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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.
Towngas Smart Energy Co's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-0.88.
The industry rank for Towngas Smart Energy Co's Net-Net Working Capital or its related term are showing as below:
TGASF's Price-to-Net-Net-Working-Capital is not ranked *
in the Utilities - Regulated industry.
Industry Median: 4.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Towngas Smart Energy Co (OTCPK:TGASF) 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.
Towngas Smart Energy Co Net-Net Working Capital Related Terms
Towngas Smart Energy Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Towngas Smart Energy Co'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.
Towngas Smart Energy Co Net-Net Working Capital Chart
TGASF vs ATO, NI: Net-Net Working Capital Comparison
For the Utilities - Regulated Gas subindustry, Towngas Smart Energy Co'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.
Towngas Smart Energy Co Price-to-Net-Net-Working-Capital vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Towngas Smart Energy Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Towngas Smart Energy Co'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 $-0.88 mean?
Towngas Smart Energy Co (TGASF) has a Net-Net Working Capital of $-0.88 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 Towngas Smart Energy Co According to the industry distribution chart, Towngas Smart Energy Co ranks #999999 out of 63 companies in the Utilities - Regulated industry.
Is Towngas Smart Energy Co's Net-Net Working Capital too high?
Towngas Smart Energy Co's current Net-Net Working Capital is $-0.88. Based on the distribution chart, Towngas Smart Energy Co ranks #999999 out of 63 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Towngas Smart Energy Co has a GF Score™ of 48/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Towngas Smart Energy Co's Net-Net Working Capital compare to ATO and NI?
According to the Utilities - Regulated industry distribution chart, Towngas Smart Energy Co ranks #999999 out of 63 companies for Net-Net Working Capital. This places Towngas Smart Energy Co in the lower half of its industry. The industry median Net-Net Working Capital is 4.99. 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 Utilities - Regulated company?
The median Net-Net Working Capital among Utilities - Regulated companies is 4.99, based on 63 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 Towngas Smart Energy Co For the Utilities - Regulated industry, the median Net-Net Working Capital is 4.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Towngas Smart Energy Co's current Net-Net Working Capital is $-0.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Towngas Smart Energy Co stock overvalued right now?
Based on GuruFocus' analysis, Towngas Smart Energy Co (TGASF) is currently considered Fairly Valued. The stock's GF Value™ is $0.42, compared to a current price of $0.43 — trading 2.1% above its estimated fair value. The current Net-Net Working Capital is $-0.88. Towngas Smart Energy Co's overall GF Score™ is 48/100 with 6 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 Towngas Smart Energy Co (TGASF), the current Net-Net Working Capital is $-0.88 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 Towngas Smart Energy Co (TGASF) Overvalued in 2026?
Based on GuruFocus' analysis, Towngas Smart Energy Co stock appears to be overvalued.
The current stock price of $0.43 is trading 2.1% above its estimated GF Value™ of $0.42.
GuruFocus considers Towngas Smart Energy Co to be Fairly Valued.
Key valuation signals for TGASF:
Net-Net Working Capital: $-0.88
GF Value™: $0.42 vs. price of $0.43 (2.1% above fair value)
No single metric tells the full story. See the TGASF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Towngas Smart Energy Co Ltd is an investment holding company engaged in the sales of piped gas, renewable energy, and other types of energy, the construction of gas pipelines, the sale of gas appliances and related products, and other value-added services in the People's Republic of China. The operating segment of the company are Gas business and Renewable energy business. The Renewable energy business is engaged in Sales of renewable energy (mainly photovoltaic power) and other related energy and services and the Gas business is further categorized in Sales of piped gas, Gas connection, Gas-related products and services. The company derives maximum revenue from the Sales of piped gas and other gas-related energy. All of the Group' s revenue is generated in the PRC.
48GF 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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