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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.
Thai Union Group PCL's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-0.52.
The industry rank for Thai Union Group PCL's Net-Net Working Capital or its related term are showing as below:
THFRF's Price-to-Net-Net-Working-Capital is not ranked *
in the Consumer Packaged Goods industry.
Industry Median: 6.58 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Thai Union Group PCL (OTCPK:THFRF) 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.
Thai Union Group PCL Net-Net Working Capital Related Terms
Thai Union Group PCL Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Thai Union Group PCL'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.
Thai Union Group PCL Net-Net Working Capital Chart
THFRF vs KHC, GIS: Net-Net Working Capital Comparison
For the Packaged Foods subindustry, Thai Union Group 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.
Thai Union Group PCL Price-to-Net-Net-Working-Capital vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Thai Union Group PCL's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Thai Union Group 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 $-0.52 mean?
Thai Union Group PCL (THFRF) has a Net-Net Working Capital of $-0.52 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 Thai Union Group PCL According to the industry distribution chart, Thai Union Group PCL ranks #999999 out of 663 companies in the Consumer Packaged Goods industry.
Is Thai Union Group PCL's Net-Net Working Capital too high?
Thai Union Group PCL's current Net-Net Working Capital is $-0.52. Based on the distribution chart, Thai Union Group PCL ranks #999999 out of 663 companies in the Consumer Packaged Goods industry, which is in the bottom quartile relative to peers. Overall, Thai Union Group PCL has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does Thai Union Group PCL's Net-Net Working Capital compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, Thai Union Group PCL ranks #999999 out of 663 companies for Net-Net Working Capital. This places Thai Union Group PCL in the lower half of its industry. The industry median Net-Net Working Capital is 6.58. 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 Consumer Packaged Goods company?
The median Net-Net Working Capital among Consumer Packaged Goods companies is 6.58, based on 663 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 Thai Union Group PCL For the Consumer Packaged Goods industry, the median Net-Net Working Capital is 6.58 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Thai Union Group PCL's current Net-Net Working Capital is $-0.52. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Thai Union Group PCL stock overvalued right now?
Thai Union Group PCL (THFRF) has a current Net-Net Working Capital of $-0.52. The stock's GF Value™ is $0.53, compared to a current price of $0.43 — trading 18.9% below its estimated fair value. The current Net-Net Working Capital is $-0.52. Thai Union Group PCL's overall GF Score™ is 56/100 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 Thai Union Group PCL (THFRF), the current Net-Net Working Capital is $-0.52 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 Thai Union Group PCL (THFRF) Overvalued in 2026?
Based on GuruFocus' analysis, Thai Union Group PCL stock appears to be undervalued.
The current stock price of $0.43 is trading 18.9% below its estimated GF Value™ of $0.53.
Key valuation signals for THFRF:
Net-Net Working Capital: $-0.52
GF Value™: $0.53 vs. price of $0.43 (18.9% below fair value)
No single metric tells the full story. See the THFRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Thai Union Group PCL is a seafood-based food products company. The company sells its products locally in Thailand, as well as in North America and Europe. The business categories are ambient seafood (tuna, salmon, sardine, mackerel); frozen and chilled seafood and related products (shrimp, lobster, salmon); and pet food and value-added. In North America, Thai Union's portfolio contains tuna, salmon, and sardines, sold in different varieties under the Chicken of the Sea and Genova brands. In Europe, the company offers seafood and fish products under brands such as John West, Petit Navire, Parmentier, King Oscar, Mareblum, and Rugen Fisch. In Asia-Pacific, the local brands are Century, Sealect, Fisho, Bellotta, and Marvo. Majority of revenue is from USA.
56GF Score
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