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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.
Hwa Fong Rubber Ind Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$-6.84.
The industry rank for Hwa Fong Rubber Ind Co's Net-Net Working Capital or its related term are showing as below:
TPE:2109's Price-to-Net-Net-Working-Capital is not ranked *
in the Vehicles & Parts industry.
Industry Median: 8.1 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Hwa Fong Rubber Ind Co (TPE:2109) 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.
Hwa Fong Rubber Ind Co Net-Net Working Capital Related Terms
Hwa Fong Rubber Ind Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Hwa Fong Rubber Ind Co'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.
Hwa Fong Rubber Ind Co Net-Net Working Capital Chart
TPE:2109 vs ORLY, AZO: Net-Net Working Capital Comparison
For the Auto Parts subindustry, Hwa Fong Rubber Ind 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.
Hwa Fong Rubber Ind Co Price-to-Net-Net-Working-Capital vs Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hwa Fong Rubber Ind Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Hwa Fong Rubber Ind 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$-6.84 mean?
Hwa Fong Rubber Ind Co (TPE:2109) has a Net-Net Working Capital of NT$-6.84 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Hwa Fong Rubber Ind Co According to the industry distribution chart, Hwa Fong Rubber Ind Co ranks #999999 out of 372 companies in the Vehicles & Parts industry.
Is Hwa Fong Rubber Ind Co's Net-Net Working Capital too high?
Hwa Fong Rubber Ind Co's current Net-Net Working Capital is NT$-6.84. Based on the distribution chart, Hwa Fong Rubber Ind Co ranks #999999 out of 372 companies in the Vehicles & Parts industry, which is in the bottom quartile relative to peers. Overall, Hwa Fong Rubber Ind Co has a GF Score™ of 71/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hwa Fong Rubber Ind Co's Net-Net Working Capital compare to ORLY and AZO?
According to the Vehicles & Parts industry distribution chart, Hwa Fong Rubber Ind Co ranks #999999 out of 372 companies for Net-Net Working Capital. This places Hwa Fong Rubber Ind Co in the lower half of its industry. The industry median Net-Net Working Capital is 8.10. 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 Vehicles & Parts company?
The median Net-Net Working Capital among Vehicles & Parts companies is 8.10, based on 372 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 Hwa Fong Rubber Ind Co For the Vehicles & Parts industry, the median Net-Net Working Capital is 8.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Hwa Fong Rubber Ind Co's current Net-Net Working Capital is NT$-6.84. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hwa Fong Rubber Ind Co stock overvalued right now?
Based on GuruFocus' analysis, Hwa Fong Rubber Ind Co (TPE:2109) is currently considered Fairly Valued. The stock's GF Value™ is NT$14.72, compared to a current price of NT$14.60 — trading 0.8% below its estimated fair value. The current Net-Net Working Capital is NT$-6.84. Hwa Fong Rubber Ind Co's overall GF Score™ is 71/100 with 6 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 Hwa Fong Rubber Ind Co (TPE:2109), the current Net-Net Working Capital is NT$-6.84 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 Hwa Fong Rubber Ind Co (TPE:2109) Overvalued in 2026?
Based on GuruFocus' analysis, Hwa Fong Rubber Ind Co stock appears to be undervalued.
The current stock price of NT$14.60 is trading 0.8% below its estimated GF Value™ of NT$14.72.
GuruFocus considers Hwa Fong Rubber Ind Co to be Fairly Valued.
Key valuation signals for TPE:2109:
Net-Net Working Capital: NT$-6.84
GF Value™: NT$14.72 vs. price of NT$14.60 (0.8% below fair value)
No single metric tells the full story. See the TPE:2109 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hwa Fong Rubber Ind Co Ltd is a Taiwan-based company engaged in the manufacture, processing, domestic and foreign sales, import and export of rubber and plastic products. The company is engaged in the manufacture, processing, distribution, and trading of inner and outer bicycle tubes for automobiles, agricultural vehicles, recreational vehicles, light trucks, and radial tires. The company's reportable segments from a geographical perspective are Taiwan, Thailand, the United States of America, China and Other areas. The company generates the majority of its revenue from Other Areas.
71GF 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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