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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.
The industry rank for Global Dividend Growth Split's Net-Net Working Capital or its related term are showing as below:
TSX:GDV's Price-to-Net-Net-Working-Capital is not ranked *
in the Asset Management industry.
Industry Median: 6.17 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Global Dividend Growth Split (TSX:GDV) 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.
Global Dividend Growth Split Net-Net Working Capital Related Terms
Global Dividend Growth Split 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.
Global Dividend Growth Split Net-Net Working Capital Chart
TSX:GDV vs BLK, BX, KKR: Net-Net Working Capital Comparison
For the Asset Management subindustry, Global Dividend Growth Split'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.
Global Dividend Growth Split Price-to-Net-Net-Working-Capital vs Asset Management Industry
For the Asset Management industry and Financial Services sector, Global Dividend Growth Split's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Global Dividend Growth Split'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 C$-8.82 mean?
Global Dividend Growth Split (TSX:GDV) has a Net-Net Working Capital of C$-8.82 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 Global Dividend Growth Split According to the industry distribution chart, Global Dividend Growth Split ranks #999999 out of 497 companies in the Asset Management industry.
Is Global Dividend Growth Split's Net-Net Working Capital too high?
Global Dividend Growth Split's current Net-Net Working Capital is C$-8.82. Based on the distribution chart, Global Dividend Growth Split ranks #999999 out of 497 companies in the Asset Management industry, which is in the bottom quartile relative to peers. Overall, Global Dividend Growth Split has a GF Score™ of 60/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Global Dividend Growth Split's Net-Net Working Capital compare to BLK and BX?
According to the Asset Management industry distribution chart, Global Dividend Growth Split ranks #999999 out of 497 companies for Net-Net Working Capital. This places Global Dividend Growth Split in the lower half of its industry. The industry median Net-Net Working Capital is 6.17. 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 an Asset Management company?
The median Net-Net Working Capital among Asset Management companies is 6.17, based on 497 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 Global Dividend Growth Split For the Asset Management industry, the median Net-Net Working Capital is 6.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Global Dividend Growth Split's current Net-Net Working Capital is C$-8.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Global Dividend Growth Split stock overvalued right now?
Based on GuruFocus' analysis, Global Dividend Growth Split (TSX:GDV) is currently considered Modestly Overvalued. The stock's GF Value™ is C$10.57, compared to a current price of C$11.93 — trading 12.9% above its estimated fair value. The current Net-Net Working Capital is C$-8.82. Global Dividend Growth Split's overall GF Score™ is 60/100 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 Global Dividend Growth Split (TSX:GDV), the current Net-Net Working Capital is C$-8.82 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 Global Dividend Growth Split (TSX:GDV) Overvalued in 2026?
Based on GuruFocus' analysis, Global Dividend Growth Split stock appears to be overvalued.
The current stock price of C$11.93 is trading 12.9% above its estimated GF Value™ of C$10.57.
GuruFocus considers Global Dividend Growth Split to be Modestly Overvalued.
Key valuation signals for TSX:GDV:
Net-Net Working Capital: C$-8.82
GF Value™: C$10.57 vs. price of C$11.93 (12.9% above fair value)
No single metric tells the full story. See the TSX:GDV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Global Dividend Growth Split Corp is a mutual fund corporation established to provide holders of Preferred Shares with fixed, cumulative, preferential quarterly cash distributions and the return of the original issue price of the Preferred Shares at maturity. It also provides holders of Class A Shares with monthly non-cumulative cash distributions and the opportunity for growth in Net Asset Value per Class A Share through exposure to the portfolio. Its portfolio is invested across Asia, Europe, and North America, including Japan, France, Great Britain, Italy, Spain, Canada, and the United States, with exposure to Industrials, Consumer Staples, Financials, Healthcare, Utilities, Materials, Consumer Discretionary, Energy, Information Technology, Communication Services, and Real Estate.
60GF Score
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