Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Veolia Environnement's Net-Net Working Capital for the quarter that ended in Dec. 2025 was $-34.03.
The industry rank for Veolia Environnement's Net-Net Working Capital or its related term are showing as below:
VEOEY's Price-to-Net-Net-Working-Capital is not ranked *
in the Waste Management industry.
Industry Median: 6.65 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Veolia Environnement (OTCPK:VEOEY) 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.
Veolia Environnement Net-Net Working Capital Related Terms
Veolia Environnement Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Veolia Environnement'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.
Veolia Environnement Net-Net Working Capital Chart
VEOEY vs WM, RSG, WCN: Net-Net Working Capital Comparison
For the Waste Management subindustry, Veolia Environnement'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.
Veolia Environnement Price-to-Net-Net-Working-Capital vs Waste Management Industry
For the Waste Management industry and Industrials sector, Veolia Environnement's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Veolia Environnement'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 $-34.03 mean?
Veolia Environnement (VEOEY) has a Net-Net Working Capital of $-34.03 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 Veolia Environnement According to the industry distribution chart, Veolia Environnement ranks #999999 out of 58 companies in the Waste Management industry.
Is Veolia Environnement's Net-Net Working Capital too high?
Veolia Environnement's current Net-Net Working Capital is $-34.03. Based on the distribution chart, Veolia Environnement ranks #999999 out of 58 companies in the Waste Management industry, which is in the bottom quartile relative to peers. Overall, Veolia Environnement has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Veolia Environnement's Net-Net Working Capital compare to WM and RSG?
According to the Waste Management industry distribution chart, Veolia Environnement ranks #999999 out of 58 companies for Net-Net Working Capital. This places Veolia Environnement in the lower half of its industry. The industry median Net-Net Working Capital is 6.65. 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 6.65, based on 58 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 Veolia Environnement For the Waste Management industry, the median Net-Net Working Capital is 6.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Veolia Environnement's current Net-Net Working Capital is $-34.03. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Veolia Environnement stock overvalued right now?
Based on GuruFocus' analysis, Veolia Environnement (VEOEY) is currently considered Modestly Overvalued. The stock's GF Value™ is $16.91, compared to a current price of $19.99 — trading 18.2% above its estimated fair value. The current Net-Net Working Capital is $-34.03. Veolia Environnement's overall GF Score™ is 82/100 with 10 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 Veolia Environnement (VEOEY), the current Net-Net Working Capital is $-34.03 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 Veolia Environnement (VEOEY) Overvalued in 2026?
Based on GuruFocus' analysis, Veolia Environnement stock appears to be overvalued.
The current stock price of $19.99 is trading 18.2% above its estimated GF Value™ of $16.91.
GuruFocus considers Veolia Environnement to be Modestly Overvalued.
Key valuation signals for VEOEY:
Net-Net Working Capital: $-34.03
GF Value™: $16.91 vs. price of $19.99 (18.2% above fair value)
No single metric tells the full story. See the VEOEY stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Veolia is the largest water company globally and a leading player in France. It is also involved in waste management with significant exposure to France, the United Kingdom, Germany, the United States, and Australia. The third pillar of the group is energy services, giving the group significant exposure to Central Europe. Veolia started to refocus its activities in 2011, leading to the exit of almost half of its countries and its transport activity The integration of most activities of Suez in 2022 drove an EBITDA increase of nearly 40%.
82GF Score
Get the complete analysis for VEOEY
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
VEOEY has been successfully added to your 
