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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.
Tarsus Pharmaceuticals's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $5.44.
The industry rank for Tarsus Pharmaceuticals's Net-Net Working Capital or its related term are showing as below:
TARS's Price-to-Net-Net-Working-Capital is ranked worse than 70.81% of 860
companies
in the Biotechnology industry
Industry Median: 5.365
vs TARS: 10.57
Tarsus Pharmaceuticals (NAS:TARS) 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.
Tarsus Pharmaceuticals Net-Net Working Capital Related Terms
Tarsus Pharmaceuticals Net-Net Working Capital Historical Data
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The historical data trend for Tarsus Pharmaceuticals'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.
Tarsus Pharmaceuticals Net-Net Working Capital Chart
TARS vs KLRA, CLDX, TRVI: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Tarsus Pharmaceuticals'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.
Tarsus Pharmaceuticals Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Tarsus Pharmaceuticals's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tarsus Pharmaceuticals'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 $5.44 mean?
Tarsus Pharmaceuticals (TARS) has a Net-Net Working Capital of $5.44 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 Tarsus Pharmaceuticals According to the industry distribution chart, Tarsus Pharmaceuticals ranks #609 out of 860 companies in the Biotechnology industry, placing it in the top 70.8%.
Is Tarsus Pharmaceuticals' Net-Net Working Capital too high?
Tarsus Pharmaceuticals' current Net-Net Working Capital is $5.44. The Biotechnology industry median Net-Net Working Capital is 5.37. Tarsus Pharmaceuticals' value of $5.44 is 1.4% above this industry median. Based on the distribution chart, Tarsus Pharmaceuticals ranks #609 out of 860 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Tarsus Pharmaceuticals has a GF Score™ of 47/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Tarsus Pharmaceuticals' Net-Net Working Capital compare to KLRA and CLDX?
According to the Biotechnology industry distribution chart, Tarsus Pharmaceuticals ranks #609 out of 860 companies for Net-Net Working Capital. This places Tarsus Pharmaceuticals in the lower half of its industry. The industry median Net-Net Working Capital is 5.37. Tarsus Pharmaceuticals' value of $5.44 is 1.4% 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.37, based on 860 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. Tarsus Pharmaceuticals's current Net-Net Working Capital of $5.44 is 1.4% 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 Tarsus Pharmaceuticals For the Biotechnology industry, the median Net-Net Working Capital is 5.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tarsus Pharmaceuticals's current Net-Net Working Capital is $5.44. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tarsus Pharmaceuticals stock overvalued right now?
Based on GuruFocus' analysis, Tarsus Pharmaceuticals (TARS) is currently considered Possible Value Trap. The stock's GF Value™ is $206.39, compared to a current price of $57.50 — trading 72.1% below its estimated fair value. The current Net-Net Working Capital is $5.44 and 1.4% above the Biotechnology industry median of 5.37. Tarsus Pharmaceuticals' overall GF Score™ is 47/100 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 Tarsus Pharmaceuticals (TARS), the current Net-Net Working Capital is $5.44 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 Tarsus Pharmaceuticals (TARS) Overvalued in 2026?
Based on GuruFocus' analysis, Tarsus Pharmaceuticals stock appears to be undervalued.
The current stock price of $57.50 is trading 72.1% below its estimated GF Value™ of $206.39.
GuruFocus considers Tarsus Pharmaceuticals to be Possible Value Trap.
Key valuation signals for TARS:
Net-Net Working Capital: $5.44
GF Value™: $206.39 vs. price of $57.50 (72.1% below fair value)
Industry Position: 1.4% above the Biotechnology median (#609 of 860)
No single metric tells the full story. See the TARS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tarsus Pharmaceuticals Inc is a commercial-stage biopharmaceutical company focused on the development and commercialization of therapeutics, starting with eye care. The company is focused on the development and commercialization of first-in-class therapeutic candidates to provide treatment for ophthalmic conditions. The company's candidate XDEMVY is a novel investigational eye drop to treat blepharitis caused by the infestation of Demodex mites, referred to as Demodex blepharitis. TP-04 for the potential treatment of ocular rosacea and TP-05 for potential Lyme disease prophylaxis and community malaria reduction.
47GF Score
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