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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.
Leader Electronics's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円246.88.
The industry rank for Leader Electronics's Net-Net Working Capital or its related term are showing as below:
TSE:6867's Price-to-Net-Net-Working-Capital is ranked better than 90.1% of 1152
companies
in the Hardware industry
Industry Median: 8.955
vs TSE:6867: 1.79
Leader Electronics (TSE:6867) 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.
Leader Electronics Net-Net Working Capital Related Terms
Leader Electronics Net-Net Working Capital Historical Data
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The historical data trend for Leader Electronics'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:6867 vs GRMN, COHR, KEYS: Net-Net Working Capital Comparison
For the Scientific & Technical Instruments subindustry, Leader Electronics'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.
Leader Electronics Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Leader Electronics's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Leader Electronics'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246.88 mean?
Leader Electronics (TSE:6867) has a Net-Net Working Capital of 円246.88 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 Leader Electronics According to the industry distribution chart, Leader Electronics ranks #114 out of 1152 companies in the Hardware industry, placing it in the top 9.9%.
Is Leader Electronics' Net-Net Working Capital too high?
Leader Electronics' current Net-Net Working Capital is 円246.88. Based on the distribution chart, Leader Electronics ranks #114 out of 1152 companies in the Hardware industry, which is in the top quartile — a strong position relative to peers. Overall, Leader Electronics has a GF Score™ of 60/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Leader Electronics' Net-Net Working Capital compare to GRMN and COHR?
According to the Hardware industry distribution chart, Leader Electronics ranks #114 out of 1152 companies for Net-Net Working Capital. This places Leader Electronics in the top 10% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 8.96. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 8.96, based on 1,152 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 Leader Electronics For the Hardware industry, the median Net-Net Working Capital is 8.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Leader Electronics's current Net-Net Working Capital is 円246.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Leader Electronics stock overvalued right now?
Based on GuruFocus' analysis, Leader Electronics (TSE:6867) is currently considered Modestly Undervalued. The stock's GF Value™ is 円519.51, compared to a current price of 円407.00 — trading 21.7% below its estimated fair value. The current Net-Net Working Capital is 円246.88. Leader Electronics' overall GF Score™ is 60/100 with 3 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 Leader Electronics (TSE:6867), the current Net-Net Working Capital is 円246.88 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 Leader Electronics (TSE:6867) Overvalued in 2026?
Based on GuruFocus' analysis, Leader Electronics stock appears to be undervalued.
The current stock price of 円407.00 is trading 21.7% below its estimated GF Value™ of 円519.51.
GuruFocus considers Leader Electronics to be Modestly Undervalued.
Key valuation signals for TSE:6867:
Net-Net Working Capital: 円246.88
GF Value™: 円519.51 vs. price of 円407.00 (21.7% below fair value)
No single metric tells the full story. See the TSE:6867 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Leader Electronics Corp is engaged in the research, development, manufacturing, and sales of electronic measuring instruments, including those for broadcasting stations, manufacturers of professional video-related equipment, and signal monitoring during live broadcasts of sporting events.
60GF 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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