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.
ZKH GroupZKH -1.03%36 Net-Net Working Capital is $0.96 as of Mar. 2026. GuruFocus rates ZKH with a GF Score™ of 36/100. The stock has 1 warning sign investors should review. Among 327 Retail - Cyclical companies, ZKH Group ranks better than 70.64% 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.
ZKH Group's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $0.96.
The industry rank for ZKH Group's Net-Net Working Capital or its related term are showing as below:
ZKH's Price-to-Net-Net-Working-Capital is ranked better than 70.64% of 327
companies
in the Retail - Cyclical industry
Industry Median: 6.59
vs ZKH: 3.00
ZKH Group (NYSE:ZKH) 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.
ZKH Group Net-Net Working Capital Related Terms
ZKH Group Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for ZKH Group'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.
ZKH vs BBBY, LOGC, NEGG: Net-Net Working Capital Comparison
For the Internet Retail subindustry, ZKH Group'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.
ZKH Group Price-to-Net-Net-Working-Capital vs Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, ZKH Group's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where ZKH Group'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 $0.96 mean?
ZKH Group (ZKH) has a Net-Net Working Capital of $0.96 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 ZKH Group According to the industry distribution chart, ZKH Group ranks #96 out of 327 companies in the Retail - Cyclical industry, placing it in the top 29.4%.
Is ZKH Group's Net-Net Working Capital too high?
ZKH Group's current Net-Net Working Capital is $0.96. The Retail - Cyclical industry median Net-Net Working Capital is 6.59. ZKH Group's value of $0.96 is 85.4% below this industry median. Based on the distribution chart, ZKH Group ranks #96 out of 327 companies in the Retail - Cyclical industry, which is above the industry midpoint. Overall, ZKH Group has a GF Score™ of 36/100, reflecting its overall financial health beyond just this single metric.
How does ZKH Group's Net-Net Working Capital compare to BBBY and LOGC?
According to the Retail - Cyclical industry distribution chart, ZKH Group ranks #96 out of 327 companies for Net-Net Working Capital. This puts ZKH Group in the upper half of its industry. The industry median Net-Net Working Capital is 6.59. ZKH Group's value of $0.96 is 85.4% 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 Retail - Cyclical company?
The median Net-Net Working Capital among Retail - Cyclical companies is 6.59, based on 327 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. ZKH Group's current Net-Net Working Capital of $0.96 is 85.4% 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 ZKH Group For the Retail - Cyclical industry, the median Net-Net Working Capital is 6.59 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ZKH Group's current Net-Net Working Capital is $0.96. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ZKH Group stock overvalued right now?
ZKH Group (ZKH) has a current Net-Net Working Capital of $0.96. The current Net-Net Working Capital is $0.96 and 85.4% below the Retail - Cyclical industry median of 6.59. ZKH Group's overall GF Score™ is 36/100 with 1 warning sign 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 ZKH Group (ZKH), the current Net-Net Working Capital is $0.96 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.
ZKH Group Ltd engages in providing MRO procurement service platform in China. It provides one-stop MRO procurement and management services for its customers, and offers digital and fulfillment solutions for participants along the industry value chain. It offers a broad range of MRO product offerings covering all MRO product lines on its platform, including spare parts, chemicals, manufacturing parts, general consumables, and office supplies. Majority of the revenues are derived from the PRC.
36GF Score
Get the complete analysis for ZKH
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
ZKH has been successfully added to your 
