The Steel PCLBKK:THE-R 31 Net Current Asset Value is ฿0.18 as of Mar. 2026, which is 100% below its 10-year median of 7.35. GuruFocus rates BKK:THE-R with a GF Score™ of 31/100 and a GF Value™ of ฿0.81. The stock has 8 warning signs investors should review. Among 371 Steel companies, The Steel PCL ranks worse than 62.8% 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 Steel PCL's net current asset value per share for the quarter that ended in Mar. 2026 was ฿0.18.
The historical rank and industry rank for The Steel PCL's Net Current Asset Value or its related term are showing as below:
BKK:THE-R'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 3.41 Med: 7.35 Max: 122
Current: 4.38
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of The Steel PCL was 122.00. The lowest was 3.41. And the median was 7.35.
BKK:THE-R's Price-to-Net-Current-Asset-Value is ranked worse than 62.8% of 371
companies
in the Steel industry
Industry Median: 2.97
vs BKK:THE-R: 4.38
The Steel PCL (BKK:THE-R) 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 Steel PCL Net Current Asset Value Related Terms
The Steel PCL Net Current Asset Value Historical Data
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The historical data trend for The Steel PCL'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.
BKK:THE-R vs NUE, STLD, RS: Net Current Asset Value Comparison
For the Steel subindustry, The Steel PCL'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 Steel PCL Price-to-Net-Current-Asset-Value vs Steel Industry
For the Steel industry and Basic Materials sector, The Steel PCL's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where The Steel PCL'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 ฿0.18 mean?
The Steel PCL (BKK:THE-R) has a Net Current Asset Value of ฿0.18 as of Mar. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on The Steel PCL and its competitors. This is 98% below median its historical median of 7.35. Over the past decade, The Steel PCL's Net Current Asset Value has ranged from 3.41 to 122.00. According to the industry distribution chart, The Steel PCL ranks #233 out of 371 companies in the Steel industry, placing it in the top 62.8%.
Is The Steel PCL's Net Current Asset Value too high?
The Steel PCL's current Net Current Asset Value of ฿0.18 is 98% below median its 10-year median of 7.35. Over the past 10 years, this metric has ranged from a low of 3.41 to a high of 122.00. Based on the distribution chart, The Steel PCL ranks #233 out of 371 companies in the Steel industry, which is below the industry midpoint. Overall, The Steel PCL has a GF Score™ of 31/100, reflecting its overall financial health beyond just this single metric.
How does The Steel PCL's Net Current Asset Value compare to NUE and STLD?
According to the Steel industry distribution chart, The Steel PCL ranks #233 out of 371 companies for Net Current Asset Value. This places The Steel PCL in the lower half of its industry. The industry median Net Current Asset Value is 2.97. Historically, The Steel PCL's own Net Current Asset Value has ranged from 3.41 to 122.00 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 Steel company?
The median Net Current Asset Value among Steel companies is 2.97, based on 371 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 Steel PCL and its competitors. For the Steel industry, the median Net Current Asset Value is 2.97 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. The Steel PCL's current Net Current Asset Value is ฿0.18, which is 98% below median its own 10-year median of 7.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is The Steel PCL stock overvalued right now?
The Steel PCL (BKK:THE-R) has a current Net Current Asset Value of ฿0.18. The stock's GF Value™ is ฿0.81, compared to a current price of ฿0.83 — trading 2.8% above its estimated fair value. The current Net Current Asset Value is ฿0.18, which is 98% below median its 10-year median of 7.35. The Steel PCL's overall GF Score™ is 31/100 with 8 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 Steel PCL (BKK:THE-R), the current Net Current Asset Value is ฿0.18 as of Mar. 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 The Steel PCL (BKK:THE-R) Overvalued in 2026?
Based on GuruFocus' analysis, The Steel PCL stock appears to be overvalued.
The current stock price of ฿0.83 is trading 2.8% above its estimated GF Value™ of ฿0.81.
Key valuation signals for BKK:THE-R:
Net Current Asset Value: ฿0.18 (98% below median its 10-year median of 7.35)
GF Value™: ฿0.81 vs. price of ฿0.83 (2.8% above fair value)
No single metric tells the full story. See the BKK:THE-R stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
The Steel PCL is principally engaged in the selling and transforming hot rolled steel sheets and coils and other structural steels and logistic services of steel. Its product portfolio includes hot-rolled coils, and processed forms such as slit coils, steel sheets, hot-formed structural steel, and cold-formed structural steel, as well as other steel products. In addition, the company also processes certain steel products, including steel sheets, slit coils, flat steel, folded angle steel, folded channel steel, steel pipes, and C-shaped structural steel. The company operates in two reportable segments: Revenue from sales of steels, which accounts for a majority of its revenue, and Revenue from logistic services. Geographically, it is managed and operates principally in Thailand.
31GF Score
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