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Toplivo ADXBUL:TOPL 48 Net-Net Working Capital is €-0.29 as of Jun. 2025. GuruFocus rates XBUL:TOPL with a GF Score™ of 48/100 and a GF Value™ of €4.44 (Modestly Undervalued). The stock has 1 warning sign investors should review. Among 194 Oil & Gas companies, Toplivo AD ranks worse than 515463.4% 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.
Toplivo AD's Net-Net Working Capital for the quarter that ended in Jun. 2025 was €-0.29.
The industry rank for Toplivo AD's Net-Net Working Capital or its related term are showing as below:
XBUL:TOPL's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.16 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Toplivo AD (XBUL:TOPL) 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.
Toplivo AD Net-Net Working Capital Related Terms
Toplivo AD Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Toplivo AD'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.
XBUL:TOPL vs MPC, VLO, PSX: Net-Net Working Capital Comparison
For the Oil & Gas Refining & Marketing subindustry, Toplivo AD'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.
Toplivo AD Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Toplivo AD's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Toplivo AD'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 €-0.29 mean?
Toplivo AD (XBUL:TOPL) has a Net-Net Working Capital of €-0.29 as of Jun. 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 Toplivo AD According to the industry distribution chart, Toplivo AD ranks #999999 out of 194 companies in the Oil & Gas industry.
Is Toplivo AD's Net-Net Working Capital too high?
Toplivo AD's current Net-Net Working Capital is €-0.29. Based on the distribution chart, Toplivo AD ranks #999999 out of 194 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Toplivo AD has a GF Score™ of 48/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Toplivo AD's Net-Net Working Capital compare to MPC and VLO?
According to the Oil & Gas industry distribution chart, Toplivo AD ranks #999999 out of 194 companies for Net-Net Working Capital. This places Toplivo AD in the lower half of its industry. The industry median Net-Net Working Capital is 6.16. 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 6.16, based on 194 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 Toplivo AD For the Oil & Gas industry, the median Net-Net Working Capital is 6.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Toplivo AD's current Net-Net Working Capital is €-0.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Toplivo AD stock overvalued right now?
Based on GuruFocus' analysis, Toplivo AD (XBUL:TOPL) is currently considered Modestly Undervalued. The stock's GF Value™ is €4.44, compared to a current price of €3.90 — trading 12.2% below its estimated fair value. The current Net-Net Working Capital is €-0.29. Toplivo AD's overall GF Score™ is 48/100 with 1 warning sign 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 Toplivo AD (XBUL:TOPL), the current Net-Net Working Capital is €-0.29 as of Jun. 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 Toplivo AD (XBUL:TOPL) Overvalued in 2026?
Based on GuruFocus' analysis, Toplivo AD stock appears to be undervalued.
The current stock price of €3.90 is trading 12.2% below its estimated GF Value™ of €4.44.
GuruFocus considers Toplivo AD to be Modestly Undervalued.
Key valuation signals for XBUL:TOPL:
Net-Net Working Capital: €-0.29
GF Value™: €4.44 vs. price of €3.90 (12.2% below fair value)
No single metric tells the full story. See the XBUL:TOPL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Toplivo AD is engaged in the provision of petroleum products like propane-butane, liquid petrol and liquid petroleum gas. It also offers construction and heating materials like firewood, wooden materials, decorating tiles, briquettes, wood, and metals.
48GF Score
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