Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
TSE:7952's Price-to-Net-Net-Working-Capital is not ranked *
in the Travel & Leisure industry.
Industry Median: 6.03 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Kawai Musical Instruments Manufacturing Co (TSE:7952) 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.
Kawai Musical Instruments Manufacturing Co Net-Net Working Capital Related Terms
Kawai Musical Instruments Manufacturing Co Net-Net Working Capital Historical Data
* 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.
Kawai Musical Instruments Manufacturing Co Net-Net Working Capital Chart
Kawai Musical Instruments Manufacturing Co Annual Data
TSE:7952 vs AS, HAS, LTH: Net-Net Working Capital Comparison
For the Leisure subindustry, Kawai Musical Instruments Manufacturing 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.
Kawai Musical Instruments Manufacturing Co Price-to-Net-Net-Working-Capital vs Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Kawai Musical Instruments Manufacturing Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Kawai Musical Instruments Manufacturing 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-154.32 mean?
Kawai Musical Instruments Manufacturing Co (TSE:7952) has a Net-Net Working Capital of 円-154.32 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 Kawai Musical Instruments Manufacturing Co According to the industry distribution chart, Kawai Musical Instruments Manufacturing Co ranks #999999 out of 208 companies in the Travel & Leisure industry.
Is Kawai Musical Instruments Manufacturing Co's Net-Net Working Capital too high?
Kawai Musical Instruments Manufacturing Co's current Net-Net Working Capital is 円-154.32. Based on the distribution chart, Kawai Musical Instruments Manufacturing Co ranks #999999 out of 208 companies in the Travel & Leisure industry, which is in the bottom quartile relative to peers. Overall, Kawai Musical Instruments Manufacturing Co has a GF Score™ of 59/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Kawai Musical Instruments Manufacturing Co's Net-Net Working Capital compare to AS and HAS?
According to the Travel & Leisure industry distribution chart, Kawai Musical Instruments Manufacturing Co ranks #999999 out of 208 companies for Net-Net Working Capital. This places Kawai Musical Instruments Manufacturing Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.03. 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 Travel & Leisure company?
The median Net-Net Working Capital among Travel & Leisure companies is 6.03, based on 208 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 Kawai Musical Instruments Manufacturing Co For the Travel & Leisure industry, the median Net-Net Working Capital is 6.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kawai Musical Instruments Manufacturing Co's current Net-Net Working Capital is 円-154.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kawai Musical Instruments Manufacturing Co stock overvalued right now?
Based on GuruFocus' analysis, Kawai Musical Instruments Manufacturing Co (TSE:7952) is currently considered Modestly Overvalued. The stock's GF Value™ is 円2,733.72, compared to a current price of 円3,470.00 — trading 26.9% above its estimated fair value. The current Net-Net Working Capital is 円-154.32. Kawai Musical Instruments Manufacturing Co's overall GF Score™ is 59/100 with 10 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 Kawai Musical Instruments Manufacturing Co (TSE:7952), the current Net-Net Working Capital is 円-154.32 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 Kawai Musical Instruments Manufacturing Co (TSE:7952) Overvalued in 2026?
Based on GuruFocus' analysis, Kawai Musical Instruments Manufacturing Co stock appears to be overvalued.
The current stock price of 円3,470.00 is trading 26.9% above its estimated GF Value™ of 円2,733.72.
GuruFocus considers Kawai Musical Instruments Manufacturing Co to be Modestly Overvalued.
Key valuation signals for TSE:7952:
Net-Net Working Capital: 円-154.32
GF Value™: 円2,733.72 vs. price of 円3,470.00 (26.9% above fair value)
No single metric tells the full story. See the TSE:7952 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kawai Musical Instruments Manufacturing Co Ltd is a Japan-based musical instrument manufacturer. The company is mainly engaged in manufacturing and sales of musical instruments, precision metals, wood products, and electronic devices. Products offered by the company include grand pianos, upright pianos, digital pianos, hybrid pianos, and anytime pianos. It sells its products under the brand name Philosophy, Legacy, Artists, Competitions, and Institutions. Kawai has world-wide sales networks, it distributes its products in Europe, America, Asia and Oceania, Africa and the Middle East. The company is also engaged in the development and sales of software and operations of music schools, and gymnastics schools.
59GF Score
Get the complete analysis for TSE:7952
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
TSE:7952 has been successfully added to your 
