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.
Forbo Holding AG's Net-Net Working Capital for the quarter that ended in Dec. 2025 was CHF9.09.
The industry rank for Forbo Holding AG's Net-Net Working Capital or its related term are showing as below:
XSWX:FORN's Price-to-Net-Net-Working-Capital is ranked worse than 95.29% of 488
companies
in the Construction industry
Industry Median: 6.6
vs XSWX:FORN: 82.40
Forbo Holding AG (XSWX:FORN) 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.
Forbo Holding AG Net-Net Working Capital Related Terms
Forbo Holding AG Net-Net Working Capital Historical Data
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The historical data trend for Forbo 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:FORN vs TT, JCI, CARR: Net-Net Working Capital Comparison
For the Building Products & Equipment subindustry, Forbo 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.
Forbo Holding AG Price-to-Net-Net-Working-Capital vs Construction Industry
For the Construction industry and Industrials sector, Forbo Holding AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Forbo 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 CHF9.09 mean?
Forbo Holding AG (XSWX:FORN) has a Net-Net Working Capital of CHF9.09 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 Forbo Holding AG According to the industry distribution chart, Forbo Holding AG ranks #465 out of 488 companies in the Construction industry, placing it in the top 95.3%.
Is Forbo Holding AG's Net-Net Working Capital too high?
Forbo Holding AG's current Net-Net Working Capital is CHF9.09. Based on the distribution chart, Forbo Holding AG ranks #465 out of 488 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Forbo Holding AG has a GF Score™ of 72/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Forbo Holding AG's Net-Net Working Capital compare to TT and JCI?
According to the Construction industry distribution chart, Forbo Holding AG ranks #465 out of 488 companies for Net-Net Working Capital. This places Forbo Holding AG in the lower half of its industry. The industry median Net-Net Working Capital is 6.60. 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 Construction company?
The median Net-Net Working Capital among Construction companies is 6.60, based on 488 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 Forbo Holding AG For the Construction industry, the median Net-Net Working Capital is 6.60 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Forbo Holding AG's current Net-Net Working Capital is CHF9.09. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Forbo Holding AG stock overvalued right now?
Based on GuruFocus' analysis, Forbo Holding AG (XSWX:FORN) is currently considered Modestly Undervalued. The stock's GF Value™ is CHF880.37, compared to a current price of CHF749.00 — trading 14.9% below its estimated fair value. The current Net-Net Working Capital is CHF9.09. Forbo Holding AG's overall GF Score™ is 72/100 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 Forbo Holding AG (XSWX:FORN), the current Net-Net Working Capital is CHF9.09 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 Forbo Holding AG (XSWX:FORN) Overvalued in 2026?
Based on GuruFocus' analysis, Forbo Holding AG stock appears to be undervalued.
The current stock price of CHF749.00 is trading 14.9% below its estimated GF Value™ of CHF880.37.
GuruFocus considers Forbo Holding AG to be Modestly Undervalued.
Key valuation signals for XSWX:FORN:
Net-Net Working Capital: CHF9.09
GF Value™: CHF880.37 vs. price of CHF749.00 (14.9% below fair value)
No single metric tells the full story. See the XSWX:FORN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Forbo Holding AG manufactures and sells flooring and movement systems. The company organizes itself into two segments based on product type. The Flooring Systems segment, which generates the majority of revenue, sells commercial and residential floor coverings, entrance flooring systems, and building and construction flooring adhesives to the construction and remodeling industries. The Movement Systems segment sells conveyor and processing belts, plastic modular belts, power transmission belts, and flat modular belts, to the food, automotive, and fitness equipment industries. The majority of revenue comes from Europe, and also has its presence in Americas and Asia/Pacific and Africa.
72GF 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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