Chart
Happy Square Outsourcing Services Annual Data
Trend
Mar23
Mar24
Mar25
Mar26
Net-Net Working Capital
-5.38
-8.83
-8.07
16.76
Happy Square Outsourcing Services Semi-Annual Data
NSE:WHITEFORCE vs KFY, RHI, TNET: Net-Net Working Capital Comparison
For the Staffing & Employment Services subindustry, Happy Square Outsourcing Services'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.
Happy Square Outsourcing Services Price-to-Net-Net-Working-Capital vs Business Services Industry
For the Business Services industry and Industrials sector, Happy Square Outsourcing Services's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Happy Square Outsourcing Services'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 ₹16.76 mean?
Happy Square Outsourcing Services (NSE:WHITEFORCE) has a Net-Net Working Capital of ₹16.76 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 Happy Square Outsourcing Services According to the industry distribution chart, Happy Square Outsourcing Services ranks #120 out of 445 companies in the Business Services industry, placing it in the top 27%.
Is Happy Square Outsourcing Services' Net-Net Working Capital too high?
Happy Square Outsourcing Services' current Net-Net Working Capital is ₹16.76. Based on the distribution chart, Happy Square Outsourcing Services ranks #120 out of 445 companies in the Business Services industry, which is above the industry midpoint. Overall, Happy Square Outsourcing Services has a GF Score™ of 18/100, reflecting its overall financial health beyond just this single metric.
How does Happy Square Outsourcing Services' Net-Net Working Capital compare to KFY and RHI?
According to the Business Services industry distribution chart, Happy Square Outsourcing Services ranks #120 out of 445 companies for Net-Net Working Capital. This puts Happy Square Outsourcing Services in the upper half of its industry. The industry median Net-Net Working Capital is 5.41. 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 Business Services company?
The median Net-Net Working Capital among Business Services companies is 5.41, based on 445 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 Happy Square Outsourcing Services For the Business Services industry, the median Net-Net Working Capital is 5.41 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Happy Square Outsourcing Services's current Net-Net Working Capital is ₹16.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Happy Square Outsourcing Services stock overvalued right now?
Happy Square Outsourcing Services (NSE:WHITEFORCE) has a current Net-Net Working Capital of ₹16.76. The current Net-Net Working Capital is ₹16.76. Happy Square Outsourcing Services' overall GF Score™ is 18/100 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 Happy Square Outsourcing Services (NSE:WHITEFORCE), the current Net-Net Working Capital is ₹16.76 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.
Happy Square Outsourcing Services Business Description
Happy Square Outsourcing Services Ltd is a technology-based consulting firm, involved in tech-based human resource outsourcing business, which focuses on end-to-end solutions. It offers a wide array of services such as Recruitment, Payroll, Onboarding, and flexible staffing. Its comprehensive network, structured processes, professionalism, and work ethics ensure that the company remains at the top on the domestic scale. The company satisfies firms' staffing and recruitment needs in India through its specialized, rich knowledge.
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