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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.
Nihon Kagakungyo Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円902.48.
The industry rank for Nihon Kagakungyo Co's Net-Net Working Capital or its related term are showing as below:
TSE:4094's Price-to-Net-Net-Working-Capital is ranked better than 82.48% of 588
companies
in the Chemicals industry
Industry Median: 8.375
vs TSE:4094: 2.86
Nihon Kagakungyo Co (TSE:4094) 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.
Nihon Kagakungyo Co Net-Net Working Capital Related Terms
Nihon Kagakungyo Co Net-Net Working Capital Historical Data
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The historical data trend for Nihon Kagakungyo 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:4094 vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, Nihon Kagakungyo 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.
Nihon Kagakungyo Co Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Nihon Kagakungyo Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nihon Kagakungyo 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902.48 mean?
Nihon Kagakungyo Co (TSE:4094) has a Net-Net Working Capital of 円902.48 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 Nihon Kagakungyo Co According to the industry distribution chart, Nihon Kagakungyo Co ranks #103 out of 588 companies in the Chemicals industry, placing it in the top 17.5%.
Is Nihon Kagakungyo Co's Net-Net Working Capital too high?
Nihon Kagakungyo Co's current Net-Net Working Capital is 円902.48. Based on the distribution chart, Nihon Kagakungyo Co ranks #103 out of 588 companies in the Chemicals industry, which is in the top quartile — a strong position relative to peers. Overall, Nihon Kagakungyo Co has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nihon Kagakungyo Co's Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, Nihon Kagakungyo Co ranks #103 out of 588 companies for Net-Net Working Capital. This places Nihon Kagakungyo Co in the top 18% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 8.38. 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 Chemicals company?
The median Net-Net Working Capital among Chemicals companies is 8.38, based on 588 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 Nihon Kagakungyo Co For the Chemicals industry, the median Net-Net Working Capital is 8.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nihon Kagakungyo Co's current Net-Net Working Capital is 円902.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nihon Kagakungyo Co stock overvalued right now?
Based on GuruFocus' analysis, Nihon Kagakungyo Co (TSE:4094) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,857.01, compared to a current price of 円2,292.00 — trading 23.4% above its estimated fair value. The current Net-Net Working Capital is 円902.48. Nihon Kagakungyo Co's overall GF Score™ is 63/100 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 Nihon Kagakungyo Co (TSE:4094), the current Net-Net Working Capital is 円902.48 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 Nihon Kagakungyo Co (TSE:4094) Overvalued in 2026?
Based on GuruFocus' analysis, Nihon Kagakungyo Co stock appears to be overvalued.
The current stock price of 円2,292.00 is trading 23.4% above its estimated GF Value™ of 円1,857.01.
GuruFocus considers Nihon Kagakungyo Co to be Modestly Overvalued.
Key valuation signals for TSE:4094:
Net-Net Working Capital: 円902.48
GF Value™: 円1,857.01 vs. price of 円2,292.00 (23.4% above fair value)
No single metric tells the full story. See the TSE:4094 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nihon Kagaku Sangyo Co Ltd is a Japan-based chemical manufacturer. Its business activities are divided into two divisions including Chemical business which is engaged in production and sales of organic and inorganic industrial chemicals. And Building Materials business which offers metal products. Its chemical product offerings include copper compounds, tin compounds, nickel compounds, cobalt compounds, metallic soaps, among others. The building materials division offers products including plancier air vent, nent roof, finish hardware, mail post, approach stainless steel, handrails, heat exchanger, metal eaves fascia and cold rolling forming hardware.
63GF Score
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