Graham net-net (NCAV)
Compute a stock’s net current asset value per share and test whether its price is below Benjamin Graham’s two-thirds net-net threshold — the deepest of value screens.
Runs entirely in your browserRuns entirely on your device — nothing you type is sent anywhere. Educational only, and not investment advice.
How to use this calculator
Each step names a control you will find on screen above.
- Current assets
The company’s liquid and near-liquid assets — cash, receivables, inventory. Fixed assets are deliberately excluded.
- Total liabilities
All liabilities, current and long-term, subtracted in full. What remains is the net current asset value.
- Shares
The share count, used to express NCAV per share.
- Share price
The market price, compared against two-thirds of NCAV per share to decide whether it is a net-net.
Worked example: A stock at half its NCAV
Current assets ₹500 cr, total liabilities ₹200 cr, 100 cr shares, price ₹1.50.
What to enter
- Current assets
- ₹500 cr
- Total liabilities
- ₹200 cr
- Shares
- 100 cr
- Share price
- ₹1.50
What it shows you
- NCAV per share
- ₹3.00
- Two-thirds threshold
- ₹2.00
- Verdict
- Net-net bargain
- Discount to NCAV
- 50%
Where this is taught
A calculator gives you a number. These explain what the number means and when it misleads you.
- Fundamental Analysis10 minGraham net-nets: buying a company for less than its cashBenjamin Graham’s deepest bargain: a stock priced below the liquidation value of its current assets alone, fixed assets thrown in free. How NCAV works, the two-thirds rule, and why they are so rare.
- Fundamental Analysis14 minCheap or broken: a procedure for a low multipleA screen has handed you a company at six times earnings and below book value. Five checks, in order, that separate a mispricing from a correct discount — and the sentence you have to be able to write at the end.
- Fundamental Analysis11 minRelative valuation and the margin of safetyComparing a company to its peers and to its own history — faster than a DCF, easier to abuse, and how to decide what discount you actually need.
- Fundamental Analysis12 minReverse DCF: what the price already assumesInstead of forecasting and getting a value, take the price and solve for the forecast. It turns valuation into a question you can actually answer.
- Risk & Psychology13 minThe decision still sitting in your notesOn a Sunday in April you finish an annual report and write one line: buy this, ₹20,000. You act on it on the fifteenth of the following month, at a price 19 per cent higher, without rereading anything — because the decision was already made. The conclusion survived the six weeks. Everything that produced it did not.