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).
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Empresa Metropolitana de Aguas & Energia was 142.22. The lowest was 8.66. And the median was 43.64.
BSP:EMAE3's Price-to-Net-Current-Asset-Value is not ranked *
in the Utilities - Regulated industry.
Industry Median: 4.07 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Empresa Metropolitana de Aguas & Energia (BSP:EMAE3) 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.
Empresa Metropolitana de Aguas & Energia Net Current Asset Value Related Terms
Empresa Metropolitana de Aguas & Energia Net Current Asset Value Historical Data
* 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.
Empresa Metropolitana de Aguas & Energia Net Current Asset Value Chart
Empresa Metropolitana de Aguas & Energia Annual Data
BSP:EMAE3 vs SRE: Net Current Asset Value Comparison
For the Utilities - Diversified subindustry, Empresa Metropolitana de Aguas & Energia'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.
Empresa Metropolitana de Aguas & Energia Price-to-Net-Current-Asset-Value vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Empresa Metropolitana de Aguas & Energia's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Empresa Metropolitana de Aguas & Energia'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 R$-17.94 mean?
Empresa Metropolitana de Aguas & Energia (BSP:EMAE3) has a Net Current Asset Value of R$-17.94 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 Empresa Metropolitana de Aguas & Energia and its competitors. Over the past decade, Empresa Metropolitana de Aguas & Energia's Net Current Asset Value has ranged from 8.66 to 142.22. According to the industry distribution chart, Empresa Metropolitana de Aguas & Energia ranks #999999 out of 90 companies in the Utilities - Regulated industry.
Is Empresa Metropolitana de Aguas & Energia's Net Current Asset Value too high?
Empresa Metropolitana de Aguas & Energia's current Net Current Asset Value is R$-17.94. Over the past 10 years, this metric has ranged from a low of 8.66 to a high of 142.22. Based on the distribution chart, Empresa Metropolitana de Aguas & Energia ranks #999999 out of 90 companies in the Utilities - Regulated industry, which is in the bottom quartile relative to peers. Overall, Empresa Metropolitana de Aguas & Energia has a GF Score™ of 64/100, reflecting its overall financial health beyond just this single metric.
How does Empresa Metropolitana de Aguas & Energia's Net Current Asset Value compare to SRE?
According to the Utilities - Regulated industry distribution chart, Empresa Metropolitana de Aguas & Energia ranks #999999 out of 90 companies for Net Current Asset Value. This places Empresa Metropolitana de Aguas & Energia in the lower half of its industry. The industry median Net Current Asset Value is 4.07. Historically, Empresa Metropolitana de Aguas & Energia's own Net Current Asset Value has ranged from 8.66 to 142.22 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 an Utilities - Regulated company?
The median Net Current Asset Value among Utilities - Regulated companies is 4.07, based on 90 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 Empresa Metropolitana de Aguas & Energia and its competitors. For the Utilities - Regulated industry, the median Net Current Asset Value is 4.07 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Empresa Metropolitana de Aguas & Energia's current Net Current Asset Value is R$-17.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Empresa Metropolitana de Aguas & Energia stock overvalued right now?
Empresa Metropolitana de Aguas & Energia (BSP:EMAE3) has a current Net Current Asset Value of R$-17.94. The stock's GF Value™ is R$149.04, compared to a current price of R$150.00 — trading 0.6% above its estimated fair value. The current Net Current Asset Value is R$-17.94. Empresa Metropolitana de Aguas & Energia's overall GF Score™ is 64/100 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 Empresa Metropolitana de Aguas & Energia (BSP:EMAE3), the current Net Current Asset Value is R$-17.94 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 Empresa Metropolitana de Aguas & Energia (BSP:EMAE3) Overvalued in 2026?
Based on GuruFocus' analysis, Empresa Metropolitana de Aguas & Energia stock appears to be overvalued.
The current stock price of R$150.00 is trading 0.6% above its estimated GF Value™ of R$149.04.
Key valuation signals for BSP:EMAE3:
Net Current Asset Value: R$-17.94
GF Value™: R$149.04 vs. price of R$150.00 (0.6% above fair value)
No single metric tells the full story. See the BSP:EMAE3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Empresa Metropolitana de Aguas & Energia Business Description
Empresa Metropolitana de Aguas & Energia SA is engaged in electricity generation. The company manages a complex hydraulic system that includes dykes, dams, and reservoirs, with notable ones being Billings and Guarapiranga, located in the southern zone of Sao Paulo city, as well as the Sao Paulo and Pedreira pumping stations and the Pinheiros River canal. The company's activities include electricity supply, the construction of energy generation assets, and the provision of operation and maintenance services for power plants and related structures, serving both private companies and public sector entities.
64GF Score
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