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.
TOP Financial Group's Net-Net Working Capital for the quarter that ended in Sep. 2025 was $0.05.
The industry rank for TOP Financial Group's Net-Net Working Capital or its related term are showing as below:
TOP's Price-to-Net-Net-Working-Capital is ranked worse than 88.05% of 293
companies
in the Capital Markets industry
Industry Median: 4.93
vs TOP: 35.40
TOP Financial Group (NAS:TOP) 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.
TOP Financial Group Net-Net Working Capital Related Terms
TOP Financial Group Net-Net Working Capital Historical Data
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The historical data trend for TOP Financial Group'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.
TOP vs NCTY, AURE, SIEB: Net-Net Working Capital Comparison
For the Capital Markets subindustry, TOP Financial Group'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.
TOP Financial Group Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, TOP Financial Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where TOP Financial Group'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 $0.05 mean?
TOP Financial Group (TOP) has a Net-Net Working Capital of $0.05 as of Sep. 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 TOP Financial Group According to the industry distribution chart, TOP Financial Group ranks #258 out of 293 companies in the Capital Markets industry, placing it in the top 88.1%.
Is TOP Financial Group's Net-Net Working Capital too high?
TOP Financial Group's current Net-Net Working Capital is $0.05. The Capital Markets industry median Net-Net Working Capital is 4.93. TOP Financial Group's value of $0.05 is 99% below this industry median. Based on the distribution chart, TOP Financial Group ranks #258 out of 293 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, TOP Financial Group has a GF Score™ of 66/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TOP Financial Group's Net-Net Working Capital compare to NCTY and AURE?
According to the Capital Markets industry distribution chart, TOP Financial Group ranks #258 out of 293 companies for Net-Net Working Capital. This places TOP Financial Group in the lower half of its industry. The industry median Net-Net Working Capital is 4.93. TOP Financial Group's value of $0.05 is 99% 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.93, based on 293 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. TOP Financial Group's current Net-Net Working Capital of $0.05 is 99% 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 TOP Financial Group For the Capital Markets industry, the median Net-Net Working Capital is 4.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOP Financial Group's current Net-Net Working Capital is $0.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TOP Financial Group stock overvalued right now?
Based on GuruFocus' analysis, TOP Financial Group (TOP) is currently considered Modestly Overvalued. The stock's GF Value™ is $1.45, compared to a current price of $1.77 — trading 22.1% above its estimated fair value. The current Net-Net Working Capital is $0.05 and 99% below the Capital Markets industry median of 4.93. TOP Financial Group's overall GF Score™ is 66/100 with 9 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 TOP Financial Group (TOP), the current Net-Net Working Capital is $0.05 as of Sep. 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.
Is TOP Financial Group (TOP) Overvalued in 2026?
Based on GuruFocus' analysis, TOP Financial Group stock appears to be overvalued.
The current stock price of $1.77 is trading 22.1% above its estimated GF Value™ of $1.45.
GuruFocus considers TOP Financial Group to be Modestly Overvalued.
Key valuation signals for TOP:
Net-Net Working Capital: $0.05
GF Value™: $1.45 vs. price of $1.77 (22.1% above fair value)
Industry Position: 99% below the Capital Markets median (#258 of 293)
No single metric tells the full story. See the TOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TOP Financial Group Ltd is an online brokerage firm in Hong Kong specializing in trading local and overseas equities, futures, and options products. The Company generates brokerage commission income by enabling its customers to trade on multiple exchanges present globally. The company operates in only one segment which is the futures brokerage service.
66GF 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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