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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.
The industry rank for Yuen Chang Stainless Steel Co's Net-Net Working Capital or its related term are showing as below:
TPE:2069's Price-to-Net-Net-Working-Capital is not ranked *
in the Steel industry.
Industry Median: 4.54 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Yuen Chang Stainless Steel Co (TPE:2069) 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.
Yuen Chang Stainless Steel Co Net-Net Working Capital Related Terms
Yuen Chang Stainless Steel Co Net-Net Working Capital Historical Data
* 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.
Yuen Chang Stainless Steel Co Net-Net Working Capital Chart
TPE:2069 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Yuen Chang Stainless Steel Co'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.
Yuen Chang Stainless Steel Co Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Yuen Chang Stainless Steel Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Yuen Chang Stainless Steel Co'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$-20.07 mean?
Yuen Chang Stainless Steel Co (TPE:2069) has a Net-Net Working Capital of NT$-20.07 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 Yuen Chang Stainless Steel Co According to the industry distribution chart, Yuen Chang Stainless Steel Co ranks #999999 out of 168 companies in the Steel industry.
Is Yuen Chang Stainless Steel Co's Net-Net Working Capital too high?
Yuen Chang Stainless Steel Co's current Net-Net Working Capital is NT$-20.07. Based on the distribution chart, Yuen Chang Stainless Steel Co ranks #999999 out of 168 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Yuen Chang Stainless Steel Co has a GF Score™ of 68/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Yuen Chang Stainless Steel Co's Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Yuen Chang Stainless Steel Co ranks #999999 out of 168 companies for Net-Net Working Capital. This places Yuen Chang Stainless Steel Co in the lower half of its industry. The industry median Net-Net Working Capital is 4.54. 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 4.54, based on 168 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 Yuen Chang Stainless Steel Co For the Steel industry, the median Net-Net Working Capital is 4.54 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Yuen Chang Stainless Steel Co's current Net-Net Working Capital is NT$-20.07. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Yuen Chang Stainless Steel Co stock overvalued right now?
Based on GuruFocus' analysis, Yuen Chang Stainless Steel Co (TPE:2069) is currently considered Significantly Overvalued. The stock's GF Value™ is NT$14.42, compared to a current price of NT$20.75 — trading 43.9% above its estimated fair value. The current Net-Net Working Capital is NT$-20.07. Yuen Chang Stainless Steel Co's overall GF Score™ is 68/100 with 7 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 Yuen Chang Stainless Steel Co (TPE:2069), the current Net-Net Working Capital is NT$-20.07 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 Yuen Chang Stainless Steel Co (TPE:2069) Overvalued in 2026?
Based on GuruFocus' analysis, Yuen Chang Stainless Steel Co stock appears to be overvalued.
The current stock price of NT$20.75 is trading 43.9% above its estimated GF Value™ of NT$14.42.
GuruFocus considers Yuen Chang Stainless Steel Co to be Significantly Overvalued.
Key valuation signals for TPE:2069:
Net-Net Working Capital: NT$-20.07
GF Value™: NT$14.42 vs. price of NT$20.75 (43.9% above fair value)
No single metric tells the full story. See the TPE:2069 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Yuen Chang Stainless Steel Co Ltd specializes in stainless steel processing and manufacturing. The company, together with its subsidiaries, is mainly involved in stainless steel shearing, splitting, surface finishing, processing, trading, and the import and export of stainless steel products. Geographically, it derives maximum revenue from Asia (excluding Taiwan), followed by the Americas, Taiwan, and other regions.
68GF Score
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