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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.
Thoresen Thai Agencies PCL's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-0.13.
The industry rank for Thoresen Thai Agencies PCL's Net-Net Working Capital or its related term are showing as below:
THAFF's Price-to-Net-Net-Working-Capital is not ranked *
in the Conglomerates industry.
Industry Median: 5.74 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Thoresen Thai Agencies PCL (OTCPK:THAFF) 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.
Thoresen Thai Agencies PCL Net-Net Working Capital Related Terms
Thoresen Thai Agencies PCL Net-Net Working Capital Historical Data
* 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.
Thoresen Thai Agencies PCL Net-Net Working Capital Chart
THAFF vs HON, MMM: Net-Net Working Capital Comparison
For the Conglomerates subindustry, Thoresen Thai Agencies PCL'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.
Thoresen Thai Agencies PCL Price-to-Net-Net-Working-Capital vs Conglomerates Industry
For the Conglomerates industry and Industrials sector, Thoresen Thai Agencies PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Thoresen Thai Agencies PCL'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 $-0.13 mean?
Thoresen Thai Agencies PCL (THAFF) has a Net-Net Working Capital of $-0.13 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 Thoresen Thai Agencies PCL According to the industry distribution chart, Thoresen Thai Agencies PCL ranks #999999 out of 113 companies in the Conglomerates industry.
Is Thoresen Thai Agencies PCL's Net-Net Working Capital too high?
Thoresen Thai Agencies PCL's current Net-Net Working Capital is $-0.13. Based on the distribution chart, Thoresen Thai Agencies PCL ranks #999999 out of 113 companies in the Conglomerates industry, which is in the bottom quartile relative to peers. Overall, Thoresen Thai Agencies PCL has a GF Score™ of 79/100, reflecting its overall financial health beyond just this single metric.
How does Thoresen Thai Agencies PCL's Net-Net Working Capital compare to HON and MMM?
According to the Conglomerates industry distribution chart, Thoresen Thai Agencies PCL ranks #999999 out of 113 companies for Net-Net Working Capital. This places Thoresen Thai Agencies PCL in the lower half of its industry. The industry median Net-Net Working Capital is 5.74. 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 Conglomerates company?
The median Net-Net Working Capital among Conglomerates companies is 5.74, based on 113 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 Thoresen Thai Agencies PCL For the Conglomerates industry, the median Net-Net Working Capital is 5.74 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thoresen Thai Agencies PCL's current Net-Net Working Capital is $-0.13. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thoresen Thai Agencies PCL stock overvalued right now?
Thoresen Thai Agencies PCL (THAFF) has a current Net-Net Working Capital of $-0.13. The stock's GF Value™ is $0.21, compared to a current price of $0.20 — trading 4.8% below its estimated fair value. The current Net-Net Working Capital is $-0.13. Thoresen Thai Agencies PCL's overall GF Score™ is 79/100 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 Thoresen Thai Agencies PCL (THAFF), the current Net-Net Working Capital is $-0.13 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 Thoresen Thai Agencies PCL (THAFF) Overvalued in 2026?
Based on GuruFocus' analysis, Thoresen Thai Agencies PCL stock appears to be undervalued.
The current stock price of $0.20 is trading 4.8% below its estimated GF Value™ of $0.21.
Key valuation signals for THAFF:
Net-Net Working Capital: $-0.13
GF Value™: $0.21 vs. price of $0.20 (4.8% below fair value)
No single metric tells the full story. See the THAFF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thoresen Thai Agencies PCL is an investment holding company. The company operates in five main segments: shipping, offshore service, agrochemical, food and beverage, and investment. Its activities include ownership of dry bulk vessels, certain shipping services, offshore services related to oil and gas, production and sales of fertilizers, coal trading, warehouse, and logistics services, and food and beverage. The maximum revenue is derived from the Offshore Service segment.
79GF Score
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