Net-Net Investing Articles
Guides on NCAV, finding and vetting net-net stocks, the strategy's historical returns, and net-nets in Japan, in English and Japanese.
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What Is Net Current Asset Value (NCAV)? Formula and Example
The NCAV formula, NCAV per share, a worked example, and how Benjamin Graham used net current asset value to find net-net stocks.
Education · 8 min read
Formula
NCAV = Current Assets − Total Liabilities − Preferred Shares
Education
How to Calculate NCAV Properly: Adjustments, Pitfalls and Sources
A step-by-step NCAV method: which balance-sheet lines to use, the adjustments that change the answer, the pitfalls common among net-nets, and where to source the figures.
10 min read
Net Current Assets: Formula, Example and vs NCAV
Net current assets are current assets minus current liabilities. The formula, a worked example, where the subtotal appears, and how it differs from NCAV and NNWC.
6 min read
What Is a Net-Net Stock? Meaning, Formula and Examples
A net-net stock trades below its net current asset value. Learn the net-net meaning, Graham's two-thirds rule, a worked example and where to find them.
9 min read
NCAV vs Net-Net Working Capital (NNWC): Formulas Compared
Graham's two liquidation-value tests side by side: the NCAV formula, the more conservative net-net working capital (NNWC) formula, and when to use each.
7 min read
Guides
Net-Net Stock Screener Criteria Explained: P/NCAV and Filters
Understand net-net stock screener criteria: P/NCAV thresholds, the two-thirds rule, market-cap exclusions, supported filters and a worked example.
7 min read
When to Sell a Net-Net Stock: Graham's Exit Rules
When to sell a net-net stock: Graham's profit objective and maximum holding period, the holding periods the studies tested, and the signals that end a position.
7 min read
How to Find Net-Net Stocks in Japan and Hong Kong
Screen Japanese and Hong Kong stocks for net-nets yourself: where to get company lists and filings, which balance-sheet lines to use, and the checks for each market.
8 min read
How to Find Net-Net Stocks: A 10-Point Checklist
Where net-net stocks come from, how to build a list of them, and a 10-point checklist for separating real bargains from value traps.
9 min read
How to Use a Net-Net Screener to Find Undervalued Stocks
Discover how to step past the screener and analyze net-net stocks to find the best possible investment opportunities.
10 min read
Research
Graham's Net-Net Strategy: Historical Returns and Studies
What Benjamin Graham reported, and what the Oppenheimer, Montier, Xiao and Arnold, and Carlisle studies found when they tested net-net stocks.
8 min read
Markets
Net-Net Stocks in Japan: Why There Are So Many
Why Japan has long had more net-net stocks than other markets, what the Tokyo Stock Exchange's 2023 reform request changed, and the risks to weigh.
8 min read
Comparisons
EveryNetNet vs Net Net Hunter: Which Net-Net Service Fits You?
EveryNetNet vs Net Net Hunter compared: price, markets covered, update schedule and what each includes, with Net Net Hunter's details checked October 17, 2026.
6 min read
Net-Net Screeners Compared: Free and Paid Graham NCAV Screens
Where to screen for Graham net-nets: EveryNetNet, GuruFocus, Stockopedia, Net Net Hunter or a spreadsheet. Formulas, prices and free options, checked October 2026.
7 min read
Product
EveryNetNet: Global Net-Net Stock Screener
An introduction to EveryNetNet, a global net-net and NCAV stock screener that helps you find undervalued stocks worldwide.
5 min read