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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.
Niigata Kotsu Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was 円-8,525.73.
The industry rank for Niigata Kotsu Co's Net-Net Working Capital or its related term are showing as below:
TSE:9017's Price-to-Net-Net-Working-Capital is not ranked *
in the Transportation industry.
Industry Median: 6.37 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Niigata Kotsu Co (TSE:9017) 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.
Niigata Kotsu Co Net-Net Working Capital Related Terms
Niigata Kotsu Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Niigata Kotsu 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:9017 vs UNP, CSX, NSC: Net-Net Working Capital Comparison
For the Railroads subindustry, Niigata Kotsu 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.
Niigata Kotsu Co Price-to-Net-Net-Working-Capital vs Transportation Industry
For the Transportation industry and Industrials sector, Niigata Kotsu Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Niigata Kotsu 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-8,525.73 mean?
Niigata Kotsu Co (TSE:9017) has a Net-Net Working Capital of 円-8,525.73 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 Niigata Kotsu Co According to the industry distribution chart, Niigata Kotsu Co ranks #999999 out of 223 companies in the Transportation industry.
Is Niigata Kotsu Co's Net-Net Working Capital too high?
Niigata Kotsu Co's current Net-Net Working Capital is 円-8,525.73. Based on the distribution chart, Niigata Kotsu Co ranks #999999 out of 223 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, Niigata Kotsu Co has a GF Score™ of 66/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Niigata Kotsu Co's Net-Net Working Capital compare to UNP and CSX?
According to the Transportation industry distribution chart, Niigata Kotsu Co ranks #999999 out of 223 companies for Net-Net Working Capital. This places Niigata Kotsu Co in the lower half of its industry. The industry median Net-Net Working Capital is 6.37. 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 Transportation company?
The median Net-Net Working Capital among Transportation companies is 6.37, based on 223 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 Niigata Kotsu Co For the Transportation industry, the median Net-Net Working Capital is 6.37 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Niigata Kotsu Co's current Net-Net Working Capital is 円-8,525.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Niigata Kotsu Co stock overvalued right now?
Based on GuruFocus' analysis, Niigata Kotsu Co (TSE:9017) is currently considered Modestly Undervalued. The stock's GF Value™ is 円2,239.59, compared to a current price of 円1,988.00 — trading 11.2% below its estimated fair value. The current Net-Net Working Capital is 円-8,525.73. Niigata Kotsu Co's overall GF Score™ is 66/100 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 Niigata Kotsu Co (TSE:9017), the current Net-Net Working Capital is 円-8,525.73 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 Niigata Kotsu Co (TSE:9017) Overvalued in 2026?
Based on GuruFocus' analysis, Niigata Kotsu Co stock appears to be undervalued.
The current stock price of 円1,988.00 is trading 11.2% below its estimated GF Value™ of 円2,239.59.
GuruFocus considers Niigata Kotsu Co to be Modestly Undervalued.
Key valuation signals for TSE:9017:
Net-Net Working Capital: 円-8,525.73
GF Value™: 円2,239.59 vs. price of 円1,988.00 (11.2% below fair value)
No single metric tells the full story. See the TSE:9017 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Niigata Kotsu Co Ltd provides passenger transport services in Japan. The company's core business activities are categorised into four key segments - Transport, Real Estate, Products Sales, and Ryokan Business. The majority of its revenue is derived from the Transport business segment. It offers stagecoach bus and coach services; hotel and restaurant services; advertising agency services; air transport agency services. In addition, the company is involved in the parking lot management.
66GF 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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