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Frozen WayWAR:FRW 82 Net-Net Working Capital is zł583.88 as of Jun. 2026. GuruFocus rates WAR:FRW with a GF Score™ of 82/100 and a GF Value™ of zł29.43 (Fairly Valued). The stock has 8 warning signs investors should review. Among 291 Interactive Media companies, Frozen Way ranks better than 99.66% on this metric.
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.
Frozen Way's Net-Net Working Capital for the quarter that ended in Jun. 2026 was zł583.88.
The industry rank for Frozen Way's Net-Net Working Capital or its related term are showing as below:
WAR:FRW's Price-to-Net-Net-Working-Capital is ranked better than 99.66% of 291
companies
in the Interactive Media industry
Industry Median: 4.89
vs WAR:FRW: 0.05
Frozen Way (WAR:FRW) 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.
Frozen Way Net-Net Working Capital Related Terms
Frozen Way Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Frozen Way'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.
WAR:FRW vs NTES, TTWO, RBLX: Net-Net Working Capital Comparison
For the Electronic Gaming & Multimedia subindustry, Frozen Way'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.
Frozen Way Price-to-Net-Net-Working-Capital vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Frozen Way's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Frozen Way'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 zł583.88 mean?
Frozen Way (WAR:FRW) has a Net-Net Working Capital of zł583.88 as of Jun. 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 Frozen Way According to the industry distribution chart, Frozen Way ranks #1 out of 291 companies in the Interactive Media industry, placing it in the top 0.3%.
Is Frozen Way's Net-Net Working Capital too high?
Frozen Way's current Net-Net Working Capital is zł583.88. Based on the distribution chart, Frozen Way ranks #1 out of 291 companies in the Interactive Media industry, which is in the top quartile — a strong position relative to peers. Overall, Frozen Way has a GF Score™ of 82/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Frozen Way's Net-Net Working Capital compare to NTES and TTWO?
According to the Interactive Media industry distribution chart, Frozen Way ranks #1 out of 291 companies for Net-Net Working Capital. This places Frozen Way in the top 0% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 4.89. 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 Interactive Media company?
The median Net-Net Working Capital among Interactive Media companies is 4.89, based on 291 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 Frozen Way For the Interactive Media industry, the median Net-Net Working Capital is 4.89 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Frozen Way's current Net-Net Working Capital is zł583.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Frozen Way stock overvalued right now?
Based on GuruFocus' analysis, Frozen Way (WAR:FRW) is currently considered Fairly Valued. The stock's GF Value™ is zł29.43, compared to a current price of zł27.10 — trading 7.9% below its estimated fair value. The current Net-Net Working Capital is zł583.88. Frozen Way's overall GF Score™ is 82/100 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 Frozen Way (WAR:FRW), the current Net-Net Working Capital is zł583.88 as of Jun. 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 Frozen Way (WAR:FRW) Overvalued in 2026?
Based on GuruFocus' analysis, Frozen Way stock appears to be undervalued.
The current stock price of zł27.10 is trading 7.9% below its estimated GF Value™ of zł29.43.
GuruFocus considers Frozen Way to be Fairly Valued.
Key valuation signals for WAR:FRW:
Net-Net Working Capital: zł583.88
GF Value™: zł29.43 vs. price of zł27.10 (7.9% below fair value)
No single metric tells the full story. See the WAR:FRW stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Frozen Way SA is a Poland-based developer of video games. It is an independent game development studio and publisher. Its game portfolio comprises House Flipper Pets, House Flipper VR, and Builder Simulator.
82GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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