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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.
TSE:4570's Price-to-Net-Net-Working-Capital is ranked worse than 69.45% of 838
companies
in the Biotechnology industry
Industry Median: 5.375
vs TSE:4570: 10.19
Immuno-Biological Laboratories Co (TSE:4570) 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.
Immuno-Biological Laboratories Co Net-Net Working Capital Related Terms
Immuno-Biological Laboratories 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.
Immuno-Biological Laboratories Co Net-Net Working Capital Chart
TSE:4570 vs VRTX, REGN, MRNA: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Immuno-Biological Laboratories 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.
Immuno-Biological Laboratories Co Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Immuno-Biological Laboratories Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Immuno-Biological Laboratories 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107.55 mean?
Immuno-Biological Laboratories Co (TSE:4570) has a Net-Net Working Capital of 円107.55 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 Immuno-Biological Laboratories Co According to the industry distribution chart, Immuno-Biological Laboratories Co ranks #582 out of 838 companies in the Biotechnology industry, placing it in the top 69.5%.
Is Immuno-Biological Laboratories Co's Net-Net Working Capital too high?
Immuno-Biological Laboratories Co's current Net-Net Working Capital is 円107.55. Based on the distribution chart, Immuno-Biological Laboratories Co ranks #582 out of 838 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Immuno-Biological Laboratories Co has a GF Score™ of 54/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Immuno-Biological Laboratories Co's Net-Net Working Capital compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Immuno-Biological Laboratories Co ranks #582 out of 838 companies for Net-Net Working Capital. This places Immuno-Biological Laboratories Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.38. 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.38, based on 838 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 Immuno-Biological Laboratories Co For the Biotechnology industry, the median Net-Net Working Capital is 5.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Immuno-Biological Laboratories Co's current Net-Net Working Capital is 円107.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Immuno-Biological Laboratories Co stock overvalued right now?
Based on GuruFocus' analysis, Immuno-Biological Laboratories Co (TSE:4570) is currently considered Significantly Overvalued. The stock's GF Value™ is 円589.74, compared to a current price of 円1,030.00 — trading 74.7% above its estimated fair value. The current Net-Net Working Capital is 円107.55. Immuno-Biological Laboratories Co's overall GF Score™ is 54/100 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 Immuno-Biological Laboratories Co (TSE:4570), the current Net-Net Working Capital is 円107.55 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 Immuno-Biological Laboratories Co (TSE:4570) Overvalued in 2026?
Based on GuruFocus' analysis, Immuno-Biological Laboratories Co stock appears to be overvalued.
The current stock price of 円1,030.00 is trading 74.7% above its estimated GF Value™ of 円589.74.
GuruFocus considers Immuno-Biological Laboratories Co to be Significantly Overvalued.
Key valuation signals for TSE:4570:
Net-Net Working Capital: 円107.55
GF Value™: 円589.74 vs. price of 円1,030.00 (74.7% above fair value)
No single metric tells the full story. See the TSE:4570 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Immuno-Biological Laboratories Co Ltd focuses on research and development. It researches, develops, manufacture and supplies various immunological research reagents, and customized services. It is engaged in research and development of materials used in diagnostic products and valuable seeds and technology for protein production using transgenic silkworm cocoons, which make it possible to create valuable proteins as well as antibodies. It works on clinical reagents for cancer research. Its research scientists are producing inflammatory cytokines, growth factors & antibodies for use against these cancers.
54GF Score
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