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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.
PSP Swiss Property AG's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-121.23.
The industry rank for PSP Swiss Property AG's Net-Net Working Capital or its related term are showing as below:
PSPSF's Price-to-Net-Net-Working-Capital is not ranked *
in the Real Estate industry.
Industry Median: 4.51 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
PSP Swiss Property AG (OTCPK:PSPSF) 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.
PSP Swiss Property AG Net-Net Working Capital Related Terms
PSP Swiss Property AG Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for PSP Swiss Property AG'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.
PSP Swiss Property AG Net-Net Working Capital Chart
PSPSF vs CBRE, BEKE, JLL: Net-Net Working Capital Comparison
For the Real Estate Services subindustry, PSP Swiss Property AG'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.
PSP Swiss Property AG Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, PSP Swiss Property AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where PSP Swiss Property AG'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 $-121.23 mean?
PSP Swiss Property AG (PSPSF) has a Net-Net Working Capital of $-121.23 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 PSP Swiss Property AG According to the industry distribution chart, PSP Swiss Property AG ranks #999999 out of 331 companies in the Real Estate industry.
Is PSP Swiss Property AG's Net-Net Working Capital too high?
PSP Swiss Property AG's current Net-Net Working Capital is $-121.23. Based on the distribution chart, PSP Swiss Property AG ranks #999999 out of 331 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, PSP Swiss Property AG has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does PSP Swiss Property AG's Net-Net Working Capital compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, PSP Swiss Property AG ranks #999999 out of 331 companies for Net-Net Working Capital. This places PSP Swiss Property AG in the lower half of its industry. The industry median Net-Net Working Capital is 4.51. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.51, based on 331 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 PSP Swiss Property AG For the Real Estate industry, the median Net-Net Working Capital is 4.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. PSP Swiss Property AG's current Net-Net Working Capital is $-121.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PSP Swiss Property AG stock overvalued right now?
PSP Swiss Property AG (PSPSF) has a current Net-Net Working Capital of $-121.23. The stock's GF Value™ is $151.66, compared to a current price of $180.89 — trading 19.3% above its estimated fair value. The current Net-Net Working Capital is $-121.23. PSP Swiss Property AG's overall GF Score™ is 66/100 with 5 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 PSP Swiss Property AG (PSPSF), the current Net-Net Working Capital is $-121.23 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 PSP Swiss Property AG (PSPSF) Overvalued in 2026?
Based on GuruFocus' analysis, PSP Swiss Property AG stock appears to be overvalued.
The current stock price of $180.89 is trading 19.3% above its estimated GF Value™ of $151.66.
Key valuation signals for PSPSF:
Net-Net Working Capital: $-121.23
GF Value™: $151.66 vs. price of $180.89 (19.3% above fair value)
No single metric tells the full story. See the PSPSF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
PSP Swiss Property AG is a general real estate company, with all its properties active in Switzerland. The company's operating segments are Real estate investments, Property management, and Holding. A majority of its revenue is generated from the Real estate investments segment, which comprises all properties of the Group, such as investment properties, investment properties for sale, own-used properties, development properties, as well as development projects for sale. Income in this segment is generated by the properties mainly in the form of rental income and net changes in fair value. The Property management segment includes all services and activities concerning the management of the company's real estate portfolio, and the Holding segment includes the traditional corporate functions.
66GF Score
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