AXAXSWX:CS 70 Net-Net Working Capital is CHF-121.86 as of Dec. 2025. GuruFocus rates XSWX:CS with a GF Score™ of 70/100 and a GF Value™ of CHF33.11. The stock has 5 warning signs investors should review. Among 60 Insurance companies, AXA ranks worse than 1666665% 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.
AXA's Net-Net Working Capital for the quarter that ended in Dec. 2025 was CHF-121.86.
The industry rank for AXA's Net-Net Working Capital or its related term are showing as below:
XSWX:CS's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 8.265 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
AXA (XSWX:CS) 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.
AXA Net-Net Working Capital Related Terms
AXA Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for AXA'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:CS vs BRK.A, AIG, HIG: Net-Net Working Capital Comparison
For the Insurance - Diversified subindustry, AXA'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.
AXA Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, AXA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where AXA'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-121.86 mean?
AXA (XSWX:CS) has a Net-Net Working Capital of CHF-121.86 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 AXA According to the industry distribution chart, AXA ranks #999999 out of 60 companies in the Insurance industry.
Is AXA's Net-Net Working Capital too high?
AXA's current Net-Net Working Capital is CHF-121.86. Based on the distribution chart, AXA ranks #999999 out of 60 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, AXA has a GF Score™ of 70/100, reflecting its overall financial health beyond just this single metric.
How does AXA's Net-Net Working Capital compare to BRK.A and AIG?
According to the Insurance industry distribution chart, AXA ranks #999999 out of 60 companies for Net-Net Working Capital. This places AXA in the lower half of its industry. The industry median Net-Net Working Capital is 8.27. 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 Insurance company?
The median Net-Net Working Capital among Insurance companies is 8.27, based on 60 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 AXA For the Insurance industry, the median Net-Net Working Capital is 8.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. AXA's current Net-Net Working Capital is CHF-121.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is AXA stock overvalued right now?
AXA (XSWX:CS) has a current Net-Net Working Capital of CHF-121.86. The stock's GF Value™ is CHF33.11, compared to a current price of CHF37.96 — trading 14.6% above its estimated fair value. The current Net-Net Working Capital is CHF-121.86. AXA's overall GF Score™ is 70/100 with 5 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 AXA (XSWX:CS), the current Net-Net Working Capital is CHF-121.86 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 AXA (XSWX:CS) Overvalued in 2026?
Based on GuruFocus' analysis, AXA stock appears to be overvalued.
The current stock price of CHF37.96 is trading 14.6% above its estimated GF Value™ of CHF33.11.
Key valuation signals for XSWX:CS:
Net-Net Working Capital: CHF-121.86
GF Value™: CHF33.11 vs. price of CHF37.96 (14.6% above fair value)
No single metric tells the full story. See the XSWX:CS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AXA's origins date back to Ancienne Mutuelle, one of the few insurers that remained after the creation of the French social security system. With the threat of nationalization, a merger took place between Drouot and AXA, which was then still known as Mutuelles Unies in 1982, and later Présence. Ten years later, AXA acquired North American life insurer Equitable Holdings. This was a time of expansion as AXA also bought the French insurer UAP. As markets crashed at the turn of the millennium, AXA decided to refocus its business and exited its stake in US investment bank Donaldson, Lufkin & Jenrette. A few years later, the business expanded again with the acquisition of Swiss insurer Winterthur. AXA has reshaped its portfolio to technical risks.
70GF Score
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