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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.
Tonlin Department Store Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was NT$-17.66.
The industry rank for Tonlin Department Store Co's Net-Net Working Capital or its related term are showing as below:
TPE:2910's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 6.23 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tonlin Department Store Co (TPE:2910) 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.
Tonlin Department Store Co Net-Net Working Capital Related Terms
Tonlin Department Store 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.
Tonlin Department Store Co Net-Net Working Capital Chart
TPE:2910 vs DDS, M: Net-Net Working Capital Comparison
For the Department Stores subindustry, Tonlin Department Store 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.
Tonlin Department Store Co Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Tonlin Department Store Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tonlin Department Store 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$-17.66 mean?
Tonlin Department Store Co (TPE:2910) has a Net-Net Working Capital of NT$-17.66 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Tonlin Department Store Co According to the industry distribution chart, Tonlin Department Store Co ranks #999999 out of 321 companies in the Retail - Cyclical industry.
Is Tonlin Department Store Co's Net-Net Working Capital too high?
Tonlin Department Store Co's current Net-Net Working Capital is NT$-17.66. Based on the distribution chart, Tonlin Department Store Co ranks #999999 out of 321 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, Tonlin Department Store Co has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Tonlin Department Store Co's Net-Net Working Capital compare to DDS and M?
According to the Retail - Cyclical industry distribution chart, Tonlin Department Store Co ranks #999999 out of 321 companies for Net-Net Working Capital. This places Tonlin Department Store Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.23. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.23, based on 321 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 Tonlin Department Store Co For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.23 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tonlin Department Store Co's current Net-Net Working Capital is NT$-17.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tonlin Department Store Co stock overvalued right now?
Based on GuruFocus' analysis, Tonlin Department Store Co (TPE:2910) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$21.12, compared to a current price of NT$24.60 — trading 16.5% above its estimated fair value. The current Net-Net Working Capital is NT$-17.66. Tonlin Department Store Co's overall GF Score™ is 76/100 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 Tonlin Department Store Co (TPE:2910), the current Net-Net Working Capital is NT$-17.66 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 Tonlin Department Store Co (TPE:2910) Overvalued in 2026?
Based on GuruFocus' analysis, Tonlin Department Store Co stock appears to be overvalued.
The current stock price of NT$24.60 is trading 16.5% above its estimated GF Value™ of NT$21.12.
GuruFocus considers Tonlin Department Store Co to be Modestly Overvalued.
Key valuation signals for TPE:2910:
Net-Net Working Capital: NT$-17.66
GF Value™: NT$21.12 vs. price of NT$24.60 (16.5% above fair value)
No single metric tells the full story. See the TPE:2910 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tonlin Department Store Co Ltd operates department stores offering men's and women's apparel and accessories, food, gifts, and general merchandise, among others. The reporting segments for the company are: Department store and Construction segment. Maximum revenue is generated from the Department store segment.
76GF 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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