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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.
Turning Point Brands's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-3.64.
The industry rank for Turning Point Brands's Net-Net Working Capital or its related term are showing as below:
TPB's Price-to-Net-Net-Working-Capital is not ranked *
in the Tobacco Products industry.
Industry Median: 11.385 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Turning Point Brands (NYSE:TPB) 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.
Turning Point Brands Net-Net Working Capital Related Terms
Turning Point Brands Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Turning Point Brands'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.
Turning Point Brands Net-Net Working Capital Chart
TPB vs UVV, AIIR, ISPR: Net-Net Working Capital Comparison
For the Tobacco subindustry, Turning Point Brands'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.
Turning Point Brands Price-to-Net-Net-Working-Capital vs Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Turning Point Brands's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Turning Point Brands'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 $-3.64 mean?
Turning Point Brands (TPB) has a Net-Net Working Capital of $-3.64 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 Turning Point Brands According to the industry distribution chart, Turning Point Brands ranks #999999 out of 18 companies in the Tobacco Products industry.
Is Turning Point Brands' Net-Net Working Capital too high?
Turning Point Brands' current Net-Net Working Capital is $-3.64. Based on the distribution chart, Turning Point Brands ranks #999999 out of 18 companies in the Tobacco Products industry, which is in the bottom quartile relative to peers. Overall, Turning Point Brands has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Turning Point Brands' Net-Net Working Capital compare to UVV and AIIR?
According to the Tobacco Products industry distribution chart, Turning Point Brands ranks #999999 out of 18 companies for Net-Net Working Capital. This places Turning Point Brands in the lower half of its industry. The industry median Net-Net Working Capital is 11.39. 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 Tobacco Products company?
The median Net-Net Working Capital among Tobacco Products companies is 11.39, based on 18 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 Turning Point Brands For the Tobacco Products industry, the median Net-Net Working Capital is 11.39 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Turning Point Brands's current Net-Net Working Capital is $-3.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Turning Point Brands stock overvalued right now?
Based on GuruFocus' analysis, Turning Point Brands (TPB) is currently considered Fairly Valued. The stock's GF Value™ is $87.22, compared to a current price of $86.74 — trading 0.6% below its estimated fair value. The current Net-Net Working Capital is $-3.64. Turning Point Brands' overall GF Score™ is 88/100. 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 Turning Point Brands (TPB), the current Net-Net Working Capital is $-3.64 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 Turning Point Brands (TPB) Overvalued in 2026?
Based on GuruFocus' analysis, Turning Point Brands stock appears to be undervalued.
The current stock price of $86.74 is trading 0.6% below its estimated GF Value™ of $87.22.
GuruFocus considers Turning Point Brands to be Fairly Valued.
Key valuation signals for TPB:
Net-Net Working Capital: $-3.64
GF Value™: $87.22 vs. price of $86.74 (0.6% below fair value)
No single metric tells the full story. See the TPB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Turning Point Brands Inc operates as a manufacturer, marketer, and provider of consumer products that include Other Tobacco Products (OTP) in the U.S. The company offers a wide variety across the OTP spectrum, including moist snuff tobacco (MST), loose-leaf chewing tobacco, premium cigarette papers, make- your-own (MYO) cigar wraps, cigars, liquid vapor products, and tobacco vaporizer products. It operates in two segments, namely Zig-Zag products and Stoker's products segment. The company generates maximum revenue from the Zig-Zag products segment.
88GF Score
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