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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.
Pender Growth Fund's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $0.34.
The industry rank for Pender Growth Fund's Net-Net Working Capital or its related term are showing as below:
PNDDF's Price-to-Net-Net-Working-Capital is ranked worse than 80.68% of 497
companies
in the Asset Management industry
Industry Median: 6.25
vs PNDDF: 32.31
Pender Growth Fund (OTCPK:PNDDF) 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.
Pender Growth Fund Net-Net Working Capital Related Terms
Pender Growth Fund Net-Net Working Capital Historical Data
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The historical data trend for Pender Growth Fund'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.
PNDDF vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Pender Growth Fund'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.
Pender Growth Fund Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Pender Growth Fund's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Pender Growth Fund'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 $0.34 mean?
Pender Growth Fund (PNDDF) has a Net-Net Working Capital of $0.34 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 Pender Growth Fund According to the industry distribution chart, Pender Growth Fund ranks #401 out of 497 companies in the Asset Management industry, placing it in the top 80.7%.
Is Pender Growth Fund's Net-Net Working Capital too high?
Pender Growth Fund's current Net-Net Working Capital is $0.34. The Asset Management industry median Net-Net Working Capital is 6.25. Pender Growth Fund's value of $0.34 is 94.6% below this industry median. Based on the distribution chart, Pender Growth Fund ranks #401 out of 497 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Pender Growth Fund has a GF Score™ of 43/100, reflecting its overall financial health beyond just this single metric.
How does Pender Growth Fund's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Pender Growth Fund ranks #401 out of 497 companies for Net-Net Working Capital. This places Pender Growth Fund in the lower half of its industry. The industry median Net-Net Working Capital is 6.25. Pender Growth Fund's value of $0.34 is 94.6% below 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.25, based on 497 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. Pender Growth Fund's current Net-Net Working Capital of $0.34 is 94.6% below 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 Pender Growth Fund For the Asset Management industry, the median Net-Net Working Capital is 6.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pender Growth Fund's current Net-Net Working Capital is $0.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pender Growth Fund stock overvalued right now?
Pender Growth Fund (PNDDF) has a current Net-Net Working Capital of $0.34. The stock's GF Value™ is $0.54, compared to a current price of $6.78 — trading 1156.4% above its estimated fair value. The current Net-Net Working Capital is $0.34 and 94.6% below the Asset Management industry median of 6.25. Pender Growth Fund's overall GF Score™ is 43/100 with 4 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 Pender Growth Fund (PNDDF), the current Net-Net Working Capital is $0.34 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 Pender Growth Fund (PNDDF) Overvalued in 2026?
Based on GuruFocus' analysis, Pender Growth Fund stock appears to be overvalued.
The current stock price of $6.78 is trading 1156.4% above its estimated GF Value™ of $0.54.
Key valuation signals for PNDDF:
Net-Net Working Capital: $0.34
GF Value™: $0.54 vs. price of $6.78 (1156.4% above fair value)
Industry Position: 94.6% below the Asset Management median (#401 of 497)
No single metric tells the full story. See the PNDDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pender Growth Fund Inc is an asset management firm. The investment objective of the company is to achieve long-term capital growth from investment in opportunities identified by the Manager. The company generates its revenue in the form of dividends and interest. Its solutions include: All Fund Solutions; Equity; Fixed Income; Multi-Asset; Liquid Alternative; and Venture Capital.
43GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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