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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.
China Petroleum & Chemical's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-1.19.
The industry rank for China Petroleum & Chemical's Net-Net Working Capital or its related term are showing as below:
SNPMF's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
China Petroleum & Chemical (OTCPK:SNPMF) 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.
China Petroleum & Chemical Net-Net Working Capital Related Terms
China Petroleum & Chemical Net-Net Working Capital Historical Data
* 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.
China Petroleum & Chemical Net-Net Working Capital Chart
SNPMF vs XOM, CVX: Net-Net Working Capital Comparison
For the Oil & Gas Integrated subindustry, China Petroleum & Chemical'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.
China Petroleum & Chemical Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, China Petroleum & Chemical's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where China Petroleum & Chemical'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 $-1.19 mean?
China Petroleum & Chemical (SNPMF) has a Net-Net Working Capital of $-1.19 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 China Petroleum & Chemical According to the industry distribution chart, China Petroleum & Chemical ranks #999999 out of 193 companies in the Oil & Gas industry.
Is China Petroleum & Chemical's Net-Net Working Capital too high?
China Petroleum & Chemical's current Net-Net Working Capital is $-1.19. Based on the distribution chart, China Petroleum & Chemical ranks #999999 out of 193 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, China Petroleum & Chemical has a GF Score™ of 45/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does China Petroleum & Chemical's Net-Net Working Capital compare to XOM and CVX?
According to the Oil & Gas industry distribution chart, China Petroleum & Chemical ranks #999999 out of 193 companies for Net-Net Working Capital. This places China Petroleum & Chemical in the lower half of its industry. The industry median Net-Net Working Capital is 6.99. 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 Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.99, based on 193 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 China Petroleum & Chemical For the Oil & Gas industry, the median Net-Net Working Capital is 6.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. China Petroleum & Chemical's current Net-Net Working Capital is $-1.19. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is China Petroleum & Chemical stock overvalued right now?
Based on GuruFocus' analysis, China Petroleum & Chemical (SNPMF) is currently considered Fairly Valued. The stock's GF Value™ is $0.51, compared to a current price of $0.53 — trading 4.1% above its estimated fair value. The current Net-Net Working Capital is $-1.19. China Petroleum & Chemical's overall GF Score™ is 45/100 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 China Petroleum & Chemical (SNPMF), the current Net-Net Working Capital is $-1.19 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 China Petroleum & Chemical (SNPMF) Overvalued in 2026?
Based on GuruFocus' analysis, China Petroleum & Chemical stock appears to be overvalued.
The current stock price of $0.53 is trading 4.1% above its estimated GF Value™ of $0.51.
GuruFocus considers China Petroleum & Chemical to be Fairly Valued.
Key valuation signals for SNPMF:
Net-Net Working Capital: $-1.19
GF Value™: $0.51 vs. price of $0.53 (4.1% above fair value)
No single metric tells the full story. See the SNPMF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
China Petroleum & Chemical, or Sinopec, is one of China's national oil companies and one of Asian's largest integrated oil companies in revenue. Its income is derived primarily from refining and marketing of oil products and petrochemical production. Sinopec has China's largest petrol station network with over 30,000 stations and enjoys a significant market share in petrochemicals. Established in 2000 by China Petrochemical Corporation, a stateowned enterprise and majority shareholder, the company also owns oil and gas assets in Shandong and Sichuan provinces. It has a smaller global upstream presence than its peers, PetroChina and CNOOC. In 2025, Sinopec's production of oil and gas equivalent was 525.28 million barrels. The firm also processed 250.33 million metric tons of crude oil.
45GF Score
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