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Tencent HoldingsTCTZF -1.60%80 Net-Net Working Capital is $-6.69 as of Mar. 2026. GuruFocus rates TCTZF with a GF Score™ of 80/100 and a GF Value™ of $69.14 (Modestly Undervalued). Among 301 Interactive Media companies, Tencent Holdings ranks worse than 332225.58% 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.
Tencent Holdings's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-6.69.
The industry rank for Tencent Holdings's Net-Net Working Capital or its related term are showing as below:
TCTZF's Price-to-Net-Net-Working-Capital is not ranked *
in the Interactive Media industry.
Industry Median: 4.65 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tencent Holdings (OTCPK:TCTZF) 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.
Tencent Holdings Net-Net Working Capital Related Terms
Tencent Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Tencent Holdings'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.
TCTZF vs GOOGL, META, SPOT: Net-Net Working Capital Comparison
For the Internet Content & Information subindustry, Tencent Holdings'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.
Tencent Holdings Price-to-Net-Net-Working-Capital vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Tencent Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tencent Holdings'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 $-6.69 mean?
Tencent Holdings (TCTZF) has a Net-Net Working Capital of $-6.69 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 Tencent Holdings According to the industry distribution chart, Tencent Holdings ranks #999999 out of 301 companies in the Interactive Media industry.
Is Tencent Holdings' Net-Net Working Capital too high?
Tencent Holdings' current Net-Net Working Capital is $-6.69. Based on the distribution chart, Tencent Holdings ranks #999999 out of 301 companies in the Interactive Media industry, which is in the bottom quartile relative to peers. Overall, Tencent Holdings has a GF Score™ of 80/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tencent Holdings' Net-Net Working Capital compare to GOOGL and META?
According to the Interactive Media industry distribution chart, Tencent Holdings ranks #999999 out of 301 companies for Net-Net Working Capital. This places Tencent Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 4.65. 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 Interactive Media company?
The median Net-Net Working Capital among Interactive Media companies is 4.65, based on 301 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 Tencent Holdings For the Interactive Media industry, the median Net-Net Working Capital is 4.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tencent Holdings's current Net-Net Working Capital is $-6.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tencent Holdings stock overvalued right now?
Based on GuruFocus' analysis, Tencent Holdings (TCTZF) is currently considered Modestly Undervalued. The stock's GF Value™ is $69.14, compared to a current price of $61.50 — trading 11.1% below its estimated fair value. The current Net-Net Working Capital is $-6.69. Tencent Holdings' overall GF Score™ is 80/100. 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 Tencent Holdings (TCTZF), the current Net-Net Working Capital is $-6.69 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 Tencent Holdings (TCTZF) Overvalued in 2026?
Based on GuruFocus' analysis, Tencent Holdings stock appears to be undervalued.
The current stock price of $61.50 is trading 11.1% below its estimated GF Value™ of $69.14.
GuruFocus considers Tencent Holdings to be Modestly Undervalued.
Key valuation signals for TCTZF:
Net-Net Working Capital: $-6.69
GF Value™: $69.14 vs. price of $61.50 (11.1% below fair value)
No single metric tells the full story. See the TCTZF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tencent is the world's largest game publisher, with top-grossing mobile hits like Honor of Kings and Peacekeeper Elite and a steady pipeline of new titles. It also operates WeChat-China's super-app with roughly 1.3 billion users-embedded in daily life for messaging, short video, mini programs, payments, and shopping. Beyond its own platforms, Tencent is a prolific strategic investor, holding stakes in leading internet companies such as PDD, Kuaishou, and Xiaohongshu.
80GF Score
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