The a2 Milk CoASX:A2M +1.18%82 Net Current Asset Value is A$0.98 as of Dec. 2025, which is 100% below its 10-year median of 9.80. GuruFocus rates ASX:A2M with a GF Score™ of 82/100 and a GF Value™ of A$6.62 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,051 Consumer Packaged Goods companies, The a2 Milk Co ranks worse than 71.08% 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).
The a2 Milk Co's net current asset value per share for the quarter that ended in Dec. 2025 was A$0.98.
The historical rank and industry rank for The a2 Milk Co's Net Current Asset Value or its related term are showing as below:
ASX:A2M'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 4.48 Med: 9.8 Max: 24.47
Current: 7.87
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of The a2 Milk Co was 24.47. The lowest was 4.48. And the median was 9.80.
ASX:A2M's Price-to-Net-Current-Asset-Value is ranked worse than 71.08% of 1051
companies
in the Consumer Packaged Goods industry
Industry Median: 4.2
vs ASX:A2M: 7.87
The a2 Milk Co (ASX:A2M) 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.
The a2 Milk Co Net Current Asset Value Related Terms
The a2 Milk Co Net Current Asset Value Historical Data
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The historical data trend for The a2 Milk Co'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.
ASX:A2M vs KHC, GIS: Net Current Asset Value Comparison
For the Packaged Foods subindustry, The a2 Milk Co'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.
The a2 Milk Co Price-to-Net-Current-Asset-Value vs Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, The a2 Milk Co's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where The a2 Milk Co'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 A$0.98 mean?
The a2 Milk Co (ASX:A2M) has a Net Current Asset Value of A$0.98 as of Dec. 2025. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on The a2 Milk Co and its competitors. This is 90% below median its historical median of 9.80. Over the past decade, The a2 Milk Co's Net Current Asset Value has ranged from 4.48 to 24.47. According to the industry distribution chart, The a2 Milk Co ranks #747 out of 1051 companies in the Consumer Packaged Goods industry, placing it in the top 71.1%.
Is The a2 Milk Co's Net Current Asset Value too high?
The a2 Milk Co's current Net Current Asset Value of A$0.98 is 90% below median its 10-year median of 9.80. Over the past 10 years, this metric has ranged from a low of 4.48 to a high of 24.47. Based on the distribution chart, The a2 Milk Co ranks #747 out of 1051 companies in the Consumer Packaged Goods industry, which is below the industry midpoint. Overall, The a2 Milk Co has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does The a2 Milk Co's Net Current Asset Value compare to KHC and GIS?
According to the Consumer Packaged Goods industry distribution chart, The a2 Milk Co ranks #747 out of 1051 companies for Net Current Asset Value. This places The a2 Milk Co in the lower half of its industry. The industry median Net Current Asset Value is 4.20. Historically, The a2 Milk Co's own Net Current Asset Value has ranged from 4.48 to 24.47 over the past decade. 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 Consumer Packaged Goods company?
The median Net Current Asset Value among Consumer Packaged Goods companies is 4.20, based on 1,051 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. 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 The a2 Milk Co and its competitors. For the Consumer Packaged Goods industry, the median Net Current Asset Value is 4.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The a2 Milk Co's current Net Current Asset Value is A$0.98, which is 90% below median its own 10-year median of 9.80. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The a2 Milk Co stock overvalued right now?
Based on GuruFocus' analysis, The a2 Milk Co (ASX:A2M) is currently considered Modestly Overvalued. The stock's GF Value™ is A$6.62, compared to a current price of A$7.71 — trading 16.5% above its estimated fair value. The current Net Current Asset Value is A$0.98, which is 90% below median its 10-year median of 9.80. The a2 Milk Co's overall GF Score™ is 82/100 with 3 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 The a2 Milk Co (ASX:A2M), the current Net Current Asset Value is A$0.98 as of Dec. 2025. 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 The a2 Milk Co (ASX:A2M) Overvalued in 2026?
Based on GuruFocus' analysis, The a2 Milk Co stock appears to be overvalued.
The current stock price of A$7.71 is trading 16.5% above its estimated GF Value™ of A$6.62.
GuruFocus considers The a2 Milk Co to be Modestly Overvalued.
Key valuation signals for ASX:A2M:
Net Current Asset Value: A$0.98 (90% below median its 10-year median of 9.80)
GF Value™: A$6.62 vs. price of A$7.71 (16.5% above fair value)
No single metric tells the full story. See the ASX:A2M stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
A2 Milk is a New Zealand licensor and marketer of fresh milk, infant formula, and other dairy products that lack the A1 beta-casein protein. The firm was founded in 2000 by Corran McLachlan, who developed a genetic test to determine which proteins a cow produces in its milk, and business partner Howard Paterson. The company has been through a tumultuous history of receivership, legal battles, and strategic shifts, but emerged in its current structure in 2006 and listed publicly in March 2013.
82GF Score
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