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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.
Tsutsumi Jewelry Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $17.32.
The industry rank for Tsutsumi Jewelry Co's Net-Net Working Capital or its related term are showing as below:
TSSJF's Price-to-Net-Net-Working-Capital is ranked better than 94.55% of 330
companies
in the Retail - Cyclical industry
Industry Median: 6.27
vs TSSJF: 0.96
Tsutsumi Jewelry Co (OTCPK:TSSJF) 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.
Tsutsumi Jewelry Co Net-Net Working Capital Related Terms
Tsutsumi Jewelry Co Net-Net Working Capital Historical Data
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The historical data trend for Tsutsumi Jewelry 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.
For the Luxury Goods subindustry, Tsutsumi Jewelry 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.
Tsutsumi Jewelry Co Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, Tsutsumi Jewelry Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tsutsumi Jewelry 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 $17.32 mean?
Tsutsumi Jewelry Co (TSSJF) has a Net-Net Working Capital of $17.32 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 Tsutsumi Jewelry Co According to the industry distribution chart, Tsutsumi Jewelry Co ranks #18 out of 330 companies in the Retail - Cyclical industry, placing it in the top 5.5%.
Is Tsutsumi Jewelry Co's Net-Net Working Capital too high?
Tsutsumi Jewelry Co's current Net-Net Working Capital is $17.32. The Retail - Cyclical industry median Net-Net Working Capital is 6.27. Tsutsumi Jewelry Co's value of $17.32 is 176.2% above this industry median. Based on the distribution chart, Tsutsumi Jewelry Co ranks #18 out of 330 companies in the Retail - Cyclical industry, which is in the top quartile — a strong position relative to peers. Overall, Tsutsumi Jewelry Co has a GF Score™ of 80/100, reflecting its overall financial health beyond just this single metric.
How does Tsutsumi Jewelry Co's Net-Net Working Capital compare to TPR?
According to the Retail - Cyclical industry distribution chart, Tsutsumi Jewelry Co ranks #18 out of 330 companies for Net-Net Working Capital. This places Tsutsumi Jewelry Co in the top 6% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 6.27. Tsutsumi Jewelry Co's value of $17.32 is 176.2% above this benchmark. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.27, based on 330 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. Tsutsumi Jewelry Co's current Net-Net Working Capital of $17.32 is 176.2% above the industry median. 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 Tsutsumi Jewelry Co For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tsutsumi Jewelry Co's current Net-Net Working Capital is $17.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tsutsumi Jewelry Co stock overvalued right now?
Tsutsumi Jewelry Co (TSSJF) has a current Net-Net Working Capital of $17.32. The stock's GF Value™ is $22.19, compared to a current price of $15.32 — trading 31% below its estimated fair value. The current Net-Net Working Capital is $17.32 and 176.2% above the Retail - Cyclical industry median of 6.27. Tsutsumi Jewelry Co's overall GF Score™ is 80/100 with 1 warning sign 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 Tsutsumi Jewelry Co (TSSJF), the current Net-Net Working Capital is $17.32 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 Tsutsumi Jewelry Co (TSSJF) Overvalued in 2026?
Based on GuruFocus' analysis, Tsutsumi Jewelry Co stock appears to be undervalued.
The current stock price of $15.32 is trading 31% below its estimated GF Value™ of $22.19.
Key valuation signals for TSSJF:
Net-Net Working Capital: $17.32
GF Value™: $22.19 vs. price of $15.32 (31% below fair value)
Industry Position: 176.2% above the Retail - Cyclical median (#18 of 330)
No single metric tells the full story. See the TSSJF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tsutsumi Jewelry Co Ltd is a Japan-based jewelry company engages in the manufacture, wholesale and retail of jewelry, precious stones, and accessories. Its products include rings, necklaces, bracelets, anklets, pendants, brooches, straps, and accessories. It imports gems; manufactures jewelry; and operates jewelry specialty store under the name Jewelry Tsutsumi.
80GF Score
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