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.
Forside CoTSE:2330 +18.18%53 Net-Net Working Capital is 円39.61 as of Jun. 2026. GuruFocus rates TSE:2330 with a GF Score™ of 53/100 and a GF Value™ of 円174.33 (Significantly Undervalued). The stock has 2 warning signs investors should review. Among 205 Travel & Leisure companies, Forside Co ranks better than 74.15% 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.
Forside Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was 円39.61.
The industry rank for Forside Co's Net-Net Working Capital or its related term are showing as below:
TSE:2330's Price-to-Net-Net-Working-Capital is ranked better than 74.15% of 205
companies
in the Travel & Leisure industry
Industry Median: 6.14
vs TSE:2330: 2.78
Forside Co (TSE:2330) 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.
Forside Co Net-Net Working Capital Related Terms
Forside Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Forside 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:2330 vs AS, HAS, LTH: Net-Net Working Capital Comparison
For the Leisure subindustry, Forside 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.
Forside Co Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Forside Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Forside 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39.61 mean?
Forside Co (TSE:2330) has a Net-Net Working Capital of 円39.61 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 Forside Co According to the industry distribution chart, Forside Co ranks #53 out of 205 companies in the Travel & Leisure industry, placing it in the top 25.9%.
Is Forside Co's Net-Net Working Capital too high?
Forside Co's current Net-Net Working Capital is 円39.61. Based on the distribution chart, Forside Co ranks #53 out of 205 companies in the Travel & Leisure industry, which is above the industry midpoint. Overall, Forside Co has a GF Score™ of 53/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Forside Co's Net-Net Working Capital compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Forside Co ranks #53 out of 205 companies for Net-Net Working Capital. This puts Forside Co in the upper half of its industry. The industry median Net-Net Working Capital is 6.14. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.14, based on 205 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 Forside Co For the Travel & Leisure industry, the median Net-Net Working Capital is 6.14 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forside Co's current Net-Net Working Capital is 円39.61. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forside Co stock overvalued right now?
Based on GuruFocus' analysis, Forside Co (TSE:2330) is currently considered Significantly Undervalued. The stock's GF Value™ is 円174.33, compared to a current price of 円130.00 — trading 25.4% below its estimated fair value. The current Net-Net Working Capital is 円39.61. Forside Co's overall GF Score™ is 53/100 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 Forside Co (TSE:2330), the current Net-Net Working Capital is 円39.61 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 Forside Co (TSE:2330) Overvalued in 2026?
Based on GuruFocus' analysis, Forside Co stock appears to be undervalued.
The current stock price of 円130.00 is trading 25.4% below its estimated GF Value™ of 円174.33.
GuruFocus considers Forside Co to be Significantly Undervalued.
Key valuation signals for TSE:2330:
Net-Net Working Capital: 円39.61
GF Value™: 円174.33 vs. price of 円130.00 (25.4% below fair value)
No single metric tells the full story. See the TSE:2330 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forside Co Ltd is a Japan-based company engaged in the content business. The company provides guidance in the areas concerning investment banking, merger and acquisition, financing and other related financial services. Its reportable segments are Prize Business, Real Estate-Related Business, Content Business, Event Business, Master Rights Business, AI-Related Business, and Logistics-Related Business.
53GF Score
Get the complete analysis for TSE:2330
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:2330 has been successfully added to your 
