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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.
The industry rank for Okayama Paper Industries Co's Net-Net Working Capital or its related term are showing as below:
TSE:3892's Price-to-Net-Net-Working-Capital is ranked better than 71.43% of 70
companies
in the Forest Products industry
Industry Median: 4.045
vs TSE:3892: 2.04
Okayama Paper Industries Co (TSE:3892) 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.
Okayama Paper Industries Co Net-Net Working Capital Related Terms
Okayama Paper Industries 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.
Okayama Paper Industries Co Net-Net Working Capital Chart
Okayama Paper Industries Co Net-Net Working Capital Competitor Comparison
For the Paper & Paper Products subindustry, Okayama Paper Industries 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.
Okayama Paper Industries Co Price-to-Net-Net-Working-Capital vs Forest Products Industry
For the Forest Products industry and Basic Materials sector, Okayama Paper Industries Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Okayama Paper Industries 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785.66 mean?
Okayama Paper Industries Co (TSE:3892) has a Net-Net Working Capital of 円785.66 as of May. 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 Okayama Paper Industries Co According to the industry distribution chart, Okayama Paper Industries Co ranks #20 out of 70 companies in the Forest Products industry, placing it in the top 28.6%.
Is Okayama Paper Industries Co's Net-Net Working Capital too high?
Okayama Paper Industries Co's current Net-Net Working Capital is 円785.66. Based on the distribution chart, Okayama Paper Industries Co ranks #20 out of 70 companies in the Forest Products industry, which is above the industry midpoint. Overall, Okayama Paper Industries Co has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Okayama Paper Industries Co's Net-Net Working Capital compare to competitors?
According to the Forest Products industry distribution chart, Okayama Paper Industries Co ranks #20 out of 70 companies for Net-Net Working Capital. This puts Okayama Paper Industries Co in the upper half of its industry. The industry median Net-Net Working Capital is 4.05. 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 4.05, based on 70 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 Okayama Paper Industries Co For the Forest Products industry, the median Net-Net Working Capital is 4.05 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Okayama Paper Industries Co's current Net-Net Working Capital is 円785.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Okayama Paper Industries Co stock overvalued right now?
Based on GuruFocus' analysis, Okayama Paper Industries Co (TSE:3892) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,427.53, compared to a current price of 円1,600.00 — trading 12.1% above its estimated fair value. The current Net-Net Working Capital is 円785.66. Okayama Paper Industries Co's overall GF Score™ is 75/100 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 Okayama Paper Industries Co (TSE:3892), the current Net-Net Working Capital is 円785.66 as of May. 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 Okayama Paper Industries Co (TSE:3892) Overvalued in 2026?
Based on GuruFocus' analysis, Okayama Paper Industries Co stock appears to be overvalued.
The current stock price of 円1,600.00 is trading 12.1% above its estimated GF Value™ of 円1,427.53.
GuruFocus considers Okayama Paper Industries Co to be Modestly Overvalued.
Key valuation signals for TSE:3892:
Net-Net Working Capital: 円785.66
GF Value™: 円1,427.53 vs. price of 円1,600.00 (12.1% above fair value)
No single metric tells the full story. See the TSE:3892 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Okayama Paper Industries Co Ltd is engaged in manufacturing and sales of SMIC raw paper, paper tube base paper, flat sheet. It is in a packaging material field as a manufacturer of cardboard and decorative corrugated cardboard made of core paper and paper tube base paper. It offers products such as base papers, containerboard, stencil paper tubes, paper tube base papers, and cardboard plates.
75GF Score
Get the complete analysis for TSE:3892
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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