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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.
Paycloud Holdings's Net-Net Working Capital for the quarter that ended in Feb. 2026 was 円46.74.
The industry rank for Paycloud Holdings's Net-Net Working Capital or its related term are showing as below:
TSE:4015's Price-to-Net-Net-Working-Capital is ranked worse than 75.1% of 1221
companies
in the Software industry
Industry Median: 7.15
vs TSE:4015: 17.06
Paycloud Holdings (TSE:4015) 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.
Paycloud Holdings Net-Net Working Capital Related Terms
Paycloud Holdings Net-Net Working Capital Historical Data
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The historical data trend for Paycloud Holdings'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:4015 vs CRM, SHOP, UBER: Net-Net Working Capital Comparison
For the Software - Application subindustry, Paycloud Holdings'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.
Paycloud Holdings Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Paycloud Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Paycloud Holdings'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46.74 mean?
Paycloud Holdings (TSE:4015) has a Net-Net Working Capital of 円46.74 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 Paycloud Holdings According to the industry distribution chart, Paycloud Holdings ranks #917 out of 1221 companies in the Software industry, placing it in the top 75.1%.
Is Paycloud Holdings' Net-Net Working Capital too high?
Paycloud Holdings' current Net-Net Working Capital is 円46.74. Based on the distribution chart, Paycloud Holdings ranks #917 out of 1221 companies in the Software industry, which is in the bottom quartile relative to peers. Overall, Paycloud Holdings has a GF Score™ of 73/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Paycloud Holdings' Net-Net Working Capital compare to CRM and SHOP?
According to the Software industry distribution chart, Paycloud Holdings ranks #917 out of 1221 companies for Net-Net Working Capital. This places Paycloud Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 7.15. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.15, based on 1,221 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 Paycloud Holdings For the Software industry, the median Net-Net Working Capital is 7.15 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Paycloud Holdings's current Net-Net Working Capital is 円46.74. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Paycloud Holdings stock overvalued right now?
Based on GuruFocus' analysis, Paycloud Holdings (TSE:4015) is currently considered Significantly Undervalued. The stock's GF Value™ is 円902.61, compared to a current price of 円519.00 — trading 42.5% below its estimated fair value. The current Net-Net Working Capital is 円46.74. Paycloud Holdings' overall GF Score™ is 73/100 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 Paycloud Holdings (TSE:4015), the current Net-Net Working Capital is 円46.74 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 Paycloud Holdings (TSE:4015) Overvalued in 2026?
Based on GuruFocus' analysis, Paycloud Holdings stock appears to be undervalued.
The current stock price of 円519.00 is trading 42.5% below its estimated GF Value™ of 円902.61.
GuruFocus considers Paycloud Holdings to be Significantly Undervalued.
Key valuation signals for TSE:4015:
Net-Net Working Capital: 円46.74
GF Value™: 円902.61 vs. price of 円519.00 (42.5% below fair value)
No single metric tells the full story. See the TSE:4015 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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