Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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.
Varia US Properties's Net-Net Working Capital for the quarter that ended in Mar. 2026 was CHF-49.73.
The industry rank for Varia US Properties's Net-Net Working Capital or its related term are showing as below:
XSWX:VARN's Price-to-Net-Net-Working-Capital is not ranked *
in the Real Estate industry.
Industry Median: 4.355 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Varia US Properties (XSWX:VARN) 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.
Varia US Properties Net-Net Working Capital Related Terms
Varia US Properties Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Varia US Properties'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:VARN vs CBRE, BEKE, JLL: Net-Net Working Capital Comparison
For the Real Estate Services subindustry, Varia US Properties'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.
Varia US Properties Price-to-Net-Net-Working-Capital vs Real Estate Industry
For the Real Estate industry and Real Estate sector, Varia US Properties's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Varia US Properties'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-49.73 mean?
Varia US Properties (XSWX:VARN) has a Net-Net Working Capital of CHF-49.73 as of Mar. 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 Varia US Properties According to the industry distribution chart, Varia US Properties ranks #999999 out of 328 companies in the Real Estate industry.
Is Varia US Properties' Net-Net Working Capital too high?
Varia US Properties' current Net-Net Working Capital is CHF-49.73. Based on the distribution chart, Varia US Properties ranks #999999 out of 328 companies in the Real Estate industry, which is in the bottom quartile relative to peers. Overall, Varia US Properties has a GF Score™ of 41/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Varia US Properties' Net-Net Working Capital compare to CBRE and BEKE?
According to the Real Estate industry distribution chart, Varia US Properties ranks #999999 out of 328 companies for Net-Net Working Capital. This places Varia US Properties in the lower half of its industry. The industry median Net-Net Working Capital is 4.36. 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 Real Estate company?
The median Net-Net Working Capital among Real Estate companies is 4.36, 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 Varia US Properties For the Real Estate industry, the median Net-Net Working Capital is 4.36 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Varia US Properties's current Net-Net Working Capital is CHF-49.73. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Varia US Properties stock overvalued right now?
Based on GuruFocus' analysis, Varia US Properties (XSWX:VARN) is currently considered Possible Value Trap. The stock's GF Value™ is CHF21.90, compared to a current price of CHF13.00 — trading 40.6% below its estimated fair value. The current Net-Net Working Capital is CHF-49.73. Varia US Properties' overall GF Score™ is 41/100 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 Varia US Properties (XSWX:VARN), the current Net-Net Working Capital is CHF-49.73 as of Mar. 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 Varia US Properties (XSWX:VARN) Overvalued in 2026?
Based on GuruFocus' analysis, Varia US Properties stock appears to be undervalued.
The current stock price of CHF13.00 is trading 40.6% below its estimated GF Value™ of CHF21.90.
GuruFocus considers Varia US Properties to be Possible Value Trap.
Key valuation signals for XSWX:VARN:
Net-Net Working Capital: CHF-49.73
GF Value™: CHF21.90 vs. price of CHF13.00 (40.6% below fair value)
No single metric tells the full story. See the XSWX:VARN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Varia US Properties Ltd is a Swiss-based company exclusively investing in the United States residential real estate market. It focuses on secondary and tertiary areas characterized by population, employment growth, and limited housing offering. It invests in low to moderate-income and workforce multifamily housing properties. The majority of revenue comes from Rental income.
41GF Score
Get the complete analysis for XSWX:VARN
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
XSWX:VARN has been successfully added to your 
