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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.
Also Holding AG's Net-Net Working Capital for the quarter that ended in Dec. 2025 was CHF-115.94.
The industry rank for Also Holding AG's Net-Net Working Capital or its related term are showing as below:
XSWX:ALSN's Price-to-Net-Net-Working-Capital is not ranked *
in the Hardware industry.
Industry Median: 9.25 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Also Holding AG (XSWX:ALSN) 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.
Also Holding AG Net-Net Working Capital Related Terms
Also Holding AG Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Also Holding AG'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.
XSWX:ALSN vs SNX, ARW, AVT: Net-Net Working Capital Comparison
For the Electronics & Computer Distribution subindustry, Also Holding AG'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.
Also Holding AG Price-to-Net-Net-Working-Capital vs Hardware Industry
For the Hardware industry and Technology sector, Also Holding AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Also Holding AG'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-115.94 mean?
Also Holding AG (XSWX:ALSN) has a Net-Net Working Capital of CHF-115.94 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 Also Holding AG According to the industry distribution chart, Also Holding AG ranks #999999 out of 1221 companies in the Hardware industry.
Is Also Holding AG's Net-Net Working Capital too high?
Also Holding AG's current Net-Net Working Capital is CHF-115.94. Based on the distribution chart, Also Holding AG ranks #999999 out of 1221 companies in the Hardware industry, which is in the bottom quartile relative to peers. Overall, Also Holding AG has a GF Score™ of 60/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Also Holding AG's Net-Net Working Capital compare to SNX and ARW?
According to the Hardware industry distribution chart, Also Holding AG ranks #999999 out of 1221 companies for Net-Net Working Capital. This places Also Holding AG in the lower half of its industry. The industry median Net-Net Working Capital is 9.25. 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 Hardware company?
The median Net-Net Working Capital among Hardware companies is 9.25, based on 1,221 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 Also Holding AG For the Hardware industry, the median Net-Net Working Capital is 9.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Also Holding AG's current Net-Net Working Capital is CHF-115.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Also Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Also Holding AG (XSWX:ALSN) is currently considered Possible Value Trap. The stock's GF Value™ is CHF309.86, compared to a current price of CHF205.00 — trading 33.8% below its estimated fair value. The current Net-Net Working Capital is CHF-115.94. Also Holding AG's overall GF Score™ is 60/100 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 Also Holding AG (XSWX:ALSN), the current Net-Net Working Capital is CHF-115.94 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 Also Holding AG (XSWX:ALSN) Overvalued in 2026?
Based on GuruFocus' analysis, Also Holding AG stock appears to be undervalued.
The current stock price of CHF205.00 is trading 33.8% below its estimated GF Value™ of CHF309.86.
GuruFocus considers Also Holding AG to be Possible Value Trap.
Key valuation signals for XSWX:ALSN:
Net-Net Working Capital: CHF-115.94
GF Value™: CHF309.86 vs. price of CHF205.00 (33.8% below fair value)
No single metric tells the full story. See the XSWX:ALSN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Also Holding AG is an information and communications technology distribution company. It distributes a wide portfolio of hardware, software, and digital products of various technology brands. The industries it caters to include information technology, data centers, consumer electronics, and telecommunications. It also connects service providers of cloud solutions with their customers and aids the provision of financial, logistics, and IT services. The company's operating segments are: Central Europe, which generates the maximum revenue, and Northern/Eastern Europe. Geographically, it derives maximum revenue from the United Kingdom, followed by Germany, Poland, Switzerland, and other markets.
60GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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