Net current asset value

Financial metric

The net current asset value (NCAV) is a financial metric popularized by Benjamin Graham in his 1934 book Security Analysis. NCAV is calculated by subtracting a company's total liabilities from its current assets. Graham suggested a value investing strategy of buying a well-diversified portfolio of stocks that have a net current asset value greater than their market cap. This strategy is sometimes referred to as "cigar-butt" investing, because it tends to focus on struggling companies that are trading below their liquidation value.

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