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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.
IEI Integration's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NT$21.85.
The industry rank for IEI Integration's Net-Net Working Capital or its related term are showing as below:
TPE:3022's Price-to-Net-Net-Working-Capital is ranked better than 71.05% of 1157
companies
in the Hardware industry
Industry Median: 8.93
vs TPE:3022: 4.13
IEI Integration (TPE:3022) 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.
IEI Integration Net-Net Working Capital Related Terms
IEI Integration Net-Net Working Capital Historical Data
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The historical data trend for IEI Integration'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:3022 vs DELL, ANET, SNDK: Net-Net Working Capital Comparison
For the Computer Hardware subindustry, IEI Integration'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.
IEI Integration Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, IEI Integration's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where IEI Integration'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$21.85 mean?
IEI Integration (TPE:3022) has a Net-Net Working Capital of NT$21.85 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 IEI Integration According to the industry distribution chart, IEI Integration ranks #335 out of 1157 companies in the Hardware industry, placing it in the top 29%.
Is IEI Integration's Net-Net Working Capital too high?
IEI Integration's current Net-Net Working Capital is NT$21.85. Based on the distribution chart, IEI Integration ranks #335 out of 1157 companies in the Hardware industry, which is above the industry midpoint. Overall, IEI Integration has a GF Score™ of 79/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does IEI Integration's Net-Net Working Capital compare to DELL and ANET?
According to the Hardware industry distribution chart, IEI Integration ranks #335 out of 1157 companies for Net-Net Working Capital. This puts IEI Integration in the upper half of its industry. The industry median Net-Net Working Capital is 8.93. 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 8.93, based on 1,157 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 IEI Integration For the Hardware industry, the median Net-Net Working Capital is 8.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. IEI Integration's current Net-Net Working Capital is NT$21.85. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IEI Integration stock overvalued right now?
Based on GuruFocus' analysis, IEI Integration (TPE:3022) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$78.12, compared to a current price of NT$90.20 — trading 15.5% above its estimated fair value. The current Net-Net Working Capital is NT$21.85. IEI Integration's overall GF Score™ is 79/100 with 9 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 IEI Integration (TPE:3022), the current Net-Net Working Capital is NT$21.85 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 IEI Integration (TPE:3022) Overvalued in 2026?
Based on GuruFocus' analysis, IEI Integration stock appears to be overvalued.
The current stock price of NT$90.20 is trading 15.5% above its estimated GF Value™ of NT$78.12.
GuruFocus considers IEI Integration to be Modestly Overvalued.
Key valuation signals for TPE:3022:
Net-Net Working Capital: NT$21.85
GF Value™: NT$78.12 vs. price of NT$90.20 (15.5% above fair value)
No single metric tells the full story. See the TPE:3022 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IEI Integration Corp is engaged in the manufacturing and sales of computers, computer components and peripherals, and related trading. The company has three reportable segments: Order-taking, Design and Brand Sales; Product Manufacturing; and China Brand Sales, which offer different products and services. The Order-taking, Design and Brand Sales segment customizes product designs according to different customer needs, and operates brand channels for industrial computer products. The Product Manufacturing segment is engaged in OEM and branded product manufacturing. The China Brand Sales segment is responsible for brand marketing channels in Mainland China. The majority of revenue is derived from the Order-taking, Design, and Brand Sales segment.
79GF 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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