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.
The industry rank for Bank of the Philippine Islands's Net-Net Working Capital or its related term are showing as below:
PHS:BPI's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.795 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Bank of the Philippine Islands (PHS:BPI) 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.
Bank of the Philippine Islands Net-Net Working Capital Related Terms
Bank of the Philippine Islands 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.
Bank of the Philippine Islands Net-Net Working Capital Chart
Bank of the Philippine Islands Net-Net Working Capital Competitor Comparison
For the Banks - Regional subindustry, Bank of the Philippine Islands'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.
Bank of the Philippine Islands Price-to-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, Bank of the Philippine Islands's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Bank of the Philippine Islands'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 ₱-566.32 mean?
Bank of the Philippine Islands (PHS:BPI) has a Net-Net Working Capital of ₱-566.32 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 Bank of the Philippine Islands According to the industry distribution chart, Bank of the Philippine Islands ranks #999999 out of 8 companies in the Banks industry.
Is Bank of the Philippine Islands' Net-Net Working Capital too high?
Bank of the Philippine Islands' current Net-Net Working Capital is ₱-566.32. Based on the distribution chart, Bank of the Philippine Islands ranks #999999 out of 8 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Bank of the Philippine Islands has a GF Score™ of 81/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Bank of the Philippine Islands' Net-Net Working Capital compare to competitors?
According to the Banks industry distribution chart, Bank of the Philippine Islands ranks #999999 out of 8 companies for Net-Net Working Capital. This places Bank of the Philippine Islands in the lower half of its industry. The industry median Net-Net Working Capital is 1.80. 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 Banks company?
The median Net-Net Working Capital among Banks companies is 1.80, based on 8 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 Bank of the Philippine Islands For the Banks industry, the median Net-Net Working Capital is 1.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Bank of the Philippine Islands's current Net-Net Working Capital is ₱-566.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Bank of the Philippine Islands stock overvalued right now?
Based on GuruFocus' analysis, Bank of the Philippine Islands (PHS:BPI) is currently considered Possible Value Trap. The stock's GF Value™ is ₱157.59, compared to a current price of ₱98.55 — trading 37.5% below its estimated fair value. The current Net-Net Working Capital is ₱-566.32. Bank of the Philippine Islands' overall GF Score™ is 81/100 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 Bank of the Philippine Islands (PHS:BPI), the current Net-Net Working Capital is ₱-566.32 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 Bank of the Philippine Islands (PHS:BPI) Overvalued in 2026?
Based on GuruFocus' analysis, Bank of the Philippine Islands stock appears to be undervalued.
The current stock price of ₱98.55 is trading 37.5% below its estimated GF Value™ of ₱157.59.
GuruFocus considers Bank of the Philippine Islands to be Possible Value Trap.
Key valuation signals for PHS:BPI:
Net-Net Working Capital: ₱-566.32
GF Value™: ₱157.59 vs. price of ₱98.55 (37.5% below fair value)
No single metric tells the full story. See the PHS:BPI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Bank of the Philippine Islands Business Description
Bank of the Philippine Islands is a universal bank offering a range of financial products and solutions for both retail and corporate customers. The services of the company include consumer banking and lending, asset management, insurance, securities brokerage and distribution, foreign exchange, leasing, and corporate and investment banking. It has three business segments: Consumer banking, Corporate banking, and Investment banking. It derives maximum revenue from the Consumer Banking Segment.
81GF Score
Get the complete analysis for PHS:BPI
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
PHS:BPI has been successfully added to your 
