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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.
President Securities's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NT$-56.26.
The industry rank for President Securities's Net-Net Working Capital or its related term are showing as below:
TPE:2855's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 4.44 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
President Securities (TPE:2855) 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.
President Securities Net-Net Working Capital Related Terms
President Securities Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for President Securities'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.
President Securities Net-Net Working Capital Chart
TPE:2855 vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, President Securities'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.
President Securities Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, President Securities's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where President Securities'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$-56.26 mean?
President Securities (TPE:2855) has a Net-Net Working Capital of NT$-56.26 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on President Securities According to the industry distribution chart, President Securities ranks #999999 out of 271 companies in the Capital Markets industry.
Is President Securities' Net-Net Working Capital too high?
President Securities' current Net-Net Working Capital is NT$-56.26. Based on the distribution chart, President Securities ranks #999999 out of 271 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, President Securities has a GF Score™ of 85/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does President Securities' Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, President Securities ranks #999999 out of 271 companies for Net-Net Working Capital. This places President Securities in the lower half of its industry. The industry median Net-Net Working Capital is 4.44. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 4.44, based on 271 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 President Securities For the Capital Markets industry, the median Net-Net Working Capital is 4.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. President Securities's current Net-Net Working Capital is NT$-56.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is President Securities stock overvalued right now?
Based on GuruFocus' analysis, President Securities (TPE:2855) is currently considered Fairly Valued. The stock's GF Value™ is NT$43.76, compared to a current price of NT$47.10 — trading 7.6% above its estimated fair value. The current Net-Net Working Capital is NT$-56.26. President Securities' overall GF Score™ is 85/100 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 President Securities (TPE:2855), the current Net-Net Working Capital is NT$-56.26 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 President Securities (TPE:2855) Overvalued in 2026?
Based on GuruFocus' analysis, President Securities stock appears to be overvalued.
The current stock price of NT$47.10 is trading 7.6% above its estimated GF Value™ of NT$43.76.
GuruFocus considers President Securities to be Fairly Valued.
Key valuation signals for TPE:2855:
Net-Net Working Capital: NT$-56.26
GF Value™: NT$43.76 vs. price of NT$47.10 (7.6% above fair value)
No single metric tells the full story. See the TPE:2855 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
President Securities Corp engaged in underwriting of securities, dealing or brokerage business of securities at the securities exchange markets and business premises, registration and transfer agency service for securities, margin loans and short sales business of securities, securities lending and borrowing business, futures introducing brokerage services, futures dealing, issuance of call (put) warrants, wealth management business, and trust business. Its operating segments include Brokerage, Proprietary Trading, Financial Instrument, and Reinvestment segments, with the Brokerage segment generating maximum revenue from consigned trading of the listed securities, margin trading, and short sale, assistance in futures trading, and other instruments trading, as approved by the regulations.
85GF 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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