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ZhihuZH -2.53%57 Net-Net Working Capital is $5.26 as of Mar. 2026. GuruFocus rates ZH with a GF Score™ of 57/100 and a GF Value™ of $3.64 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 281 Interactive Media companies, Zhihu ranks better than 98.58% 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.
Zhihu's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $5.26.
The industry rank for Zhihu's Net-Net Working Capital or its related term are showing as below:
ZH's Price-to-Net-Net-Working-Capital is ranked better than 98.58% of 281
companies
in the Interactive Media industry
Industry Median: 4.93
vs ZH: 0.59
Zhihu (NYSE:ZH) 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.
Zhihu Net-Net Working Capital Related Terms
Zhihu Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Zhihu'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.
ZH vs ANGI, ZIP, SSTK: Net-Net Working Capital Comparison
For the Internet Content & Information subindustry, Zhihu'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.
Zhihu Price-to-Net-Net-Working-Capital vs Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Zhihu's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Zhihu'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 $5.26 mean?
Zhihu (ZH) has a Net-Net Working Capital of $5.26 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 Zhihu According to the industry distribution chart, Zhihu ranks #4 out of 281 companies in the Interactive Media industry, placing it in the top 1.4%.
Is Zhihu's Net-Net Working Capital too high?
Zhihu's current Net-Net Working Capital is $5.26. The Interactive Media industry median Net-Net Working Capital is 4.93. Zhihu's value of $5.26 is 6.7% above this industry median. Based on the distribution chart, Zhihu ranks #4 out of 281 companies in the Interactive Media industry, which is in the top quartile — a strong position relative to peers. Overall, Zhihu has a GF Score™ of 57/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Zhihu's Net-Net Working Capital compare to ANGI and ZIP?
According to the Interactive Media industry distribution chart, Zhihu ranks #4 out of 281 companies for Net-Net Working Capital. This places Zhihu in the top 1% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 4.93. Zhihu's value of $5.26 is 6.7% above 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 an Interactive Media company?
The median Net-Net Working Capital among Interactive Media companies is 4.93, based on 281 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. Zhihu's current Net-Net Working Capital of $5.26 is 6.7% above 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 Zhihu For the Interactive Media industry, the median Net-Net Working Capital is 4.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Zhihu's current Net-Net Working Capital is $5.26. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zhihu stock overvalued right now?
Based on GuruFocus' analysis, Zhihu (ZH) is currently considered Modestly Undervalued. The stock's GF Value™ is $3.64, compared to a current price of $3.08 — trading 15.4% below its estimated fair value. The current Net-Net Working Capital is $5.26 and 6.7% above the Interactive Media industry median of 4.93. Zhihu's overall GF Score™ is 57/100 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 Zhihu (ZH), the current Net-Net Working Capital is $5.26 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 Zhihu (ZH) Overvalued in 2026?
Based on GuruFocus' analysis, Zhihu stock appears to be undervalued.
The current stock price of $3.08 is trading 15.4% below its estimated GF Value™ of $3.64.
GuruFocus considers Zhihu to be Modestly Undervalued.
Key valuation signals for ZH:
Net-Net Working Capital: $5.26
GF Value™: $3.64 vs. price of $3.08 (15.4% below fair value)
Industry Position: 6.7% above the Interactive Media median (#4 of 281)
No single metric tells the full story. See the ZH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zhihu Inc is engaged in the operation of one online content community which monetizes through paid membership services, marketing services and other services in the People's Republic of China. It is an online content community where people come to find solutions, make decisions, seek inspiration, and have fun. Its community supports discussions ranging from everyday consumer decisions, such as purchasing products or planning travel, to more specialized areas on professional knowledge, technological developments including artificial intelligence and academic topics. It operates in single segment and its revenues are derived from within the PRC.
57GF Score
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