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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.
Biotechnology Assets's Net-Net Working Capital for the quarter that ended in Dec. 2025 was €-0.04.
The industry rank for Biotechnology Assets's Net-Net Working Capital or its related term are showing as below:
XMAD:BST's Price-to-Net-Net-Working-Capital is not ranked *
in the Biotechnology industry.
Industry Median: 5.35 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Biotechnology Assets (XMAD:BST) 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.
Biotechnology Assets Net-Net Working Capital Related Terms
Biotechnology Assets Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Biotechnology Assets'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.
Biotechnology Assets Net-Net Working Capital Chart
XMAD:BST vs VRTX, REGN, ALNY: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Biotechnology Assets'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.
Biotechnology Assets Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Biotechnology Assets's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Biotechnology Assets'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 €-0.04 mean?
Biotechnology Assets (XMAD:BST) has a Net-Net Working Capital of €-0.04 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 Biotechnology Assets According to the industry distribution chart, Biotechnology Assets ranks #999999 out of 859 companies in the Biotechnology industry.
Is Biotechnology Assets' Net-Net Working Capital too high?
Biotechnology Assets' current Net-Net Working Capital is €-0.04. Based on the distribution chart, Biotechnology Assets ranks #999999 out of 859 companies in the Biotechnology industry, which is in the bottom quartile relative to peers. Overall, Biotechnology Assets has a GF Score™ of 19/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Biotechnology Assets' Net-Net Working Capital compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Biotechnology Assets ranks #999999 out of 859 companies for Net-Net Working Capital. This places Biotechnology Assets in the lower half of its industry. The industry median Net-Net Working Capital is 5.35. 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 Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.35, based on 859 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 Biotechnology Assets For the Biotechnology industry, the median Net-Net Working Capital is 5.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Biotechnology Assets's current Net-Net Working Capital is €-0.04. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Biotechnology Assets stock overvalued right now?
Based on GuruFocus' analysis, Biotechnology Assets (XMAD:BST) is currently considered Possible Value Trap. The stock's GF Value™ is €0.30, compared to a current price of €0.21 — trading 30% below its estimated fair value. The current Net-Net Working Capital is €-0.04. Biotechnology Assets' overall GF Score™ is 19/100 with 3 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 Biotechnology Assets (XMAD:BST), the current Net-Net Working Capital is €-0.04 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 Biotechnology Assets (XMAD:BST) Overvalued in 2026?
Based on GuruFocus' analysis, Biotechnology Assets stock appears to be undervalued.
The current stock price of €0.21 is trading 30% below its estimated GF Value™ of €0.30.
GuruFocus considers Biotechnology Assets to be Possible Value Trap.
Key valuation signals for XMAD:BST:
Net-Net Working Capital: €-0.04
GF Value™: €0.30 vs. price of €0.21 (30% below fair value)
No single metric tells the full story. See the XMAD:BST stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Biotechnology Assets SA is a clinical-stage biopharmaceutical company developing and producing biological products for the pharmaceutical and veterinarian sectors. It specializes in the prevention and treatment of niche diseases, such as orphan disease, antigens for new-generation vaccines, feed additives, and probiotics. Adl Bionatur offers a portfolio of non-therapeutic and therapeutic products to tier 1 and tier 2 animal health companies. The company's pipeline products include BNT006, BNT007, BNT010, and others.
19GF Score
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