Net current asset value calculator

Net current asset value (NCAV) is a balance sheet measure. The working paper "Testing Benjamin Graham's Net Current Asset Value Strategy in London" by Ying Xiao and Glen Arnold (Salford Business School, paper no. 109/07) gives this definition: "Per share NCAV, as defined by Graham (Graham and Dodd (1934), Graham (1976)), is the balance sheet current assets minus all the firm's (current and long-term) liabilities divided by the number of shares outstanding."

The same paper states the price rule: "Graham's NCAV/MV strategy calls for the purchase of stocks at a price 2/3 or less of the NCAV." Source: Xiao and Arnold, citing Graham and Dodd (1934) and Graham (1976).

The calculator on this page does arithmetic on the numbers that you type. It does not fetch data, and it does not give investment advice.

The formula

• NCAV = current assets − total liabilities (current and long-term).
• NCAV per share = NCAV ÷ shares outstanding.
• Two-thirds line = 2/3 × NCAV per share.
• Price ÷ NCAV per share (only when you type a price). A value of 2/3 or less means that the price is at or below the two-thirds line.

If total liabilities are equal to or more than current assets, NCAV is 0 or less. The calculator then shows no two-thirds line and no price ratio.

Calculator

Worked example from the SIGA Technologies 2025 10-K

SIGA Technologies, Inc. (CIK 1010086) filed its form 10-K for fiscal year 2025 on 2026-03-10, accession number 0001437749-26-007557. The balance sheet date is 2025-12-31. The inputs come from the SEC XBRL companyfacts file for SIGA, rows with this accession number.

Each row: form 10-K, fiscal year 2025, accession 0001437749-26-007557. The liabilities value is the total. The same filing gives us-gaap:Assets 219,467,434 USD and us-gaap:StockholdersEquity 198,821,572 USD, and 219,467,434 − 198,821,572 = 20,645,862. The filing gives us-gaap:PreferredStockSharesIssued = 0 at 2025-12-31.

Step 1. NCAV = 212,856,864 − 20,645,862 = 192,211,002 USD.

Step 2. NCAV per share = 192,211,002 ÷ 71,611,302 = 2.6841 USD.

Step 3. Two-thirds line = 2/3 × 192,211,002 ÷ 71,611,302 = 1.7894 USD.

If you subtract only current liabilities (us-gaap:LiabilitiesCurrent, 17,992,579 USD), you get 194,864,285 USD, or 2.7211 USD for each share (current liabilities only, not NCAV). That result is too high by the 2,653,283 USD of long-term liabilities.

The cover page of the 10-K gives dei:EntityCommonStockSharesOutstanding = 71,644,400 at 2026-02-13. That date is after the balance sheet date. With that count, NCAV per share is 2.6828 USD and the two-thirds line is 1.7886 USD.

This example is arithmetic on filed numbers. It uses no stock price, and it does not say that SIGA is cheap or that you should buy or sell it.

Rules and limits of this calculator

• Type the numbers yourself. The calculator does not fetch prices or filings. Take current assets, total liabilities and shares outstanding from one balance sheet.
• Total liabilities means all liabilities. If the balance sheet shows current and non-current liabilities, add them. If you use only current liabilities, the result is too high.
• Use one date. Use the shares outstanding at the balance sheet date, not a weighted average.
• It is one test, not a valuation. For other checks, see what breaks a deep value thesis, the Piotroski F-Score calculator and the Altman Z-Score calculator.

Sources

• Xiao, Y. and Arnold, G. (2007). "Testing Benjamin Graham's Net Current Asset Value Strategy in London". Salford Business School Working Paper Series, paper no. 109/07, 31 January 2007. The definition and the two-thirds rule: Xiao and Arnold, citing Graham and Dodd (1934) and Graham (1976).
• SIGA Technologies, Inc., form 10-K for fiscal year 2025, filed 2026-03-10, accession 0001437749-26-007557, primary document siga20251231_10k.htm. Values from the SEC XBRL companyfacts file (CIK 0001010086).