Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
T. Rowe Price Group's Net-Net Working Capital for the quarter that ended in Jun. 2026 was $-1.94.
The industry rank for T. Rowe Price Group's Net-Net Working Capital or its related term are showing as below:
TROW's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.4 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
T. Rowe Price Group (NAS:TROW) 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.
T. Rowe Price Group Net-Net Working Capital Related Terms
T. Rowe Price Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for T. Rowe Price Group'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.
TROW vs PFG, NTRS, ARES: Net-Net Working Capital Comparison
For the Asset Management subindustry, T. Rowe Price Group'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.
T. Rowe Price Group Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, T. Rowe Price Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where T. Rowe Price Group'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 $-1.94 mean?
T. Rowe Price Group (TROW) has a Net-Net Working Capital of $-1.94 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 T. Rowe Price Group According to the industry distribution chart, T. Rowe Price Group ranks #999999 out of 496 companies in the Asset Management industry.
Is T. Rowe Price Group's Net-Net Working Capital too high?
T. Rowe Price Group's current Net-Net Working Capital is $-1.94. Based on the distribution chart, T. Rowe Price Group ranks #999999 out of 496 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, T. Rowe Price Group has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does T. Rowe Price Group's Net-Net Working Capital compare to PFG and NTRS?
According to the Asset Management industry distribution chart, T. Rowe Price Group ranks #999999 out of 496 companies for Net-Net Working Capital. This places T. Rowe Price Group in the lower half of its industry. The industry median Net-Net Working Capital is 6.40. 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.40, based on 496 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 T. Rowe Price Group For the Asset Management industry, the median Net-Net Working Capital is 6.40 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. T. Rowe Price Group's current Net-Net Working Capital is $-1.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is T. Rowe Price Group stock overvalued right now?
Based on GuruFocus' analysis, T. Rowe Price Group (TROW) is currently considered Fairly Valued. The stock's GF Value™ is $121.20, compared to a current price of $110.31 — trading 9% below its estimated fair value. The current Net-Net Working Capital is $-1.94. T. Rowe Price Group's overall GF Score™ is 81/100 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 T. Rowe Price Group (TROW), the current Net-Net Working Capital is $-1.94 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 T. Rowe Price Group (TROW) Overvalued in 2026?
Based on GuruFocus' analysis, T. Rowe Price Group stock appears to be undervalued.
The current stock price of $110.31 is trading 9% below its estimated GF Value™ of $121.20.
GuruFocus considers T. Rowe Price Group to be Fairly Valued.
Key valuation signals for TROW:
Net-Net Working Capital: $-1.94
GF Value™: $121.20 vs. price of $110.31 (9% below fair value)
No single metric tells the full story. See the TROW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
T. Rowe Price provides asset management services for individual and institutional investors. It offers a broad range of no-load US and international stock, hybrid, bond, and money market funds. At the end of May 2026, the firm had $1.892 trillion in managed assets, composed of equity (49%), balanced (37%), fixed-income and money market (11%), and alternative (3%) offerings. Approximately two-thirds of managed assets are held in retirement-based accounts, which provide T. Rowe Price with a somewhat stickier client base than most of its peers. The firm also manages private accounts, provides retirement planning advice, and offers discount brokerage and trust services. The company is primarily a US-based asset manager, deriving less than 10% of its AUM from overseas.
81GF Score
Get the complete analysis for TROW
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TROW has been successfully added to your 
