Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
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).
Gapwaves AB's net current asset value per share for the quarter that ended in Jun. 2026 was €0.11.
The historical rank and industry rank for Gapwaves AB's Net Current Asset Value or its related term are showing as below:
FRA:GW3'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 3.95 Med: 7.55 Max: 594.36
Current: 9.89
During the past 12 years, the highest Price-to-Net-Current-Asset-Value Ratio of Gapwaves AB was 594.36. The lowest was 3.95. And the median was 7.55.
FRA:GW3's Price-to-Net-Current-Asset-Value is ranked worse than 70.07% of 1824
companies
in the Hardware industry
Industry Median: 5.32
vs FRA:GW3: 9.89
Gapwaves AB (FRA:GW3) 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.
Gapwaves AB Net Current Asset Value Related Terms
Gapwaves AB Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Gapwaves AB'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.
FRA:GW3 vs CSCO, MSI, HPE: Net Current Asset Value Comparison
For the Communication Equipment subindustry, Gapwaves AB'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.
Gapwaves AB Price-to-Net-Current-Asset-Value vs Hardware Industry
For the Hardware industry and Technology sector, Gapwaves AB's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Gapwaves AB'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 €0.11 mean?
Gapwaves AB (FRA:GW3) has a Net Current Asset Value of €0.11 as of Jun. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Gapwaves AB and its competitors. According to the industry distribution chart, Gapwaves AB ranks #1278 out of 1824 companies in the Hardware industry, placing it in the top 70.1%.
Is Gapwaves AB's Net Current Asset Value too high?
Gapwaves AB's current Net Current Asset Value is €0.11. Based on the distribution chart, Gapwaves AB ranks #1278 out of 1824 companies in the Hardware industry, which is below the industry midpoint. Overall, Gapwaves AB has a GF Score™ of 80/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Gapwaves AB's Net Current Asset Value compare to CSCO and MSI?
According to the Hardware industry distribution chart, Gapwaves AB ranks #1278 out of 1824 companies for Net Current Asset Value. This places Gapwaves AB in the lower half of its industry. The industry median Net Current Asset Value is 5.32. 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 Hardware company?
The median Net Current Asset Value among Hardware companies is 5.32, based on 1,824 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 Gapwaves AB and its competitors. For the Hardware industry, the median Net Current Asset Value is 5.32 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gapwaves AB's current Net Current Asset Value is €0.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gapwaves AB stock overvalued right now?
Based on GuruFocus' analysis, Gapwaves AB (FRA:GW3) is currently considered Possible Value Trap. The stock's GF Value™ is €1.69, compared to a current price of €1.09 — trading 35.6% below its estimated fair value. The current Net Current Asset Value is €0.11. Gapwaves AB's overall GF Score™ is 80/100 with 4 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 Gapwaves AB (FRA:GW3), the current Net Current Asset Value is €0.11 as of Jun. 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 Gapwaves AB (FRA:GW3) Overvalued in 2026?
Based on GuruFocus' analysis, Gapwaves AB stock appears to be undervalued.
The current stock price of €1.09 is trading 35.6% below its estimated GF Value™ of €1.69.
GuruFocus considers Gapwaves AB to be Possible Value Trap.
Key valuation signals for FRA:GW3:
Net Current Asset Value: €0.11
GF Value™: €1.69 vs. price of €1.09 (35.6% below fair value)
No single metric tells the full story. See the FRA:GW3 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gapwaves AB is a Swedish technology company that develops, designs, manufactures, and delivers wireless solutions based on its patented waveguide technology for millimeter wave applications. Its products are mainly used in antennas for radar systems that support driver assistance, autonomous driving, and automotive safety solutions, along with applications in industrial automation, telecom, smart cities, and civil military sectors. It focuses on two key markets for waveguide antennas, namely radar and wireless communication, and is expanding the use of its technology in both areas. Its segments are Automotive, Smart Cities, Mobility, and Defense, each covering a range of growing application areas, and it has a geographic presence in Sweden, the European Union, and the rest of the world.
80GF Score
Get the complete analysis for FRA:GW3
Net Current Asset Value is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRA:GW3 has been successfully added to your 
