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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.
Hexagon Composites ASA's Net-Net Working Capital for the quarter that ended in Dec. 2025 was kr-5.84.
The industry rank for Hexagon Composites ASA's Net-Net Working Capital or its related term are showing as below:
OSL:HEX's Price-to-Net-Net-Working-Capital is not ranked *
in the Packaging & Containers industry.
Industry Median: 5.425 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Hexagon Composites ASA (OSL:HEX) 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.
Hexagon Composites ASA Net-Net Working Capital Related Terms
Hexagon Composites ASA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Hexagon Composites ASA'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.
Hexagon Composites ASA Net-Net Working Capital Chart
OSL:HEX vs SW, PKG, IP: Net-Net Working Capital Comparison
For the Packaging & Containers subindustry, Hexagon Composites ASA'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.
Hexagon Composites ASA Price-to-Net-Net-Working-Capital vs Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Hexagon Composites ASA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Hexagon Composites ASA'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 kr-5.84 mean?
Hexagon Composites ASA (OSL:HEX) has a Net-Net Working Capital of kr-5.84 as of Dec. 2025. 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 Hexagon Composites ASA According to the industry distribution chart, Hexagon Composites ASA ranks #999999 out of 128 companies in the Packaging & Containers industry.
Is Hexagon Composites ASA's Net-Net Working Capital too high?
Hexagon Composites ASA's current Net-Net Working Capital is kr-5.84. Based on the distribution chart, Hexagon Composites ASA ranks #999999 out of 128 companies in the Packaging & Containers industry, which is in the bottom quartile relative to peers. Overall, Hexagon Composites ASA has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hexagon Composites ASA's Net-Net Working Capital compare to SW and PKG?
According to the Packaging & Containers industry distribution chart, Hexagon Composites ASA ranks #999999 out of 128 companies for Net-Net Working Capital. This places Hexagon Composites ASA in the lower half of its industry. The industry median Net-Net Working Capital is 5.43. 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 Packaging & Containers company?
The median Net-Net Working Capital among Packaging & Containers companies is 5.43, based on 128 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 Hexagon Composites ASA For the Packaging & Containers industry, the median Net-Net Working Capital is 5.43 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hexagon Composites ASA's current Net-Net Working Capital is kr-5.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hexagon Composites ASA stock overvalued right now?
Based on GuruFocus' analysis, Hexagon Composites ASA (OSL:HEX) is currently considered Fairly Valued. The stock's GF Value™ is kr12.06, compared to a current price of kr10.92 — trading 9.5% below its estimated fair value. The current Net-Net Working Capital is kr-5.84. Hexagon Composites ASA's overall GF Score™ is 72/100 with 7 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 Hexagon Composites ASA (OSL:HEX), the current Net-Net Working Capital is kr-5.84 as of Dec. 2025. 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 Hexagon Composites ASA (OSL:HEX) Overvalued in 2026?
Based on GuruFocus' analysis, Hexagon Composites ASA stock appears to be undervalued.
The current stock price of kr10.92 is trading 9.5% below its estimated GF Value™ of kr12.06.
GuruFocus considers Hexagon Composites ASA to be Fairly Valued.
Key valuation signals for OSL:HEX:
Net-Net Working Capital: kr-5.84
GF Value™: kr12.06 vs. price of kr10.92 (9.5% below fair value)
No single metric tells the full story. See the OSL:HEX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hexagon Composites ASA is a supplier of clean energy technology for gas storage, distribution, fuel systems, and other related products. The operating segments of the company are Hexagon Agility, and Hexagon Digital Wave. Hexagon Agility segment offers natural gas fuel systems and delivery solutions for the mobility market. The Hexagon Digital Wave segment offers cylinder testing and monitoring technology. The company operates through Europe, North America, Southeast Asia, Africa, Oceania and Norway.
72GF Score
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