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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.
CMC Magnetics's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$3.75.
The industry rank for CMC Magnetics's Net-Net Working Capital or its related term are showing as below:
TPE:2323's Price-to-Net-Net-Working-Capital is ranked better than 81.17% of 1131
companies
in the Hardware industry
Industry Median: 9.07
vs TPE:2323: 2.91
CMC Magnetics (TPE:2323) 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.
CMC Magnetics Net-Net Working Capital Related Terms
CMC Magnetics Net-Net Working Capital Historical Data
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The historical data trend for CMC Magnetics'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:2323 vs DELL, ANET, SNDK: Net-Net Working Capital Comparison
For the Computer Hardware subindustry, CMC Magnetics'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.
CMC Magnetics Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, CMC Magnetics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where CMC Magnetics'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$3.75 mean?
CMC Magnetics (TPE:2323) has a Net-Net Working Capital of NT$3.75 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 CMC Magnetics According to the industry distribution chart, CMC Magnetics ranks #213 out of 1131 companies in the Hardware industry, placing it in the top 18.8%.
Is CMC Magnetics' Net-Net Working Capital too high?
CMC Magnetics' current Net-Net Working Capital is NT$3.75. Based on the distribution chart, CMC Magnetics ranks #213 out of 1131 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, CMC Magnetics has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does CMC Magnetics' Net-Net Working Capital compare to DELL and ANET?
According to the Hardware industry distribution chart, CMC Magnetics ranks #213 out of 1131 companies for Net-Net Working Capital. This places CMC Magnetics in the top 19% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 9.07. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 9.07, based on 1,131 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 CMC Magnetics For the Hardware industry, the median Net-Net Working Capital is 9.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. CMC Magnetics's current Net-Net Working Capital is NT$3.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CMC Magnetics stock overvalued right now?
Based on GuruFocus' analysis, CMC Magnetics (TPE:2323) is currently considered Fairly Valued. The stock's GF Value™ is NT$11.57, compared to a current price of NT$10.90 — trading 5.8% below its estimated fair value. The current Net-Net Working Capital is NT$3.75. CMC Magnetics' overall GF Score™ is 74/100 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 CMC Magnetics (TPE:2323), the current Net-Net Working Capital is NT$3.75 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 CMC Magnetics (TPE:2323) Overvalued in 2026?
Based on GuruFocus' analysis, CMC Magnetics stock appears to be undervalued.
The current stock price of NT$10.90 is trading 5.8% below its estimated GF Value™ of NT$11.57.
GuruFocus considers CMC Magnetics to be Fairly Valued.
Key valuation signals for TPE:2323:
Net-Net Working Capital: NT$3.75
GF Value™: NT$11.57 vs. price of NT$10.90 (5.8% below fair value)
No single metric tells the full story. See the TPE:2323 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
CMC Magnetics Corp is mainly engaged in the manufacturing and sale of consumer electronic products, including optical discs, as well as the acquisition of film agency rights and the production and distribution of digital discs and Blu-ray discs for sales. Its products include M-disc, CMC Pro, HP CD, and data storage products. Its segments are: the Storage Media segment, which generates the maximum revenue and is engaged in the manufacturing and sale of consumer electronic products, including optical discs; the Other Optoelectronic segment, which manufactures and sells panels; the Investment segment, which invests in various businesses; and the Other Segment. Europe generates the maximum revenue for the Group.
74GF 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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