Tokyo ElectronTOELF -9.73%85 Net-Net Working Capital is $6.46 as of Mar. 2026. GuruFocus rates TOELF with a GF Score™ of 85/100 and a GF Value™ of $192.78 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 538 Semiconductors companies, Tokyo Electron ranks worse than 86.99% 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.
Tokyo Electron's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $6.46.
The industry rank for Tokyo Electron's Net-Net Working Capital or its related term are showing as below:
TOELF's Price-to-Net-Net-Working-Capital is ranked worse than 86.99% of 538
companies
in the Semiconductors industry
Industry Median: 14.695
vs TOELF: 71.45
Tokyo Electron (OTCPK:TOELF) 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.
Tokyo Electron Net-Net Working Capital Related Terms
Tokyo Electron Net-Net Working Capital Historical Data
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The historical data trend for Tokyo Electron'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.
TOELF vs AMAT, LRCX, KLAC: Net-Net Working Capital Comparison
For the Semiconductor Equipment & Materials subindustry, Tokyo Electron'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.
Tokyo Electron Price-to-Net-Net-Working-Capital vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Tokyo Electron's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tokyo Electron'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 $6.46 mean?
Tokyo Electron (TOELF) has a Net-Net Working Capital of $6.46 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 Tokyo Electron According to the industry distribution chart, Tokyo Electron ranks #468 out of 538 companies in the Semiconductors industry, placing it in the top 87%.
Is Tokyo Electron's Net-Net Working Capital too high?
Tokyo Electron's current Net-Net Working Capital is $6.46. The Semiconductors industry median Net-Net Working Capital is 14.70. Tokyo Electron's value of $6.46 is 56% below this industry median. Based on the distribution chart, Tokyo Electron ranks #468 out of 538 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Tokyo Electron has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tokyo Electron's Net-Net Working Capital compare to AMAT and LRCX?
According to the Semiconductors industry distribution chart, Tokyo Electron ranks #468 out of 538 companies for Net-Net Working Capital. This places Tokyo Electron in the lower half of its industry. The industry median Net-Net Working Capital is 14.70. Tokyo Electron's value of $6.46 is 56% 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 a Semiconductors company?
The median Net-Net Working Capital among Semiconductors companies is 14.70, based on 538 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. Tokyo Electron's current Net-Net Working Capital of $6.46 is 56% 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 Tokyo Electron For the Semiconductors industry, the median Net-Net Working Capital is 14.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tokyo Electron's current Net-Net Working Capital is $6.46. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tokyo Electron stock overvalued right now?
Based on GuruFocus' analysis, Tokyo Electron (TOELF) is currently considered Significantly Overvalued. The stock's GF Value™ is $192.78, compared to a current price of $431.55 — trading 123.9% above its estimated fair value. The current Net-Net Working Capital is $6.46 and 56% below the Semiconductors industry median of 14.70. Tokyo Electron's overall GF Score™ is 85/100 with 8 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 Tokyo Electron (TOELF), the current Net-Net Working Capital is $6.46 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 Tokyo Electron (TOELF) Overvalued in 2026?
Based on GuruFocus' analysis, Tokyo Electron stock appears to be overvalued.
The current stock price of $431.55 is trading 123.9% above its estimated GF Value™ of $192.78.
GuruFocus considers Tokyo Electron to be Significantly Overvalued.
Key valuation signals for TOELF:
Net-Net Working Capital: $6.46
GF Value™: $192.78 vs. price of $431.55 (123.9% above fair value)
Industry Position: 56% below the Semiconductors median (#468 of 538)
No single metric tells the full story. See the TOELF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tokyo Electron is a major supplier of semiconductor fabrication tools. It operates primarily in the etching, deposition, and cleaning segments, which involve adding and removing materials to and from semiconductor wafers. Customers include leading-edge logic, foundry, and memory chipmakers such as Samsung Electronics, Intel, TSMC, and SK Hynix.
85GF 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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