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).
Kumba Iron Ore's net current asset value per share for the quarter that ended in Dec. 2025 was €-2.67.
The historical rank and industry rank for Kumba Iron Ore's Net Current Asset Value or its related term are showing as below:
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Kumba Iron Ore was 88.72. The lowest was 88.72. And the median was 88.72.
FRA:KUI's Price-to-Net-Current-Asset-Value is not ranked *
in the Steel industry.
Industry Median: 2.95 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Kumba Iron Ore (FRA:KUI) 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.
Kumba Iron Ore Net Current Asset Value Related Terms
Kumba Iron Ore Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Kumba Iron Ore'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:KUI vs NUE, STLD, RS: Net Current Asset Value Comparison
For the Steel subindustry, Kumba Iron Ore'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.
Kumba Iron Ore Price-to-Net-Current-Asset-Value vs Steel Industry
For the Steel industry and Basic Materials sector, Kumba Iron Ore's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Kumba Iron Ore'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 €-2.67 mean?
Kumba Iron Ore (FRA:KUI) has a Net Current Asset Value of €-2.67 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 Kumba Iron Ore and its competitors. Over the past decade, Kumba Iron Ore's Net Current Asset Value has ranged from 88.72 to 88.72. According to the industry distribution chart, Kumba Iron Ore ranks #999999 out of 368 companies in the Steel industry.
Is Kumba Iron Ore's Net Current Asset Value too high?
Kumba Iron Ore's current Net Current Asset Value is €-2.67. Over the past 10 years, this metric has ranged from a low of 88.72 to a high of 88.72. Based on the distribution chart, Kumba Iron Ore ranks #999999 out of 368 companies in the Steel industry, which is in the bottom quartile relative to peers. Overall, Kumba Iron Ore has a GF Score™ of 73/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Kumba Iron Ore's Net Current Asset Value compare to NUE and STLD?
According to the Steel industry distribution chart, Kumba Iron Ore ranks #999999 out of 368 companies for Net Current Asset Value. This places Kumba Iron Ore in the lower half of its industry. The industry median Net Current Asset Value is 2.95. Historically, Kumba Iron Ore's own Net Current Asset Value has ranged from 88.72 to 88.72 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 2.95, based on 368 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 Kumba Iron Ore and its competitors. For the Steel industry, the median Net Current Asset Value is 2.95 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Kumba Iron Ore's current Net Current Asset Value is €-2.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Kumba Iron Ore stock overvalued right now?
Based on GuruFocus' analysis, Kumba Iron Ore (FRA:KUI) is currently considered Modestly Undervalued. The stock's GF Value™ is €17.62, compared to a current price of €15.10 — trading 14.3% below its estimated fair value. The current Net Current Asset Value is €-2.67. Kumba Iron Ore's overall GF Score™ is 73/100 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 Kumba Iron Ore (FRA:KUI), the current Net Current Asset Value is €-2.67 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 Kumba Iron Ore (FRA:KUI) Overvalued in 2026?
Based on GuruFocus' analysis, Kumba Iron Ore stock appears to be undervalued.
The current stock price of €15.10 is trading 14.3% below its estimated GF Value™ of €17.62.
GuruFocus considers Kumba Iron Ore to be Modestly Undervalued.
Key valuation signals for FRA:KUI:
Net Current Asset Value: €-2.67
GF Value™: €17.62 vs. price of €15.10 (14.3% below fair value)
No single metric tells the full story. See the FRA:KUI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Kumba Iron Ore Ltd is engaged in the exploration, mining, processing, blending, and sale of iron ore to the steel industry. The company operates in South Africa, with mining operations in the Northern Cape and Limpopo provinces, as well as a head office in Centurion, Gauteng, and a port operation in Saldanha Bay, Western Cape. The company's flagship asset is the Sishen mine, which it holds a majority stake in, located near the town of Kathu in the Northern Cape Province. The Sishen mine is opencast and produces the bulk of the group's iron ore, which is exported. It also holds an interest in the Kolomela mine. The company also generates revenue from Shipping operations. The majority of the company's revenue is generated from its products.
73GF Score
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