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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.
Tomra Systems ASA's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-2.76.
The industry rank for Tomra Systems ASA's Net-Net Working Capital or its related term are showing as below:
TMRAY's Price-to-Net-Net-Working-Capital is not ranked *
in the Waste Management industry.
Industry Median: 6.52 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tomra Systems ASA (OTCPK:TMRAY) 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.
Tomra Systems ASA Net-Net Working Capital Related Terms
Tomra Systems ASA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Tomra Systems ASA'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.
TMRAY vs WM, RSG, WCN: Net-Net Working Capital Comparison
For the Waste Management subindustry, Tomra Systems ASA'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.
Tomra Systems ASA Price-to-Net-Net-Working-Capital vs Waste Management Industry
For the Waste Management industry and Industrials sector, Tomra Systems ASA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tomra Systems ASA'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 $-2.76 mean?
Tomra Systems ASA (TMRAY) has a Net-Net Working Capital of $-2.76 as of Jun. 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 Tomra Systems ASA According to the industry distribution chart, Tomra Systems ASA ranks #999999 out of 60 companies in the Waste Management industry.
Is Tomra Systems ASA's Net-Net Working Capital too high?
Tomra Systems ASA's current Net-Net Working Capital is $-2.76. Based on the distribution chart, Tomra Systems ASA ranks #999999 out of 60 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Tomra Systems ASA has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Tomra Systems ASA's Net-Net Working Capital compare to WM and RSG?
According to the Waste Management industry distribution chart, Tomra Systems ASA ranks #999999 out of 60 companies for Net-Net Working Capital. This places Tomra Systems ASA in the lower half of its industry. The industry median Net-Net Working Capital is 6.52. 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 Waste Management company?
The median Net-Net Working Capital among Waste Management companies is 6.52, based on 60 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 Tomra Systems ASA For the Waste Management industry, the median Net-Net Working Capital is 6.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tomra Systems ASA's current Net-Net Working Capital is $-2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tomra Systems ASA stock overvalued right now?
Based on GuruFocus' analysis, Tomra Systems ASA (TMRAY) is currently considered Modestly Undervalued. The stock's GF Value™ is $16.20, compared to a current price of $11.43 — trading 29.5% below its estimated fair value. The current Net-Net Working Capital is $-2.76. Tomra Systems ASA's overall GF Score™ is 86/100 with 3 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 Tomra Systems ASA (TMRAY), the current Net-Net Working Capital is $-2.76 as of Jun. 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 Tomra Systems ASA (TMRAY) Overvalued in 2026?
Based on GuruFocus' analysis, Tomra Systems ASA stock appears to be undervalued.
The current stock price of $11.43 is trading 29.5% below its estimated GF Value™ of $16.20.
GuruFocus considers Tomra Systems ASA to be Modestly Undervalued.
Key valuation signals for TMRAY:
Net-Net Working Capital: $-2.76
GF Value™: $16.20 vs. price of $11.43 (29.5% below fair value)
No single metric tells the full story. See the TMRAY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tomra Systems ASA provides sorting and recycling solutions to equip customers for handling waste. The company creates and delivers sensor-based solutions that contribute to optimal resource productivity, in packaging, collection, compaction, recycling, ore sorting, and food production. It provides reverse vending machines, sensor-based sorting machines integrated post-harvest solutions, sensors for waste sorting applications, and other related products and solutions. The company's operating segments are; TOMRA Collection which generates key revenue, TOMRA Recycling, TOMRA Horizon, and TOMRA Food. Geographically, the company generates maximum revenue from Europe region followed by America, Asia, and Oceania.
86GF Score
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