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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.
Philip Morris CR AS's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $27.72.
The industry rank for Philip Morris CR AS's Net-Net Working Capital or its related term are showing as below:
PHPMF's Price-to-Net-Net-Working-Capital is ranked worse than 73.68% of 19
companies
in the Tobacco Products industry
Industry Median: 9.57
vs PHPMF: 32.68
Philip Morris CR AS (OTCPK:PHPMF) 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.
Philip Morris CR AS Net-Net Working Capital Related Terms
Philip Morris CR AS Net-Net Working Capital Historical Data
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The historical data trend for Philip Morris CR 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.
PHPMF vs PM, MO, TPB: Net-Net Working Capital Comparison
For the Tobacco subindustry, Philip Morris CR 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.
Philip Morris CR AS Price-to-Net-Net-Working-Capital vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Philip Morris CR AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Philip Morris CR 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 $27.72 mean?
Philip Morris CR AS (PHPMF) has a Net-Net Working Capital of $27.72 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 Philip Morris CR AS According to the industry distribution chart, Philip Morris CR AS ranks #14 out of 19 companies in the Tobacco Products industry, placing it in the top 73.7%.
Is Philip Morris CR AS's Net-Net Working Capital too high?
Philip Morris CR AS's current Net-Net Working Capital is $27.72. The Tobacco Products industry median Net-Net Working Capital is 9.57. Philip Morris CR AS's value of $27.72 is 189.7% above this industry median. Based on the distribution chart, Philip Morris CR AS ranks #14 out of 19 companies in the Tobacco Products industry, which is below the industry midpoint. Overall, Philip Morris CR AS has a GF Score™ of 77/100, reflecting its overall financial health beyond just this single metric.
How does Philip Morris CR AS's Net-Net Working Capital compare to PM and MO?
According to the Tobacco Products industry distribution chart, Philip Morris CR AS ranks #14 out of 19 companies for Net-Net Working Capital. This places Philip Morris CR AS in the lower half of its industry. The industry median Net-Net Working Capital is 9.57. Philip Morris CR AS's value of $27.72 is 189.7% above this benchmark. 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 Tobacco Products company?
The median Net-Net Working Capital among Tobacco Products companies is 9.57, based on 19 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. Philip Morris CR AS's current Net-Net Working Capital of $27.72 is 189.7% above the industry median. 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 Philip Morris CR AS For the Tobacco Products industry, the median Net-Net Working Capital is 9.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Philip Morris CR AS's current Net-Net Working Capital is $27.72. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Philip Morris CR AS stock overvalued right now?
Philip Morris CR AS (PHPMF) has a current Net-Net Working Capital of $27.72. The stock's GF Value™ is $852.87, compared to a current price of $910.00 — trading 6.7% above its estimated fair value. The current Net-Net Working Capital is $27.72 and 189.7% above the Tobacco Products industry median of 9.57. Philip Morris CR AS's overall GF Score™ is 77/100 with 10 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 Philip Morris CR AS (PHPMF), the current Net-Net Working Capital is $27.72 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 Philip Morris CR AS (PHPMF) Overvalued in 2026?
Based on GuruFocus' analysis, Philip Morris CR AS stock appears to be overvalued.
The current stock price of $910.00 is trading 6.7% above its estimated GF Value™ of $852.87.
Key valuation signals for PHPMF:
Net-Net Working Capital: $27.72
GF Value™: $852.87 vs. price of $910.00 (6.7% above fair value)
Industry Position: 189.7% above the Tobacco Products median (#14 of 19)
No single metric tells the full story. See the PHPMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Philip Morris CR AS is a Czech Republic-based company active in the tobacco industry. The company is engaged in the production, sale, distribution, and marketing of tobacco products. The company also distributes smoke-free tobacco products under the HEETS name; and IQOS tobacco heating systems and related accessories, as well as cigarettes. The company provides its tobacco products under the Marlboro, L&M, Philip Morris, Petra Klasik, Sparta, and Chesterfield brands.
77GF Score
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