Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
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.
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.
NorAm Drilling AS's Net-Net Working Capital for the quarter that ended in Mar. 2026 was kr-0.44.
The industry rank for NorAm Drilling AS's Net-Net Working Capital or its related term are showing as below:
OSL:NORAM's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.61 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
NorAm Drilling AS (OSL:NORAM) 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.
NorAm Drilling AS Net-Net Working Capital Related Terms
NorAm Drilling AS Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for NorAm Drilling AS'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.
OSL:NORAM vs SLB, BKR, HAL: Net-Net Working Capital Comparison
For the Oil & Gas Equipment & Services subindustry, NorAm Drilling AS'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.
NorAm Drilling AS Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, NorAm Drilling AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where NorAm Drilling AS'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-0.44 mean?
NorAm Drilling AS (OSL:NORAM) has a Net-Net Working Capital of kr-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 NorAm Drilling AS According to the industry distribution chart, NorAm Drilling AS ranks #999999 out of 193 companies in the Oil & Gas industry.
Is NorAm Drilling AS's Net-Net Working Capital too high?
NorAm Drilling AS's current Net-Net Working Capital is kr-0.44. Based on the distribution chart, NorAm Drilling AS ranks #999999 out of 193 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, NorAm Drilling AS has a GF Score™ of 88/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does NorAm Drilling AS's Net-Net Working Capital compare to SLB and BKR?
According to the Oil & Gas industry distribution chart, NorAm Drilling AS ranks #999999 out of 193 companies for Net-Net Working Capital. This places NorAm Drilling AS in the lower half of its industry. The industry median Net-Net Working Capital is 6.61. 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 6.61, based on 193 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 NorAm Drilling AS For the Oil & Gas industry, the median Net-Net Working Capital is 6.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. NorAm Drilling AS's current Net-Net Working Capital is kr-0.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is NorAm Drilling AS stock overvalued right now?
Based on GuruFocus' analysis, NorAm Drilling AS (OSL:NORAM) is currently considered Modestly Overvalued. The stock's GF Value™ is kr33.62, compared to a current price of kr42.00 — trading 24.9% above its estimated fair value. The current Net-Net Working Capital is kr-0.44. NorAm Drilling AS's overall GF Score™ is 88/100 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 NorAm Drilling AS (OSL:NORAM), the current Net-Net Working Capital is kr-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 NorAm Drilling AS (OSL:NORAM) Overvalued in 2026?
Based on GuruFocus' analysis, NorAm Drilling AS stock appears to be overvalued.
The current stock price of kr42.00 is trading 24.9% above its estimated GF Value™ of kr33.62.
GuruFocus considers NorAm Drilling AS to be Modestly Overvalued.
Key valuation signals for OSL:NORAM:
Net-Net Working Capital: kr-0.44
GF Value™: kr33.62 vs. price of kr42.00 (24.9% above fair value)
No single metric tells the full story. See the OSL:NORAM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
NorAm Drilling AS owns and operates a quality rig portfolio of super spec developed high-end AC driven rigs tailored for the drilling of horizontal wells in the USA land drilling market. These rigs are designed to combine the cost efficiency of a compact rig with the versatility of different rig classes, enabling the rigs to cover a broad range of wells for both liquids and gas. The group's operating segments are NorAm Drilling Company, which derives maximum revenue, and NorAm Drilling AS.
88GF Score
Get the complete analysis for OSL:NORAM
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
OSL:NORAM has been successfully added to your 
