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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.
Cleanaway Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was NT$-7.43.
The industry rank for Cleanaway Co's Net-Net Working Capital or its related term are showing as below:
TPE:8422's Price-to-Net-Net-Working-Capital is not ranked *
in the Waste Management industry.
Industry Median: 6.68 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cleanaway Co (TPE:8422) 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.
Cleanaway Co Net-Net Working Capital Related Terms
Cleanaway Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Cleanaway 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.
TPE:8422 vs WM, RSG, WCN: Net-Net Working Capital Comparison
For the Waste Management subindustry, Cleanaway 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.
Cleanaway Co Price-to-Net-Net-Working-Capital vs Waste Management Industry
For the Waste Management industry and Industrials sector, Cleanaway Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cleanaway 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$-7.43 mean?
Cleanaway Co (TPE:8422) has a Net-Net Working Capital of NT$-7.43 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cleanaway Co According to the industry distribution chart, Cleanaway Co ranks #999999 out of 59 companies in the Waste Management industry.
Is Cleanaway Co's Net-Net Working Capital too high?
Cleanaway Co's current Net-Net Working Capital is NT$-7.43. Based on the distribution chart, Cleanaway Co ranks #999999 out of 59 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Cleanaway Co has a GF Score™ of 85/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cleanaway Co's Net-Net Working Capital compare to WM and RSG?
According to the Waste Management industry distribution chart, Cleanaway Co ranks #999999 out of 59 companies for Net-Net Working Capital. This places Cleanaway Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.68. 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 Waste Management company?
The median Net-Net Working Capital among Waste Management companies is 6.68, based on 59 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 Cleanaway Co For the Waste Management industry, the median Net-Net Working Capital is 6.68 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleanaway Co's current Net-Net Working Capital is NT$-7.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cleanaway Co stock overvalued right now?
Based on GuruFocus' analysis, Cleanaway Co (TPE:8422) is currently considered Modestly Overvalued. The stock's GF Value™ is NT$22.55, compared to a current price of NT$27.10 — trading 20.2% above its estimated fair value. The current Net-Net Working Capital is NT$-7.43. Cleanaway Co's overall GF Score™ is 85/100 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 Cleanaway Co (TPE:8422), the current Net-Net Working Capital is NT$-7.43 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 Cleanaway Co (TPE:8422) Overvalued in 2026?
Based on GuruFocus' analysis, Cleanaway Co stock appears to be overvalued.
The current stock price of NT$27.10 is trading 20.2% above its estimated GF Value™ of NT$22.55.
GuruFocus considers Cleanaway Co to be Modestly Overvalued.
Key valuation signals for TPE:8422:
Net-Net Working Capital: NT$-7.43
GF Value™: NT$22.55 vs. price of NT$27.10 (20.2% above fair value)
No single metric tells the full story. See the TPE:8422 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cleanaway Co Ltd is a Taiwan-based environmental protection and waste management company engaged in the treatment, recycling, transportation, and disposal of industrial and hazardous waste. The company operates through eight reportable segments: Solidification and Excavation, Landfill, Clean-up and Transport, China Operations, Investment, Paper Manufacturing, Power Sales, and Ready-Mixed Concrete. Its services include intermediate treatment of hazardous industrial waste, landfill operations, contaminated site remediation, waste removal and transportation, and environmental protection services. The company also manufactures paper products, sells renewable energy generated from solar power, and produces ready-mixed concrete.
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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