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Value-Holdings AGSTU:VHO 75 Net-Net Working Capital is €0.79 as of Dec. 2025. GuruFocus rates STU:VHO with a GF Score™ of 75/100 and a GF Value™ of €11.26 (Significantly Undervalued). The stock has 3 warning signs investors should review. Among 280 Capital Markets companies, Value-Holdings AG ranks worse than 66.79% 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.
Value-Holdings AG's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €0.79.
The industry rank for Value-Holdings AG's Net-Net Working Capital or its related term are showing as below:
STU:VHO's Price-to-Net-Net-Working-Capital is ranked worse than 66.79% of 280
companies
in the Capital Markets industry
Industry Median: 4.565
vs STU:VHO: 9.11
Value-Holdings AG (STU:VHO) 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.
Value-Holdings AG Net-Net Working Capital Related Terms
Value-Holdings AG Net-Net Working Capital Historical Data
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The historical data trend for Value-Holdings AG'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.
STU:VHO vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, Value-Holdings AG'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.
Value-Holdings AG Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Value-Holdings AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Value-Holdings AG'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 €0.79 mean?
Value-Holdings AG (STU:VHO) has a Net-Net Working Capital of €0.79 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 Value-Holdings AG According to the industry distribution chart, Value-Holdings AG ranks #187 out of 280 companies in the Capital Markets industry, placing it in the top 66.8%.
Is Value-Holdings AG's Net-Net Working Capital too high?
Value-Holdings AG's current Net-Net Working Capital is €0.79. Based on the distribution chart, Value-Holdings AG ranks #187 out of 280 companies in the Capital Markets industry, which is below the industry midpoint. Overall, Value-Holdings AG has a GF Score™ of 75/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Value-Holdings AG's Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, Value-Holdings AG ranks #187 out of 280 companies for Net-Net Working Capital. This places Value-Holdings AG in the lower half of its industry. The industry median Net-Net Working Capital is 4.57. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.57, based on 280 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 Value-Holdings AG For the Capital Markets industry, the median Net-Net Working Capital is 4.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Value-Holdings AG's current Net-Net Working Capital is €0.79. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Value-Holdings AG stock overvalued right now?
Based on GuruFocus' analysis, Value-Holdings AG (STU:VHO) is currently considered Significantly Undervalued. The stock's GF Value™ is €11.26, compared to a current price of €7.20 — trading 36.1% below its estimated fair value. The current Net-Net Working Capital is €0.79. Value-Holdings AG's overall GF Score™ is 75/100 with 3 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 Value-Holdings AG (STU:VHO), the current Net-Net Working Capital is €0.79 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 Value-Holdings AG (STU:VHO) Overvalued in 2026?
Based on GuruFocus' analysis, Value-Holdings AG stock appears to be undervalued.
The current stock price of €7.20 is trading 36.1% below its estimated GF Value™ of €11.26.
GuruFocus considers Value-Holdings AG to be Significantly Undervalued.
Key valuation signals for STU:VHO:
Net-Net Working Capital: €0.79
GF Value™: €11.26 vs. price of €7.20 (36.1% below fair value)
No single metric tells the full story. See the STU:VHO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Value-Holdings AG is a German investment company that acquires shareholdings in listed medium-sized companies. It invests in its own portfolio, as well as managing third-party investment funds. The company along with its subsidiaries also advises institutional investors on investing as per the value-investing strategies. It manages two funds namely Value Holdings Germany Fund and Value Holdings Europe Fund.
75GF Score
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