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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.
Strategic Education's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-9.80.
The industry rank for Strategic Education's Net-Net Working Capital or its related term are showing as below:
STRA's Price-to-Net-Net-Working-Capital is not ranked *
in the Education industry.
Industry Median: 4.75 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Strategic Education (NAS:STRA) 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.
Strategic Education Net-Net Working Capital Related Terms
Strategic Education Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Strategic Education'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.
STRA vs MH, COUR, LINC: Net-Net Working Capital Comparison
For the Education & Training Services subindustry, Strategic Education'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.
Strategic Education Price-to-Net-Net-Working-Capital vs Education Industry
For the Education industry and Consumer Defensive sector, Strategic Education's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Strategic Education'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 $-9.80 mean?
Strategic Education (STRA) has a Net-Net Working Capital of $-9.80 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 Strategic Education According to the industry distribution chart, Strategic Education ranks #999999 out of 91 companies in the Education industry.
Is Strategic Education's Net-Net Working Capital too high?
Strategic Education's current Net-Net Working Capital is $-9.80. Based on the distribution chart, Strategic Education ranks #999999 out of 91 companies in the Education industry, which is in the bottom quartile relative to peers. Overall, Strategic Education has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Strategic Education's Net-Net Working Capital compare to MH and COUR?
According to the Education industry distribution chart, Strategic Education ranks #999999 out of 91 companies for Net-Net Working Capital. This places Strategic Education in the lower half of its industry. The industry median Net-Net Working Capital is 4.75. 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 Education company?
The median Net-Net Working Capital among Education companies is 4.75, based on 91 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 Strategic Education For the Education industry, the median Net-Net Working Capital is 4.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Strategic Education's current Net-Net Working Capital is $-9.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Strategic Education stock overvalued right now?
Based on GuruFocus' analysis, Strategic Education (STRA) is currently considered Modestly Undervalued. The stock's GF Value™ is $98.64, compared to a current price of $75.64 — trading 23.3% below its estimated fair value. The current Net-Net Working Capital is $-9.80. Strategic Education's overall GF Score™ is 76/100 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 Strategic Education (STRA), the current Net-Net Working Capital is $-9.80 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.
Is Strategic Education (STRA) Overvalued in 2026?
Based on GuruFocus' analysis, Strategic Education stock appears to be undervalued.
The current stock price of $75.64 is trading 23.3% below its estimated GF Value™ of $98.64.
GuruFocus considers Strategic Education to be Modestly Undervalued.
Key valuation signals for STRA:
Net-Net Working Capital: $-9.80
GF Value™: $98.64 vs. price of $75.64 (23.3% below fair value)
No single metric tells the full story. See the STRA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Strategic Education Inc. is an education services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. The company operates through wholly-owned subsidiaries Strayer University and Capella University, both accredited post-secondary institutions of higher education located in the United States, as well as Torrens University, an accredited post-secondary institution of higher education located in Australia. It provide employees with access to affordable and industry relevant training, certificate, and degree programs. The reportable segments of the company are U.S. Higher Education, Australia/New Zealand and Education Technology Services.
76GF Score
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