Anglo AmericanXSWX:AAM 44 Net-Net Working Capital is CHF-21.26 as of Dec. 2025. GuruFocus rates XSWX:AAM with a GF Score™ of 44/100 and a GF Value™ of CHF17.98 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,121 Metals & Mining companies, Anglo American ranks worse than 89205.98% 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.
Anglo American's Net-Net Working Capital for the quarter that ended in Dec. 2025 was CHF-21.26.
The industry rank for Anglo American's Net-Net Working Capital or its related term are showing as below:
XSWX:AAM's Price-to-Net-Net-Working-Capital is not ranked *
in the Metals & Mining industry.
Industry Median: 7.1 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Anglo American (XSWX:AAM) 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.
Anglo American Net-Net Working Capital Related Terms
Anglo American Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Anglo American'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.
Anglo American Net-Net Working Capital Competitor Comparison
For the Other Industrial Metals & Mining subindustry, Anglo American'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.
Anglo American Price-to-Net-Net-Working-Capital vs Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, Anglo American's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Anglo American'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 CHF-21.26 mean?
Anglo American (XSWX:AAM) has a Net-Net Working Capital of CHF-21.26 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 Anglo American According to the industry distribution chart, Anglo American ranks #999999 out of 1121 companies in the Metals & Mining industry.
Is Anglo American's Net-Net Working Capital too high?
Anglo American's current Net-Net Working Capital is CHF-21.26. Based on the distribution chart, Anglo American ranks #999999 out of 1121 companies in the Metals & Mining industry, which is in the bottom quartile relative to peers. Overall, Anglo American has a GF Score™ of 44/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Anglo American's Net-Net Working Capital compare to competitors?
According to the Metals & Mining industry distribution chart, Anglo American ranks #999999 out of 1121 companies for Net-Net Working Capital. This places Anglo American in the lower half of its industry. The industry median Net-Net Working Capital is 7.10. 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 Metals & Mining company?
The median Net-Net Working Capital among Metals & Mining companies is 7.10, based on 1,121 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 Anglo American For the Metals & Mining industry, the median Net-Net Working Capital is 7.10 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Anglo American's current Net-Net Working Capital is CHF-21.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anglo American stock overvalued right now?
Based on GuruFocus' analysis, Anglo American (XSWX:AAM) is currently considered Significantly Overvalued. The stock's GF Value™ is CHF17.98, compared to a current price of CHF39.80 — trading 121.4% above its estimated fair value. The current Net-Net Working Capital is CHF-21.26. Anglo American's overall GF Score™ is 44/100 with 8 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 Anglo American (XSWX:AAM), the current Net-Net Working Capital is CHF-21.26 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 Anglo American (XSWX:AAM) Overvalued in 2026?
Based on GuruFocus' analysis, Anglo American stock appears to be overvalued.
The current stock price of CHF39.80 is trading 121.4% above its estimated GF Value™ of CHF17.98.
GuruFocus considers Anglo American to be Significantly Overvalued.
Key valuation signals for XSWX:AAM:
Net-Net Working Capital: CHF-21.26
GF Value™: CHF17.98 vs. price of CHF39.80 (121.4% above fair value)
No single metric tells the full story. See the XSWX:AAM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Previously one of the more diversified major miners, in May 2024 Anglo American announced that it will restructure to focus on copper, iron ore, and crop nutrients, while selling or spinning off its other businesses. It sold out of platinum group metals in September 2025, and will likely sell or demerge and spin off its majority-owned De Beers diamonds business, in most years the world's largest supplier and marketer of rough gem diamonds by value. It is again trying to sell its remaining metallurgical coal mines after Peabody pulled out of a deal to buy them. Anglo also plans to move back into the crop nutrients business via its Woodsmith polyhalite project in the UK. In September 2025, it also agreed to merge with Teck, with the deal likely to complete in late 2026 or early 2027.
44GF Score
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