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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.
Fullcast Holdings Co's Net-Net Working Capital for the quarter that ended in Jun. 2026 was 円6.75.
The industry rank for Fullcast Holdings Co's Net-Net Working Capital or its related term are showing as below:
TSE:4848's Price-to-Net-Net-Working-Capital is ranked worse than 98.86% of 438
companies
in the Business Services industry
Industry Median: 5.655
vs TSE:4848: 281.48
Fullcast Holdings Co (TSE:4848) 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.
Fullcast Holdings Co Net-Net Working Capital Related Terms
Fullcast Holdings Co Net-Net Working Capital Historical Data
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The historical data trend for Fullcast Holdings 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.
Fullcast Holdings Co Net-Net Working Capital Chart
TSE:4848 vs RHI, KFY, TNET: Net-Net Working Capital Comparison
For the Staffing & Employment Services subindustry, Fullcast Holdings 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.
Fullcast Holdings Co Price-to-Net-Net-Working-Capital vs Business Services Industry
For the Business Services industry and Industrials sector, Fullcast Holdings Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Fullcast Holdings 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6.75 mean?
Fullcast Holdings Co (TSE:4848) has a Net-Net Working Capital of 円6.75 as of Jun. 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 Fullcast Holdings Co According to the industry distribution chart, Fullcast Holdings Co ranks #433 out of 438 companies in the Business Services industry, placing it in the top 98.9%.
Is Fullcast Holdings Co's Net-Net Working Capital too high?
Fullcast Holdings Co's current Net-Net Working Capital is 円6.75. Based on the distribution chart, Fullcast Holdings Co ranks #433 out of 438 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, Fullcast Holdings Co has a GF Score™ of 91/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Fullcast Holdings Co's Net-Net Working Capital compare to RHI and KFY?
According to the Business Services industry distribution chart, Fullcast Holdings Co ranks #433 out of 438 companies for Net-Net Working Capital. This places Fullcast Holdings Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.66. 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 Business Services company?
The median Net-Net Working Capital among Business Services companies is 5.66, based on 438 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 Fullcast Holdings Co For the Business Services industry, the median Net-Net Working Capital is 5.66 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Fullcast Holdings Co's current Net-Net Working Capital is 円6.75. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Fullcast Holdings Co stock overvalued right now?
Based on GuruFocus' analysis, Fullcast Holdings Co (TSE:4848) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,278.18, compared to a current price of 円1,900.00 — trading 16.6% below its estimated fair value. The current Net-Net Working Capital is 円6.75. Fullcast Holdings Co's overall GF Score™ is 91/100 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 Fullcast Holdings Co (TSE:4848), the current Net-Net Working Capital is 円6.75 as of Jun. 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 Fullcast Holdings Co (TSE:4848) Overvalued in 2026?
Based on GuruFocus' analysis, Fullcast Holdings Co stock appears to be undervalued.
The current stock price of 円1,900.00 is trading 16.6% below its estimated GF Value™ of 円2,278.18.
GuruFocus considers Fullcast Holdings Co to be Modestly Undervalued.
Key valuation signals for TSE:4848:
Net-Net Working Capital: 円6.75
GF Value™: 円2,278.18 vs. price of 円1,900.00 (16.6% below fair value)
No single metric tells the full story. See the TSE:4848 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Fullcast Holdings Co Ltd is a Japan-based holding company that provides human resource solutions. The company has two business segments namely, Short-term operational support business including short-term personnel service, event personnel service, and the security business, providing security services mainly for public facilities and corporations. The majority of the company's revenue is generated from Short-term operational support business. The short-term operational support business provides timely short-term staffing services that cater to fluctuations in client company's workloads.
91GF 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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