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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).
Papa John's International's net current asset value per share for the quarter that ended in Mar. 2026 was €-27.36.
The historical rank and industry rank for Papa John's International's Net Current Asset Value or its related term are showing as below:
FRA:PP1's Price-to-Net-Current-Asset-Value is not ranked *
in the Restaurants industry.
Industry Median: 10.265 * Ranked among companies with meaningful Price-to-Net-Current-Asset-Value only.
Papa John's International (FRA:PP1) 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.
Papa John's International Net Current Asset Value Related Terms
Papa John's International Net Current Asset Value Historical Data
* Premium members only.
The historical data trend for Papa John's International'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.
Papa John's International Net Current Asset Value Chart
FRA:PP1 vs CBRL, BJRI, BH: Net Current Asset Value Comparison
For the Restaurants subindustry, Papa John's International'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.
Papa John's International Price-to-Net-Current-Asset-Value vs Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, Papa John's International's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Papa John's International'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 €-27.36 mean?
Papa John's International (FRA:PP1) has a Net Current Asset Value of €-27.36 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 Papa John's International and its competitors. According to the industry distribution chart, Papa John's International ranks #999999 out of 72 companies in the Restaurants industry.
Is Papa John's International's Net Current Asset Value too high?
Papa John's International's current Net Current Asset Value is €-27.36. Based on the distribution chart, Papa John's International ranks #999999 out of 72 companies in the Restaurants industry, which is in the bottom quartile relative to peers. Overall, Papa John's International has a GF Score™ of 68/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Papa John's International's Net Current Asset Value compare to CBRL and BJRI?
According to the Restaurants industry distribution chart, Papa John's International ranks #999999 out of 72 companies for Net Current Asset Value. This places Papa John's International in the lower half of its industry. The industry median Net Current Asset Value is 10.27. 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 Restaurants company?
The median Net Current Asset Value among Restaurants companies is 10.27, based on 72 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 Papa John's International and its competitors. For the Restaurants industry, the median Net Current Asset Value is 10.27 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Papa John's International's current Net Current Asset Value is €-27.36. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Papa John's International stock overvalued right now?
Based on GuruFocus' analysis, Papa John's International (FRA:PP1) is currently considered Modestly Undervalued. The stock's GF Value™ is €39.78, compared to a current price of €29.00 — trading 27.1% below its estimated fair value. The current Net Current Asset Value is €-27.36. Papa John's International's overall GF Score™ is 68/100 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 Papa John's International (FRA:PP1), the current Net Current Asset Value is €-27.36 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 Papa John's International (FRA:PP1) Overvalued in 2026?
Based on GuruFocus' analysis, Papa John's International stock appears to be undervalued.
The current stock price of €29.00 is trading 27.1% below its estimated GF Value™ of €39.78.
GuruFocus considers Papa John's International to be Modestly Undervalued.
Key valuation signals for FRA:PP1:
Net Current Asset Value: €-27.36
GF Value™: €39.78 vs. price of €29.00 (27.1% below fair value)
No single metric tells the full story. See the FRA:PP1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Papa John's International Inc operates and franchises pizza delivery and carryout restaurants and, in certain international markets, dine-in and delivery restaurants. It has four defined reportable segments: Domestic Company-owned restaurants, North America franchising, North America commissaries, and International. The company derives maximum revenue from North America commissaries segment. The North America commissaries segment consists of the operations of its regional dough production and product distribution centers in the United States and Canada and derives its revenues principally from the sale and distribution of food and paper products to Domestic Company-owned and franchised restaurants in the United States and Canada.
68GF Score
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