Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Taiwan Special Chemicals's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$-12.59.
The industry rank for Taiwan Special Chemicals's Net-Net Working Capital or its related term are showing as below:
ROCO:4772's Price-to-Net-Net-Working-Capital is not ranked *
in the Chemicals industry.
Industry Median: 8.445 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Taiwan Special Chemicals (ROCO:4772) 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.
Taiwan Special Chemicals Net-Net Working Capital Related Terms
Taiwan Special Chemicals Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Taiwan Special Chemicals'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.
Taiwan Special Chemicals Net-Net Working Capital Chart
ROCO:4772 vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, Taiwan Special Chemicals'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.
Taiwan Special Chemicals Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Taiwan Special Chemicals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Taiwan Special Chemicals'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 NT$-12.59 mean?
Taiwan Special Chemicals (ROCO:4772) has a Net-Net Working Capital of NT$-12.59 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Taiwan Special Chemicals According to the industry distribution chart, Taiwan Special Chemicals ranks #999999 out of 594 companies in the Chemicals industry.
Is Taiwan Special Chemicals' Net-Net Working Capital too high?
Taiwan Special Chemicals' current Net-Net Working Capital is NT$-12.59. Based on the distribution chart, Taiwan Special Chemicals ranks #999999 out of 594 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Taiwan Special Chemicals has a GF Score™ of 67/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Taiwan Special Chemicals' Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, Taiwan Special Chemicals ranks #999999 out of 594 companies for Net-Net Working Capital. This places Taiwan Special Chemicals in the lower half of its industry. The industry median Net-Net Working Capital is 8.45. 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 Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 8.45, based on 594 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 Taiwan Special Chemicals For the Chemicals industry, the median Net-Net Working Capital is 8.45 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Special Chemicals's current Net-Net Working Capital is NT$-12.59. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Special Chemicals stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Special Chemicals (ROCO:4772) is currently considered Possible Value Trap. The stock's GF Value™ is NT$765.98, compared to a current price of NT$248.00 — trading 67.6% below its estimated fair value. The current Net-Net Working Capital is NT$-12.59. Taiwan Special Chemicals' overall GF Score™ is 67/100 with 1 warning sign 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 Taiwan Special Chemicals (ROCO:4772), the current Net-Net Working Capital is NT$-12.59 as of Jun. 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 Taiwan Special Chemicals (ROCO:4772) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Special Chemicals stock appears to be undervalued.
The current stock price of NT$248.00 is trading 67.6% below its estimated GF Value™ of NT$765.98.
GuruFocus considers Taiwan Special Chemicals to be Possible Value Trap.
Key valuation signals for ROCO:4772:
Net-Net Working Capital: NT$-12.59
GF Value™: NT$765.98 vs. price of NT$248.00 (67.6% below fair value)
No single metric tells the full story. See the ROCO:4772 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Special Chemicals Corp develops and manufactures semiconductor specialty gases (SEG) and semiconductor chemical materials (SEC), and is engaged in the sale and production of precision chemical materials, as well as the cleaning, maintenance, and refurbishment services for semiconductor equipment and components. It generates maximum revenue from the sale of specialty chemical materials. Geographically, the company generates maximum revenue from Taiwan, followed by other Asian regions, America, Northeast Asia (Japan and Korea), and Europe.
67GF Score
Get the complete analysis for ROCO:4772
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
ROCO:4772 has been successfully added to your 
