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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.
OSL:IOX's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.5 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
InterOil Exploration and Production ASA (OSL:IOX) 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.
InterOil Exploration and Production ASA Net-Net Working Capital Related Terms
InterOil Exploration and Production ASA Net-Net Working Capital Historical Data
* 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.
InterOil Exploration and Production ASA Net-Net Working Capital Chart
InterOil Exploration and Production ASA Annual Data
OSL:IOX vs COP, EOG, FANG: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, InterOil Exploration and Production 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.
InterOil Exploration and Production ASA Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, InterOil Exploration and Production ASA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where InterOil Exploration and Production 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-49.27 mean?
InterOil Exploration and Production ASA (OSL:IOX) has a Net-Net Working Capital of kr-49.27 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 InterOil Exploration and Production ASA According to the industry distribution chart, InterOil Exploration and Production ASA ranks #999999 out of 191 companies in the Oil & Gas industry.
Is InterOil Exploration and Production ASA's Net-Net Working Capital too high?
InterOil Exploration and Production ASA's current Net-Net Working Capital is kr-49.27. Based on the distribution chart, InterOil Exploration and Production ASA ranks #999999 out of 191 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, InterOil Exploration and Production ASA has a GF Score™ of 22/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does InterOil Exploration and Production ASA's Net-Net Working Capital compare to COP and EOG?
According to the Oil & Gas industry distribution chart, InterOil Exploration and Production ASA ranks #999999 out of 191 companies for Net-Net Working Capital. This places InterOil Exploration and Production ASA 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 an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.50, based on 191 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 InterOil Exploration and Production ASA For the Oil & Gas 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. InterOil Exploration and Production ASA's current Net-Net Working Capital is kr-49.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is InterOil Exploration and Production ASA stock overvalued right now?
Based on GuruFocus' analysis, InterOil Exploration and Production ASA (OSL:IOX) is currently considered Significantly Overvalued. The stock's GF Value™ is kr1.27, compared to a current price of kr3.01 — trading 137% above its estimated fair value. The current Net-Net Working Capital is kr-49.27. InterOil Exploration and Production ASA's overall GF Score™ is 22/100 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 InterOil Exploration and Production ASA (OSL:IOX), the current Net-Net Working Capital is kr-49.27 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 InterOil Exploration and Production ASA (OSL:IOX) Overvalued in 2026?
Based on GuruFocus' analysis, InterOil Exploration and Production ASA stock appears to be overvalued.
The current stock price of kr3.01 is trading 137% above its estimated GF Value™ of kr1.27.
GuruFocus considers InterOil Exploration and Production ASA to be Significantly Overvalued.
Key valuation signals for OSL:IOX:
Net-Net Working Capital: kr-49.27
GF Value™: kr1.27 vs. price of kr3.01 (137% above fair value)
No single metric tells the full story. See the OSL:IOX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
InterOil Exploration and Production ASA Business Description
InterOil Exploration and Production ASA is an upstream oil exploration and production company. It is engaged in the exploration, development, production, purchase, and sale of oil and natural gas deposits. The group has a reportable segment namely Colombia and Argentina, which consists of upstream activities including oil and natural gas exploration, field development, and production from its licenses in Colombia, which is the group's strategic business unit. The operations of the firm are carried out in Colombia and Argentina.
22GF Score
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