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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.
Zealand Pharma AS's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $29.86.
The industry rank for Zealand Pharma AS's Net-Net Working Capital or its related term are showing as below:
ZLDPF's Price-to-Net-Net-Working-Capital is ranked better than 86.48% of 858
companies
in the Biotechnology industry
Industry Median: 5.38
vs ZLDPF: 1.51
Zealand Pharma AS (OTCPK:ZLDPF) 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.
Zealand Pharma AS Net-Net Working Capital Related Terms
Zealand Pharma AS Net-Net Working Capital Historical Data
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The historical data trend for Zealand Pharma AS'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.
ZLDPF vs VRTX, REGN, ALNY: Net-Net Working Capital Comparison
For the Biotechnology subindustry, Zealand Pharma AS'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.
Zealand Pharma AS Price-to-Net-Net-Working-Capital vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Zealand Pharma AS's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Zealand Pharma AS'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 $29.86 mean?
Zealand Pharma AS (ZLDPF) has a Net-Net Working Capital of $29.86 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 Zealand Pharma AS According to the industry distribution chart, Zealand Pharma AS ranks #116 out of 858 companies in the Biotechnology industry, placing it in the top 13.5%.
Is Zealand Pharma AS's Net-Net Working Capital too high?
Zealand Pharma AS's current Net-Net Working Capital is $29.86. The Biotechnology industry median Net-Net Working Capital is 5.38. Zealand Pharma AS's value of $29.86 is 455% above this industry median. Based on the distribution chart, Zealand Pharma AS ranks #116 out of 858 companies in the Biotechnology industry, which is in the top quartile — a strong position relative to peers. Overall, Zealand Pharma AS has a GF Score™ of 62/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Zealand Pharma AS's Net-Net Working Capital compare to VRTX and REGN?
According to the Biotechnology industry distribution chart, Zealand Pharma AS ranks #116 out of 858 companies for Net-Net Working Capital. This places Zealand Pharma AS in the top 14% of its industry — outperforming the majority of peers. The industry median Net-Net Working Capital is 5.38. Zealand Pharma AS's value of $29.86 is 455% 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 a Biotechnology company?
The median Net-Net Working Capital among Biotechnology companies is 5.38, based on 858 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. Zealand Pharma AS's current Net-Net Working Capital of $29.86 is 455% 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 Zealand Pharma AS For the Biotechnology industry, the median Net-Net Working Capital is 5.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Zealand Pharma AS's current Net-Net Working Capital is $29.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zealand Pharma AS stock overvalued right now?
Based on GuruFocus' analysis, Zealand Pharma AS (ZLDPF) is currently considered Possible Value Trap. The stock's GF Value™ is $2,444.07, compared to a current price of $44.59 — trading 98.2% below its estimated fair value. The current Net-Net Working Capital is $29.86 and 455% above the Biotechnology industry median of 5.38. Zealand Pharma AS's overall GF Score™ is 62/100 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 Zealand Pharma AS (ZLDPF), the current Net-Net Working Capital is $29.86 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 Zealand Pharma AS (ZLDPF) Overvalued in 2026?
Based on GuruFocus' analysis, Zealand Pharma AS stock appears to be undervalued.
The current stock price of $44.59 is trading 98.2% below its estimated GF Value™ of $2,444.07.
GuruFocus considers Zealand Pharma AS to be Possible Value Trap.
Key valuation signals for ZLDPF:
Net-Net Working Capital: $29.86
GF Value™: $2,444.07 vs. price of $44.59 (98.2% below fair value)
Industry Position: 455% above the Biotechnology median (#116 of 858)
No single metric tells the full story. See the ZLDPF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zealand Pharma AS is a biotechnology company. It is focused on the discovery, design, and development of peptide-based medicines. The company's product pipeline includes three product candidates in clinical development: glepaglutide, which is being developed to treat short bowel syndrome or SBS; dasiglucagon formulated for use in a dual-hormone artificial pancreas system for diabetes management; and dasiglucagon for use in the treatment of congenital hyperinsulinism. The company has out-licensed a peptide program to Boehringer Ingelheim that has been moved ahead into early clinical development: a once-weekly novel dual-acting GLP-1/glucagon agonist for the treatment of obesity and/or Type 2 diabetes.
62GF Score
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