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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.
Napier Port Holdings's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NZ$-0.81.
The industry rank for Napier Port Holdings's Net-Net Working Capital or its related term are showing as below:
NZSE:NPH's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.495 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Napier Port Holdings (NZSE:NPH) 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.
Napier Port Holdings Net-Net Working Capital Related Terms
Napier Port Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Napier Port Holdings'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.
Napier Port Holdings Net-Net Working Capital Chart
Napier Port Holdings Net-Net Working Capital Competitor Comparison
For the Marine Shipping subindustry, Napier Port Holdings'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.
Napier Port Holdings Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Napier Port Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Napier Port Holdings'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$-0.81 mean?
Napier Port Holdings (NZSE:NPH) has a Net-Net Working Capital of NZ$-0.81 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Napier Port Holdings According to the industry distribution chart, Napier Port Holdings ranks #999999 out of 226 companies in the Transportation industry.
Is Napier Port Holdings' Net-Net Working Capital too high?
Napier Port Holdings' current Net-Net Working Capital is NZ$-0.81. Based on the distribution chart, Napier Port Holdings ranks #999999 out of 226 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Napier Port Holdings has a GF Score™ of 95/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Napier Port Holdings' Net-Net Working Capital compare to competitors?
According to the Transportation industry distribution chart, Napier Port Holdings ranks #999999 out of 226 companies for Net-Net Working Capital. This places Napier Port Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 6.50. 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 Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.50, based on 226 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 Napier Port Holdings For the Transportation industry, the median Net-Net Working Capital is 6.50 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Napier Port Holdings's current Net-Net Working Capital is NZ$-0.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Napier Port Holdings stock overvalued right now?
Based on GuruFocus' analysis, Napier Port Holdings (NZSE:NPH) is currently considered Fairly Valued. The stock's GF Value™ is NZ$3.38, compared to a current price of NZ$3.55 — trading 5% above its estimated fair value. The current Net-Net Working Capital is NZ$-0.81. Napier Port Holdings' overall GF Score™ is 95/100 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 Napier Port Holdings (NZSE:NPH), the current Net-Net Working Capital is NZ$-0.81 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 Napier Port Holdings (NZSE:NPH) Overvalued in 2026?
Based on GuruFocus' analysis, Napier Port Holdings stock appears to be overvalued.
The current stock price of NZ$3.55 is trading 5% above its estimated GF Value™ of NZ$3.38.
GuruFocus considers Napier Port Holdings to be Fairly Valued.
Key valuation signals for NZSE:NPH:
Net-Net Working Capital: NZ$-0.81
GF Value™: NZ$3.38 vs. price of NZ$3.55 (5% above fair value)
No single metric tells the full story. See the NZSE:NPH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Napier Port Holdings Ltd is engaged in providing port and logistics services. The Group operates in one reportable segment bein Port Services. This consists of providing and managing port services and cargo handling infrastructure through Napier Port. Within the Port Services reportable segment the following operating segments have been identified: marine services, general cargo services, container services, port pack services and depot services. Geographically, it derives a majority of its revenue from New Zealand, with maximum revenue from Container Services.
95GF Score
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