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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.
TUPRF's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Tupras-Turkiye Petrol Rafineleri AS (OTCPK:TUPRF) 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.
Tupras-Turkiye Petrol Rafineleri AS Net-Net Working Capital Related Terms
Tupras-Turkiye Petrol Rafineleri AS 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.
Tupras-Turkiye Petrol Rafineleri AS Net-Net Working Capital Chart
TUPRF vs VLO, MPC, PSX: Net-Net Working Capital Comparison
For the Oil & Gas Refining & Marketing subindustry, Tupras-Turkiye Petrol Rafineleri AS'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.
Tupras-Turkiye Petrol Rafineleri AS Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Tupras-Turkiye Petrol Rafineleri AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Tupras-Turkiye Petrol Rafineleri AS'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 $-2.18 mean?
Tupras-Turkiye Petrol Rafineleri AS (TUPRF) has a Net-Net Working Capital of $-2.18 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 Tupras-Turkiye Petrol Rafineleri AS According to the industry distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #999999 out of 193 companies in the Oil & Gas industry.
Is Tupras-Turkiye Petrol Rafineleri AS's Net-Net Working Capital too high?
Tupras-Turkiye Petrol Rafineleri AS's current Net-Net Working Capital is $-2.18. Based on the distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #999999 out of 193 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Tupras-Turkiye Petrol Rafineleri AS has a GF Score™ of 75/100, reflecting its overall financial health beyond just this single metric.
How does Tupras-Turkiye Petrol Rafineleri AS's Net-Net Working Capital compare to VLO and MPC?
According to the Oil & Gas industry distribution chart, Tupras-Turkiye Petrol Rafineleri AS ranks #999999 out of 193 companies for Net-Net Working Capital. This places Tupras-Turkiye Petrol Rafineleri AS in the lower half of its industry. The industry median Net-Net Working Capital is 6.99. 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 Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.99, based on 193 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 Tupras-Turkiye Petrol Rafineleri AS For the Oil & Gas industry, the median Net-Net Working Capital is 6.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Tupras-Turkiye Petrol Rafineleri AS's current Net-Net Working Capital is $-2.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Tupras-Turkiye Petrol Rafineleri AS stock overvalued right now?
Tupras-Turkiye Petrol Rafineleri AS (TUPRF) has a current Net-Net Working Capital of $-2.18. The stock's GF Value™ is $1.72, compared to a current price of $3.46 — trading 101.4% above its estimated fair value. The current Net-Net Working Capital is $-2.18. Tupras-Turkiye Petrol Rafineleri AS's overall GF Score™ is 75/100 with 8 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 Tupras-Turkiye Petrol Rafineleri AS (TUPRF), the current Net-Net Working Capital is $-2.18 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 Tupras-Turkiye Petrol Rafineleri AS (TUPRF) Overvalued in 2026?
Based on GuruFocus' analysis, Tupras-Turkiye Petrol Rafineleri AS stock appears to be overvalued.
The current stock price of $3.46 is trading 101.4% above its estimated GF Value™ of $1.72.
Key valuation signals for TUPRF:
Net-Net Working Capital: $-2.18
GF Value™: $1.72 vs. price of $3.46 (101.4% above fair value)
No single metric tells the full story. See the TUPRF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Tupras-Turkiye Petrol Rafineleri AS Business Description
Tupras-Turkiye Petrol Rafineleri AS provides and refines crude oil through Turkish and international refineries. It also operates petrochemical factories and facilities. The company's complete line of products includes liquefied petroleum gas(LPG), fuel oil, waxes and extracts, bitumen, and other products. In addition to refining and producing products, the firm engages in the purchase, sell, import, export, store, marketing, and distribution of a variety of petroleum products. Distribution is completed through a network of foreign and domestic wholesalers and retailers. The majority of sales from refineries are domestic.
75GF Score
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