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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.
Focus Systems's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円286.39.
The industry rank for Focus Systems's Net-Net Working Capital or its related term are showing as below:
TSE:4662's Price-to-Net-Net-Working-Capital is ranked better than 57.86% of 1227
companies
in the Software industry
Industry Median: 6.96
vs TSE:4662: 5.76
Focus Systems (TSE:4662) 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.
Focus Systems Net-Net Working Capital Related Terms
Focus Systems Net-Net Working Capital Historical Data
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The historical data trend for Focus Systems'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:4662 vs IBM, ACN, CTSH: Net-Net Working Capital Comparison
For the Information Technology Services subindustry, Focus Systems'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.
Focus Systems Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Focus Systems's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Focus Systems'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286.39 mean?
Focus Systems (TSE:4662) has a Net-Net Working Capital of 円286.39 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 Focus Systems According to the industry distribution chart, Focus Systems ranks #517 out of 1227 companies in the Software industry, placing it in the top 42.1%.
Is Focus Systems' Net-Net Working Capital too high?
Focus Systems' current Net-Net Working Capital is 円286.39. Based on the distribution chart, Focus Systems ranks #517 out of 1227 companies in the Software industry, which is above the industry midpoint. Overall, Focus Systems has a GF Score™ of 83/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Focus Systems' Net-Net Working Capital compare to IBM and ACN?
According to the Software industry distribution chart, Focus Systems ranks #517 out of 1227 companies for Net-Net Working Capital. This puts Focus Systems in the upper half of its industry. The industry median Net-Net Working Capital is 6.96. 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 6.96, based on 1,227 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 Focus Systems For the Software industry, the median Net-Net Working Capital is 6.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Focus Systems's current Net-Net Working Capital is 円286.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Focus Systems stock overvalued right now?
Based on GuruFocus' analysis, Focus Systems (TSE:4662) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,344.44, compared to a current price of 円1,610.00 — trading 19.8% above its estimated fair value. The current Net-Net Working Capital is 円286.39. Focus Systems' overall GF Score™ is 83/100. 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 Focus Systems (TSE:4662), the current Net-Net Working Capital is 円286.39 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 Focus Systems (TSE:4662) Overvalued in 2026?
Based on GuruFocus' analysis, Focus Systems stock appears to be overvalued.
The current stock price of 円1,610.00 is trading 19.8% above its estimated GF Value™ of 円1,344.44.
GuruFocus considers Focus Systems to be Modestly Overvalued.
Key valuation signals for TSE:4662:
Net-Net Working Capital: 円286.39
GF Value™: 円1,344.44 vs. price of 円1,610.00 (19.8% above fair value)
No single metric tells the full story. See the TSE:4662 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Focus Systems Corp is a Japan-based company operating in the Information technology (IT) industry. Its business activities are divided into three divisions including System integration, IT service and Information Security. The company has established an integrated system including information system consulting, development, operation, and maintenance. It also provides security products incorporating security functions in customer systems, survey, and analysis in digital forensics.
83GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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