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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.
Nagaoka International's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円526.37.
The industry rank for Nagaoka International's Net-Net Working Capital or its related term are showing as below:
TSE:6239's Price-to-Net-Net-Working-Capital is ranked better than 52.04% of 196
companies
in the Oil & Gas industry
Industry Median: 6.19
vs TSE:6239: 5.52
Nagaoka International (TSE:6239) 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.
Nagaoka International Net-Net Working Capital Related Terms
Nagaoka International Net-Net Working Capital Historical Data
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The historical data trend for Nagaoka International'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.
Nagaoka International Net-Net Working Capital Chart
TSE:6239 vs MPC, VLO, PSX: Net-Net Working Capital Comparison
For the Oil & Gas Refining & Marketing subindustry, Nagaoka International'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.
Nagaoka International Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Nagaoka International's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Nagaoka International'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526.37 mean?
Nagaoka International (TSE:6239) has a Net-Net Working Capital of 円526.37 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 Nagaoka International According to the industry distribution chart, Nagaoka International ranks #94 out of 196 companies in the Oil & Gas industry, placing it in the top 48%.
Is Nagaoka International's Net-Net Working Capital too high?
Nagaoka International's current Net-Net Working Capital is 円526.37. Based on the distribution chart, Nagaoka International ranks #94 out of 196 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Nagaoka International has a GF Score™ of 61/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Nagaoka International's Net-Net Working Capital compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Nagaoka International ranks #94 out of 196 companies for Net-Net Working Capital. This puts Nagaoka International in the upper half of its industry. The industry median Net-Net Working Capital is 6.19. 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 an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.19, based on 196 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 Nagaoka International For the Oil & Gas industry, the median Net-Net Working Capital is 6.19 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Nagaoka International's current Net-Net Working Capital is 円526.37. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Nagaoka International stock overvalued right now?
Based on GuruFocus' analysis, Nagaoka International (TSE:6239) is currently considered Modestly Overvalued. The stock's GF Value™ is 円1,103.11, compared to a current price of 円1,380.00 — trading 25.1% above its estimated fair value. The current Net-Net Working Capital is 円526.37. Nagaoka International's overall GF Score™ is 61/100 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 Nagaoka International (TSE:6239), the current Net-Net Working Capital is 円526.37 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 Nagaoka International (TSE:6239) Overvalued in 2026?
Based on GuruFocus' analysis, Nagaoka International stock appears to be overvalued.
The current stock price of 円1,380.00 is trading 25.1% above its estimated GF Value™ of 円1,103.11.
GuruFocus considers Nagaoka International to be Modestly Overvalued.
Key valuation signals for TSE:6239:
Net-Net Working Capital: 円526.37
GF Value™: 円1,103.11 vs. price of 円1,380.00 (25.1% above fair value)
No single metric tells the full story. See the TSE:6239 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Nagaoka International Corp is engaged in the manufacturing and sale of equipment and systems for energy and water-related industries. The company has two reportable segments: energy-related business and water-related business. The energy-related business focuses on producing screen internals and internal equipment for oil refineries and petrochemical plants. The water-related business is involved in the manufacture and sale of water intake screens, Chemiless and Hisys systems, and the construction of water treatment plants. It generates the majority of its revenue from the Energy-related business segment.
61GF 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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