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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.
TPSRF's Price-to-Net-Net-Working-Capital is ranked worse than 70.61% of 330
companies
in the Retail - Cyclical industry
Industry Median: 6.125
vs TPSRF: 15.06
Topsports International Holdings (OTCPK:TPSRF) 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.
Topsports International Holdings Net-Net Working Capital Related Terms
Topsports International Holdings 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.
Topsports International Holdings Net-Net Working Capital Chart
TPSRF vs TJX, ROST, BURL: Net-Net Working Capital Comparison
For the Apparel Retail subindustry, Topsports International Holdings'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.
Topsports International Holdings Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Topsports International Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Topsports International Holdings'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 $0.01 mean?
Topsports International Holdings (TPSRF) has a Net-Net Working Capital of $0.01 as of Feb. 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 Topsports International Holdings According to the industry distribution chart, Topsports International Holdings ranks #233 out of 330 companies in the Retail - Cyclical industry, placing it in the top 70.6%.
Is Topsports International Holdings' Net-Net Working Capital too high?
Topsports International Holdings' current Net-Net Working Capital is $0.01. The Retail - Cyclical industry median Net-Net Working Capital is 6.13. Topsports International Holdings' value of $0.01 is 99.8% below this industry median. Based on the distribution chart, Topsports International Holdings ranks #233 out of 330 companies in the Retail - Cyclical industry, which is below the industry midpoint. Overall, Topsports International Holdings has a GF Score™ of 42/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Topsports International Holdings' Net-Net Working Capital compare to TJX and ROST?
According to the Retail - Cyclical industry distribution chart, Topsports International Holdings ranks #233 out of 330 companies for Net-Net Working Capital. This places Topsports International Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 6.13. Topsports International Holdings' value of $0.01 is 99.8% below this benchmark. 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 6.13, based on 330 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. Topsports International Holdings's current Net-Net Working Capital of $0.01 is 99.8% below the industry median. 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 Topsports International Holdings For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.13 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Topsports International Holdings's current Net-Net Working Capital is $0.01. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Topsports International Holdings stock overvalued right now?
Based on GuruFocus' analysis, Topsports International Holdings (TPSRF) is currently considered Possible Value Trap. The stock's GF Value™ is $0.34, compared to a current price of $0.15 — trading 55.7% below its estimated fair value. The current Net-Net Working Capital is $0.01 and 99.8% below the Retail - Cyclical industry median of 6.13. Topsports International Holdings' overall GF Score™ is 42/100 with 5 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 Topsports International Holdings (TPSRF), the current Net-Net Working Capital is $0.01 as of Feb. 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 Topsports International Holdings (TPSRF) Overvalued in 2026?
Based on GuruFocus' analysis, Topsports International Holdings stock appears to be undervalued.
The current stock price of $0.15 is trading 55.7% below its estimated GF Value™ of $0.34.
GuruFocus considers Topsports International Holdings to be Possible Value Trap.
Key valuation signals for TPSRF:
Net-Net Working Capital: $0.01
GF Value™: $0.34 vs. price of $0.15 (55.7% below fair value)
Industry Position: 99.8% below the Retail - Cyclical median (#233 of 330)
No single metric tells the full story. See the TPSRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Topsports is the largest sportswear retailer in China, generating the majority of its revenue from selling products of international sportswear brands. The business operates as an intermediary between brand owners and consumers. The firm operates more than 4,000 stores directly as of the end of fiscal 2026, and most of these single-brand stores have been opened under the names of sportswear brands that it partners with, such as Nike and Adidas. Topsports also has partnerships with sportswear brands such as Puma, Li-Ning, Asics, and The North Face. While most of Topsports' sales take place in stores, the firm also operates online shops under the Topsports brand on major e-commerce platforms such as Alibaba and JD.com.
42GF 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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