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Theon InternationalTNIPF 38 Net-Net Working Capital is $2.78 as of Dec. 2025. GuruFocus rates TNIPF with a GF Score™ of 38/100. The stock has 3 warning signs investors should review. Among 114 Aerospace & Defense companies, Theon International ranks worse than 60.53% 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.
Theon International's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $2.78.
The industry rank for Theon International's Net-Net Working Capital or its related term are showing as below:
TNIPF's Price-to-Net-Net-Working-Capital is ranked worse than 60.53% of 114
companies
in the Aerospace & Defense industry
Industry Median: 9.98
vs TNIPF: 11.97
Theon International (OTCPK:TNIPF) 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.
Theon International Net-Net Working Capital Related Terms
Theon International Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Theon International'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.
For the Aerospace & Defense subindustry, Theon International'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.
Theon International Price-to-Net-Net-Working-Capital vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Theon International's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Theon International'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 $2.78 mean?
Theon International (TNIPF) has a Net-Net Working Capital of $2.78 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 Theon International According to the industry distribution chart, Theon International ranks #69 out of 114 companies in the Aerospace & Defense industry, placing it in the top 60.5%.
Is Theon International's Net-Net Working Capital too high?
Theon International's current Net-Net Working Capital is $2.78. The Aerospace & Defense industry median Net-Net Working Capital is 9.98. Theon International's value of $2.78 is 72.1% below this industry median. Based on the distribution chart, Theon International ranks #69 out of 114 companies in the Aerospace & Defense industry, which is below the industry midpoint. Overall, Theon International has a GF Score™ of 38/100, reflecting its overall financial health beyond just this single metric.
How does Theon International's Net-Net Working Capital compare to ?
According to the Aerospace & Defense industry distribution chart, Theon International ranks #69 out of 114 companies for Net-Net Working Capital. This places Theon International in the lower half of its industry. The industry median Net-Net Working Capital is 9.98. Theon International's value of $2.78 is 72.1% below this benchmark. 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 Aerospace & Defense company?
The median Net-Net Working Capital among Aerospace & Defense companies is 9.98, based on 114 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. Theon International's current Net-Net Working Capital of $2.78 is 72.1% below the industry median. 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 Theon International For the Aerospace & Defense industry, the median Net-Net Working Capital is 9.98 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Theon International's current Net-Net Working Capital is $2.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Theon International stock overvalued right now?
Theon International (TNIPF) has a current Net-Net Working Capital of $2.78. The current Net-Net Working Capital is $2.78 and 72.1% below the Aerospace & Defense industry median of 9.98. Theon International's overall GF Score™ is 38/100 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 Theon International (TNIPF), the current Net-Net Working Capital is $2.78 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.
Theon International PLC is a defense and security technology company specializing in electro-optical systems and integrated solutions for military and security applications. It develops and manufactures night vision and thermal imaging systems used by defense and security organizations. The company operates internationally through subsidiaries and production facilities across multiple regions. Its products are used by armed forces and security agencies in various countries. In addition to electro-optical systems, it develops integrated soldier systems, ISR optronics, and platform solutions for land and maritime environments.
38GF Score
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