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.
Steel Partners Holdings LP's Net-Net Working Capital for the quarter that ended in Sep. 2025 was $-93.97.
The industry rank for Steel Partners Holdings LP's Net-Net Working Capital or its related term are showing as below:
SPLP's Price-to-Net-Net-Working-Capital is not ranked *
in the Conglomerates industry.
Industry Median: 5.82 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Steel Partners Holdings LP (OTCPK:SPLP) 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.
Steel Partners Holdings LP Net-Net Working Capital Related Terms
Steel Partners Holdings LP 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.
Steel Partners Holdings LP Net-Net Working Capital Chart
SPLP vs MATW, DLX, FIP: Net-Net Working Capital Comparison
For the Conglomerates subindustry, Steel Partners Holdings LP'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.
Steel Partners Holdings LP Price-to-Net-Net-Working-Capital vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Steel Partners Holdings LP's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Steel Partners Holdings LP'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 $-93.97 mean?
Steel Partners Holdings LP (SPLP) has a Net-Net Working Capital of $-93.97 as of Sep. 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 Steel Partners Holdings LP
Is Steel Partners Holdings LP's Net-Net Working Capital too high?
Steel Partners Holdings LP's current Net-Net Working Capital is $-93.97. Overall, Steel Partners Holdings LP has a GF Score™ of 66/100, reflecting its overall financial health beyond just this single metric.
How does Steel Partners Holdings LP's Net-Net Working Capital compare to MATW and DLX?
Steel Partners Holdings LP's Net-Net Working Capital of $-93.97 can be compared against companies in the Conglomerates industry. The industry median Net-Net Working Capital is 5.82. 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 Conglomerates company?
The median Net-Net Working Capital among Conglomerates companies is 5.82, based on 111 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 Steel Partners Holdings LP For the Conglomerates industry, the median Net-Net Working Capital is 5.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Steel Partners Holdings LP's current Net-Net Working Capital is $-93.97. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Steel Partners Holdings LP stock overvalued right now?
Steel Partners Holdings LP (SPLP) has a current Net-Net Working Capital of $-93.97. The stock's GF Value™ is $51.26, compared to a current price of $50.00 — trading 2.5% below its estimated fair value. The current Net-Net Working Capital is $-93.97. Steel Partners Holdings LP'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 Steel Partners Holdings LP (SPLP), the current Net-Net Working Capital is $-93.97 as of Sep. 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 Steel Partners Holdings LP (SPLP) Overvalued in 2026?
Based on GuruFocus' analysis, Steel Partners Holdings LP stock appears to be undervalued.
The current stock price of $50.00 is trading 2.5% below its estimated GF Value™ of $51.26.
Key valuation signals for SPLP:
Net-Net Working Capital: $-93.97
GF Value™: $51.26 vs. price of $50.00 (2.5% below fair value)
No single metric tells the full story. See the SPLP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Steel Partners Holdings LP operates in industrial products, energy, defense, supply chain management and logistics, banking, and youth sports industries. Its segments include the Diversified Industrial segment comprised of manufacturers of engineered niche industrial products, joining materials, tubing, building materials, performance materials etc; the Energy segment provides drilling and production services to the oil and gas industry and owns a youth sports business; the Financial Services segment consists of the operations of WebBank, a Utah chartered industrial bank, which engages in full range of banking activities; The Supply Chain segment consists of end-to-end world-wide supply; and Corporate and Other consists of equity method and other investments, and cash and cash equivalents.
66GF Score
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