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.
Full Truck Alliance Co's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $1.91.
The industry rank for Full Truck Alliance Co's Net-Net Working Capital or its related term are showing as below:
YMM's Price-to-Net-Net-Working-Capital is ranked better than 63.35% of 1258
companies
in the Software industry
Industry Median: 6.795
vs YMM: 4.56
Full Truck Alliance Co (NYSE:YMM) 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.
Full Truck Alliance Co Net-Net Working Capital Related Terms
Full Truck Alliance Co Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Full Truck Alliance Co'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.
Full Truck Alliance Co Net-Net Working Capital Chart
YMM vs UBER, SHOP, CRM: Net-Net Working Capital Comparison
For the Software - Application subindustry, Full Truck Alliance Co'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.
Full Truck Alliance Co Price-to-Net-Net-Working-Capital vs Software Industry
For the Software industry and Technology sector, Full Truck Alliance Co's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Full Truck Alliance Co'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 $1.91 mean?
Full Truck Alliance Co (YMM) has a Net-Net Working Capital of $1.91 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 Full Truck Alliance Co According to the industry distribution chart, Full Truck Alliance Co ranks #461 out of 1258 companies in the Software industry, placing it in the top 36.6%.
Is Full Truck Alliance Co's Net-Net Working Capital too high?
Full Truck Alliance Co's current Net-Net Working Capital is $1.91. The Software industry median Net-Net Working Capital is 6.80. Full Truck Alliance Co's value of $1.91 is 71.9% below this industry median. Based on the distribution chart, Full Truck Alliance Co ranks #461 out of 1258 companies in the Software industry, which is above the industry midpoint. Overall, Full Truck Alliance Co has a GF Score™ of 75/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Full Truck Alliance Co's Net-Net Working Capital compare to UBER and SHOP?
According to the Software industry distribution chart, Full Truck Alliance Co ranks #461 out of 1258 companies for Net-Net Working Capital. This puts Full Truck Alliance Co in the upper half of its industry. The industry median Net-Net Working Capital is 6.80. Full Truck Alliance Co's value of $1.91 is 71.9% below this benchmark. 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 Software company?
The median Net-Net Working Capital among Software companies is 6.80, based on 1,258 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. Full Truck Alliance Co's current Net-Net Working Capital of $1.91 is 71.9% below the industry median. 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 Full Truck Alliance Co For the Software industry, the median Net-Net Working Capital is 6.80 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Full Truck Alliance Co's current Net-Net Working Capital is $1.91. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Full Truck Alliance Co stock overvalued right now?
Based on GuruFocus' analysis, Full Truck Alliance Co (YMM) is currently considered Modestly Undervalued. The stock's GF Value™ is $11.64, compared to a current price of $9.07 — trading 22.1% below its estimated fair value. The current Net-Net Working Capital is $1.91 and 71.9% below the Software industry median of 6.80. Full Truck Alliance Co's overall GF Score™ is 75/100 with 2 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 Full Truck Alliance Co (YMM), the current Net-Net Working Capital is $1.91 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 Full Truck Alliance Co (YMM) Overvalued in 2026?
Based on GuruFocus' analysis, Full Truck Alliance Co stock appears to be undervalued.
The current stock price of $9.07 is trading 22.1% below its estimated GF Value™ of $11.64.
GuruFocus considers Full Truck Alliance Co to be Modestly Undervalued.
Key valuation signals for YMM:
Net-Net Working Capital: $1.91
GF Value™: $11.64 vs. price of $9.07 (22.1% below fair value)
Industry Position: 71.9% below the Software median (#461 of 1258)
No single metric tells the full story. See the YMM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Full Truck Alliance Co Ltd, through its subsidiaries, provides comprehensive services for shippers and truckers through its mobile and website platforms. Its principal operations are in the People's Republic of China. The group derives its revenues principally from shippers and trucker's use of its platforms in connection with freight matching services and value-added services.
75GF Score
Get the complete analysis for YMM
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
YMM has been successfully added to your 
