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Substrate Artificial InteligenceXMAD:SAI -5.39% Net-Net Working Capital is €-0.05 as of Dec. 2025. The stock has 7 warning signs investors should review. Among 1,258 Software companies, Substrate Artificial Inteligence ranks worse than 79491.18% 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.
XMAD:SAI's Price-to-Net-Net-Working-Capital is not ranked *
in the Software industry.
Industry Median: 6.995 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Substrate Artificial Inteligence (XMAD:SAI) 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.
Substrate Artificial Inteligence Net-Net Working Capital Related Terms
Substrate Artificial Inteligence 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.
Substrate Artificial Inteligence Net-Net Working Capital Chart
XMAD:SAI vs MSFT, ORCL, PLTR: Net-Net Working Capital Comparison
For the Software - Infrastructure subindustry, Substrate Artificial Inteligence'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.
Substrate Artificial Inteligence Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Substrate Artificial Inteligence's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Substrate Artificial Inteligence'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 €-0.05 mean?
Substrate Artificial Inteligence (XMAD:SAI) has a Net-Net Working Capital of €-0.05 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 Substrate Artificial Inteligence According to the industry distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1258 companies in the Software industry.
Is Substrate Artificial Inteligence's Net-Net Working Capital too high?
Substrate Artificial Inteligence's current Net-Net Working Capital is €-0.05. Based on the distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1258 companies in the Software industry, which is in the bottom quartile relative to peers.
How does Substrate Artificial Inteligence's Net-Net Working Capital compare to MSFT and ORCL?
According to the Software industry distribution chart, Substrate Artificial Inteligence ranks #999999 out of 1258 companies for Net-Net Working Capital. This places Substrate Artificial Inteligence in the lower half of its industry. The industry median Net-Net Working Capital is 7.00. 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 Software company?
The median Net-Net Working Capital among Software companies is 7.00, based on 1,258 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 Substrate Artificial Inteligence For the Software industry, the median Net-Net Working Capital is 7.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Substrate Artificial Inteligence's current Net-Net Working Capital is €-0.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Substrate Artificial Inteligence stock overvalued right now?
Based on GuruFocus' analysis, Substrate Artificial Inteligence (XMAD:SAI) is currently considered Possible Value Trap. The stock's GF Value™ is €0.19, compared to a current price of €0.07 — trading 65.8% below its estimated fair value. The current Net-Net Working Capital is €-0.05. 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 Substrate Artificial Inteligence (XMAD:SAI), the current Net-Net Working Capital is €-0.05 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.
Substrate Artificial Inteligence Business Description
Substrate Artificial Inteligence SA is an Artificial Intelligence company in Spain. Its software is applied in agritech, energy, industry, fintech, human resources, or health sectors. Its technology is easy to implement and allows it to address all the problems faced by companies in the digitization and streamlining of their processes, optimizing decision-making and generating great cost savings.
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