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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.
XSWX:HBH's Price-to-Net-Net-Working-Capital is not ranked *
in the Retail - Cyclical industry.
Industry Median: 5.99 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
HORNBACH Holding AG and Co KGaA (XSWX:HBH) 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.
HORNBACH Holding AG and Co KGaA Net-Net Working Capital Related Terms
HORNBACH Holding AG and Co KGaA 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.
HORNBACH Holding AG and Co KGaA Net-Net Working Capital Chart
XSWX:HBH vs HD, LOW, FND: Net-Net Working Capital Comparison
For the Home Improvement Retail subindustry, HORNBACH Holding AG and Co KGaA'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.
HORNBACH Holding AG and Co KGaA Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, HORNBACH Holding AG and Co KGaA's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where HORNBACH Holding AG and Co KGaA'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-94.89 mean?
HORNBACH Holding AG and Co KGaA (XSWX:HBH) has a Net-Net Working Capital of CHF-94.89 as of May. 2026. 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 HORNBACH Holding AG and Co KGaA According to the industry distribution chart, HORNBACH Holding AG and Co KGaA ranks #999999 out of 328 companies in the Retail - Cyclical industry.
Is HORNBACH Holding AG and Co KGaA's Net-Net Working Capital too high?
HORNBACH Holding AG and Co KGaA's current Net-Net Working Capital is CHF-94.89. Based on the distribution chart, HORNBACH Holding AG and Co KGaA ranks #999999 out of 328 companies in the Retail - Cyclical industry, which is in the bottom quartile relative to peers. Overall, HORNBACH Holding AG and Co KGaA has a GF Score™ of 72/100, reflecting its overall financial health beyond just this single metric.
How does HORNBACH Holding AG and Co KGaA's Net-Net Working Capital compare to HD and LOW?
According to the Retail - Cyclical industry distribution chart, HORNBACH Holding AG and Co KGaA ranks #999999 out of 328 companies for Net-Net Working Capital. This places HORNBACH Holding AG and Co KGaA in the lower half of its industry. The industry median Net-Net Working Capital is 5.99. 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 5.99, based on 328 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 HORNBACH Holding AG and Co KGaA For the Retail - Cyclical industry, the median Net-Net Working Capital is 5.99 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. HORNBACH Holding AG and Co KGaA's current Net-Net Working Capital is CHF-94.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is HORNBACH Holding AG and Co KGaA stock overvalued right now?
HORNBACH Holding AG and Co KGaA (XSWX:HBH) has a current Net-Net Working Capital of CHF-94.89. The stock's GF Value™ is CHF75.72, compared to a current price of CHF72.60 — trading 4.1% below its estimated fair value. The current Net-Net Working Capital is CHF-94.89. HORNBACH Holding AG and Co KGaA'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 HORNBACH Holding AG and Co KGaA (XSWX:HBH), the current Net-Net Working Capital is CHF-94.89 as of May. 2026. 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 HORNBACH Holding AG and Co KGaA (XSWX:HBH) Overvalued in 2026?
Based on GuruFocus' analysis, HORNBACH Holding AG and Co KGaA stock appears to be undervalued.
The current stock price of CHF72.60 is trading 4.1% below its estimated GF Value™ of CHF75.72.
Key valuation signals for XSWX:HBH:
Net-Net Working Capital: CHF-94.89
GF Value™: CHF75.72 vs. price of CHF72.60 (4.1% below fair value)
No single metric tells the full story. See the XSWX:HBH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
HORNBACH Holding AG and Co KGaA Business Description
HORNBACH Holding AG and Co KGaA and its subsidiaries are involved in the business of Retail and Real estate segments. The company's operating segment include HORNBACH Baumarkt subgroup; HORNBACH Baustoff Union GmbH subgroup, and HORNBACH Immobilien AG subgroup. It generates maximum revenue from the HORNBACH Baumarkt subgroup segment. Geographically, it derives a majority of revenue from Germany. Products are structured in the following divisions: Hardware/Electrical, Paint/Wallpaper/Flooring, Construction Materials/Timber/Prefabricated Components, Sanitary/Tiles, and Garden. The company operates in Germany and other European countries.
72GF Score
Get the complete analysis for XSWX:HBH
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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