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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.
WAR:KPD's Price-to-Net-Net-Working-Capital is not ranked *
in the Forest Products industry.
Industry Median: 4.12 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (WAR:KPD) 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.
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Net-Net Working Capital Related Terms
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego 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.
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Net-Net Working Capital Chart
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Annual Data
WAR:KPD vs SSD, UFPI, BCC: Net-Net Working Capital Comparison
For the Lumber & Wood Production subindustry, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego'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.
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego Price-to-Net-Net-Working-Capital vs Forest Products Industry
* 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 zł-15.12 mean?
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (WAR:KPD) has a Net-Net Working Capital of zł-15.12 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 Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego According to the industry distribution chart, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego ranks #999999 out of 72 companies in the Forest Products industry.
Is Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego's Net-Net Working Capital too high?
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego's current Net-Net Working Capital is zł-15.12. Based on the distribution chart, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego ranks #999999 out of 72 companies in the Forest Products industry, which is in the bottom quartile relative to peers. Overall, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego has a GF Score™ of 46/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego's Net-Net Working Capital compare to SSD and UFPI?
According to the Forest Products industry distribution chart, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego ranks #999999 out of 72 companies for Net-Net Working Capital. This places Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego in the lower half of its industry. The industry median Net-Net Working Capital is 4.12. 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 Forest Products company?
The median Net-Net Working Capital among Forest Products companies is 4.12, based on 72 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 Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego For the Forest Products industry, the median Net-Net Working Capital is 4.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego's current Net-Net Working Capital is zł-15.12. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego stock overvalued right now?
Based on GuruFocus' analysis, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (WAR:KPD) is currently considered Possible Value Trap. The stock's GF Value™ is zł41.25, compared to a current price of zł19.40 — trading 53% below its estimated fair value. The current Net-Net Working Capital is zł-15.12. Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego's overall GF Score™ is 46/100 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 Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (WAR:KPD), the current Net-Net Working Capital is zł-15.12 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 Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego (WAR:KPD) Overvalued in 2026?
Based on GuruFocus' analysis, Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego stock appears to be undervalued.
The current stock price of zł19.40 is trading 53% below its estimated GF Value™ of zł41.25.
GuruFocus considers Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego to be Possible Value Trap.
Key valuation signals for WAR:KPD:
Net-Net Working Capital: zł-15.12
GF Value™: zł41.25 vs. price of zł19.40 (53% below fair value)
No single metric tells the full story. See the WAR:KPD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Koszalinskie Przedsiebiorstwo Przemyslu Drzewnego SA is Poland based company active in the wood processing sector. Its products portfolio includes softwood and hardwood timber, construction timber, covering and terrace boards, sleepers, and wooden garden products.
46GF Score
Get the complete analysis for WAR:KPD
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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