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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.
General CapitalNZSE:GEN 42 Net-Net Working Capital is NZ$-2.36 as of Mar. 2026. GuruFocus rates NZSE:GEN with a GF Score™ of 42/100 and a GF Value™ of NZ$1.00 (Possible Value Trap). The stock has 3 warning signs investors should review. Among 9 Banks companies, General Capital ranks worse than 11111100% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
General Capital's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NZ$-2.36.
The industry rank for General Capital's Net-Net Working Capital or its related term are showing as below:
NZSE:GEN's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.97 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
General Capital (NZSE:GEN) 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.
General Capital Net-Net Working Capital Related Terms
General Capital Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for General Capital'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.
NZSE:GEN vs RKT, FNMA, PFSI: Net-Net Working Capital Comparison
For the Mortgage Finance subindustry, General Capital'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.
General Capital Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, General Capital's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where General Capital'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 NZ$-2.36 mean?
General Capital (NZSE:GEN) has a Net-Net Working Capital of NZ$-2.36 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 General Capital According to the industry distribution chart, General Capital ranks #999999 out of 9 companies in the Banks industry.
Is General Capital's Net-Net Working Capital too high?
General Capital's current Net-Net Working Capital is NZ$-2.36. Based on the distribution chart, General Capital ranks #999999 out of 9 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, General Capital has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does General Capital's Net-Net Working Capital compare to RKT and FNMA?
According to the Banks industry distribution chart, General Capital ranks #999999 out of 9 companies for Net-Net Working Capital. This places General Capital in the lower half of its industry. The industry median Net-Net Working Capital is 1.97. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Banks company?
The median Net-Net Working Capital among Banks companies is 1.97, based on 9 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on General Capital For the Banks industry, the median Net-Net Working Capital is 1.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. General Capital's current Net-Net Working Capital is NZ$-2.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is General Capital stock overvalued right now?
Based on GuruFocus' analysis, General Capital (NZSE:GEN) is currently considered Possible Value Trap. The stock's GF Value™ is NZ$1.00, compared to a current price of NZ$0.26 — trading 74.5% below its estimated fair value. The current Net-Net Working Capital is NZ$-2.36. General Capital's overall GF Score™ is 42/100 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 General Capital (NZSE:GEN), the current Net-Net Working Capital is NZ$-2.36 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.
Is General Capital (NZSE:GEN) Overvalued in 2026?
Based on GuruFocus' analysis, General Capital stock appears to be undervalued.
The current stock price of NZ$0.26 is trading 74.5% below its estimated GF Value™ of NZ$1.00.
GuruFocus considers General Capital to be Possible Value Trap.
Key valuation signals for NZSE:GEN:
Net-Net Working Capital: NZ$-2.36
GF Value™: NZ$1.00 vs. price of NZ$0.26 (74.5% below fair value)
No single metric tells the full story. See the NZSE:GEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
General Capital Ltd through its subsidiaries engaged in providing financial services. The company accepts deposits and also lends funds to borrowers over residential property. It operates through three segments: Finance: Deposit taking and property mortgage lending, and insurance premium funding, Research and Advisory: Provides investment advisory services and produces and sells investment research and publications. Corporate and Other: Corporate function and investment activities. The Finance segment generates the majority of revenue for the company.
42GF Score
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