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.
South Pacific MetalsSPMEF -4.05%34 Net-Net Working Capital is $0.06 as of Mar. 2026. GuruFocus rates SPMEF with a GF Score™ of 34/100. The stock has 2 warning signs investors should review. Among 1,135 Metals & Mining companies, South Pacific Metals ranks worse than 64.05% on this metric.
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.
South Pacific Metals's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $0.06.
The industry rank for South Pacific Metals's Net-Net Working Capital or its related term are showing as below:
SPMEF's Price-to-Net-Net-Working-Capital is ranked worse than 64.05% of 1135
companies
in the Metals & Mining industry
Industry Median: 7
vs SPMEF: 9.60
South Pacific Metals (OTCPK:SPMEF) 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.
South Pacific Metals Net-Net Working Capital Related Terms
South Pacific Metals Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for South Pacific Metals'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.
South Pacific Metals Net-Net Working Capital Chart
SPMEF vs NEM, AU: Net-Net Working Capital Comparison
For the Gold subindustry, South Pacific Metals'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.
South Pacific Metals Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, South Pacific Metals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where South Pacific Metals'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 $0.06 mean?
South Pacific Metals (SPMEF) has a Net-Net Working Capital of $0.06 as of Mar. 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 South Pacific Metals According to the industry distribution chart, South Pacific Metals ranks #727 out of 1135 companies in the Metals & Mining industry, placing it in the top 64.1%.
Is South Pacific Metals' Net-Net Working Capital too high?
South Pacific Metals' current Net-Net Working Capital is $0.06. The Metals & Mining industry median Net-Net Working Capital is 7.00. South Pacific Metals' value of $0.06 is 99.1% below this industry median. Based on the distribution chart, South Pacific Metals ranks #727 out of 1135 companies in the Metals & Mining industry, which is below the industry midpoint. Overall, South Pacific Metals has a GF Score™ of 34/100, reflecting its overall financial health beyond just this single metric.
How does South Pacific Metals' Net-Net Working Capital compare to NEM and AU?
According to the Metals & Mining industry distribution chart, South Pacific Metals ranks #727 out of 1135 companies for Net-Net Working Capital. This places South Pacific Metals in the lower half of its industry. The industry median Net-Net Working Capital is 7.00. South Pacific Metals' value of $0.06 is 99.1% below this benchmark. 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 Metals & Mining company?
The median Net-Net Working Capital among Metals & Mining companies is 7.00, based on 1,135 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. South Pacific Metals's current Net-Net Working Capital of $0.06 is 99.1% below the industry median. 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 South Pacific Metals For the Metals & Mining industry, the median Net-Net Working Capital is 7.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. South Pacific Metals's current Net-Net Working Capital is $0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is South Pacific Metals stock overvalued right now?
South Pacific Metals (SPMEF) has a current Net-Net Working Capital of $0.06. The current Net-Net Working Capital is $0.06 and 99.1% below the Metals & Mining industry median of 7.00. South Pacific Metals' overall GF Score™ is 34/100 with 2 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 South Pacific Metals (SPMEF), the current Net-Net Working Capital is $0.06 as of Mar. 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.
South Pacific Metals Corp is an emerging gold-copper exploration company operating in the heart of Papua New Guinea's gold and copper production corridors. With an expansive 3,000 sqkm land package and four transformative gold-copper projects contiguous with producers K92 Mining, PanAust and neighbouring Barrick Gold, new leadership and experienced in-country teams are prioritizing thoughtful and rigorous technical programs focused on boots-on-the-ground exploration to prioritize discovery across its portfolio projects: Anga, Osena, Kili Teke and May River.
34GF Score
Get the complete analysis for SPMEF
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
SPMEF has been successfully added to your 
