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Net-Net Stock Calculator — NCAV + NNWC
Calculate Graham net-net value: NCAV (current assets minus total liabilities) and the stricter NNWC formula. Find stocks trading below liquidation value.
How to use this net-net 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 both NCAV and NNWC per share
The result shows both methods side by side. Green means the stock trades below Graham's 2/3 threshold — a deep net-net. Yellow means below NCAV. NNWC applies haircuts to receivables (75%) and inventory (50%) for a stricter liquidation estimate.
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.
Pair with a DCF for 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 NCAV calculator before committing capital.
Net-Net Investing — Frequently Asked Questions
What is the difference between NCAV and NNWC?
NCAV (Net Current Asset Value) equals total current assets minus all liabilities divided by shares outstanding. NNWC (Net-Net Working Capital) applies haircuts: cash counts at 100%, receivables at 75%, and inventory at 50%, then subtracts total liabilities. NNWC is the stricter screen — it discounts asset collectability before comparing to the stock price. Both were developed by Benjamin Graham; NNWC reflects his view that not all current assets are equally liquid.
What does Graham's 2/3 threshold mean?
Graham suggested buying net-nets at no more than two-thirds (67%) of NCAV per share. This 33% discount to liquidation value provides a margin of safety against errors in the balance sheet data, off-balance-sheet liabilities, and the cost of running down the business. The calculator flags stocks meeting this strict threshold in green as 'Deep Value Net-Net.' Stocks below NCAV but above the 2/3 threshold are yellow; stocks above NCAV are red.
Are net-nets still investable today?
Net-nets are rare in large-cap US markets but appear in micro-caps, international small-caps, and cyclically distressed sectors. Academic research by Oppenheimer (1986) and Carlisle (2010) confirmed that diversified baskets of net-nets outperformed the market over subsequent years. The key risk is the value trap: a company burning through its current assets may consume its own liquidation value before the market re-rates it. Monitoring cash burn and dilution is essential.
Why is NNWC lower than NCAV?
NNWC applies haircuts to receivables and inventory before subtracting liabilities. Receivables count at 75% because some customers may default. Inventory counts at 50% because it may have to be sold at distressed prices in a wind-down scenario. Only cash counts at face value. For companies with large receivables or inventory, NNWC can be substantially below NCAV — or even negative while NCAV is positive.
What industries are most likely to have net-nets?
Net-nets historically concentrate in asset-heavy businesses with temporarily depressed earnings: retailers with large inventory balances, manufacturers, commodity cyclicals, and small financial companies. Technology and service businesses rarely qualify because their current assets are thin relative to market cap. Banks and financial institutions have balance sheets that make NCAV comparisons unreliable — avoid using this screen for them.
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