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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.
ENC Digital Technology Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was ¥2.82.
The industry rank for ENC Digital Technology Co's Net-Net Working Capital or its related term are showing as below:
SHSE:603869's Price-to-Net-Net-Working-Capital is ranked better than 55.99% of 1227
companies
in the Software industry
Industry Median: 7.03
vs SHSE:603869: 5.95
ENC Digital Technology Co (SHSE:603869) 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.
ENC Digital Technology Co Net-Net Working Capital Related Terms
ENC Digital Technology Co Net-Net Working Capital Historical Data
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The historical data trend for ENC Digital Technology 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.
ENC Digital Technology Co Net-Net Working Capital Chart
SHSE:603869 vs IBM, ACN, CTSH: Net-Net Working Capital Comparison
For the Information Technology Services subindustry, ENC Digital Technology 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.
ENC Digital Technology Co Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, ENC Digital Technology Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where ENC Digital Technology 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 ¥2.82 mean?
ENC Digital Technology Co (SHSE:603869) has a Net-Net Working Capital of ¥2.82 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 ENC Digital Technology Co According to the industry distribution chart, ENC Digital Technology Co ranks #540 out of 1227 companies in the Software industry, placing it in the top 44%.
Is ENC Digital Technology Co's Net-Net Working Capital too high?
ENC Digital Technology Co's current Net-Net Working Capital is ¥2.82. Based on the distribution chart, ENC Digital Technology Co ranks #540 out of 1227 companies in the Software industry, which is above the industry midpoint. Overall, ENC Digital Technology Co has a GF Score™ of 58/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ENC Digital Technology Co's Net-Net Working Capital compare to IBM and ACN?
According to the Software industry distribution chart, ENC Digital Technology Co ranks #540 out of 1227 companies for Net-Net Working Capital. This puts ENC Digital Technology Co in the upper half of its industry. The industry median Net-Net Working Capital is 7.03. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.03, based on 1,227 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 ENC Digital Technology Co For the Software industry, the median Net-Net Working Capital is 7.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ENC Digital Technology Co's current Net-Net Working Capital is ¥2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ENC Digital Technology Co stock overvalued right now?
Based on GuruFocus' analysis, ENC Digital Technology Co (SHSE:603869) is currently considered Significantly Overvalued. The stock's GF Value™ is ¥6.00, compared to a current price of ¥8.57 — trading 42.8% above its estimated fair value. The current Net-Net Working Capital is ¥2.82. ENC Digital Technology Co's overall GF Score™ is 58/100 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 ENC Digital Technology Co (SHSE:603869), the current Net-Net Working Capital is ¥2.82 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 ENC Digital Technology Co (SHSE:603869) Overvalued in 2026?
Based on GuruFocus' analysis, ENC Digital Technology Co stock appears to be overvalued.
The current stock price of ¥8.57 is trading 42.8% above its estimated GF Value™ of ¥6.00.
GuruFocus considers ENC Digital Technology Co to be Significantly Overvalued.
Key valuation signals for SHSE:603869:
Net-Net Working Capital: ¥2.82
GF Value™: ¥6.00 vs. price of ¥8.57 (42.8% above fair value)
No single metric tells the full story. See the SHSE:603869 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ENC Digital Technology Co Ltd operates in the Digital industry. Its products include Synthetic command system, Intelligent algorithm platform, Big data fusion service platform.
58GF Score
Get the complete analysis for SHSE:603869
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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