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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.
TSE:2108's Price-to-Net-Net-Working-Capital is ranked worse than 52.14% of 654
companies
in the Consumer Packaged Goods industry
Industry Median: 6.955
vs TSE:2108: 7.32
Nippon Beet Sugar Manufacturing Co (TSE:2108) 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.
Nippon Beet Sugar Manufacturing Co Net-Net Working Capital Related Terms
Nippon Beet Sugar Manufacturing Co 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.
Nippon Beet Sugar Manufacturing Co Net-Net Working Capital Chart
TSE:2108 vs MDLZ, HSY, TR: Net-Net Working Capital Comparison
For the Confectioners subindustry, Nippon Beet Sugar Manufacturing 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.
Nippon Beet Sugar Manufacturing Co Price-to-Net-Net-Working-Capital vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Nippon Beet Sugar Manufacturing Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nippon Beet Sugar Manufacturing 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738.94 mean?
Nippon Beet Sugar Manufacturing Co (TSE:2108) has a Net-Net Working Capital of 円738.94 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 Nippon Beet Sugar Manufacturing Co According to the industry distribution chart, Nippon Beet Sugar Manufacturing Co ranks #341 out of 654 companies in the Consumer Packaged Goods industry, placing it in the top 52.1%.
Is Nippon Beet Sugar Manufacturing Co's Net-Net Working Capital too high?
Nippon Beet Sugar Manufacturing Co's current Net-Net Working Capital is 円738.94. Based on the distribution chart, Nippon Beet Sugar Manufacturing Co ranks #341 out of 654 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, Nippon Beet Sugar Manufacturing Co has a GF Score™ of 52/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nippon Beet Sugar Manufacturing Co's Net-Net Working Capital compare to MDLZ and HSY?
According to the Consumer Packaged Goods industry distribution chart, Nippon Beet Sugar Manufacturing Co ranks #341 out of 654 companies for Net-Net Working Capital. This places Nippon Beet Sugar Manufacturing Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.96. 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 Consumer Packaged Goods company?
The median Net-Net Working Capital among Consumer Packaged Goods companies is 6.96, based on 654 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 Nippon Beet Sugar Manufacturing Co For the Consumer Packaged Goods industry, the median Net-Net Working Capital is 6.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nippon Beet Sugar Manufacturing Co's current Net-Net Working Capital is 円738.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nippon Beet Sugar Manufacturing Co stock overvalued right now?
Based on GuruFocus' analysis, Nippon Beet Sugar Manufacturing Co (TSE:2108) is currently considered Significantly Overvalued. The stock's GF Value™ is 円2,633.46, compared to a current price of 円5,410.00 — trading 105.4% above its estimated fair value. The current Net-Net Working Capital is 円738.94. Nippon Beet Sugar Manufacturing Co's overall GF Score™ is 52/100 with 8 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 Nippon Beet Sugar Manufacturing Co (TSE:2108), the current Net-Net Working Capital is 円738.94 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 Nippon Beet Sugar Manufacturing Co (TSE:2108) Overvalued in 2026?
Based on GuruFocus' analysis, Nippon Beet Sugar Manufacturing Co stock appears to be overvalued.
The current stock price of 円5,410.00 is trading 105.4% above its estimated GF Value™ of 円2,633.46.
GuruFocus considers Nippon Beet Sugar Manufacturing Co to be Significantly Overvalued.
Key valuation signals for TSE:2108:
Net-Net Working Capital: 円738.94
GF Value™: 円2,633.46 vs. price of 円5,410.00 (105.4% above fair value)
No single metric tells the full story. See the TSE:2108 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nippon Beet Sugar Manufacturing Co Ltd is a Japan-based company that operates in the food business. The primary activity of the group includes the manufacture and sale of functional foods such as beet sugar, refined sugar, feed, paper cylinders, yeast, seeds, oligosaccharides, and the like, sales of agricultural equipment, and real estate leasing business. Geographically, the activities of the group functioned throughout the region of Japan.
52GF 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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