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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.
Photon Energy NV's Net-Net Working Capital for the quarter that ended in Mar. 2026 was zł-14.50.
The industry rank for Photon Energy NV's Net-Net Working Capital or its related term are showing as below:
WAR:PEN's Price-to-Net-Net-Working-Capital is not ranked *
in the Semiconductors industry.
Industry Median: 12.3 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Photon Energy NV (WAR:PEN) 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.
Photon Energy NV Net-Net Working Capital Related Terms
Photon Energy NV Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Photon Energy NV'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:PEN vs FSLR, NXT, ENPH: Net-Net Working Capital Comparison
For the Solar subindustry, Photon Energy NV'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.
Photon Energy NV Price-to-Net-Net-Working-Capital vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Photon Energy NV's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Photon Energy NV'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 zł-14.50 mean?
Photon Energy NV (WAR:PEN) has a Net-Net Working Capital of zł-14.50 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 Photon Energy NV According to the industry distribution chart, Photon Energy NV ranks #999999 out of 538 companies in the Semiconductors industry.
Is Photon Energy NV's Net-Net Working Capital too high?
Photon Energy NV's current Net-Net Working Capital is zł-14.50. Based on the distribution chart, Photon Energy NV ranks #999999 out of 538 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Photon Energy NV has a GF Score™ of 51/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Photon Energy NV's Net-Net Working Capital compare to FSLR and NXT?
According to the Semiconductors industry distribution chart, Photon Energy NV ranks #999999 out of 538 companies for Net-Net Working Capital. This places Photon Energy NV in the lower half of its industry. The industry median Net-Net Working Capital is 12.30. 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 Semiconductors company?
The median Net-Net Working Capital among Semiconductors companies is 12.30, based on 538 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 Photon Energy NV For the Semiconductors industry, the median Net-Net Working Capital is 12.30 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Photon Energy NV's current Net-Net Working Capital is zł-14.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Photon Energy NV stock overvalued right now?
Based on GuruFocus' analysis, Photon Energy NV (WAR:PEN) is currently considered Possible Value Trap. The stock's GF Value™ is zł6.86, compared to a current price of zł1.20 — trading 82.5% below its estimated fair value. The current Net-Net Working Capital is zł-14.50. Photon Energy NV's overall GF Score™ is 51/100 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 Photon Energy NV (WAR:PEN), the current Net-Net Working Capital is zł-14.50 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 Photon Energy NV (WAR:PEN) Overvalued in 2026?
Based on GuruFocus' analysis, Photon Energy NV stock appears to be undervalued.
The current stock price of zł1.20 is trading 82.5% below its estimated GF Value™ of zł6.86.
GuruFocus considers Photon Energy NV to be Possible Value Trap.
Key valuation signals for WAR:PEN:
Net-Net Working Capital: zł-14.50
GF Value™: zł6.86 vs. price of zł1.20 (82.5% below fair value)
No single metric tells the full story. See the WAR:PEN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Photon Energy NV is an investment holding company. It engages in the provision of solar power solutions and services. The company covers the entire life cycle of solar power systems. It operates through the following business segments: Engineering, Technology, Investment, Operations and Maintenance, New Energy, and Others. It generates the majority of its revenue from the New Energy segment. It has operations in the Czech Republic, Hungary, Poland, Australia, Romania, the Slovak Republic, and Germany. The firm generates the majority of revenue from the Czech Republic.
51GF Score
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