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Ichikawa CoTSE:3513 +1.37%55 Net-Net Working Capital is 円923.22 as of Mar. 2026. GuruFocus rates TSE:3513 with a GF Score™ of 55/100 and a GF Value™ of 円1,978.26 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 72 Forest Products companies, Ichikawa Co ranks better than 51.39% 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.
Ichikawa Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円923.22.
The industry rank for Ichikawa Co's Net-Net Working Capital or its related term are showing as below:
TSE:3513's Price-to-Net-Net-Working-Capital is ranked better than 51.39% of 72
companies
in the Forest Products industry
Industry Median: 4.07
vs TSE:3513: 3.92
Ichikawa Co (TSE:3513) 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.
Ichikawa Co Net-Net Working Capital Related Terms
Ichikawa Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Ichikawa 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.
Ichikawa Co Net-Net Working Capital Competitor Comparison
For the Paper & Paper Products subindustry, Ichikawa 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.
Ichikawa Co Price-to-Net-Net-Working-Capital vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Ichikawa Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Ichikawa 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923.22 mean?
Ichikawa Co (TSE:3513) has a Net-Net Working Capital of 円923.22 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 Ichikawa Co According to the industry distribution chart, Ichikawa Co ranks #35 out of 72 companies in the Forest Products industry, placing it in the top 48.6%.
Is Ichikawa Co's Net-Net Working Capital too high?
Ichikawa Co's current Net-Net Working Capital is 円923.22. Based on the distribution chart, Ichikawa Co ranks #35 out of 72 companies in the Forest Products industry, which is above the industry midpoint. Overall, Ichikawa Co has a GF Score™ of 55/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Ichikawa Co's Net-Net Working Capital compare to competitors?
According to the Forest Products industry distribution chart, Ichikawa Co ranks #35 out of 72 companies for Net-Net Working Capital. This puts Ichikawa Co in the upper half of its industry. The industry median Net-Net Working Capital is 4.07. 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 Forest Products company?
The median Net-Net Working Capital among Forest Products companies is 4.07, based on 72 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 Ichikawa Co For the Forest Products industry, the median Net-Net Working Capital is 4.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Ichikawa Co's current Net-Net Working Capital is 円923.22. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Ichikawa Co stock overvalued right now?
Based on GuruFocus' analysis, Ichikawa Co (TSE:3513) is currently considered Significantly Overvalued. The stock's GF Value™ is 円1,978.26, compared to a current price of 円3,340.00 — trading 68.8% above its estimated fair value. The current Net-Net Working Capital is 円923.22. Ichikawa Co's overall GF Score™ is 55/100 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 Ichikawa Co (TSE:3513), the current Net-Net Working Capital is 円923.22 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 Ichikawa Co (TSE:3513) Overvalued in 2026?
Based on GuruFocus' analysis, Ichikawa Co stock appears to be overvalued.
The current stock price of 円3,340.00 is trading 68.8% above its estimated GF Value™ of 円1,978.26.
GuruFocus considers Ichikawa Co to be Significantly Overvalued.
Key valuation signals for TSE:3513:
Net-Net Working Capital: 円923.22
GF Value™: 円1,978.26 vs. price of 円3,340.00 (68.8% above fair value)
No single metric tells the full story. See the TSE:3513 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Ichikawa Co Ltd is engaged in the manufacture and distribution of papermaking felts, papermaking belts, felts for slate and industrial felts in Japan. It offers papermaking press felts and belts, and shoe press and transfer belts; industrial products, such as heat-resistant conveyance equipment and cushioning material for use in the manufacture of car bodies, aluminum parts, and others.
55GF Score
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