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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.
Studio Alice Co's Net-Net Working Capital for the quarter that ended in Feb. 2026 was 円685.17.
The industry rank for Studio Alice Co's Net-Net Working Capital or its related term are showing as below:
TSE:2305's Price-to-Net-Net-Working-Capital is ranked better than 66.67% of 21
companies
in the Personal Services industry
Industry Median: 4
vs TSE:2305: 2.87
Studio Alice Co (TSE:2305) 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.
Studio Alice Co Net-Net Working Capital Related Terms
Studio Alice Co Net-Net Working Capital Historical Data
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The historical data trend for Studio Alice 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:2305 vs ROL, SCI, HRB: Net-Net Working Capital Comparison
For the Personal Services subindustry, Studio Alice 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.
Studio Alice Co Price-to-Net-Net-Working-Capital vs Personal Services Industry
For the Personal Services industry and Consumer Cyclical sector, Studio Alice Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Studio Alice 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685.17 mean?
Studio Alice Co (TSE:2305) has a Net-Net Working Capital of 円685.17 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 Studio Alice Co According to the industry distribution chart, Studio Alice Co ranks #7 out of 21 companies in the Personal Services industry, placing it in the top 33.3%.
Is Studio Alice Co's Net-Net Working Capital too high?
Studio Alice Co's current Net-Net Working Capital is 円685.17. Based on the distribution chart, Studio Alice Co ranks #7 out of 21 companies in the Personal Services industry, which is above the industry midpoint. Overall, Studio Alice Co has a GF Score™ of 70/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Studio Alice Co's Net-Net Working Capital compare to ROL and SCI?
According to the Personal Services industry distribution chart, Studio Alice Co ranks #7 out of 21 companies for Net-Net Working Capital. This puts Studio Alice Co in the upper half of its industry. The industry median Net-Net Working Capital is 4.00. 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 Personal Services company?
The median Net-Net Working Capital among Personal Services companies is 4.00, based on 21 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 Studio Alice Co For the Personal Services industry, the median Net-Net Working Capital is 4.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Studio Alice Co's current Net-Net Working Capital is 円685.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Studio Alice Co stock overvalued right now?
Based on GuruFocus' analysis, Studio Alice Co (TSE:2305) is currently considered Fairly Valued. The stock's GF Value™ is 円1,843.00, compared to a current price of 円1,860.00 — trading 0.9% above its estimated fair value. The current Net-Net Working Capital is 円685.17. Studio Alice Co's overall GF Score™ is 70/100 with 4 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 Studio Alice Co (TSE:2305), the current Net-Net Working Capital is 円685.17 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 Studio Alice Co (TSE:2305) Overvalued in 2026?
Based on GuruFocus' analysis, Studio Alice Co stock appears to be overvalued.
The current stock price of 円1,860.00 is trading 0.9% above its estimated GF Value™ of 円1,843.00.
GuruFocus considers Studio Alice Co to be Fairly Valued.
Key valuation signals for TSE:2305:
Net-Net Working Capital: 円685.17
GF Value™: 円1,843.00 vs. price of 円1,860.00 (0.9% above fair value)
No single metric tells the full story. See the TSE:2305 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Studio Alice Co Ltd is a Japan-based company, engages in the photography business. The company offers shooting, production, and processing of studio photos and the production and printing of displays. It also provides production and sales of dresses and clothes for photo shooting. It offers maternity photo, shrine visit, one hundred days celebration, peach's festival, half birthday, birthday photo, admission, graduation, 1/2 adult ceremony, thirteen celebration, adult ceremony, bridal, and family picture shooting services.
70GF Score
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