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PilotPOGHF 89 Net-Net Working Capital is $2.56 as of Dec. 2025. GuruFocus rates POGHF with a GF Score™ of 89/100 and a GF Value™ of $10.12 (Fairly Valued). The stock has 7 warning signs investors should review. Among 1,361 Industrial Products companies, Pilot ranks better than 64.29% on this metric.
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.
Pilot's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $2.56.
The industry rank for Pilot's Net-Net Working Capital or its related term are showing as below:
POGHF's Price-to-Net-Net-Working-Capital is ranked better than 64.29% of 1361
companies
in the Industrial Products industry
Industry Median: 7.81
vs POGHF: 5.31
Pilot (OTCPK:POGHF) 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.
Pilot Net-Net Working Capital Related Terms
Pilot Net-Net Working Capital Historical Data
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The historical data trend for Pilot'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.
Pilot Net-Net Working Capital Competitor Comparison
For the Business Equipment & Supplies subindustry, Pilot'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.
Pilot Price-to-Net-Net-Working-Capital vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Pilot's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Pilot'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 $2.56 mean?
Pilot (POGHF) has a Net-Net Working Capital of $2.56 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 Pilot According to the industry distribution chart, Pilot ranks #486 out of 1361 companies in the Industrial Products industry, placing it in the top 35.7%.
Is Pilot's Net-Net Working Capital too high?
Pilot's current Net-Net Working Capital is $2.56. The Industrial Products industry median Net-Net Working Capital is 7.81. Pilot's value of $2.56 is 67.2% below this industry median. Based on the distribution chart, Pilot ranks #486 out of 1361 companies in the Industrial Products industry, which is above the industry midpoint. Overall, Pilot has a GF Score™ of 89/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Pilot's Net-Net Working Capital compare to competitors?
According to the Industrial Products industry distribution chart, Pilot ranks #486 out of 1361 companies for Net-Net Working Capital. This puts Pilot in the upper half of its industry. The industry median Net-Net Working Capital is 7.81. Pilot's value of $2.56 is 67.2% 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 Industrial Products company?
The median Net-Net Working Capital among Industrial Products companies is 7.81, based on 1,361 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. Pilot's current Net-Net Working Capital of $2.56 is 67.2% 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 Pilot For the Industrial Products industry, the median Net-Net Working Capital is 7.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Pilot's current Net-Net Working Capital is $2.56. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Pilot stock overvalued right now?
Based on GuruFocus' analysis, Pilot (POGHF) is currently considered Fairly Valued. The stock's GF Value™ is $10.12, compared to a current price of $10.78 — trading 6.5% above its estimated fair value. The current Net-Net Working Capital is $2.56 and 67.2% below the Industrial Products industry median of 7.81. Pilot's overall GF Score™ is 89/100 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 Pilot (POGHF), the current Net-Net Working Capital is $2.56 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 Pilot (POGHF) Overvalued in 2026?
Based on GuruFocus' analysis, Pilot stock appears to be overvalued.
The current stock price of $10.78 is trading 6.5% above its estimated GF Value™ of $10.12.
GuruFocus considers Pilot to be Fairly Valued.
Key valuation signals for POGHF:
Net-Net Working Capital: $2.56
GF Value™: $10.12 vs. price of $10.78 (6.5% above fair value)
Industry Position: 67.2% below the Industrial Products median (#486 of 1361)
No single metric tells the full story. See the POGHF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Pilot Corp is a Japanese company that manufactures, purchases, and distributes stationery items, including writing instruments, other stationery products, and toys, and relevant services. The company operates through four segments: Japan, the Americas, Europe, and Asia. The Japan segment distributes products through direct sales to retail stores in Japan, and this segment contributes a majority proportion of total group revenue. The Americas segment is mainly engaged in the manufacture and sales of ball pens in the United States, Mexico, and Brazil. The Europe segment operates in Sweden, the United Kingdom, Germany, France, and others. The Asia segment provides writing materials in Taiwan, mainland China, Hong Kong, Indonesia, Malaysia, and Singapore.
89GF Score
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