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NCAV Net-Net Stock Calculator
Calculate Benjamin Graham's net current asset value (NCAV) for any US-listed stock. Identifies net-net bargains trading below their liquidation value — with a Price/NCAV ratio and a deep value verdict.
Enter a ticker to calculate NCAV
NCAV = (Current Assets − Total Liabilities) ÷ Shares Outstanding
Graham bought stocks trading below 0.67× NCAV per share.
How to use this NCAV calculator
Enter a ticker and click Calculate
Type any US-listed stock symbol and click Calculate. The calculator fetches the most recent annual balance sheet and share count from Yahoo Finance automatically — no manual data entry required.
Read the NCAV per share and verdict
The result shows NCAV per share alongside the current price and Price/NCAV ratio. Green means the stock trades below Graham's 0.67× threshold — a deep net-net. Yellow means below NCAV but above 0.67×. Red means priced above liquidation value.
Check the balance sheet inputs
The calculator displays current assets, total liabilities, and shares outstanding so you can verify the inputs against the company's latest 10-K. Stale data or restatements can shift NCAV significantly — always cross-check the source filing.
Run a DCF to check earnings power
A net-net screen finds liquidation bargains — but a cheap stock can still be a value trap if the business is burning cash. Pair NCAV with a DCF model and earnings quality check before committing capital.
NCAV Net-Net — Frequently Asked Questions
What is NCAV (Net Current Asset Value)?
Net Current Asset Value (NCAV) is a measure of a company's liquidation value developed by Benjamin Graham. It equals current assets minus total liabilities, divided by shares outstanding. Graham argued that a company trading below its NCAV is effectively priced as if its long-term assets — property, plant, equipment, intangibles — are worthless. Buying stocks at steep discounts to NCAV was a core strategy in his early career.
What is a net-net stock?
A net-net stock is one trading below its NCAV per share — meaning the market cap is less than the company's current assets minus all liabilities. Graham considered this the ultimate bargain: you're buying the liquid assets alone at a discount, and getting the fixed assets for free. He typically required a price below 0.67× NCAV (a 33% discount) to provide a margin of safety against errors in balance sheet data.
What does Price/NCAV mean?
Price/NCAV is the ratio of the current stock price to NCAV per share. A ratio below 1.0 means the stock trades below its net liquidation value — a 'net-net.' A ratio below 0.67 meets Graham's strict threshold for a deep net-net. Most stocks trade well above 1.0 because markets price in earnings power, growth, and brand value beyond the balance sheet.
Does NCAV analysis work today?
Net-nets are rare in US large-cap markets but still appear in micro-caps, small foreign markets, and cyclically distressed sectors. Academic research (Oppenheimer 1986, Carlisle 2010) confirms that buying diversified baskets of net-nets generated significant outperformance over the following years. The caveat: individual net-nets can be value traps — businesses burning cash will eventually consume their own current assets. Diversification and cash-burn monitoring are essential.
Why might NCAV show negative or unreliable values?
NCAV can be negative when total liabilities exceed current assets — common in highly leveraged or capital-intensive businesses. Banks and financial companies carry enormous liabilities by design, making NCAV meaningless for them. The calculator will return a result but the NCAV per share will be negative, indicating the company has no liquidation surplus for equity holders after paying all creditors.