The Swatch Group AGSWGAF 69 Net-Net Working Capital is $84.64 as of Dec. 2025. GuruFocus rates SWGAF with a GF Score™ of 69/100 and a GF Value™ of $171.30 (Significantly Overvalued). The stock has 10 warning signs investors should review. Among 327 Retail - Cyclical companies, The Swatch Group AG ranks better than 71.25% 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.
The Swatch Group AG's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $84.64.
The industry rank for The Swatch Group AG's Net-Net Working Capital or its related term are showing as below:
SWGAF's Price-to-Net-Net-Working-Capital is ranked better than 71.25% of 327
companies
in the Retail - Cyclical industry
Industry Median: 5.94
vs SWGAF: 3.00
The Swatch Group AG (OTCPK:SWGAF) 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.
The Swatch Group AG Net-Net Working Capital Related Terms
The Swatch Group AG Net-Net Working Capital Historical Data
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The historical data trend for The Swatch Group 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.
SWGAF vs TPR, SIG, CPRI: Net-Net Working Capital Comparison
For the Luxury Goods subindustry, The Swatch Group 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.
The Swatch Group AG Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, The Swatch Group AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where The Swatch Group 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 $84.64 mean?
The Swatch Group AG (SWGAF) has a Net-Net Working Capital of $84.64 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 The Swatch Group AG According to the industry distribution chart, The Swatch Group AG ranks #94 out of 327 companies in the Retail - Cyclical industry, placing it in the top 28.7%.
Is The Swatch Group AG's Net-Net Working Capital too high?
The Swatch Group AG's current Net-Net Working Capital is $84.64. The Retail - Cyclical industry median Net-Net Working Capital is 5.94. The Swatch Group AG's value of $84.64 is 1324.9% above this industry median. Based on the distribution chart, The Swatch Group AG ranks #94 out of 327 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, The Swatch Group AG has a GF Score™ of 69/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The Swatch Group AG's Net-Net Working Capital compare to TPR and SIG?
According to the Retail - Cyclical industry distribution chart, The Swatch Group AG ranks #94 out of 327 companies for Net-Net Working Capital. This puts The Swatch Group AG in the upper half of its industry. The industry median Net-Net Working Capital is 5.94. The Swatch Group AG's value of $84.64 is 1324.9% above 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 5.94, based on 327 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. The Swatch Group AG's current Net-Net Working Capital of $84.64 is 1324.9% above 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 The Swatch Group AG For the Retail - Cyclical industry, the median Net-Net Working Capital is 5.94 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Swatch Group AG's current Net-Net Working Capital is $84.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Swatch Group AG stock overvalued right now?
Based on GuruFocus' analysis, The Swatch Group AG (SWGAF) is currently considered Significantly Overvalued. The stock's GF Value™ is $171.30, compared to a current price of $257.43 — trading 50.3% above its estimated fair value. The current Net-Net Working Capital is $84.64 and 1324.9% above the Retail - Cyclical industry median of 5.94. The Swatch Group AG's overall GF Score™ is 69/100 with 10 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 The Swatch Group AG (SWGAF), the current Net-Net Working Capital is $84.64 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 The Swatch Group AG (SWGAF) Overvalued in 2026?
Based on GuruFocus' analysis, The Swatch Group AG stock appears to be overvalued.
The current stock price of $257.43 is trading 50.3% above its estimated GF Value™ of $171.30.
GuruFocus considers The Swatch Group AG to be Significantly Overvalued.
Key valuation signals for SWGAF:
Net-Net Working Capital: $84.64
GF Value™: $171.30 vs. price of $257.43 (50.3% above fair value)
Industry Position: 1324.9% above the Retail - Cyclical median (#94 of 327)
No single metric tells the full story. See the SWGAF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Swatch Group's biggest brands are Omega (number two or three in its category), Breguet, Tissot (the leader in midrange Swiss watches), and Swatch. The company employs over 32,000 people, half of them in Switzerland. We estimate Omega and Longines to be the group's most profitable brands.
69GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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