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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.
Dai Nippon Toryo Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円-1,437.23.
The industry rank for Dai Nippon Toryo Co's Net-Net Working Capital or its related term are showing as below:
TSE:4611's Price-to-Net-Net-Working-Capital is not ranked *
in the Chemicals industry.
Industry Median: 8.265 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Dai Nippon Toryo Co (TSE:4611) 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.
Dai Nippon Toryo Co Net-Net Working Capital Related Terms
Dai Nippon Toryo Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Dai Nippon Toryo 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:4611 vs LIN, SHW, ECL: Net-Net Working Capital Comparison
For the Specialty Chemicals subindustry, Dai Nippon Toryo 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.
Dai Nippon Toryo Co Price-to-Net-Net-Working-Capital vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Dai Nippon Toryo Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Dai Nippon Toryo 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-1,437.23 mean?
Dai Nippon Toryo Co (TSE:4611) has a Net-Net Working Capital of 円-1,437.23 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 Dai Nippon Toryo Co According to the industry distribution chart, Dai Nippon Toryo Co ranks #999999 out of 598 companies in the Chemicals industry.
Is Dai Nippon Toryo Co's Net-Net Working Capital too high?
Dai Nippon Toryo Co's current Net-Net Working Capital is 円-1,437.23. Based on the distribution chart, Dai Nippon Toryo Co ranks #999999 out of 598 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Dai Nippon Toryo Co has a GF Score™ of 74/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Dai Nippon Toryo Co's Net-Net Working Capital compare to LIN and SHW?
According to the Chemicals industry distribution chart, Dai Nippon Toryo Co ranks #999999 out of 598 companies for Net-Net Working Capital. This places Dai Nippon Toryo Co in the lower half of its industry. The industry median Net-Net Working Capital is 8.27. 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 8.27, based on 598 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 Dai Nippon Toryo Co For the Chemicals industry, the median Net-Net Working Capital is 8.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Dai Nippon Toryo Co's current Net-Net Working Capital is 円-1,437.23. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Dai Nippon Toryo Co stock overvalued right now?
Based on GuruFocus' analysis, Dai Nippon Toryo Co (TSE:4611) is currently considered Fairly Valued. The stock's GF Value™ is 円1,528.41, compared to a current price of 円1,519.00 — trading 0.6% below its estimated fair value. The current Net-Net Working Capital is 円-1,437.23. Dai Nippon Toryo Co's overall GF Score™ is 74/100 with 7 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 Dai Nippon Toryo Co (TSE:4611), the current Net-Net Working Capital is 円-1,437.23 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 Dai Nippon Toryo Co (TSE:4611) Overvalued in 2026?
Based on GuruFocus' analysis, Dai Nippon Toryo Co stock appears to be undervalued.
The current stock price of 円1,519.00 is trading 0.6% below its estimated GF Value™ of 円1,528.41.
GuruFocus considers Dai Nippon Toryo Co to be Fairly Valued.
Key valuation signals for TSE:4611:
Net-Net Working Capital: 円-1,437.23
GF Value™: 円1,528.41 vs. price of 円1,519.00 (0.6% below fair value)
No single metric tells the full story. See the TSE:4611 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Dai Nippon Toryo Co Ltd is a Japan-based company engaged in the production and sales of coatings and jet inks. Its product lines include protective, decorative, automobile, and industrial. Products offered by the company include anticorrosive coatings, water-based coatings, and coatings for industrial use. Protective coatings are used in the steel frames of buildings, bridges, industrial plants, and concrete structures. Decorative coatings are used for the interiors, exteriors, and roofs of residential buildings. Automobile coatings are used in automotive components, such as bumpers, door mirrors, and other interior and exterior components. Industrial coatings are designed for applications, such as curtain walls, aluminum sashes, steel furniture, agricultural and construction machinery.
74GF Score
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