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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.
Nomura Research Institute's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-2.40.
The industry rank for Nomura Research Institute's Net-Net Working Capital or its related term are showing as below:
NURAF's Price-to-Net-Net-Working-Capital is not ranked *
in the Software industry.
Industry Median: 6.96 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Nomura Research Institute (OTCPK:NURAF) 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.
Nomura Research Institute Net-Net Working Capital Related Terms
Nomura Research Institute Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Nomura Research Institute'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.
Nomura Research Institute Net-Net Working Capital Chart
NURAF vs IBM, ACN, FISV: Net-Net Working Capital Comparison
For the Information Technology Services subindustry, Nomura Research Institute'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.
Nomura Research Institute Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Nomura Research Institute's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nomura Research Institute'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 $-2.40 mean?
Nomura Research Institute (NURAF) has a Net-Net Working Capital of $-2.40 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 Nomura Research Institute According to the industry distribution chart, Nomura Research Institute ranks #999999 out of 1257 companies in the Software industry.
Is Nomura Research Institute's Net-Net Working Capital too high?
Nomura Research Institute's current Net-Net Working Capital is $-2.40. Based on the distribution chart, Nomura Research Institute ranks #999999 out of 1257 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Nomura Research Institute has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nomura Research Institute's Net-Net Working Capital compare to IBM and ACN?
According to the Software industry distribution chart, Nomura Research Institute ranks #999999 out of 1257 companies for Net-Net Working Capital. This places Nomura Research Institute in the lower half of its industry. The industry median Net-Net Working Capital is 6.96. 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 6.96, based on 1,257 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 Nomura Research Institute For the Software industry, the median Net-Net Working Capital is 6.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nomura Research Institute's current Net-Net Working Capital is $-2.40. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nomura Research Institute stock overvalued right now?
Based on GuruFocus' analysis, Nomura Research Institute (NURAF) is currently considered Fairly Valued. The stock's GF Value™ is $29.23, compared to a current price of $31.25 — trading 6.9% above its estimated fair value. The current Net-Net Working Capital is $-2.40. Nomura Research Institute's overall GF Score™ is 87/100 with 4 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 Nomura Research Institute (NURAF), the current Net-Net Working Capital is $-2.40 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.
Is Nomura Research Institute (NURAF) Overvalued in 2026?
Based on GuruFocus' analysis, Nomura Research Institute stock appears to be overvalued.
The current stock price of $31.25 is trading 6.9% above its estimated GF Value™ of $29.23.
GuruFocus considers Nomura Research Institute to be Fairly Valued.
Key valuation signals for NURAF:
Net-Net Working Capital: $-2.40
GF Value™: $29.23 vs. price of $31.25 (6.9% above fair value)
No single metric tells the full story. See the NURAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nomura Research Institute was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment acts as a de facto utility for Japan's capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services and a consulting business that originates digital transformation projects. The company reported fiscal 2025 revenue of JPY 814.7 billion. Nomura Holdings, the parent of Nomura Securities, remains NRI's largest shareholder with a 20% stake.
87GF Score
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