Applied MaterialsAMAT -6.16%85 Net Current Asset Value is $7.80 as of Apr. 2026, which is 78% below its 10-year median of 34.81. GuruFocus rates AMAT with a GF Score™ of 85/100 and a GF Value™ of $217.76 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 721 Semiconductors companies, Applied Materials ranks worse than 94.59% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Applied Materials's net current asset value per share for the quarter that ended in Apr. 2026 was $7.80.
The historical rank and industry rank for Applied Materials's Net Current Asset Value or its related term are showing as below:
AMAT'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 19.96 Med: 34.81 Max: 115.51
Current: 80.36
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Applied Materials was 115.51. The lowest was 19.96. And the median was 34.81.
AMAT's Price-to-Net-Current-Asset-Value is ranked worse than 94.59% of 721
companies
in the Semiconductors industry
Industry Median: 9.65
vs AMAT: 80.36
Applied Materials (NAS:AMAT) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Applied Materials Net Current Asset Value Related Terms
Applied Materials Net Current Asset Value Historical Data
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The historical data trend for Applied Materials's Net Current Asset Value can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
AMAT vs LRCX, KLAC, TER: Net Current Asset Value Comparison
For the Semiconductor Equipment & Materials subindustry, Applied Materials's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Applied Materials Price-to-Net-Current-Asset-Value vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Applied Materials's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Applied Materials's Price-to-Net-Current-Asset-Value falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Net Current Asset Value of $7.80 mean?
Applied Materials (AMAT) has a Net Current Asset Value of $7.80 as of Apr. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Applied Materials and its competitors. This is 78% below median its historical median of 34.81. Over the past decade, Applied Materials' Net Current Asset Value has ranged from 19.96 to 115.51. According to the industry distribution chart, Applied Materials ranks #682 out of 721 companies in the Semiconductors industry, placing it in the top 94.6%.
Is Applied Materials' Net Current Asset Value too high?
Applied Materials' current Net Current Asset Value of $7.80 is 78% below median its 10-year median of 34.81. Over the past 10 years, this metric has ranged from a low of 19.96 to a high of 115.51. The Semiconductors industry median Net Current Asset Value is 9.65. Applied Materials' value of $7.80 is 19.2% below this industry median. Based on the distribution chart, Applied Materials ranks #682 out of 721 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Applied Materials has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Applied Materials' Net Current Asset Value compare to LRCX and KLAC?
According to the Semiconductors industry distribution chart, Applied Materials ranks #682 out of 721 companies for Net Current Asset Value. This places Applied Materials in the lower half of its industry. The industry median Net Current Asset Value is 9.65. Applied Materials' value of $7.80 is 19.2% below this benchmark. Historically, Applied Materials' own Net Current Asset Value has ranged from 19.96 to 115.51 over the past decade. While the company's 10-year median is 34.81 vs. the industry median of 9.65, Applied Materials has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net Current Asset Value for a Semiconductors company?
The median Net Current Asset Value among Semiconductors companies is 9.65, based on 721 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Applied Materials's current Net Current Asset Value of $7.80 is 19.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Applied Materials and its competitors. For the Semiconductors industry, the median Net Current Asset Value is 9.65 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Applied Materials's current Net Current Asset Value is $7.80, which is 78% below median its own 10-year median of 34.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Applied Materials stock overvalued right now?
Based on GuruFocus' analysis, Applied Materials (AMAT) is currently considered Significantly Overvalued. The stock's GF Value™ is $217.76, compared to a current price of $626.84 — trading 187.9% above its estimated fair value. The current Net Current Asset Value is $7.80, which is 78% below median its 10-year median of 34.81 and 19.2% below the Semiconductors industry median of 9.65. Applied Materials' overall GF Score™ is 85/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Applied Materials (AMAT), the current Net Current Asset Value is $7.80 as of Apr. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Applied Materials (AMAT) Overvalued in 2026?
Based on GuruFocus' analysis, Applied Materials stock appears to be overvalued.
The current stock price of $626.84 is trading 187.9% above its estimated GF Value™ of $217.76.
GuruFocus considers Applied Materials to be Significantly Overvalued.
Key valuation signals for AMAT:
Net Current Asset Value: $7.80 (78% below median its 10-year median of 34.81)
GF Value™: $217.76 vs. price of $626.84 (187.9% above fair value)
Industry Position: 19.2% below the Semiconductors median (#682 of 721)
No single metric tells the full story. See the AMAT stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Applied Materials is the largest semiconductor wafer fabrication equipment manufacturer in the world. It has a broad portfolio spanning nearly every corner of the WFE ecosystem. Applied Materials holds leading market share in deposition, which entails the layering of new materials on semiconductor wafers. It is more exposed to general-purpose logic chips made at integrated device manufacturers and foundries. It counts the largest chipmakers in the world as customers, including TSMC, Intel, and Samsung.
85GF Score
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Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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