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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.
Mayer Steel Pipe's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NT$-5.71.
The industry rank for Mayer Steel Pipe's Net-Net Working Capital or its related term are showing as below:
TPE:2020's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.33 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Mayer Steel Pipe (TPE:2020) 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.
Mayer Steel Pipe Net-Net Working Capital Related Terms
Mayer Steel Pipe Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Mayer Steel Pipe'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.
TPE:2020 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Mayer Steel Pipe'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.
Mayer Steel Pipe Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Mayer Steel Pipe's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Mayer Steel Pipe'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 NT$-5.71 mean?
Mayer Steel Pipe (TPE:2020) has a Net-Net Working Capital of NT$-5.71 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Mayer Steel Pipe According to the industry distribution chart, Mayer Steel Pipe ranks #999999 out of 171 companies in the Steel industry.
Is Mayer Steel Pipe's Net-Net Working Capital too high?
Mayer Steel Pipe's current Net-Net Working Capital is NT$-5.71. Based on the distribution chart, Mayer Steel Pipe ranks #999999 out of 171 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Mayer Steel Pipe has a GF Score™ of 77/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Mayer Steel Pipe's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Mayer Steel Pipe ranks #999999 out of 171 companies for Net-Net Working Capital. This places Mayer Steel Pipe in the lower half of its industry. The industry median Net-Net Working Capital is 4.33. 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.33, based on 171 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 Mayer Steel Pipe For the Steel industry, the median Net-Net Working Capital is 4.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Mayer Steel Pipe's current Net-Net Working Capital is NT$-5.71. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Mayer Steel Pipe stock overvalued right now?
Based on GuruFocus' analysis, Mayer Steel Pipe (TPE:2020) is currently considered Fairly Valued. The stock's GF Value™ is NT$21.22, compared to a current price of NT$21.55 — trading 1.6% above its estimated fair value. The current Net-Net Working Capital is NT$-5.71. Mayer Steel Pipe's overall GF Score™ is 77/100 with 5 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 Mayer Steel Pipe (TPE:2020), the current Net-Net Working Capital is NT$-5.71 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 Mayer Steel Pipe (TPE:2020) Overvalued in 2026?
Based on GuruFocus' analysis, Mayer Steel Pipe stock appears to be overvalued.
The current stock price of NT$21.55 is trading 1.6% above its estimated GF Value™ of NT$21.22.
GuruFocus considers Mayer Steel Pipe to be Fairly Valued.
Key valuation signals for TPE:2020:
Net-Net Working Capital: NT$-5.71
GF Value™: NT$21.22 vs. price of NT$21.55 (1.6% above fair value)
No single metric tells the full story. See the TPE:2020 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Mayer Steel Pipe Corp operates as a steel pipe manufacturer in Taiwan. The primary business of the company and its entities is engaged in the production and sales of black steel pipes, galvanized steel pipes and stainless-steel coils for pipes. The company's reportable segments are the Steel Segment, Real Estate Investment Segment, Investment Segment, and Hotel Services Segment. The majority of revenue is derived from the Steel department, which focuses on the production and sales of black steel pipes, zinc-coated steel pipes, and stainless-steel coils for Pipes. Geographically it generates maximum revenue from Taiwan and the rest from Vietnam, Thailand, and other regions.
77GF 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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