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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.
Ta-Yuan Cogeneration Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$-21.94.
The industry rank for Ta-Yuan Cogeneration Co's Net-Net Working Capital or its related term are showing as below:
ROCO:8931's Price-to-Net-Net-Working-Capital is not ranked *
in the Utilities - Regulated industry.
Industry Median: 4.34 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Ta-Yuan Cogeneration Co (ROCO:8931) 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.
Ta-Yuan Cogeneration Co Net-Net Working Capital Related Terms
Ta-Yuan Cogeneration Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Ta-Yuan Cogeneration Co'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.
Ta-Yuan Cogeneration Co Net-Net Working Capital Chart
ROCO:8931 vs NEE, SO, DUK: Net-Net Working Capital Comparison
For the Utilities - Regulated Electric subindustry, Ta-Yuan Cogeneration Co'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.
Ta-Yuan Cogeneration Co Price-to-Net-Net-Working-Capital vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Ta-Yuan Cogeneration Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Ta-Yuan Cogeneration Co'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$-21.94 mean?
Ta-Yuan Cogeneration Co (ROCO:8931) has a Net-Net Working Capital of NT$-21.94 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Ta-Yuan Cogeneration Co According to the industry distribution chart, Ta-Yuan Cogeneration Co ranks #999999 out of 57 companies in the Utilities - Regulated industry.
Is Ta-Yuan Cogeneration Co's Net-Net Working Capital too high?
Ta-Yuan Cogeneration Co's current Net-Net Working Capital is NT$-21.94. Based on the distribution chart, Ta-Yuan Cogeneration Co ranks #999999 out of 57 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Ta-Yuan Cogeneration Co has a GF Score™ of 79/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Ta-Yuan Cogeneration Co's Net-Net Working Capital compare to NEE and SO?
According to the Utilities - Regulated industry distribution chart, Ta-Yuan Cogeneration Co ranks #999999 out of 57 companies for Net-Net Working Capital. This places Ta-Yuan Cogeneration Co in the lower half of its industry. The industry median Net-Net Working Capital is 4.34. 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 Utilities - Regulated company?
The median Net-Net Working Capital among Utilities - Regulated companies is 4.34, based on 57 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 Ta-Yuan Cogeneration Co For the Utilities - Regulated industry, the median Net-Net Working Capital is 4.34 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ta-Yuan Cogeneration Co's current Net-Net Working Capital is NT$-21.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ta-Yuan Cogeneration Co stock overvalued right now?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co (ROCO:8931) is currently considered Modestly Undervalued. The stock's GF Value™ is NT$48.92, compared to a current price of NT$41.25 — trading 15.7% below its estimated fair value. The current Net-Net Working Capital is NT$-21.94. Ta-Yuan Cogeneration Co's overall GF Score™ is 79/100 with 10 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 Ta-Yuan Cogeneration Co (ROCO:8931), the current Net-Net Working Capital is NT$-21.94 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 Ta-Yuan Cogeneration Co (ROCO:8931) Overvalued in 2026?
Based on GuruFocus' analysis, Ta-Yuan Cogeneration Co stock appears to be undervalued.
The current stock price of NT$41.25 is trading 15.7% below its estimated GF Value™ of NT$48.92.
GuruFocus considers Ta-Yuan Cogeneration Co to be Modestly Undervalued.
Key valuation signals for ROCO:8931:
Net-Net Working Capital: NT$-21.94
GF Value™: NT$48.92 vs. price of NT$41.25 (15.7% below fair value)
No single metric tells the full story. See the ROCO:8931 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ta-Yuan Cogeneration Co Ltd engages mainly in operating the cogeneration business, operating and repairing equipment, processing waste disposal, managing incinerators, and processing refuse-derived fuel. It is involved in the operation, management, and maintenance of cogeneration plants, as well as waste disposal and incinerator management. Through the development of cogeneration, the company focuses on supplying power to industrial areas and balancing peak and off-peak electricity demand. The company's reportable segments are: Plant of Cogeneration, which generates the maximum revenue, and Plant of Renewable Energy. Geographically, it operates only in Taiwan.
79GF 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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