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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.
Kyowanissei Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円390.45.
The industry rank for Kyowanissei Co's Net-Net Working Capital or its related term are showing as below:
TSE:1981's Price-to-Net-Net-Working-Capital is ranked better than 70.02% of 477
companies
in the Construction industry
Industry Median: 6.21
vs TSE:1981: 3.41
Kyowanissei Co (TSE:1981) 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.
Kyowanissei Co Net-Net Working Capital Related Terms
Kyowanissei Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Kyowanissei 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.
TSE:1981 vs TT, JCI, CARR: Net-Net Working Capital Comparison
For the Building Products & Equipment subindustry, Kyowanissei 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.
Kyowanissei Co Price-to-Net-Net-Working-Capital vs Construction Industry
For the Construction industry and Industrials sector, Kyowanissei Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kyowanissei 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 円390.45 mean?
Kyowanissei Co (TSE:1981) has a Net-Net Working Capital of 円390.45 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 Kyowanissei Co According to the industry distribution chart, Kyowanissei Co ranks #143 out of 477 companies in the Construction industry, placing it in the top 30%.
Is Kyowanissei Co's Net-Net Working Capital too high?
Kyowanissei Co's current Net-Net Working Capital is 円390.45. Based on the distribution chart, Kyowanissei Co ranks #143 out of 477 companies in the Construction industry, which is above the industry midpoint. Overall, Kyowanissei Co has a GF Score™ of 63/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kyowanissei Co's Net-Net Working Capital compare to TT and JCI?
According to the Construction industry distribution chart, Kyowanissei Co ranks #143 out of 477 companies for Net-Net Working Capital. This puts Kyowanissei Co in the upper half of its industry. The industry median Net-Net Working Capital is 6.21. 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 Construction company?
The median Net-Net Working Capital among Construction companies is 6.21, based on 477 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 Kyowanissei Co For the Construction industry, the median Net-Net Working Capital is 6.21 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kyowanissei Co's current Net-Net Working Capital is 円390.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kyowanissei Co stock overvalued right now?
Based on GuruFocus' analysis, Kyowanissei Co (TSE:1981) is currently considered Modestly Undervalued. The stock's GF Value™ is 円1,666.63, compared to a current price of 円1,333.00 — trading 20% below its estimated fair value. The current Net-Net Working Capital is 円390.45. Kyowanissei Co's overall GF Score™ is 63/100 with 2 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 Kyowanissei Co (TSE:1981), the current Net-Net Working Capital is 円390.45 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 Kyowanissei Co (TSE:1981) Overvalued in 2026?
Based on GuruFocus' analysis, Kyowanissei Co stock appears to be undervalued.
The current stock price of 円1,333.00 is trading 20% below its estimated GF Value™ of 円1,666.63.
GuruFocus considers Kyowanissei Co to be Modestly Undervalued.
Key valuation signals for TSE:1981:
Net-Net Working Capital: 円390.45
GF Value™: 円1,666.63 vs. price of 円1,333.00 (20% below fair value)
No single metric tells the full story. See the TSE:1981 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kyowanissei Co Ltd is engaged in the construction business in Japan. It constructs gas facilities & apartment buildings & plant facilities It also provides maintenance, repair & installation services for sanitary equipment & air conditioning equipment. Its gasworks includes interior and underground piping work; construction and facility work include construction work, water supply, and drainage work, the air-conditioning system work and interior finishing work; electrical facility and civil engineering work include underground burial of electric cables work, engineering work, as well as water and sewerage work. Its segments include: Construction facilities business; Gas equipment business; Gas pipeline business; and Electrical installation/civil engineering business.
63GF 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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