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.
Cleanaway Waste Management's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-1.02.
The industry rank for Cleanaway Waste Management's Net-Net Working Capital or its related term are showing as below:
TSPCF's Price-to-Net-Net-Working-Capital is not ranked *
in the Waste Management industry.
Industry Median: 6.585 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cleanaway Waste Management (OTCPK:TSPCF) 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.
Cleanaway Waste Management Net-Net Working Capital Related Terms
Cleanaway Waste Management 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.
Cleanaway Waste Management Net-Net Working Capital Chart
TSPCF vs WM, RSG, WCN: Net-Net Working Capital Comparison
For the Waste Management subindustry, Cleanaway Waste Management'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.
Cleanaway Waste Management Price-to-Net-Net-Working-Capital vs Waste Management Industry
For the Waste Management industry and Industrials sector, Cleanaway Waste Management's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cleanaway Waste Management'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 $-1.02 mean?
Cleanaway Waste Management (TSPCF) has a Net-Net Working Capital of $-1.02 as of Dec. 2025. 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 Cleanaway Waste Management According to the industry distribution chart, Cleanaway Waste Management ranks #999999 out of 60 companies in the Waste Management industry.
Is Cleanaway Waste Management's Net-Net Working Capital too high?
Cleanaway Waste Management's current Net-Net Working Capital is $-1.02. Based on the distribution chart, Cleanaway Waste Management ranks #999999 out of 60 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Cleanaway Waste Management has a GF Score™ of 87/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Cleanaway Waste Management's Net-Net Working Capital compare to WM and RSG?
According to the Waste Management industry distribution chart, Cleanaway Waste Management ranks #999999 out of 60 companies for Net-Net Working Capital. This places Cleanaway Waste Management in the lower half of its industry. The industry median Net-Net Working Capital is 6.59. 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 Waste Management company?
The median Net-Net Working Capital among Waste Management companies is 6.59, based on 60 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 Cleanaway Waste Management For the Waste Management industry, the median Net-Net Working Capital is 6.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cleanaway Waste Management's current Net-Net Working Capital is $-1.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cleanaway Waste Management stock overvalued right now?
Based on GuruFocus' analysis, Cleanaway Waste Management (TSPCF) is currently considered Possible Value Trap. The stock's GF Value™ is $2.23, compared to a current price of $1.47 — trading 34% below its estimated fair value. The current Net-Net Working Capital is $-1.02. Cleanaway Waste Management's overall GF Score™ is 87/100 with 6 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 Cleanaway Waste Management (TSPCF), the current Net-Net Working Capital is $-1.02 as of Dec. 2025. 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 Cleanaway Waste Management (TSPCF) Overvalued in 2026?
Based on GuruFocus' analysis, Cleanaway Waste Management stock appears to be undervalued.
The current stock price of $1.47 is trading 34% below its estimated GF Value™ of $2.23.
GuruFocus considers Cleanaway Waste Management to be Possible Value Trap.
Key valuation signals for TSPCF:
Net-Net Working Capital: $-1.02
GF Value™: $2.23 vs. price of $1.47 (34% below fair value)
No single metric tells the full story. See the TSPCF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cleanaway Waste Management is Australia's largest waste management business with a national footprint in the collection and disposal of waste. It is active in municipal and commercial and industrial waste stream segments and in nonhazardous and hazardous liquid and medical waste. While Cleanaway is allocating greater capital to waste processing and treatment, earnings remain skewed toward waste collection. The company is particularly strong in commercial, industrial, and municipal waste collection with strong market share in all large Australian metro waste collection markets.
87GF Score
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