NCAV per share is the core net-net yardstick for valuing balance-sheet bargains.
Published: 2025-12-20
Definition
NCAV per share = (Current Assets − Total Liabilities) ÷ Shares Outstanding.
Why it matters
It is the baseline yardstick for net-net investing: a price below NCAV per share suggests the market values the company at less than its net working assets.
Where to apply it
Use NCAV per share as the primary screen metric, then layer on quality checks like dilution risk, cash quality, and burn rate.