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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.
Nakayama Steel Works's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円319.42.
The industry rank for Nakayama Steel Works's Net-Net Working Capital or its related term are showing as below:
TSE:5408's Price-to-Net-Net-Working-Capital is ranked better than 72.19% of 169
companies
in the Steel industry
Industry Median: 4.33
vs TSE:5408: 1.84
Nakayama Steel Works (TSE:5408) 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.
Nakayama Steel Works Net-Net Working Capital Related Terms
Nakayama Steel Works Net-Net Working Capital Historical Data
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The historical data trend for Nakayama Steel Works'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.
Nakayama Steel Works Net-Net Working Capital Chart
TSE:5408 vs NUE, STLD, RS: Net-Net Working Capital Comparison
For the Steel subindustry, Nakayama Steel Works'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.
Nakayama Steel Works Price-to-Net-Net-Working-Capital vs Steel Industry
For the Steel industry and Basic Materials sector, Nakayama Steel Works's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nakayama Steel Works'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319.42 mean?
Nakayama Steel Works (TSE:5408) has a Net-Net Working Capital of 円319.42 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 Nakayama Steel Works According to the industry distribution chart, Nakayama Steel Works ranks #47 out of 169 companies in the Steel industry, placing it in the top 27.8%.
Is Nakayama Steel Works' Net-Net Working Capital too high?
Nakayama Steel Works' current Net-Net Working Capital is 円319.42. Based on the distribution chart, Nakayama Steel Works ranks #47 out of 169 companies in the Steel industry, which is above the industry midpoint. Overall, Nakayama Steel Works has a GF Score™ of 68/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Nakayama Steel Works' Net-Net Working Capital compare to NUE and STLD?
According to the Steel industry distribution chart, Nakayama Steel Works ranks #47 out of 169 companies for Net-Net Working Capital. This puts Nakayama Steel Works in the upper half of its industry. The industry median Net-Net Working Capital is 4.33. 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 Steel company?
The median Net-Net Working Capital among Steel companies is 4.33, based on 169 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 Nakayama Steel Works For the Steel industry, the median Net-Net Working Capital is 4.33 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nakayama Steel Works's current Net-Net Working Capital is 円319.42. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nakayama Steel Works stock overvalued right now?
Based on GuruFocus' analysis, Nakayama Steel Works (TSE:5408) is currently considered Fairly Valued. The stock's GF Value™ is 円615.34, compared to a current price of 円639.00 — trading 3.8% above its estimated fair value. The current Net-Net Working Capital is 円319.42. Nakayama Steel Works' overall GF Score™ is 68/100 with 4 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 Nakayama Steel Works (TSE:5408), the current Net-Net Working Capital is 円319.42 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 Nakayama Steel Works (TSE:5408) Overvalued in 2026?
Based on GuruFocus' analysis, Nakayama Steel Works stock appears to be overvalued.
The current stock price of 円639.00 is trading 3.8% above its estimated GF Value™ of 円615.34.
GuruFocus considers Nakayama Steel Works to be Fairly Valued.
Key valuation signals for TSE:5408:
Net-Net Working Capital: 円319.42
GF Value™: 円615.34 vs. price of 円639.00 (3.8% above fair value)
No single metric tells the full story. See the TSE:5408 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nakayama Steel Works Ltd is a Japan-based company. The company operates in Steel, Engineering, and Real estate business. Its Steel business includes manufacturing and sale of steel products including coil products, steel sheets, bars and wire products. The company is also engaged in real estate buying, leasing and selling.
68GF 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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