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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.
Third Age Health Services's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NZ$-0.44.
The industry rank for Third Age Health Services's Net-Net Working Capital or its related term are showing as below:
NZSE:TAH's Price-to-Net-Net-Working-Capital is not ranked *
in the Healthcare Providers & Services industry.
Industry Median: 7.015 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Third Age Health Services (NZSE:TAH) 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.
Third Age Health Services Net-Net Working Capital Related Terms
Third Age Health Services Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Third Age Health Services'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.
Third Age Health Services Net-Net Working Capital Chart
NZSE:TAH vs HCA, THC, EHC: Net-Net Working Capital Comparison
For the Medical Care Facilities subindustry, Third Age Health 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.
Third Age Health Services Price-to-Net-Net-Working-Capital vs Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Third Age Health Services's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Third Age Health 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 NZ$-0.44 mean?
Third Age Health Services (NZSE:TAH) has a Net-Net Working Capital of NZ$-0.44 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Third Age Health Services According to the industry distribution chart, Third Age Health Services ranks #999999 out of 186 companies in the Healthcare Providers & Services industry.
Is Third Age Health Services' Net-Net Working Capital too high?
Third Age Health Services' current Net-Net Working Capital is NZ$-0.44. Based on the distribution chart, Third Age Health Services ranks #999999 out of 186 companies in the Healthcare Providers & Services industry, which is in the bottom quartile relative to peers. Overall, Third Age Health Services has a GF Score™ of 86/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Third Age Health Services' Net-Net Working Capital compare to HCA and THC?
According to the Healthcare Providers & Services industry distribution chart, Third Age Health Services ranks #999999 out of 186 companies for Net-Net Working Capital. This places Third Age Health Services in the lower half of its industry. The industry median Net-Net Working Capital is 7.02. 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 Healthcare Providers & Services company?
The median Net-Net Working Capital among Healthcare Providers & Services companies is 7.02, based on 186 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 Third Age Health Services For the Healthcare Providers & Services industry, the median Net-Net Working Capital is 7.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Third Age Health Services's current Net-Net Working Capital is NZ$-0.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Third Age Health Services stock overvalued right now?
Based on GuruFocus' analysis, Third Age Health Services (NZSE:TAH) is currently considered Significantly Overvalued. The stock's GF Value™ is NZ$3.55, compared to a current price of NZ$4.68 — trading 31.8% above its estimated fair value. The current Net-Net Working Capital is NZ$-0.44. Third Age Health Services' overall GF Score™ is 86/100 with 2 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 Third Age Health Services (NZSE:TAH), the current Net-Net Working Capital is NZ$-0.44 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 Third Age Health Services (NZSE:TAH) Overvalued in 2026?
Based on GuruFocus' analysis, Third Age Health Services stock appears to be overvalued.
The current stock price of NZ$4.68 is trading 31.8% above its estimated GF Value™ of NZ$3.55.
GuruFocus considers Third Age Health Services to be Significantly Overvalued.
Key valuation signals for NZSE:TAH:
Net-Net Working Capital: NZ$-0.44
GF Value™: NZ$3.55 vs. price of NZ$4.68 (31.8% above fair value)
No single metric tells the full story. See the NZSE:TAH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Third Age Health Services Ltd is engaged in providing health care services to older adults residing in Aged Residential Care. The services offered by the company include 24/7 access to a doctor, Regular, scheduled rounds by a Practitioner, and Guaranteed locum cover. The company segment includes: Aged medical residential care services, being the provision of medical care services to the aged care sector. General practice medical services, being the provision of primary care services to the community.
86GF Score
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