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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.
Toyo Securities Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円-272.50.
The industry rank for Toyo Securities Co's Net-Net Working Capital or its related term are showing as below:
TSE:8614's Price-to-Net-Net-Working-Capital is not ranked *
in the Capital Markets industry.
Industry Median: 5.26 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Toyo Securities Co (TSE:8614) 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.
Toyo Securities Co Net-Net Working Capital Related Terms
Toyo Securities Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Toyo Securities 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.
TSE:8614 vs MS, GS, SCHW: Net-Net Working Capital Comparison
For the Capital Markets subindustry, Toyo Securities 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.
Toyo Securities Co Price-to-Net-Net-Working-Capital vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, Toyo Securities Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Toyo Securities 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-272.50 mean?
Toyo Securities Co (TSE:8614) has a Net-Net Working Capital of 円-272.50 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 Toyo Securities Co According to the industry distribution chart, Toyo Securities Co ranks #999999 out of 275 companies in the Capital Markets industry.
Is Toyo Securities Co's Net-Net Working Capital too high?
Toyo Securities Co's current Net-Net Working Capital is 円-272.50. Based on the distribution chart, Toyo Securities Co ranks #999999 out of 275 companies in the Capital Markets industry, which is in the bottom quartile relative to peers. Overall, Toyo Securities Co has a GF Score™ of 65/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Toyo Securities Co's Net-Net Working Capital compare to MS and GS?
According to the Capital Markets industry distribution chart, Toyo Securities Co ranks #999999 out of 275 companies for Net-Net Working Capital. This places Toyo Securities Co in the lower half of its industry. The industry median Net-Net Working Capital is 5.26. 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 Capital Markets company?
The median Net-Net Working Capital among Capital Markets companies is 5.26, based on 275 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 Toyo Securities Co For the Capital Markets industry, the median Net-Net Working Capital is 5.26 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toyo Securities Co's current Net-Net Working Capital is 円-272.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toyo Securities Co stock overvalued right now?
Based on GuruFocus' analysis, Toyo Securities Co (TSE:8614) is currently considered Fairly Valued. The stock's GF Value™ is 円686.09, compared to a current price of 円714.00 — trading 4.1% above its estimated fair value. The current Net-Net Working Capital is 円-272.50. Toyo Securities Co's overall GF Score™ is 65/100 with 2 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 Toyo Securities Co (TSE:8614), the current Net-Net Working Capital is 円-272.50 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 Toyo Securities Co (TSE:8614) Overvalued in 2026?
Based on GuruFocus' analysis, Toyo Securities Co stock appears to be overvalued.
The current stock price of 円714.00 is trading 4.1% above its estimated GF Value™ of 円686.09.
GuruFocus considers Toyo Securities Co to be Fairly Valued.
Key valuation signals for TSE:8614:
Net-Net Working Capital: 円-272.50
GF Value™: 円686.09 vs. price of 円714.00 (4.1% above fair value)
No single metric tells the full story. See the TSE:8614 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toyo Securities Co Ltd is a Japan-based company engaged in the securities business. The company provides the variety of financial services such as dealing, brokerage, underwriting, public offering and distribution of securities. In addition, it also offers asset management, advice and consultancy services, insurance products, as well as provision of internet and phone trading services.
65GF 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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