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.
TokenTSE:1766 -1.92%75 Net-Net Working Capital is 円2,534.91 as of Jul. 2026. GuruFocus rates TSE:1766 with a GF Score™ of 75/100 and a GF Value™ of 円14,798.56 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 321 Real Estate companies, Token ranks worse than 54.21% on this metric.
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.
Token's Net-Net Working Capital for the quarter that ended in Jul. 2026 was 円2,534.91.
The industry rank for Token's Net-Net Working Capital or its related term are showing as below:
TSE:1766's Price-to-Net-Net-Working-Capital is ranked worse than 54.21% of 321
companies
in the Real Estate industry
Industry Median: 4.67
vs TSE:1766: 5.24
Token (TSE:1766) 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.
Token Net-Net Working Capital Related Terms
Token Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Token'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.
TSE:1766 vs CBRE, BEKE, JLL: Net-Net Working Capital Comparison
For the Real Estate Services subindustry, Token'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.
Token Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Token's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Token'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 円2,534.91 mean?
Token (TSE:1766) has a Net-Net Working Capital of 円2,534.91 as of Jul. 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 Token According to the industry distribution chart, Token ranks #174 out of 321 companies in the Real Estate industry, placing it in the top 54.2%.
Is Token's Net-Net Working Capital too high?
Token's current Net-Net Working Capital is 円2,534.91. Based on the distribution chart, Token ranks #174 out of 321 companies in the Real Estate industry, which is below the industry midpoint. Overall, Token has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Token's Net-Net Working Capital compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Token ranks #174 out of 321 companies for Net-Net Working Capital. This places Token in the lower half of its industry. The industry median Net-Net Working Capital is 4.67. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.67, 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 Token For the Real Estate industry, the median Net-Net Working Capital is 4.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Token's current Net-Net Working Capital is 円2,534.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Token stock overvalued right now?
Based on GuruFocus' analysis, Token (TSE:1766) is currently considered Modestly Undervalued. The stock's GF Value™ is 円14,798.56, compared to a current price of 円13,300.00 — trading 10.1% below its estimated fair value. The current Net-Net Working Capital is 円2,534.91. Token's overall GF Score™ is 75/100 with 1 warning sign 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 Token (TSE:1766), the current Net-Net Working Capital is 円2,534.91 as of Jul. 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 Token (TSE:1766) Overvalued in 2026?
Based on GuruFocus' analysis, Token stock appears to be undervalued.
The current stock price of 円13,300.00 is trading 10.1% below its estimated GF Value™ of 円14,798.56.
GuruFocus considers Token to be Modestly Undervalued.
Key valuation signals for TSE:1766:
Net-Net Working Capital: 円2,534.91
GF Value™: 円14,798.56 vs. price of 円13,300.00 (10.1% below fair value)
No single metric tells the full story. See the TSE:1766 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Token Corp is a real estate company focused on construction and leasing of commercial and residential buildings. The company organises itself into three segments: construction, real estate leasing, and other. The construction segment, which generates approximately half of the company's revenue, constructs residential and commercial buildings. The real estate segment, which generates almost half of the company's revenue, leases real estate assets. The company is headquartered in Japan, and derives the majority of revenue domestically.
75GF Score
Get the complete analysis for TSE:1766
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
TSE:1766 has been successfully added to your 
